DUVAL THOMAS: 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.
DUVAL THOMAS
Largest movements
- Receivables within one year -€49,543
down €49,543 (-94.5%), from €52,454 to €2,911
- Cash -€14,323
down €14,323 (-18.6%), from €76,942 to €62,619
mainly Other debts (-€65,000) and Debts after one year (-€20,779)
- Intangible fixed assets -€5,000
down €5,000 (-16.7%), from €29,994 to €24,994
- Other debts -€65,000
down €65,000 (-100.0%), from €65,000 to €0
- Debts after one year -€20,779
down €20,779 (-14.1%), from €147,585 to €126,806
- Profit (loss) carried forward +€18,563
up €18,563 (+396.8%), from €4,678 to €23,242
- Accrued charges and deferred income -€2,549
down €2,549 (-80.6%), from €3,164 to €615
- Depreciation -€15,275
down €15,275 (-58.5%), from €26,119 to €10,843
- Gross operating margin -€6,351
down €6,351 (-13.6%), from €46,629 to €40,278
- Taxes +€1,738
up €1,738 (+44.0%), from €3,948 to €5,686
- Financial income +€863
up €863 (+74.3%), from €1,162 to €2,026
- Other operating charges +€624
up €624 (+65.7%), from €950 to €1,575
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 | €249,367 | €182,634 | -€66,733 | -26.8% |
| Fixed assets | 21/28 | €119,971 | €116,614 | -€3,356 | -2.8% |
| Intangible fixed assets | 21 | €29,994 | €24,994 | -€5,000 | -16.7% |
| Tangible fixed assets | 22/27 | €89,977 | €91,621 | +€1,644 | +1.8% |
| Land and buildings | 22 | €87,879 | €91,200 | +€3,321 | +3.8% |
| Furniture and vehicles | 24 | €1,038 | €420 | -€617 | -59.5% |
| Assets under construction and advance payments | 27 | €1,060 | €0 | -€1,060 | -100.0% |
| Current assets | 29/58 | €129,396 | €66,019 | -€63,377 | -49.0% |
| Amounts receivable within one year | 40/41 | €52,454 | €2,911 | -€49,543 | -94.5% |
| Other amounts receivable | 41 | €52,454 | €2,911 | -€49,543 | -94.5% |
| Cash at bank and in hand | 54/58 | €76,942 | €62,619 | -€14,323 | -18.6% |
| Deferred charges and accrued income | 490/1 | - | €490 | +€490 | |
| Total equity and liabilities | 10/49 | €249,367 | €182,634 | -€66,733 | -26.8% |
| Equity | 10/15 | €11,678 | €30,242 | +€18,563 | +159.0% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,678 | €23,242 | +€18,563 | +396.8% |
| Amounts payable | 17/49 | €237,689 | €152,392 | -€85,296 | -35.9% |
| Amounts payable after more than one year | 17 | €147,585 | €126,806 | -€20,779 | -14.1% |
| Financial debts | 170/4 | €147,585 | €126,806 | -€20,779 | -14.1% |
| Amounts payable within one year | 42/48 | €86,940 | €24,971 | -€61,968 | -71.3% |
| Current portion of amounts payable after more than one year | 42 | €20,142 | €20,779 | +€636 | +3.2% |
| Trade debts | 44 | €72 | €7 | -€65 | -90.3% |
| Suppliers | 440/4 | €72 | €7 | -€65 | -90.3% |
| Taxes, remuneration and social security | 45 | €1,725 | €4,186 | +€2,461 | +142.6% |
| Taxes | 450/3 | €1,725 | €4,186 | +€2,461 | +142.6% |
| Other amounts payable | 47/48 | €65,000 | €0 | -€65,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €3,164 | €615 | -€2,549 | -80.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,119 | €10,843 | -€15,275 | -58.5% |
| Other operating charges | 640/8 | €950 | €1,575 | +€624 | +65.7% |
| Gross operating margin | 9900 | €46,629 | €40,278 | -€6,351 | -13.6% |
| Operating profit (loss) | 9901 | €19,560 | €27,860 | +€8,300 | +42.4% |
| Financial income | 75/76B | €1,162 | €2,026 | +€863 | +74.3% |
| Recurring financial income | 75 | €1,162 | €2,026 | +€863 | +74.3% |
| Financial charges | 65/66B | €5,199 | €5,637 | +€438 | +8.4% |
| Recurring financial charges | 65 | €5,199 | €5,637 | +€438 | +8.4% |
| Profit (loss) for the period before taxes | 9903 | €15,524 | €24,249 | +€8,725 | +56.2% |
| Income taxes | 67/77 | €3,948 | €5,686 | +€1,738 | +44.0% |
| Profit (loss) for the period | 9904 | €11,576 | €18,563 | +€6,987 | +60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €11,576 | €18,563 | +€6,987 | +60.4% |
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 10 October 2026 via checked.be.