DV REAL ESTATE: 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.
What changed
DV REAL ESTATE
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€93,069
2024 · €71,993-€165,062
Equity
€801,644
2024 · €894,712-€93,069
Cash
€736,350
2024 · €22,910+€713,440
Balance sheet total
€20.0m
2024 · €14.5m+€5.4m
Largest movements
Assets
- Stocks and contracts +€5.4m
up €5.4m (+81.8%), from €6.6m to €12.0m
- Cash +€713,440
up €713,440 (+3,114%), from €22,910 to €736,350
mainly Advances received (+€7.2m) and Receivables after one year (+€519,893)
- Receivables after one year -€519,893
down €519,893 (-75.1%), from €692,302 to €172,409
- Receivables within one year -€348,703
down €348,703 (-69.9%), from €498,987 to €150,284
Equity and liabilities
- Advances received +€7.2m
up €7.2m (+164%), from €4.4m to €11.6m
- Short-term financial debts -€1.7m
down €1.7m (-92.9%), from €1.9m to €131,000
Income statement
- Gross operating margin -€585,456
down €585,456 (-60.9%), from €960,821 to €375,365
- Depreciation +€79,635
up €79,635 (+42.9%), from €185,645 to €265,280
- Financial income -€35,459
down €35,459 (-53.0%), from €66,947 to €31,488
of which Financial income: -€21,157
- Financial charges -€32,999
down €32,999 (-12.9%), from €255,332 to €222,333
- Taxes -€24,114
down €24,114 (-98.7%), from €24,432 to €318
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.
Result 2024
€71,993
Gross operating margin
-€585,456
Depreciation
-€79,635
Other operating charges
+€5,453
Other operating items
+€472,922
Financial income
-€35,459
Financial charges
+€32,999
Taxes
+€24,114
Result 2025
-€93,069
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.9m
Investment
-€434,332
Financing
-€1.8m
Cash 2024
€22,910
From operations (derived)
+€2.9m
Net result for the year
-€93,069
Depreciation
+€265,280
Receivables after one year
+€519,893
Stocks and contracts
-€5.4m
Receivables within one year
+€348,703
Smaller working-capital items
-€2,141
Trade debts
-€90,448
Tax, wage and social debts
+€179,285
Advances received
+€7.2m
Investment (derived)
-€434,332
Investment in fixed assets (net)
-€434,332
Financing
-€1.8m
Debts after one year
-€40,336
Current portion of long-term debt
+€1,648
Short-term financial debts
-€1.7m
Cash 2025
€736,350
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,548,089 | €19,968,597 | +€5.4m | +37.3% |
| Fixed assets | 21/28 | €6,642,293 | €6,811,345 | +€169,052 | +2.5% |
| Tangible fixed assets | 22/27 | €6,635,517 | €6,804,569 | +€169,052 | +2.5% |
| Plant, machinery and equipment | 23 | €5,054 | €0 | -€5,054 | -100% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Other tangible fixed assets | 26 | €6,630,462 | €6,804,569 | +€174,107 | +2.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €6,776 | €6,776 | = | 0.0% |
| Current assets | 29/58 | €7,905,797 | €13,157,252 | +€5.3m | +66.4% |
| Amounts receivable after more than one year | 29 | €692,302 | €172,409 | -€519,893 | -75.1% |
| Other amounts receivable | 291 | €692,302 | €172,409 | -€519,893 | -75.1% |
| Stocks and contracts in progress | 3 | €6,618,487 | €12,030,988 | +€5.4m | +81.8% |
| Stocks | 30/36 | €6,618,487 | €12,030,988 | +€5.4m | +81.8% |
| Amounts receivable within one year | 40/41 | €498,987 | €150,284 | -€348,703 | -69.9% |
| Trade receivables | 40 | €498,987 | €150,284 | -€348,703 | -69.9% |
| Cash at bank and in hand | 54/58 | €22,910 | €736,350 | +€713,440 | +3,114% |
| Deferred charges and accrued income | 490/1 | €73,111 | €67,221 | -€5,891 | -8.1% |
| Total equity and liabilities | 10/49 | €14,548,089 | €19,968,597 | +€5.4m | +37.3% |
| Equity | 10/15 | €894,712 | €801,644 | -€93,069 | -10.4% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €624,712 | €531,644 | -€93,069 | -14.9% |
| Tax-exempt reserves | 132 | €3,882 | €3,882 | = | 0.0% |
| Distributable reserves | 133 | €620,830 | €527,761 | -€93,069 | -15.0% |
| Amounts payable | 17/49 | €13,653,377 | €19,166,953 | +€5.5m | +40.4% |
| Amounts payable after more than one year | 17 | €5,577,996 | €5,537,660 | -€40,336 | -0.7% |
| Financial debts | 170/4 | €3,706,973 | €3,374,817 | -€332,156 | -9.0% |
| Other amounts payable | 178/9 | €1,871,022 | €2,162,842 | +€291,820 | +15.6% |
| Amounts payable within one year | 42/48 | €8,044,352 | €13,606,296 | +€5.6m | +69.1% |
| Current portion of amounts payable after more than one year | 42 | €330,508 | €332,156 | +€1,648 | +0.5% |
| Financial debts | 43 | €1,851,720 | €131,000 | -€1.7m | -92.9% |
| Credit institutions | 430/8 | €1,851,720 | €131,000 | -€1.7m | -92.9% |
| Trade debts | 44 | €1,341,197 | €1,250,748 | -€90,448 | -6.7% |
| Suppliers | 440/4 | €1,341,197 | €1,250,748 | -€90,448 | -6.7% |
| Advances received on contracts in progress | 46 | €4,388,480 | €11,580,660 | +€7.2m | +164% |
| Taxes, remuneration and social security | 45 | €132,448 | €311,732 | +€179,285 | +135% |
| Taxes | 450/3 | €132,448 | €311,732 | +€179,285 | +135% |
| Accrued charges and deferred income | 492/3 | €31,029 | €22,997 | -€8,032 | -25.9% |
| Non-recurring operating income | 76A | €11,292 | €0 | -€11,292 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,645 | €265,280 | +€79,635 | +42.9% |
| Other operating charges | 640/8 | €12,390 | €6,937 | -€5,453 | -44.0% |
| Non-recurring operating charges | 66A | €477,977 | €5,054 | -€472,922 | -98.9% |
| Gross operating margin | 9900 | €960,821 | €375,365 | -€585,456 | -60.9% |
| Operating profit (loss) | 9901 | €284,810 | €98,094 | -€186,716 | -65.6% |
| Financial income | 75/76B | €66,947 | €31,488 | -€35,459 | -53.0% |
| Recurring financial income | 75 | €52,646 | €31,488 | -€21,157 | -40.2% |
| Non-recurring financial income | 76B | €14,301 | €0 | -€14,301 | -100% |
| Financial charges | 65/66B | €255,332 | €222,333 | -€32,999 | -12.9% |
| Recurring financial charges | 65 | €255,332 | €222,333 | -€32,999 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €96,425 | -€92,751 | -€189,176 | |
| Income taxes | 67/77 | €24,432 | €318 | -€24,114 | -98.7% |
| Profit (loss) for the period | 9904 | €71,993 | -€93,069 | -€165,062 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €71,993 | -€93,069 | -€165,062 |
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 30 October 2026 via checked.be.