DUVAR: 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.
DUVAR
Largest movements
- Stocks and contracts +€122,686
up €122,686 (+27.7%), from €442,598 to €565,284
- Cash -€107,982
down €107,982 (-92.8%), from €116,403 to €8,420
mainly Debts after one year (-€300,000) and Stocks and contracts (-€122,686)
- Current portion of long-term debt +€315,000
new in 2025: €315,000
- Debts after one year -€300,000
down €300,000 (-72.3%), from €415,000 to €115,000
- Gross operating margin -€88,961
down €88,961 (-94.6%), from €94,061 to €5,100
- Taxes -€24,158
down €24,158 (-87.0%), from €27,782 to €3,623
- Financial charges -€5,352
down €5,352 (-48.7%), from €10,986 to €5,634
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 | €562,830 | €578,306 | +€15,477 | +2.7% |
| Current assets | 29/58 | €562,830 | €578,306 | +€15,477 | +2.7% |
| Stocks and contracts in progress | 3 | €442,598 | €565,284 | +€122,686 | +27.7% |
| Stocks | 30/36 | €442,598 | €565,284 | +€122,686 | +27.7% |
| Amounts receivable within one year | 40/41 | €2,696 | €4,026 | +€1,330 | +49.3% |
| Trade receivables | 40 | €2,537 | €3,926 | +€1,390 | +54.8% |
| Other amounts receivable | 41 | €159 | €99 | -€60 | -37.7% |
| Cash at bank and in hand | 54/58 | €116,403 | €8,420 | -€107,982 | -92.8% |
| Deferred charges and accrued income | 490/1 | €1,133 | €576 | -€557 | -49.1% |
| Total equity and liabilities | 10/49 | €562,830 | €578,306 | +€15,477 | +2.7% |
| Equity | 10/15 | €133,699 | €129,049 | -€4,650 | -3.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €113,699 | €113,699 | = | 0.0% |
| Distributable reserves | 133 | €113,699 | €113,699 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€4,650 | -€4,650 | |
| Amounts payable | 17/49 | €429,130 | €449,257 | +€20,127 | +4.7% |
| Amounts payable after more than one year | 17 | €415,000 | €115,000 | -€300,000 | -72.3% |
| Financial debts | 170/4 | €415,000 | €115,000 | -€300,000 | -72.3% |
| Amounts payable within one year | 42/48 | €9,682 | €327,282 | +€317,600 | +3280.4% |
| Current portion of amounts payable after more than one year | 42 | - | €315,000 | +€315,000 | |
| Trade debts | 44 | €6,825 | €5,057 | -€1,767 | -25.9% |
| Suppliers | 440/4 | €6,825 | €5,057 | -€1,767 | -25.9% |
| Taxes, remuneration and social security | 45 | €2,857 | €7,225 | +€4,368 | +152.9% |
| Taxes | 450/3 | €2,857 | €7,225 | +€4,368 | +152.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €4,449 | €6,975 | +€2,527 | +56.8% |
| Other operating charges | 640/8 | €603 | €528 | -€75 | -12.5% |
| Gross operating margin | 9900 | €94,061 | €5,100 | -€88,961 | -94.6% |
| Operating profit (loss) | 9901 | €93,458 | €4,572 | -€88,886 | -95.1% |
| Financial income | 75/76B | €362 | €35 | -€327 | -90.4% |
| Recurring financial income | 75 | €362 | €35 | -€327 | -90.4% |
| Financial charges | 65/66B | €10,986 | €5,634 | -€5,352 | -48.7% |
| Recurring financial charges | 65 | €10,986 | €5,634 | -€5,352 | -48.7% |
| Profit (loss) for the period before taxes | 9903 | €82,833 | -€1,027 | -€83,860 | |
| Income taxes | 67/77 | €27,782 | €3,623 | -€24,158 | -87.0% |
| Profit (loss) for the period | 9904 | €55,052 | -€4,650 | -€59,702 | |
| Profit (loss) for the period to be appropriated | 9905 | €55,052 | -€4,650 | -€59,702 |
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.