Duodev 2: what changed
What changed
Duodev 2
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€3.4m
2024 · €4.1m-€668,734
Equity
€81.5m
2024 · €68.9m+€12.6m
Cash
€52,917
2024 · €448,971-€396,054
Balance sheet total
€85.9m
2024 · €70.9m+€15.0m
Largest movements
Assets
- Financial fixed assets +€15.3m
up €15.3m (+21.8%), from €70.3m to €85.7m
Equity and liabilities
- Contributions +€9.3m
up €9.3m (+14.4%), from €64.7m to €74.0m
- Profit (loss) carried forward +€3.3m
up €3.3m (+77.1%), from €4.2m to €7.5m
- Short-term financial debts +€1.4m
up €1.4m (+127%), from €1.1m to €2.5m
- Trade debts +€1.0m
up €1.0m (+134%), from €763,950 to €1.8m
Income statement
- Financial income -€1.5m
down €1.5m (-21.9%), from €7.0m to €5.4m
of which Financial income: -€1.2m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4.1m
Other operating charges
+€7,295
Other operating items
+€36,016
Financial income
-€1.5m
Financial charges
+€476,136
Taxes
+€332,844
Result 2025
€3.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€4.3m
Investment
-€15.3m
Financing
+€10.6m
Cash 2024
€448,971
From operations (derived)
+€4.3m
Net result for the year
+€3.4m
Receivables within one year
-€62,193
Trade debts
+€1.0m
Tax, wage and social debts
-€43,550
Accrued charges and deferred income
+€14,247
Investment (derived)
-€15.3m
Investment in fixed assets (net)
-€15.3m
Current investments
-€11
Financing
+€10.6m
Short-term financial debts
+€1.4m
Contributions, distributions and other
+€9.2m
Cash 2025
€52,917
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €70,874,523 | €85,866,527 | +€15.0m | +21.2% |
| Fixed assets | 21/28 | €70,338,191 | €85,664,044 | +€15.3m | +21.8% |
| Financial fixed assets | 28 | €70,338,191 | €85,664,044 | +€15.3m | +21.8% |
| Affiliated companies | 280/1 | €70,338,191 | €85,664,044 | +€15.3m | +21.8% |
| Participating interests | 280 | €15,426,471 | €15,440,693 | +€14,222 | +0.1% |
| Amounts receivable | 281 | €54,911,720 | €70,223,351 | +€15.3m | +27.9% |
| Current assets | 29/58 | €536,332 | €202,483 | -€333,850 | -62.2% |
| Amounts receivable within one year | 40/41 | €85,914 | €148,107 | +€62,193 | +72.4% |
| Other amounts receivable | 41 | €85,914 | €148,107 | +€62,193 | +72.4% |
| Current investments | 50/53 | €1,448 | €1,459 | +€11 | +0.7% |
| Other investments | 51/53 | €1,448 | €1,459 | +€11 | +0.7% |
| Cash at bank and in hand | 54/58 | €448,971 | €52,917 | -€396,054 | -88.2% |
| Total equity and liabilities | 10/49 | €70,874,523 | €85,866,527 | +€15.0m | +21.2% |
| Equity | 10/15 | €68,913,200 | €81,512,296 | +€12.6m | +18.3% |
| Contributions | 10/11 | €64,690,142 | €74,035,169 | +€9.3m | +14.4% |
| Capital | 10 | €64,690,142 | €74,035,169 | +€9.3m | +14.4% |
| Issued capital | 100 | €64,690,142 | €74,035,169 | +€9.3m | +14.4% |
| Profit (loss) carried forward | 14 | €4,223,057 | €7,477,126 | +€3.3m | +77.1% |
| Amounts payable | 17/49 | €1,961,324 | €4,354,231 | +€2.4m | +122% |
| Amounts payable within one year | 42/48 | €1,957,332 | €4,335,993 | +€2.4m | +122% |
| Financial debts | 43 | €1,100,000 | €2,500,000 | +€1.4m | +127% |
| Credit institutions | 430/8 | €1,100,000 | €2,500,000 | +€1.4m | +127% |
| Trade debts | 44 | €763,950 | €1,786,161 | +€1.0m | +134% |
| Suppliers | 440/4 | €763,950 | €1,786,161 | +€1.0m | +134% |
| Taxes, remuneration and social security | 45 | €93,382 | €49,832 | -€43,550 | -46.6% |
| Taxes | 450/3 | €93,382 | €49,832 | -€43,550 | -46.6% |
| Accrued charges and deferred income | 492/3 | €3,992 | €18,238 | +€14,247 | +357% |
| Operating charges | 60/66A | €1,482,081 | €1,438,770 | -€43,311 | -2.9% |
| Services and other goods | 61 | €1,473,803 | €1,437,787 | -€36,016 | -2.4% |
| Other operating charges | 640/8 | €8,278 | €983 | -€7,295 | -88.1% |
| Operating profit (loss) | 9901 | -€1,482,081 | -€1,438,770 | +€43,311 | +2.9% |
| Financial income | 75/76B | €6,955,485 | €5,434,460 | -€1.5m | -21.9% |
| Recurring financial income | 75 | €6,605,485 | €5,434,460 | -€1.2m | -17.7% |
| Income from financial fixed assets | 750 | €6,480,085 | €5,434,445 | -€1.0m | -16.1% |
| Income from current assets | 751 | €125,392 | €15 | -€125,376 | -100.0% |
| Other financial income | 752/9 | €8 | €0 | -€8 | -98.0% |
| Non-recurring financial income | 76B | €350,000 | - | -€350,000 | |
| Financial charges | 65/66B | €820,577 | €344,441 | -€476,136 | -58.0% |
| Recurring financial charges | 65 | €430,373 | €344,441 | -€85,932 | -20.0% |
| Debt charges | 650 | €310,594 | €199,927 | -€110,667 | -35.6% |
| Other financial charges | 652/9 | €119,779 | €144,514 | +€24,735 | +20.7% |
| Non-recurring financial charges | 66B | €390,204 | - | -€390,204 | |
| Profit (loss) for the period before taxes | 9903 | €4,652,827 | €3,651,249 | -€1.0m | -21.5% |
| Income taxes | 67/77 | €585,024 | €252,180 | -€332,844 | -56.9% |
| Taxes | 670/3 | €585,470 | €287,811 | -€297,659 | -50.8% |
| Tax adjustments and reversals of tax provisions | 77 | €446 | €35,631 | +€35,185 | +7,893% |
| Profit (loss) for the period | 9904 | €4,067,803 | €3,399,069 | -€668,734 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,067,803 | €3,399,069 | -€668,734 | -16.4% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.