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.
DUVAN
Largest movements
- Current investments +€431,740
up €431,740 (+56.5%), from €764,500 to €1.2m
- Tangible fixed assets -€84,693
down €84,693 (-6.6%), from €1.3m to €1.2m
of which Land and buildings: -€82,526
- Receivables within one year +€71,074
up €71,074 (+4354.2%), from €1,632 to €72,706
of which Trade receivables: +€72,706
- Cash -€44,650
down €44,650 (-88.8%), from €50,272 to €5,623
mainly Current investments (-€431,740) and Receivables within one year (-€71,074)
- Reserves +€409,054
up €409,054 (+64.7%), from €632,548 to €1.0m
of which Distributable reserves: +€423,002
- Gross operating margin +€326,320
up €326,320 (+94.9%), from €344,036 to €670,356
- Taxes +€120,597
up €120,597 (+156.2%), from €77,206 to €197,803
- Financial income +€20,503
up €20,503 (+318.2%), from €6,442 to €26,945
- Depreciation -€17,999
down €17,999 (-22.4%), from €80,530 to €62,531
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 | €2,094,512 | €2,467,983 | +€373,470 | +17.8% |
| Fixed assets | 21/28 | €1,278,108 | €1,193,414 | -€84,693 | -6.6% |
| Tangible fixed assets | 22/27 | €1,278,108 | €1,193,414 | -€84,693 | -6.6% |
| Land and buildings | 22 | €1,267,952 | €1,185,426 | -€82,526 | -6.5% |
| Plant, machinery and equipment | 23 | €9,586 | €7,988 | -€1,598 | -16.7% |
| Furniture and vehicles | 24 | €570 | €0 | -€570 | -100.0% |
| Current assets | 29/58 | €816,405 | €1,274,568 | +€458,164 | +56.1% |
| Amounts receivable within one year | 40/41 | €1,632 | €72,706 | +€71,074 | +4354.2% |
| Trade receivables | 40 | €0 | €72,706 | +€72,706 | |
| Other amounts receivable | 41 | €1,632 | €0 | -€1,632 | -100.0% |
| Current investments | 50/53 | €764,500 | €1,196,240 | +€431,740 | +56.5% |
| Cash at bank and in hand | 54/58 | €50,272 | €5,623 | -€44,650 | -88.8% |
| Total equity and liabilities | 10/49 | €2,094,512 | €2,467,983 | +€373,470 | +17.8% |
| Equity | 10/15 | €1,998,648 | €2,407,703 | +€409,054 | +20.5% |
| Contributions | 10/11 | €1,366,100 | €1,366,100 | = | 0.0% |
| Capital | 10 | €1,366,100 | €1,366,100 | = | 0.0% |
| Issued capital | 100 | €1,366,100 | €1,366,100 | = | 0.0% |
| Reserves | 13 | €632,548 | €1,041,603 | +€409,054 | +64.7% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Legal reserve | 130 | €80,000 | €80,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,948 | €0 | -€13,948 | -100.0% |
| Distributable reserves | 133 | €538,601 | €961,603 | +€423,002 | +78.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €7,185 | €0 | -€7,185 | -100.0% |
| Provisions for liabilities and charges | 160/5 | €7,185 | €0 | -€7,185 | -100.0% |
| Taxes | 161 | €7,185 | €0 | -€7,185 | -100.0% |
| Amounts payable | 17/49 | €88,679 | €60,280 | -€28,399 | -32.0% |
| Amounts payable within one year | 42/48 | €88,679 | €60,280 | -€28,399 | -32.0% |
| Trade debts | 44 | €1,079 | €1,611 | +€532 | +49.3% |
| Suppliers | 440/4 | €1,079 | €1,611 | +€532 | +49.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €25,274 | €3,329 | -€21,945 | -86.8% |
| Taxes | 450/3 | €25,274 | €3,329 | -€21,945 | -86.8% |
| Other amounts payable | 47/48 | €62,327 | €55,340 | -€6,986 | -11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,530 | €62,531 | -€17,999 | -22.4% |
| Other operating charges | 640/8 | €33,333 | €34,658 | +€1,325 | +4.0% |
| Gross operating margin | 9900 | €344,036 | €670,356 | +€326,320 | +94.9% |
| Operating profit (loss) | 9901 | €230,173 | €573,168 | +€342,995 | +149.0% |
| Financial income | 75/76B | €6,442 | €26,945 | +€20,503 | +318.2% |
| Recurring financial income | 75 | €6,442 | €26,945 | +€20,503 | +318.2% |
| Financial charges | 65/66B | €332 | €441 | +€109 | +32.7% |
| Recurring financial charges | 65 | €332 | €441 | +€109 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | €236,283 | €599,672 | +€363,388 | +153.8% |
| Transfer from deferred taxes | 780 | €1,198 | €7,185 | +€5,988 | +500.0% |
| Income taxes | 67/77 | €77,206 | €197,803 | +€120,597 | +156.2% |
| Profit (loss) for the period | 9904 | €160,275 | €409,054 | +€248,779 | +155.2% |
| Transfer from tax-exempt reserves | 789 | €2,325 | €13,948 | +€11,623 | +500.0% |
| Profit (loss) for the period to be appropriated | 9905 | €162,599 | €423,002 | +€260,403 | +160.1% |
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 1 October 2026 via checked.be.