DUVARES: 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.
DUVARES
Largest movements
- Tangible fixed assets -€126,559
down €126,559 (-5.4%), from €2.3m to €2.2m
of which Land and buildings: -€188,788
- Other debts +€207,070
up €207,070 (+45.8%), from €452,517 to €659,587
- Debts after one year -€174,624
down €174,624 (-15.8%), from €1.1m to €933,961
- Short-term financial debts -€125,000
down €125,000 (-100%), from €125,000 to €0
- Current portion of long-term debt -€92,150
down €92,150 (-33.4%), from €275,690 to €183,539
- Reserves +€74,391
up €74,391 (+22.6%), from €328,518 to €402,910
of which Distributable reserves: +€74,391
- Gross operating margin +€171,434
up €171,434 (+63.1%), from €271,846 to €443,280
- Depreciation +€51,568
up €51,568 (+24.3%), from €212,505 to €264,072
- Financial charges +€34,103
up €34,103 (+94.1%), from €36,253 to €70,356
- Taxes +€15,442
up €15,442 (+384%), from €4,025 to €19,467
- Other operating charges +€4,609
up €4,609 (+44.4%), from €10,390 to €14,999
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.
Derived cash bridge
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 | €2,358,694 | €2,247,983 | -€110,711 | -4.7% |
| Fixed assets | 21/28 | €2,326,482 | €2,199,923 | -€126,559 | -5.4% |
| Tangible fixed assets | 22/27 | €2,326,482 | €2,199,923 | -€126,559 | -5.4% |
| Land and buildings | 22 | €2,239,984 | €2,051,196 | -€188,788 | -8.4% |
| Plant, machinery and equipment | 23 | - | €1,685 | +€1,685 | |
| Furniture and vehicles | 24 | €0 | €86,642 | +€86,642 | |
| Other tangible fixed assets | 26 | €86,498 | €60,400 | -€26,098 | -30.2% |
| Current assets | 29/58 | €32,212 | €48,060 | +€15,848 | +49.2% |
| Amounts receivable within one year | 40/41 | €28,007 | €27,039 | -€968 | -3.5% |
| Trade receivables | 40 | €24,018 | €15,013 | -€9,004 | -37.5% |
| Other amounts receivable | 41 | €3,989 | €12,025 | +€8,036 | +201% |
| Cash at bank and in hand | 54/58 | €4,205 | €21,021 | +€16,815 | +400% |
| Total equity and liabilities | 10/49 | €2,358,694 | €2,247,983 | -€110,711 | -4.7% |
| Equity | 10/15 | €347,118 | €421,510 | +€74,391 | +21.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €328,518 | €402,910 | +€74,391 | +22.6% |
| Tax-exempt reserves | 132 | €11,755 | €11,755 | = | 0.0% |
| Distributable reserves | 133 | €316,764 | €391,155 | +€74,391 | +23.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €3,301 | €3,301 | = | 0.0% |
| Deferred taxes | 168 | €3,301 | €3,301 | = | 0.0% |
| Amounts payable | 17/49 | €2,008,275 | €1,823,172 | -€185,103 | -9.2% |
| Amounts payable after more than one year | 17 | €1,108,584 | €933,961 | -€174,624 | -15.8% |
| Financial debts | 170/4 | €1,108,584 | €933,961 | -€174,624 | -15.8% |
| Amounts payable within one year | 42/48 | €892,735 | €881,361 | -€11,375 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €275,690 | €183,539 | -€92,150 | -33.4% |
| Financial debts | 43 | €125,000 | €0 | -€125,000 | -100% |
| Credit institutions | 430/8 | €125,000 | €0 | -€125,000 | -100% |
| Trade debts | 44 | €30,232 | €13,800 | -€16,432 | -54.4% |
| Suppliers | 440/4 | €30,232 | €13,800 | -€16,432 | -54.4% |
| Advances received on contracts in progress | 46 | €94 | €0 | -€94 | -100% |
| Taxes, remuneration and social security | 45 | €9,203 | €24,436 | +€15,232 | +166% |
| Taxes | 450/3 | €9,203 | €13,311 | +€4,107 | +44.6% |
| Remuneration and social security | 454/9 | - | €11,125 | +€11,125 | |
| Other amounts payable | 47/48 | €452,517 | €659,587 | +€207,070 | +45.8% |
| Accrued charges and deferred income | 492/3 | €6,955 | €7,850 | +€895 | +12.9% |
| Non-recurring operating income | 76A | - | €17,500 | +€17,500 | |
| Remuneration, social security and pensions | 62 | - | €29 | +€29 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,505 | €264,072 | +€51,568 | +24.3% |
| Other operating charges | 640/8 | €10,390 | €14,999 | +€4,609 | +44.4% |
| Gross operating margin | 9900 | €271,846 | €443,280 | +€171,434 | +63.1% |
| Operating profit (loss) | 9901 | €48,952 | €164,180 | +€115,228 | +235% |
| Financial income | 75/76B | €3 | €34 | +€31 | +937% |
| Recurring financial income | 75 | €3 | €34 | +€31 | +937% |
| Financial charges | 65/66B | €36,253 | €70,356 | +€34,103 | +94.1% |
| Recurring financial charges | 65 | €36,253 | €70,356 | +€34,103 | +94.1% |
| Profit (loss) for the period before taxes | 9903 | €12,702 | €93,858 | +€81,156 | +639% |
| Income taxes | 67/77 | €4,025 | €19,467 | +€15,442 | +384% |
| Profit (loss) for the period | 9904 | €8,677 | €74,391 | +€65,714 | +757% |
| Profit (loss) for the period to be appropriated | 9905 | €8,677 | €74,391 | +€65,714 | +757% |
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 16 October 2026 via checked.be.