Dufrane Partners: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Dufrane Partners
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+2,751%), from €45,653 to €1.3m
of which Other tangible fixed assets: +€779,361
- Cash +€657,680
up €657,680 (+70.6%), from €931,245 to €1.6m
mainly Trade debts (+€721,424) and Accrued charges and deferred income (+€465,195)
- Stocks and contracts -€127,464
down €127,464 (-17.1%), from €743,782 to €616,319
- Trade debts +€721,424
up €721,424 (+68.6%), from €1.1m to €1.8m
- Accrued charges and deferred income +€465,195
up €465,195 (+158%), from €294,535 to €759,730
- Debts after one year +€437,500
up €437,500 (+292%), from €150,000 to €587,500
of which Financial debts: +€437,500
- Other debts +€117,483
up €117,483 (+1,907%), from €6,161 to €123,644
- Current portion of long-term debt +€62,500
new in 2025: €62,500
- Gross operating margin +€324,324
up €324,324 (+16.3%), from €2.0m to €2.3m
- Staff costs +€208,319
up €208,319 (+11.1%), from €1.9m to €2.1m
- Financial charges +€33,439
up €33,439 (+569%), from €5,874 to €39,312
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,017,343 | €3,849,245 | +€1.8m | +90.8% |
| Fixed assets | 21/28 | €52,531 | €1,309,414 | +€1.3m | +2,393% |
| Intangible fixed assets | 21 | €6,678 | €5,140 | -€1,539 | -23.0% |
| Tangible fixed assets | 22/27 | €45,653 | €1,301,574 | +€1.3m | +2,751% |
| Plant, machinery and equipment | 23 | €15,175 | €484,299 | +€469,123 | +3,091% |
| Furniture and vehicles | 24 | €2,848 | €10,285 | +€7,437 | +261% |
| Other tangible fixed assets | 26 | €27,629 | €806,990 | +€779,361 | +2,821% |
| Financial fixed assets | 28 | €200 | €2,700 | +€2,500 | +1,250% |
| Current assets | 29/58 | €1,964,812 | €2,539,831 | +€575,020 | +29.3% |
| Amounts receivable after more than one year | 29 | - | €35,000 | +€35,000 | |
| Other amounts receivable | 291 | - | €35,000 | +€35,000 | |
| Stocks and contracts in progress | 3 | €743,782 | €616,319 | -€127,464 | -17.1% |
| Stocks | 30/36 | €743,782 | €616,319 | -€127,464 | -17.1% |
| Amounts receivable within one year | 40/41 | €272,887 | €290,578 | +€17,691 | +6.5% |
| Trade receivables | 40 | €268,862 | €288,146 | +€19,283 | +7.2% |
| Other amounts receivable | 41 | €4,024 | €2,432 | -€1,592 | -39.6% |
| Cash at bank and in hand | 54/58 | €931,245 | €1,588,925 | +€657,680 | +70.6% |
| Deferred charges and accrued income | 490/1 | €16,897 | €9,010 | -€7,888 | -46.7% |
| Total equity and liabilities | 10/49 | €2,017,343 | €3,849,245 | +€1.8m | +90.8% |
| Equity | 10/15 | €118,735 | €118,735 | = | 0.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,735 | €68,735 | = | 0.0% |
| Amounts payable | 17/49 | €1,898,608 | €3,730,510 | +€1.8m | +96.5% |
| Amounts payable after more than one year | 17 | €150,000 | €587,500 | +€437,500 | +292% |
| Financial debts | 170/4 | - | €437,500 | +€437,500 | |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,454,073 | €2,383,280 | +€929,208 | +63.9% |
| Current portion of amounts payable after more than one year | 42 | - | €62,500 | +€62,500 | |
| Trade debts | 44 | €1,052,203 | €1,773,627 | +€721,424 | +68.6% |
| Suppliers | 440/4 | €1,052,203 | €1,773,627 | +€721,424 | +68.6% |
| Advances received on contracts in progress | 46 | - | €42,586 | +€42,586 | |
| Taxes, remuneration and social security | 45 | €395,708 | €380,922 | -€14,785 | -3.7% |
| Taxes | 450/3 | €145,436 | €81,551 | -€63,885 | -43.9% |
| Remuneration and social security | 454/9 | €250,272 | €299,372 | +€49,100 | +19.6% |
| Other amounts payable | 47/48 | €6,161 | €123,644 | +€117,483 | +1,907% |
| Accrued charges and deferred income | 492/3 | €294,535 | €759,730 | +€465,195 | +158% |
| Remuneration, social security and pensions | 62 | €1,878,297 | €2,086,616 | +€208,319 | +11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,652 | €22,291 | +€18,639 | +510% |
| Other operating charges | 640/8 | €900 | €3,206 | +€2,306 | +256% |
| Non-recurring operating charges | 66A | €2,882 | €0 | -€2,882 | -100% |
| Gross operating margin | 9900 | €1,984,402 | €2,308,725 | +€324,324 | +16.3% |
| Operating profit (loss) | 9901 | €98,671 | €196,613 | +€97,942 | +99.3% |
| Financial income | 75/76B | €181 | €800 | +€619 | +342% |
| Recurring financial income | 75 | €181 | €800 | +€619 | +342% |
| Financial charges | 65/66B | €5,874 | €39,312 | +€33,439 | +569% |
| Recurring financial charges | 65 | €5,874 | €39,312 | +€33,439 | +569% |
| Profit (loss) for the period before taxes | 9903 | €92,978 | €158,100 | +€65,122 | +70.0% |
| Income taxes | 67/77 | €22,280 | €12,636 | -€9,643 | -43.3% |
| Profit (loss) for the period | 9904 | €70,698 | €145,464 | +€74,765 | +106% |
| Profit (loss) for the period to be appropriated | 9905 | €70,698 | €145,464 | +€74,765 | +106% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.