DUVAL: 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.
DUVAL
Largest movements
- Tangible fixed assets -€1.5m
down €1.5m (-14.5%), from €10.0m to €8.6m
of which Plant, machinery and equipment: -€1.4m
- Cash +€966,206
up €966,206 (+169.0%), from €571,583 to €1.5m
mainly Net result for the year (+€2.0m) and Depreciation (+€1.5m)
- Receivables within one year -€675,598
down €675,598 (-63.3%), from €1.1m to €391,233
of which Trade receivables: -€690,977
- Debts after one year -€2.3m
down €2.3m (-86.4%), from €2.7m to €361,000
- Profit (loss) carried forward +€995,378
up €995,378 (+23.4%), from €4.3m to €5.2m
- Other debts +€855,041
up €855,041 (+556.3%), from €153,709 to €1.0m
- Trade debts -€577,935
down €577,935 (-51.6%), from €1.1m to €541,963
- Tax, wage and social debts -€153,976
down €153,976 (-69.8%), from €220,670 to €66,694
of which Taxes: -€141,626
- Gross operating margin +€1.2m
up €1.2m (+34.0%), from €3.4m to €4.5m
- Taxes +€289,880
up €289,880 (+76.2%), from €380,561 to €670,442
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 | €11,811,006 | €10,628,515 | -€1.2m | -10.0% |
| Fixed assets | 21/28 | €10,019,532 | €8,566,980 | -€1.5m | -14.5% |
| Tangible fixed assets | 22/27 | €10,019,532 | €8,566,980 | -€1.5m | -14.5% |
| Plant, machinery and equipment | 23 | €9,822,774 | €8,399,865 | -€1.4m | -14.5% |
| Other tangible fixed assets | 26 | €184,658 | €155,015 | -€29,643 | -16.1% |
| Assets under construction and advance payments | 27 | €12,100 | €12,100 | = | 0.0% |
| Current assets | 29/58 | €1,791,474 | €2,061,535 | +€270,062 | +15.1% |
| Stocks and contracts in progress | 3 | €152,417 | €125,573 | -€26,844 | -17.6% |
| Stocks | 30/36 | €152,417 | €125,573 | -€26,844 | -17.6% |
| Amounts receivable within one year | 40/41 | €1,066,831 | €391,233 | -€675,598 | -63.3% |
| Trade receivables | 40 | €1,049,682 | €358,705 | -€690,977 | -65.8% |
| Other amounts receivable | 41 | €17,149 | €32,528 | +€15,379 | +89.7% |
| Cash at bank and in hand | 54/58 | €571,583 | €1,537,789 | +€966,206 | +169.0% |
| Deferred charges and accrued income | 490/1 | €643 | €6,940 | +€6,298 | +979.8% |
| Total equity and liabilities | 10/49 | €11,811,006 | €10,628,515 | -€1.2m | -10.0% |
| Equity | 10/15 | €5,353,729 | €6,349,108 | +€995,378 | +18.6% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €100,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,253,729 | €5,249,108 | +€995,378 | +23.4% |
| Amounts payable | 17/49 | €6,457,277 | €4,279,408 | -€2.2m | -33.7% |
| Amounts payable after more than one year | 17 | €2,662,000 | €361,000 | -€2.3m | -86.4% |
| Financial debts | 170/4 | €2,662,000 | €361,000 | -€2.3m | -86.4% |
| Amounts payable within one year | 42/48 | €3,795,277 | €3,918,408 | +€123,131 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €2,301,000 | €2,301,000 | = | 0.0% |
| Trade debts | 44 | €1,119,898 | €541,963 | -€577,935 | -51.6% |
| Suppliers | 440/4 | €1,119,898 | €541,963 | -€577,935 | -51.6% |
| Taxes, remuneration and social security | 45 | €220,670 | €66,694 | -€153,976 | -69.8% |
| Taxes | 450/3 | €172,101 | €30,476 | -€141,626 | -82.3% |
| Remuneration and social security | 454/9 | €48,569 | €36,219 | -€12,350 | -25.4% |
| Other amounts payable | 47/48 | €153,709 | €1,008,750 | +€855,041 | +556.3% |
| Non-recurring operating income | 76A | €246,907 | €0 | -€246,907 | -100.0% |
| Remuneration, social security and pensions | 62 | €329,962 | €336,145 | +€6,183 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,462,175 | €1,462,632 | +€458 | 0.0% |
| Other operating charges | 640/8 | €3,414 | €12,542 | +€9,129 | +267.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €3,391,111 | €4,544,077 | +€1.2m | +34.0% |
| Operating profit (loss) | 9901 | €1,595,560 | €2,732,757 | +€1.1m | +71.3% |
| Financial charges | 65/66B | €104,423 | €66,937 | -€37,486 | -35.9% |
| Recurring financial charges | 65 | €104,423 | €66,937 | -€37,486 | -35.9% |
| Profit (loss) for the period before taxes | 9903 | €1,491,137 | €2,665,820 | +€1.2m | +78.8% |
| Income taxes | 67/77 | €380,561 | €670,442 | +€289,880 | +76.2% |
| Profit (loss) for the period | 9904 | €1,110,576 | €1,995,378 | +€884,802 | +79.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,110,576 | €1,995,378 | +€884,802 | +79.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.