DUVERGER: 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.
DUVERGER
Largest movements
- Tangible fixed assets +€22,303
up €22,303 (+28.5%), from €78,390 to €100,694
of which Assets under construction and advance payments: +€12,202
- Cash -€6,819
down €6,819 (-11.0%), from €61,922 to €55,103
mainly Investment in fixed assets (net) (-€30,500) and Trade debts (-€1,570)
- Reserves +€19,290
up €19,290 (+37.7%), from €51,120 to €70,410
of which Distributable reserves: +€19,290
- Taxes +€6,900
up €6,900 (+222.6%), from €3,100 to €10,000
- Gross operating margin +€1,439
up €1,439 (+3.2%), from €44,405 to €45,845
- Other operating charges +€1,378
up €1,378 (+24.0%), from €5,746 to €7,124
- Depreciation +€1,011
up €1,011 (+14.1%), from €7,186 to €8,197
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 | €142,478 | €159,416 | +€16,938 | +11.9% |
| Fixed assets | 21/28 | €78,390 | €100,694 | +€22,303 | +28.5% |
| Tangible fixed assets | 22/27 | €78,390 | €100,694 | +€22,303 | +28.5% |
| Land and buildings | 22 | €76,559 | €86,274 | +€9,715 | +12.7% |
| Furniture and vehicles | 24 | €1,831 | €2,217 | +€386 | +21.1% |
| Assets under construction and advance payments | 27 | - | €12,202 | +€12,202 | |
| Current assets | 29/58 | €64,088 | €58,722 | -€5,365 | -8.4% |
| Amounts receivable within one year | 40/41 | €1,094 | €1,523 | +€429 | +39.2% |
| Trade receivables | 40 | €1,094 | €1,523 | +€429 | +39.2% |
| Cash at bank and in hand | 54/58 | €61,922 | €55,103 | -€6,819 | -11.0% |
| Deferred charges and accrued income | 490/1 | €1,073 | €2,097 | +€1,024 | +95.5% |
| Total equity and liabilities | 10/49 | €142,478 | €159,416 | +€16,938 | +11.9% |
| Equity | 10/15 | €117,838 | €137,129 | +€19,290 | +16.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €51,120 | €70,410 | +€19,290 | +37.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €44,920 | €64,210 | +€19,290 | +42.9% |
| Profit (loss) carried forward | 14 | €4,718 | €4,718 | = | 0.0% |
| Amounts payable | 17/49 | €24,640 | €22,287 | -€2,353 | -9.5% |
| Amounts payable within one year | 42/48 | €24,640 | €22,287 | -€2,353 | -9.5% |
| Trade debts | 44 | €2,779 | €1,210 | -€1,570 | -56.5% |
| Suppliers | 440/4 | €2,779 | €1,210 | -€1,570 | -56.5% |
| Taxes, remuneration and social security | 45 | €7,307 | €6,181 | -€1,126 | -15.4% |
| Taxes | 450/3 | €7,307 | €6,181 | -€1,126 | -15.4% |
| Other amounts payable | 47/48 | €14,554 | €14,897 | +€343 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,186 | €8,197 | +€1,011 | +14.1% |
| Other operating charges | 640/8 | €5,746 | €7,124 | +€1,378 | +24.0% |
| Gross operating margin | 9900 | €44,405 | €45,845 | +€1,439 | +3.2% |
| Operating profit (loss) | 9901 | €31,473 | €30,524 | -€949 | -3.0% |
| Financial income | 75/76B | €37 | €36 | -€1 | -3.0% |
| Recurring financial income | 75 | €37 | €36 | -€1 | -3.0% |
| Financial charges | 65/66B | €1,381 | €1,269 | -€111 | -8.1% |
| Recurring financial charges | 65 | €1,381 | €1,269 | -€111 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €30,130 | €29,291 | -€839 | -2.8% |
| Income taxes | 67/77 | €3,100 | €10,000 | +€6,900 | +222.6% |
| Profit (loss) for the period | 9904 | €27,030 | €19,290 | -€7,739 | -28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €27,030 | €19,290 | -€7,739 | -28.6% |
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 5 October 2026 via checked.be.