DUVAN: 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.
What changed
DUVAN
NACE 64.999, Other financial services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€270,158
2024 · €597,773-€867,932
Equity
€6.1m
2024 · €6.3m-€270,158
Cash
€35,533
2024 · €305,080-€269,547
Balance sheet total
€7.5m
2024 · €8.0m-€447,035
Largest movements
Assets
- Cash -€269,547
down €269,547 (-88.4%), from €305,080 to €35,533
mainly Net result for the year (-€270,158) and Other debts (-€94,249)
- Tangible fixed assets -€205,238
down €205,238 (-3.9%), from €5.3m to €5.1m
of which Land and buildings: -€127,427
- Financial fixed assets -€96,085
down €96,085 (-16.8%), from €570,966 to €474,881
- Receivables within one year +€81,597
up €81,597 (+6.3%), from €1.3m to €1.4m
of which Trade receivables: +€53,047
Equity and liabilities
- Profit (loss) carried forward -€192,126
down €192,126 (-51.1%), from -€375,626 to -€567,752
- Other debts -€94,249
down €94,249 (-91.1%), from €103,446 to €9,198
Income statement
- Gross operating margin -€1.2m
down €1.2m, from €1.1m to -€30,680
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.
Result 2024
€597,773
Gross operating margin
-€1.2m
Depreciation
-€4,890
Write-downs
+€2,734
Other operating charges
+€3,406
Other operating items
-€4,179
Financial income
+€2,891
Financial charges
+€2,207
Taxes
-€7
Deferred taxes and other
+€280,862
Result 2025
-€270,158
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.
From operations
-€282,697
Investment
+€76,897
Financing
-€63,747
Cash 2024
€305,080
From operations (derived)
-€282,697
Net result for the year
-€270,158
Depreciation
+€224,426
Stocks and contracts
-€31,124
Receivables within one year
-€81,597
Deferred charges and accrued income
-€11,115
Provisions
-€26,011
Tax, wage and social debts
+€149
Other debts
-€94,249
Accrued charges and deferred income
+€6,981
Investment (derived)
+€76,897
Investment in fixed assets (net)
+€76,897
Financing
-€63,747
Debts after one year
-€65,692
Current portion of long-term debt
+€1,945
Cash 2025
€35,533
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,974,298 | €7,527,264 | -€447,035 | -5.6% |
| Fixed assets | 21/28 | €5,892,603 | €5,591,280 | -€301,323 | -5.1% |
| Tangible fixed assets | 22/27 | €5,321,638 | €5,116,399 | -€205,238 | -3.9% |
| Land and buildings | 22 | €4,538,046 | €4,410,619 | -€127,427 | -2.8% |
| Plant, machinery and equipment | 23 | €186,370 | €142,725 | -€43,645 | -23.4% |
| Furniture and vehicles | 24 | €4,589 | €3,442 | -€1,147 | -25.0% |
| Other tangible fixed assets | 26 | €592,632 | €559,614 | -€33,019 | -5.6% |
| Financial fixed assets | 28 | €570,966 | €474,881 | -€96,085 | -16.8% |
| Current assets | 29/58 | €2,081,695 | €1,935,984 | -€145,712 | -7.0% |
| Stocks and contracts in progress | 3 | €489,757 | €520,881 | +€31,124 | +6.4% |
| Stocks | 30/36 | €489,757 | €520,881 | +€31,124 | +6.4% |
| Amounts receivable within one year | 40/41 | €1,286,858 | €1,368,455 | +€81,597 | +6.3% |
| Trade receivables | 40 | €299,231 | €352,278 | +€53,047 | +17.7% |
| Other amounts receivable | 41 | €987,627 | €1,016,177 | +€28,550 | +2.9% |
| Cash at bank and in hand | 54/58 | €305,080 | €35,533 | -€269,547 | -88.4% |
| Deferred charges and accrued income | 490/1 | €0 | €11,115 | +€11,115 | |
| Total equity and liabilities | 10/49 | €7,974,298 | €7,527,264 | -€447,035 | -5.6% |
| Equity | 10/15 | €6,321,001 | €6,050,843 | -€270,158 | -4.3% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Capital | 10 | €3,000,000 | €3,000,000 | = | 0.0% |
| Issued capital | 100 | €3,000,000 | €3,000,000 | = | 0.0% |
| Reserves | 13 | €3,696,627 | €3,618,595 | -€78,033 | -2.1% |
| Non-distributable reserves | 130/1 | €300,000 | €300,000 | = | 0.0% |
| Legal reserve | 130 | €300,000 | €300,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,596,627 | €2,518,595 | -€78,033 | -3.0% |
| Distributable reserves | 133 | €800,000 | €800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€375,626 | -€567,752 | -€192,126 | -51.1% |
| Provisions and deferred taxes | 16 | €864,201 | €838,190 | -€26,011 | -3.0% |
| Deferred taxes | 168 | €864,201 | €838,190 | -€26,011 | -3.0% |
| Amounts payable | 17/49 | €789,097 | €638,231 | -€150,866 | -19.1% |
| Amounts payable after more than one year | 17 | €442,620 | €376,928 | -€65,692 | -14.8% |
| Financial debts | 170/4 | €442,620 | €376,928 | -€65,692 | -14.8% |
| Amounts payable within one year | 42/48 | €345,503 | €253,348 | -€92,155 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €63,747 | €65,692 | +€1,945 | +3.1% |
| Financial debts | 43 | €175,000 | €175,000 | = | 0.0% |
| Credit institutions | 430/8 | €175,000 | €175,000 | = | 0.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,309 | €3,458 | +€149 | +4.5% |
| Taxes | 450/3 | €3,309 | €3,458 | +€149 | +4.5% |
| Other amounts payable | 47/48 | €103,446 | €9,198 | -€94,249 | -91.1% |
| Accrued charges and deferred income | 492/3 | €974 | €7,955 | +€6,981 | +716.9% |
| Non-recurring operating income | 76A | €1,126,544 | €0 | -€1.1m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,536 | €224,426 | +€4,890 | +2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,734 | €0 | -€2,734 | -100.0% |
| Other operating charges | 640/8 | €32,266 | €28,860 | -€3,406 | -10.6% |
| Non-recurring operating charges | 66A | €0 | €4,179 | +€4,179 | |
| Gross operating margin | 9900 | €1,120,274 | -€30,680 | -€1.2m | |
| Operating profit (loss) | 9901 | €865,739 | -€288,145 | -€1.2m | |
| Financial income | 75/76B | €13,647 | €16,537 | +€2,891 | +21.2% |
| Recurring financial income | 75 | €13,647 | €16,537 | +€2,891 | +21.2% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €26,761 | €24,554 | -€2,207 | -8.2% |
| Recurring financial charges | 65 | €26,761 | €24,554 | -€2,207 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €852,624 | -€296,162 | -€1.1m | |
| Transfer from deferred taxes | 780 | €24,250 | €26,011 | +€1,761 | +7.3% |
| Transfer to deferred taxes | 680 | €279,101 | €0 | -€279,101 | -100.0% |
| Income taxes | 67/77 | €0 | €7 | +€7 | |
| Profit (loss) for the period | 9904 | €597,773 | -€270,158 | -€867,932 | |
| Transfer from tax-exempt reserves | 789 | €72,750 | €78,033 | +€5,282 | +7.3% |
| Transfer to tax-exempt reserves | 689 | €837,304 | €0 | -€837,304 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€166,780 | -€192,126 | -€25,345 | -15.2% |
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.