DV2 BELUX: 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.
DV2 BELUX
Largest movements
- Receivables within one year +€223,003
up €223,003 (+38.8%), from €574,244 to €797,246
of which Trade receivables: +€207,783
- Cash -€82,568
down €82,568 (-55.2%), from €149,522 to €66,954
mainly Receivables within one year (-€223,003) and Contributions, distributions and other (-€93,905)
- Stocks and contracts +€15,196
up €15,196 (+3.2%), from €479,709 to €494,905
- Profit (loss) carried forward +€113,624
up €113,624 (+26.2%), from €434,039 to €547,663
- Short-term financial debts +€104,167
up €104,167 (+347%), from €30,000 to €134,167
- Trade debts +€60,027
up €60,027 (+44.0%), from €136,409 to €196,436
- Tax, wage and social debts -€50,951
down €50,951 (-41.9%), from €121,588 to €70,637
- Debts after one year -€34,778
down €34,778 (-39.7%), from €87,705 to €52,928
- Turnover +€98,568
up €98,568 (+4.3%), from €2.3m to €2.4m
- Gross operating margin +€72,109
up €72,109 (+33.3%), from €216,714 to €288,822
- Purchases and services +€25,353
up €25,353 (+1.2%), from €2.1m to €2.1m
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 | €1,207,977 | €1,388,442 | +€180,465 | +14.9% |
| Fixed assets | 21/28 | €3,253 | €14,334 | +€11,081 | +341% |
| Intangible fixed assets | 21 | €1,488 | €12,020 | +€10,532 | +708% |
| Tangible fixed assets | 22/27 | €1,765 | €2,314 | +€549 | +31.1% |
| Plant, machinery and equipment | 23 | - | €848 | +€848 | |
| Furniture and vehicles | 24 | €1,466 | €1,466 | +€0 | 0.0% |
| Other tangible fixed assets | 26 | €299 | €0 | -€299 | -100% |
| Current assets | 29/58 | €1,204,725 | €1,374,108 | +€169,383 | +14.1% |
| Stocks and contracts in progress | 3 | €479,709 | €494,905 | +€15,196 | +3.2% |
| Stocks | 30/36 | €479,709 | €494,905 | +€15,196 | +3.2% |
| Amounts receivable within one year | 40/41 | €574,244 | €797,246 | +€223,003 | +38.8% |
| Trade receivables | 40 | €545,142 | €752,924 | +€207,783 | +38.1% |
| Other amounts receivable | 41 | €29,102 | €44,322 | +€15,220 | +52.3% |
| Cash at bank and in hand | 54/58 | €149,522 | €66,954 | -€82,568 | -55.2% |
| Deferred charges and accrued income | 490/1 | €1,250 | €15,003 | +€13,753 | +1,100% |
| Total equity and liabilities | 10/49 | €1,207,977 | €1,388,442 | +€180,465 | +14.9% |
| Equity | 10/15 | €699,298 | €791,872 | +€92,574 | +13.2% |
| Contributions | 10/11 | €157,766 | €157,766 | = | 0.0% |
| Reserves | 13 | €107,493 | €86,443 | -€21,050 | -19.6% |
| Tax-exempt reserves | 132 | €105,250 | €84,200 | -€21,050 | -20.0% |
| Distributable reserves | 133 | €2,243 | €2,243 | = | 0.0% |
| Profit (loss) carried forward | 14 | €434,039 | €547,663 | +€113,624 | +26.2% |
| Amounts payable | 17/49 | €508,679 | €596,570 | +€87,891 | +17.3% |
| Amounts payable after more than one year | 17 | €87,705 | €52,928 | -€34,778 | -39.7% |
| Financial debts | 170/4 | €87,705 | €52,928 | -€34,778 | -39.7% |
| Amounts payable within one year | 42/48 | €420,974 | €532,873 | +€111,899 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €39,072 | €37,728 | -€1,344 | -3.4% |
| Financial debts | 43 | €30,000 | €134,167 | +€104,167 | +347% |
| Credit institutions | 430/8 | €30,000 | €134,167 | +€104,167 | +347% |
| Trade debts | 44 | €136,409 | €196,436 | +€60,027 | +44.0% |
| Suppliers | 440/4 | €136,409 | €196,436 | +€60,027 | +44.0% |
| Taxes, remuneration and social security | 45 | €121,588 | €70,637 | -€50,951 | -41.9% |
| Taxes | 450/3 | €121,588 | €70,637 | -€50,951 | -41.9% |
| Other amounts payable | 47/48 | €93,905 | €93,905 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €10,769 | +€10,769 | |
| Turnover | 70 | €2,302,401 | €2,400,970 | +€98,568 | +4.3% |
| Non-recurring operating income | 76A | €1,360 | €253 | -€1,107 | -81.4% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,087,047 | €2,112,400 | +€25,353 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,127 | €1,806 | -€321 | -15.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,292 | +€4,292 | |
| Other operating charges | 640/8 | €392 | €2,930 | +€2,538 | +648% |
| Gross operating margin | 9900 | €216,714 | €288,822 | +€72,109 | +33.3% |
| Operating profit (loss) | 9901 | €214,195 | €279,795 | +€65,600 | +30.6% |
| Financial income | 75/76B | €38 | €5,852 | +€5,813 | +15,111% |
| Recurring financial income | 75 | €38 | €5,852 | +€5,813 | +15,111% |
| Financial charges | 65/66B | €18,682 | €35,293 | +€16,611 | +88.9% |
| Recurring financial charges | 65 | €18,682 | €35,293 | +€16,611 | +88.9% |
| Profit (loss) for the period before taxes | 9903 | €195,551 | €250,353 | +€54,802 | +28.0% |
| Income taxes | 67/77 | €53,190 | €63,874 | +€10,685 | +20.1% |
| Profit (loss) for the period | 9904 | €142,361 | €186,479 | +€44,118 | +31.0% |
| Transfer from tax-exempt reserves | 789 | - | €21,050 | +€21,050 | |
| Profit (loss) for the period to be appropriated | 9905 | €142,361 | €207,529 | +€65,168 | +45.8% |
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.