DUPAC: 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.
DUPAC
Largest movements
- Cash +€1.4m
up €1.4m (+506.8%), from €274,653 to €1.7m
mainly Depreciation (+€708,326) and Net result for the year (+€607,628)
- Receivables within one year -€538,802
down €538,802 (-51.5%), from €1.0m to €506,928
of which Trade receivables: -€442,485
- Tangible fixed assets -€284,112
down €284,112 (-4.3%), from €6.6m to €6.4m
of which Land and buildings: -€173,567
- Deferred charges and accrued income +€171,255
up €171,255 (+920.3%), from €18,608 to €189,864
- Stocks and contracts -€152,282
down €152,282 (-8.8%), from €1.7m to €1.6m
- Debts after one year -€516,804
down €516,804 (-17.2%), from €3.0m to €2.5m
- Accrued charges and deferred income +€515,235
up €515,235, from €0 to €515,235
- Reserves +€307,628
up €307,628 (+5.7%), from €5.4m to €5.7m
of which Distributable reserves: +€728,628
- Other debts +€150,010
up €150,010 (+11511.0%), from €1,303 to €151,314
- Staff costs +€399,397
up €399,397 (+33.1%), from €1.2m to €1.6m
- Gross operating margin +€279,535
up €279,535 (+9.5%), from €2.9m to €3.2m
- Other operating charges -€93,322
down €93,322 (-79.1%), from €117,969 to €24,647
- Depreciation +€51,778
up €51,778 (+7.9%), from €656,548 to €708,326
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 | €9,721,368 | €10,310,638 | +€589,270 | +6.1% |
| Fixed assets | 21/28 | €6,647,508 | €6,364,605 | -€282,902 | -4.3% |
| Intangible fixed assets | 21 | €7,223 | €8,432 | +€1,210 | +16.7% |
| Tangible fixed assets | 22/27 | €6,640,161 | €6,356,049 | -€284,112 | -4.3% |
| Land and buildings | 22 | €3,937,559 | €3,763,993 | -€173,567 | -4.4% |
| Plant, machinery and equipment | 23 | €2,647,651 | €2,541,063 | -€106,588 | -4.0% |
| Furniture and vehicles | 24 | €54,951 | €50,993 | -€3,957 | -7.2% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €3,073,860 | €3,946,033 | +€872,173 | +28.4% |
| Stocks and contracts in progress | 3 | €1,734,869 | €1,582,587 | -€152,282 | -8.8% |
| Stocks | 30/36 | €1,734,869 | €1,582,587 | -€152,282 | -8.8% |
| Amounts receivable within one year | 40/41 | €1,045,730 | €506,928 | -€538,802 | -51.5% |
| Trade receivables | 40 | €858,564 | €416,079 | -€442,485 | -51.5% |
| Other amounts receivable | 41 | €187,167 | €90,849 | -€96,318 | -51.5% |
| Cash at bank and in hand | 54/58 | €274,653 | €1,666,654 | +€1.4m | +506.8% |
| Deferred charges and accrued income | 490/1 | €18,608 | €189,864 | +€171,255 | +920.3% |
| Total equity and liabilities | 10/49 | €9,721,368 | €10,310,638 | +€589,270 | +6.1% |
| Equity | 10/15 | €5,766,642 | €6,074,270 | +€307,628 | +5.3% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €5,366,642 | €5,674,270 | +€307,628 | +5.7% |
| Non-distributable reserves | 130/1 | €40,000 | €40,000 | = | 0.0% |
| Legal reserve | 130 | €40,000 | €40,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €421,000 | €0 | -€421,000 | -100.0% |
| Distributable reserves | 133 | €4,905,641 | €5,634,269 | +€728,628 | +14.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €3,954,726 | €4,236,368 | +€281,642 | +7.1% |
| Amounts payable after more than one year | 17 | €2,999,632 | €2,482,829 | -€516,804 | -17.2% |
| Financial debts | 170/4 | €2,999,632 | €2,482,829 | -€516,804 | -17.2% |
| Amounts payable within one year | 42/48 | €955,094 | €1,238,305 | +€283,211 | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €515,713 | €516,804 | +€1,090 | +0.2% |
| Trade debts | 44 | €325,858 | €387,187 | +€61,329 | +18.8% |
| Suppliers | 440/4 | €325,858 | €387,187 | +€61,329 | +18.8% |
| Taxes, remuneration and social security | 45 | €112,219 | €183,001 | +€70,782 | +63.1% |
| Taxes | 450/3 | €59,292 | €23,181 | -€36,111 | -60.9% |
| Remuneration and social security | 454/9 | €52,928 | €159,820 | +€106,893 | +202.0% |
| Other amounts payable | 47/48 | €1,303 | €151,314 | +€150,010 | +11511.0% |
| Accrued charges and deferred income | 492/3 | €0 | €515,235 | +€515,235 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,207,122 | €1,606,518 | +€399,397 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €656,548 | €708,326 | +€51,778 | +7.9% |
| Other operating charges | 640/8 | €117,969 | €24,647 | -€93,322 | -79.1% |
| Non-recurring operating charges | 66A | €600 | €0 | -€600 | -100.0% |
| Gross operating margin | 9900 | €2,939,497 | €3,219,032 | +€279,535 | +9.5% |
| Operating profit (loss) | 9901 | €957,259 | €879,541 | -€77,718 | -8.1% |
| Financial income | 75/76B | €23,911 | €5,376 | -€18,535 | -77.5% |
| Recurring financial income | 75 | €23,911 | €5,376 | -€18,535 | -77.5% |
| Financial charges | 65/66B | €65,405 | €84,721 | +€19,317 | +29.5% |
| Recurring financial charges | 65 | €65,405 | €84,721 | +€19,317 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €915,765 | €800,195 | -€115,570 | -12.6% |
| Income taxes | 67/77 | €191,945 | €192,567 | +€621 | +0.3% |
| Profit (loss) for the period | 9904 | €723,820 | €607,628 | -€116,191 | -16.1% |
| Transfer from tax-exempt reserves | 789 | €0 | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €723,820 | €1,028,628 | +€304,809 | +42.1% |
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 7 October 2026 via checked.be.