DUVALL: 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.
DUVALL
Largest movements
- Tangible fixed assets -€471,924
down €471,924 (-73.0%), from €646,256 to €174,332
of which Land and buildings: -€434,660
- Intangible fixed assets -€148,352
down €148,352 (-14.6%), from €1.0m to €869,132
- Cash +€55,540
up €55,540 (+219.3%), from €25,327 to €80,867
mainly Net result for the year (+€474,065) and Investment in fixed assets (net) (+€389,627)
- Reserves +€474,065
up €474,065 (+85.4%), from €555,136 to €1.0m
of which Distributable reserves: +€474,065
- Debts after one year -€449,231
down €449,231 (-91.5%), from €491,134 to €41,903
- Current portion of long-term debt -€384,433
down €384,433 (-92.1%), from €417,233 to €32,799
- Accrued charges and deferred income -€133,753
no longer reported in 2025 (was €133,753)
- Trade debts -€41,833
down €41,833 (-30.7%), from €136,189 to €94,356
- Gross operating margin +€449,778
up €449,778 (+47.7%), from €943,698 to €1.4m
- Taxes +€133,064
up €133,064 (+419.1%), from €31,746 to €164,811
- Depreciation -€35,048
down €35,048 (-13.2%), from €265,696 to €230,648
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 | €1,863,851 | €1,315,237 | -€548,615 | -29.4% |
| Fixed assets | 21/28 | €1,663,740 | €1,043,464 | -€620,276 | -37.3% |
| Intangible fixed assets | 21 | €1,017,483 | €869,132 | -€148,352 | -14.6% |
| Tangible fixed assets | 22/27 | €646,256 | €174,332 | -€471,924 | -73.0% |
| Land and buildings | 22 | €434,660 | - | -€434,660 | |
| Plant, machinery and equipment | 23 | €173,047 | €127,481 | -€45,566 | -26.3% |
| Furniture and vehicles | 24 | €12,901 | €10,883 | -€2,018 | -15.6% |
| Leasing and similar rights | 25 | €25,648 | €16,388 | -€9,260 | -36.1% |
| Other tangible fixed assets | 26 | - | €19,580 | +€19,580 | |
| Current assets | 29/58 | €200,112 | €271,773 | +€71,661 | +35.8% |
| Amounts receivable within one year | 40/41 | €174,113 | €173,608 | -€505 | -0.3% |
| Trade receivables | 40 | €145,520 | €162,728 | +€17,208 | +11.8% |
| Other amounts receivable | 41 | €28,593 | €10,880 | -€17,713 | -61.9% |
| Cash at bank and in hand | 54/58 | €25,327 | €80,867 | +€55,540 | +219.3% |
| Deferred charges and accrued income | 490/1 | €672 | €17,298 | +€16,626 | +2473.4% |
| Total equity and liabilities | 10/49 | €1,863,851 | €1,315,237 | -€548,615 | -29.4% |
| Equity | 10/15 | €596,236 | €1,047,801 | +€451,565 | +75.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €22,500 | - | -€22,500 | |
| Reserves | 13 | €555,136 | €1,029,201 | +€474,065 | +85.4% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €536,386 | €1,010,451 | +€474,065 | +88.4% |
| Amounts payable | 17/49 | €1,267,615 | €267,436 | -€1.0m | -78.9% |
| Amounts payable after more than one year | 17 | €491,134 | €41,903 | -€449,231 | -91.5% |
| Financial debts | 170/4 | €491,134 | €41,903 | -€449,231 | -91.5% |
| Amounts payable within one year | 42/48 | €642,728 | €225,532 | -€417,196 | -64.9% |
| Current portion of amounts payable after more than one year | 42 | €417,233 | €32,799 | -€384,433 | -92.1% |
| Financial debts | 43 | - | €21,328 | +€21,328 | |
| Credit institutions | 430/8 | - | €21,328 | +€21,328 | |
| Trade debts | 44 | €136,189 | €94,356 | -€41,833 | -30.7% |
| Suppliers | 440/4 | €136,189 | €94,356 | -€41,833 | -30.7% |
| Taxes, remuneration and social security | 45 | €71,362 | €59,104 | -€12,258 | -17.2% |
| Taxes | 450/3 | €15,334 | €11,329 | -€4,005 | -26.1% |
| Remuneration and social security | 454/9 | €56,028 | €47,775 | -€8,252 | -14.7% |
| Other amounts payable | 47/48 | €17,945 | €17,945 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €133,753 | - | -€133,753 | |
| Non-recurring operating income | 76A | €16,580 | €750,740 | +€734,161 | +4428.1% |
| Remuneration, social security and pensions | 62 | €479,371 | €481,486 | +€2,115 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €265,696 | €230,648 | -€35,048 | -13.2% |
| Other operating charges | 640/8 | €11,167 | €9,603 | -€1,564 | -14.0% |
| Gross operating margin | 9900 | €943,698 | €1,393,476 | +€449,778 | +47.7% |
| Operating profit (loss) | 9901 | €187,464 | €671,739 | +€484,275 | +258.3% |
| Financial income | 75/76B | €687 | €143 | -€543 | -79.1% |
| Recurring financial income | 75 | €687 | €143 | -€543 | -79.1% |
| Financial charges | 65/66B | €30,652 | €33,007 | +€2,354 | +7.7% |
| Recurring financial charges | 65 | €30,652 | €33,007 | +€2,354 | +7.7% |
| Profit (loss) for the period before taxes | 9903 | €157,498 | €638,876 | +€481,377 | +305.6% |
| Income taxes | 67/77 | €31,746 | €164,811 | +€133,064 | +419.1% |
| Profit (loss) for the period | 9904 | €125,752 | €474,065 | +€348,313 | +277.0% |
| Profit (loss) for the period to be appropriated | 9905 | €125,752 | €474,065 | +€348,313 | +277.0% |
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 3 October 2026 via checked.be.