DUGAVAN: what changed
Two fiscal 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.
DUGAVAN
Largest movements
- Tangible fixed assets +€111,475
up €111,475 (+17.8%), from €625,513 to €736,988
of which Land and buildings: +€114,425
- Cash -€28,052
down €28,052 (-57.7%), from €48,588 to €20,536
mainly Investment in fixed assets (net) (-€139,797) and Debts after one year (-€9,008)
- Other debts +€94,412
up €94,412 (+39.0%), from €242,363 to €336,775
- Debts after one year -€9,008
down €9,008 (-3.3%), from €274,771 to €265,762
of which Financial debts: -€9,008
- Other operating charges +€8,951
up €8,951 (+132.2%), from €6,771 to €15,722
- Financial charges -€5,561
down €5,561 (-47.0%), from €11,830 to €6,269
- Gross operating margin -€1,847
down €1,847 (-3.2%), from €58,223 to €56,376
- Depreciation +€1,632
up €1,632 (+6.1%), from €26,690 to €28,321
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.
Cash bridge derived
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 | €674,645 | €763,125 | +€88,480 | +13.1% |
| Fixed assets | 21/28 | €625,513 | €736,988 | +€111,475 | +17.8% |
| Tangible fixed assets | 22/27 | €625,513 | €736,988 | +€111,475 | +17.8% |
| Land and buildings | 22 | €618,281 | €732,706 | +€114,425 | +18.5% |
| Furniture and vehicles | 24 | €7,232 | €4,283 | -€2,949 | -40.8% |
| Current assets | 29/58 | €49,132 | €26,137 | -€22,995 | -46.8% |
| Amounts receivable within one year | 40/41 | €186 | €1,390 | +€1,205 | +649.0% |
| Other amounts receivable | 41 | €186 | €1,390 | +€1,205 | +649.0% |
| Cash at bank and in hand | 54/58 | €48,588 | €20,536 | -€28,052 | -57.7% |
| Deferred charges and accrued income | 490/1 | €358 | €4,211 | +€3,852 | +1075.0% |
| Total equity and liabilities | 10/49 | €674,645 | €763,125 | +€88,480 | +13.1% |
| Equity | 10/15 | €143,698 | €149,779 | +€6,081 | +4.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €75,498 | €81,579 | +€6,081 | +8.1% |
| Amounts payable | 17/49 | €530,947 | €613,346 | +€82,399 | +15.5% |
| Amounts payable after more than one year | 17 | €274,771 | €265,762 | -€9,008 | -3.3% |
| Financial debts | 170/4 | €274,671 | €265,662 | -€9,008 | -3.3% |
| Other amounts payable | 178/9 | €100 | €100 | = | 0.0% |
| Amounts payable within one year | 42/48 | €255,309 | €346,717 | +€91,408 | +35.8% |
| Current portion of amounts payable after more than one year | 42 | €8,653 | €9,008 | +€356 | +4.1% |
| Trade debts | 44 | €502 | €934 | +€432 | +86.1% |
| Suppliers | 440/4 | €502 | €934 | +€432 | +86.1% |
| Taxes, remuneration and social security | 45 | €3,792 | - | -€3,792 | |
| Taxes | 450/3 | €3,792 | - | -€3,792 | |
| Other amounts payable | 47/48 | €242,363 | €336,775 | +€94,412 | +39.0% |
| Accrued charges and deferred income | 492/3 | €867 | €867 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,690 | €28,321 | +€1,632 | +6.1% |
| Other operating charges | 640/8 | €6,771 | €15,722 | +€8,951 | +132.2% |
| Gross operating margin | 9900 | €58,223 | €56,376 | -€1,847 | -3.2% |
| Operating profit (loss) | 9901 | €24,762 | €12,332 | -€12,429 | -50.2% |
| Financial income | 75/76B | €5 | €17 | +€12 | +243.6% |
| Recurring financial income | 75 | €5 | €17 | +€12 | +243.6% |
| Financial charges | 65/66B | €11,830 | €6,269 | -€5,561 | -47.0% |
| Recurring financial charges | 65 | €11,830 | €6,269 | -€5,561 | -47.0% |
| Profit (loss) for the period before taxes | 9903 | €12,937 | €6,081 | -€6,856 | -53.0% |
| Profit (loss) for the period | 9904 | €12,937 | €6,081 | -€6,856 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,937 | €6,081 | -€6,856 | -53.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.