DUGARDEYN: 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.
DUGARDEYN
Largest movements
- Current investments -€1.5m
no longer reported in 2025 (was €1.5m)
- Cash +€586,169
up €586,169 (+427%), from €137,286 to €723,454
mainly Current investments (+€1.5m) and Net result for the year (+€706,532)
- Tangible fixed assets -€458,785
down €458,785 (-21.1%), from €2.2m to €1.7m
of which Land and buildings: -€486,153
- Stocks and contracts -€329,911
down €329,911 (-75.4%), from €437,534 to €107,623
- Receivables after one year -€120,000
no longer reported in 2025 (was €120,000)
- Reserves -€2.0m
down €2.0m (-47.3%), from €4.1m to €2.2m
of which Distributable reserves: -€2.0m
- Other debts +€179,211
up €179,211 (+22,132%), from €810 to €180,021
- Debts after one year -€107,500
no longer reported in 2025 (was €107,500)
- Trade debts +€83,698
up €83,698 (+29.0%), from €288,922 to €372,620
- Gross operating margin +€290,582
up €290,582 (+15.0%), from €1.9m to €2.2m
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 | €4,849,920 | €3,062,796 | -€1.8m | -36.8% |
| Fixed assets | 21/28 | €2,176,085 | €1,713,441 | -€462,643 | -21.3% |
| Intangible fixed assets | 21 | €4,702 | €843 | -€3,858 | -82.1% |
| Tangible fixed assets | 22/27 | €2,170,133 | €1,711,348 | -€458,785 | -21.1% |
| Land and buildings | 22 | €1,872,326 | €1,386,172 | -€486,153 | -26.0% |
| Plant, machinery and equipment | 23 | €99,534 | €249,671 | +€150,136 | +151% |
| Furniture and vehicles | 24 | €198,272 | €75,505 | -€122,768 | -61.9% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €2,673,836 | €1,349,355 | -€1.3m | -49.5% |
| Amounts receivable after more than one year | 29 | €120,000 | - | -€120,000 | |
| Other amounts receivable | 291 | €120,000 | - | -€120,000 | |
| Stocks and contracts in progress | 3 | €437,534 | €107,623 | -€329,911 | -75.4% |
| Stocks | 30/36 | €437,534 | €107,623 | -€329,911 | -75.4% |
| Amounts receivable within one year | 40/41 | €470,960 | €499,525 | +€28,565 | +6.1% |
| Trade receivables | 40 | €90,340 | €124,912 | +€34,572 | +38.3% |
| Other amounts receivable | 41 | €380,620 | €374,613 | -€6,007 | -1.6% |
| Current investments | 50/53 | €1,500,000 | - | -€1.5m | |
| Cash at bank and in hand | 54/58 | €137,286 | €723,454 | +€586,169 | +427% |
| Deferred charges and accrued income | 490/1 | €8,056 | €18,753 | +€10,697 | +133% |
| Total equity and liabilities | 10/49 | €4,849,920 | €3,062,796 | -€1.8m | -36.8% |
| Equity | 10/15 | €4,171,872 | €2,198,338 | -€2.0m | -47.3% |
| Contributions | 10/11 | €37,184 | €17,436 | -€19,748 | -53.1% |
| Reserves | 13 | €4,134,688 | €2,180,902 | -€2.0m | -47.3% |
| Tax-exempt reserves | 132 | €389 | €182 | -€206 | -53.1% |
| Distributable reserves | 133 | €4,134,299 | €2,180,720 | -€2.0m | -47.3% |
| Amounts payable | 17/49 | €678,048 | €864,458 | +€186,410 | +27.5% |
| Amounts payable after more than one year | 17 | €107,500 | - | -€107,500 | |
| Financial debts | 170/4 | €107,500 | - | -€107,500 | |
| Amounts payable within one year | 42/48 | €570,548 | €864,445 | +€293,897 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €115,000 | €112,858 | -€2,142 | -1.9% |
| Trade debts | 44 | €288,922 | €372,620 | +€83,698 | +29.0% |
| Suppliers | 440/4 | €288,922 | €372,620 | +€83,698 | +29.0% |
| Taxes, remuneration and social security | 45 | €165,817 | €198,947 | +€33,130 | +20.0% |
| Taxes | 450/3 | €63,123 | €103,614 | +€40,490 | +64.1% |
| Remuneration and social security | 454/9 | €102,694 | €95,333 | -€7,361 | -7.2% |
| Other amounts payable | 47/48 | €810 | €180,021 | +€179,211 | +22,132% |
| Accrued charges and deferred income | 492/3 | - | €13 | +€13 | |
| Non-recurring operating income | 76A | €8,000 | - | -€8,000 | |
| Remuneration, social security and pensions | 62 | €1,009,553 | €1,023,824 | +€14,271 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,845 | €236,998 | -€8,847 | -3.6% |
| Other operating charges | 640/8 | €22,392 | €21,064 | -€1,327 | -5.9% |
| Gross operating margin | 9900 | €1,935,151 | €2,225,732 | +€290,582 | +15.0% |
| Operating profit (loss) | 9901 | €657,361 | €943,847 | +€286,486 | +43.6% |
| Financial income | 75/76B | €35,823 | €27,439 | -€8,384 | -23.4% |
| Recurring financial income | 75 | €35,823 | €27,439 | -€8,384 | -23.4% |
| Financial charges | 65/66B | €35,805 | €29,130 | -€6,675 | -18.6% |
| Recurring financial charges | 65 | €35,805 | €29,130 | -€6,675 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €657,379 | €942,156 | +€284,777 | +43.3% |
| Income taxes | 67/77 | €215,784 | €235,624 | +€19,840 | +9.2% |
| Profit (loss) for the period | 9904 | €441,595 | €706,532 | +€264,937 | +60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €441,595 | €706,532 | +€264,937 | +60.0% |
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 15 October 2026 via checked.be.