DUHAUT - DEVROUX: 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.
DUHAUT - DEVROUX
Largest movements
- Tangible fixed assets +€150,728
up €150,728 (+52.6%), from €286,508 to €437,236
of which Furniture and vehicles: +€98,384
- Cash +€141,467
up €141,467 (+39.5%), from €358,395 to €499,862
mainly Depreciation (+€159,986) and Trade debts (+€116,738)
- Receivables within one year -€30,929
down €30,929 (-9.5%), from €325,604 to €294,675
of which Other amounts receivable: -€33,871
- Trade debts +€116,738
up €116,738 (+131.3%), from €88,888 to €205,625
- Other debts +€56,419
up €56,419 (+89.9%), from €62,764 to €119,183
- Debts after one year +€46,834
up €46,834 (+48.6%), from €96,270 to €143,104
- Reserves +€16,560
up €16,560 (+2.3%), from €714,689 to €731,249
- Gross operating margin +€135,292
up €135,292 (+24.7%), from €546,849 to €682,141
- Staff costs +€86,473
up €86,473 (+26.8%), from €322,093 to €408,566
- Depreciation +€14,855
up €14,855 (+10.2%), from €145,131 to €159,986
- Taxes +€14,840
up €14,840 (+94.9%), from €15,642 to €30,482
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 | €1,083,901 | €1,344,936 | +€261,035 | +24.1% |
| Fixed assets | 21/28 | €299,206 | €449,934 | +€150,728 | +50.4% |
| Tangible fixed assets | 22/27 | €286,508 | €437,236 | +€150,728 | +52.6% |
| Land and buildings | 22 | €68,063 | €62,830 | -€5,233 | -7.7% |
| Plant, machinery and equipment | 23 | €43,198 | €109,509 | +€66,311 | +153.5% |
| Furniture and vehicles | 24 | €135,513 | €233,897 | +€98,384 | +72.6% |
| Leasing and similar rights | 25 | €39,734 | €31,000 | -€8,734 | -22.0% |
| Financial fixed assets | 28 | €12,698 | €12,698 | -€0 | 0.0% |
| Current assets | 29/58 | €784,695 | €895,002 | +€110,307 | +14.1% |
| Amounts receivable within one year | 40/41 | €325,604 | €294,675 | -€30,929 | -9.5% |
| Trade receivables | 40 | €285,806 | €288,748 | +€2,942 | +1.0% |
| Other amounts receivable | 41 | €39,798 | €5,927 | -€33,871 | -85.1% |
| Current investments | 50/53 | €100,044 | €100,465 | +€421 | +0.4% |
| Cash at bank and in hand | 54/58 | €358,395 | €499,862 | +€141,467 | +39.5% |
| Deferred charges and accrued income | 490/1 | €652 | €0 | -€652 | -100.0% |
| Total equity and liabilities | 10/49 | €1,083,901 | €1,344,936 | +€261,035 | +24.1% |
| Equity | 10/15 | €733,689 | €753,794 | +€20,105 | +2.7% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €714,689 | €731,249 | +€16,560 | +2.3% |
| Distributable reserves | 133 | €714,689 | €731,249 | +€16,560 | +2.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | - | €3,545 | +€3,545 | |
| Amounts payable | 17/49 | €350,211 | €591,142 | +€240,931 | +68.8% |
| Amounts payable after more than one year | 17 | €96,270 | €143,104 | +€46,834 | +48.6% |
| Financial debts | 170/4 | €96,270 | €143,104 | +€46,834 | +48.6% |
| Amounts payable within one year | 42/48 | €253,746 | €448,038 | +€194,292 | +76.6% |
| Current portion of amounts payable after more than one year | 42 | €55,076 | €63,268 | +€8,192 | +14.9% |
| Trade debts | 44 | €88,888 | €205,625 | +€116,738 | +131.3% |
| Suppliers | 440/4 | €88,888 | €205,625 | +€116,738 | +131.3% |
| Taxes, remuneration and social security | 45 | €47,018 | €59,962 | +€12,944 | +27.5% |
| Taxes | 450/3 | €20,373 | €23,903 | +€3,530 | +17.3% |
| Remuneration and social security | 454/9 | €26,645 | €36,059 | +€9,414 | +35.3% |
| Other amounts payable | 47/48 | €62,764 | €119,183 | +€56,419 | +89.9% |
| Accrued charges and deferred income | 492/3 | €196 | - | -€196 | |
| Remuneration, social security and pensions | 62 | €322,093 | €408,566 | +€86,473 | +26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,131 | €159,986 | +€14,855 | +10.2% |
| Other operating charges | 640/8 | €7,395 | €8,039 | +€644 | +8.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €546,849 | €682,141 | +€135,292 | +24.7% |
| Operating profit (loss) | 9901 | €72,229 | €105,550 | +€33,321 | +46.1% |
| Financial income | 75/76B | €849 | €3,135 | +€2,286 | +269.4% |
| Recurring financial income | 75 | €849 | €3,135 | +€2,286 | +269.4% |
| Financial charges | 65/66B | €11,950 | €11,643 | -€307 | -2.6% |
| Recurring financial charges | 65 | €11,950 | €11,643 | -€307 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €61,128 | €97,042 | +€35,915 | +58.8% |
| Income taxes | 67/77 | €15,642 | €30,482 | +€14,840 | +94.9% |
| Profit (loss) for the period | 9904 | €45,486 | €66,560 | +€21,074 | +46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,486 | €66,560 | +€21,074 | +46.3% |
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 11 October 2026 via checked.be.