DUNCAN: 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.
DUNCAN
Largest movements
- Cash -€34,795
down €34,795 (-34.2%), from €101,667 to €66,872
mainly Net result for the year (-€22,480) and Receivables within one year (-€22,281)
- Receivables within one year +€22,281
up €22,281 (+141.1%), from €15,790 to €38,072
of which Trade receivables: +€20,422
- Intangible fixed assets -€6,059
down €6,059 (-24.4%), from €24,794 to €18,734
- Tangible fixed assets -€5,976
down €5,976 (-18.6%), from €32,201 to €26,226
of which Furniture and vehicles: -€4,162
- Profit (loss) carried forward -€18,020
no longer reported in 2025 (was €18,020)
- Reserves -€4,460
down €4,460 (-11.4%), from €39,000 to €34,540
of which Distributable reserves: -€4,460
- Other debts -€1,835
down €1,835 (-41.8%), from €4,385 to €2,550
- Gross operating margin -€33,329
down €33,329, from €29,549 to -€3,780
- Taxes -€3,417
down €3,417 (-94.2%), from €3,629 to €212
- Other operating charges -€462
down €462 (-42.5%), from €1,088 to €626
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 | €175,209 | €150,755 | -€24,455 | -14.0% |
| Fixed assets | 21/28 | €56,995 | €44,960 | -€12,035 | -21.1% |
| Intangible fixed assets | 21 | €24,794 | €18,734 | -€6,059 | -24.4% |
| Tangible fixed assets | 22/27 | €32,201 | €26,226 | -€5,976 | -18.6% |
| Land and buildings | 22 | €6,470 | €5,578 | -€892 | -13.8% |
| Plant, machinery and equipment | 23 | €3,611 | €2,690 | -€921 | -25.5% |
| Furniture and vehicles | 24 | €22,120 | €17,958 | -€4,162 | -18.8% |
| Current assets | 29/58 | €118,214 | €105,795 | -€12,420 | -10.5% |
| Amounts receivable within one year | 40/41 | €15,790 | €38,072 | +€22,281 | +141.1% |
| Trade receivables | 40 | €14,553 | €34,975 | +€20,422 | +140.3% |
| Other amounts receivable | 41 | €1,237 | €3,096 | +€1,859 | +150.3% |
| Cash at bank and in hand | 54/58 | €101,667 | €66,872 | -€34,795 | -34.2% |
| Deferred charges and accrued income | 490/1 | €757 | €851 | +€94 | +12.4% |
| Total equity and liabilities | 10/49 | €175,209 | €150,755 | -€24,455 | -14.0% |
| Equity | 10/15 | €77,020 | €54,540 | -€22,480 | -29.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €39,000 | €34,540 | -€4,460 | -11.4% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €37,000 | €32,540 | -€4,460 | -12.1% |
| Profit (loss) carried forward | 14 | €18,020 | - | -€18,020 | |
| Amounts payable | 17/49 | €98,190 | €96,215 | -€1,975 | -2.0% |
| Amounts payable after more than one year | 17 | €75,028 | €75,028 | = | 0.0% |
| Financial debts | 170/4 | €75,028 | €75,028 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,255 | €17,345 | -€1,909 | -9.9% |
| Trade debts | 44 | €817 | €593 | -€224 | -27.5% |
| Suppliers | 440/4 | €817 | €593 | -€224 | -27.5% |
| Taxes, remuneration and social security | 45 | €14,052 | €14,202 | +€150 | +1.1% |
| Taxes | 450/3 | €10,910 | €11,013 | +€103 | +0.9% |
| Remuneration and social security | 454/9 | €3,142 | €3,189 | +€47 | +1.5% |
| Other amounts payable | 47/48 | €4,385 | €2,550 | -€1,835 | -41.8% |
| Accrued charges and deferred income | 492/3 | €3,907 | €3,842 | -€66 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,125 | €12,035 | -€90 | -0.7% |
| Other operating charges | 640/8 | €1,088 | €626 | -€462 | -42.5% |
| Non-recurring operating charges | 66A | €160 | - | -€160 | |
| Gross operating margin | 9900 | €29,549 | -€3,780 | -€33,329 | |
| Operating profit (loss) | 9901 | €16,177 | -€16,441 | -€32,617 | |
| Financial income | 75/76B | €7 | €29 | +€22 | +317.6% |
| Recurring financial income | 75 | €7 | €29 | +€22 | +317.6% |
| Financial charges | 65/66B | €5,749 | €5,856 | +€108 | +1.9% |
| Recurring financial charges | 65 | €5,749 | €5,856 | +€108 | +1.9% |
| Profit (loss) for the period before taxes | 9903 | €10,435 | -€22,268 | -€32,703 | |
| Income taxes | 67/77 | €3,629 | €212 | -€3,417 | -94.2% |
| Profit (loss) for the period | 9904 | €6,806 | -€22,480 | -€29,286 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,806 | -€22,480 | -€29,286 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.