DV Pigeons: 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.
DV Pigeons
Largest movements
- Stocks and contracts +€6,550
up €6,550 (+21.4%), from €30,650 to €37,200
- Cash -€5,552
down €5,552 (-39.1%), from €14,217 to €8,664
mainly Stocks and contracts (-€6,550) and Trade debts (-€182)
- Reserves +€951
up €951 (+4.2%), from €22,510 to €23,461
of which Distributable reserves: +€951
- Gross operating margin -€1,284
down €1,284 (-44.6%), from €2,877 to €1,593
- Financial income -€258
down €258 (-100.0%), from €258 to €0
- Depreciation -€129
down €129 (-100%), from €129 to €0
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 | €45,352 | €45,864 | +€512 | +1.1% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Current assets | 29/58 | €45,352 | €45,864 | +€512 | +1.1% |
| Stocks and contracts in progress | 3 | €30,650 | €37,200 | +€6,550 | +21.4% |
| Stocks | 30/36 | €30,650 | €37,200 | +€6,550 | +21.4% |
| Amounts receivable within one year | 40/41 | €354 | €0 | -€354 | -100% |
| Trade receivables | 40 | €354 | €0 | -€354 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €14,217 | €8,664 | -€5,552 | -39.1% |
| Deferred charges and accrued income | 490/1 | €132 | €0 | -€132 | -100% |
| Total equity and liabilities | 10/49 | €45,352 | €45,864 | +€512 | +1.1% |
| Equity | 10/15 | €41,110 | €42,061 | +€951 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,510 | €23,461 | +€951 | +4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,650 | €21,601 | +€951 | +4.6% |
| Amounts payable | 17/49 | €4,242 | €3,803 | -€439 | -10.3% |
| Amounts payable within one year | 42/48 | €4,242 | €3,803 | -€439 | -10.3% |
| Trade debts | 44 | €182 | €0 | -€182 | -100% |
| Suppliers | 440/4 | €182 | €0 | -€182 | -100% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €243 | €129 | -€114 | -47.0% |
| Taxes | 450/3 | €243 | €129 | -€114 | -47.0% |
| Other amounts payable | 47/48 | €3,817 | €3,674 | -€143 | -3.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129 | €0 | -€129 | -100% |
| Other operating charges | 640/8 | €578 | €594 | +€16 | +2.8% |
| Gross operating margin | 9900 | €2,877 | €1,593 | -€1,284 | -44.6% |
| Operating profit (loss) | 9901 | €2,170 | €999 | -€1,171 | -54.0% |
| Financial income | 75/76B | €258 | €0 | -€258 | -100.0% |
| Recurring financial income | 75 | €258 | €0 | -€258 | -100.0% |
| Financial charges | 65/66B | €71 | €48 | -€23 | -31.9% |
| Recurring financial charges | 65 | €71 | €48 | -€23 | -31.9% |
| Profit (loss) for the period before taxes | 9903 | €2,358 | €951 | -€1,407 | -59.7% |
| Profit (loss) for the period | 9904 | €2,358 | €951 | -€1,407 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €2,358 | €951 | -€1,407 | -59.7% |
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 17 October 2026 via checked.be.