DVA: 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.
DVA
Largest movements
- Cash -€349,823
down €349,823 (-52.5%), from €666,763 to €316,940
mainly Other debts (-€1.0m) and Short-term financial debts (-€650,232)
- Receivables within one year -€275,980
down €275,980 (-7.5%), from €3.7m to €3.4m
of which Trade receivables: -€422,498
- Intangible fixed assets +€134,443
new in 2025: €134,443
- Other debts -€1.0m
down €1.0m (-32.6%), from €3.2m to €2.1m
- Short-term financial debts -€650,232
down €650,232 (-45.9%), from €1.4m to €767,280
- Debts after one year +€552,064
up €552,064 (+496.1%), from €111,283 to €663,347
- Trade debts +€479,215
up €479,215, from €0 to €479,215
- Current portion of long-term debt +€271,086
up €271,086 (+624.3%), from €43,425 to €314,511
- Gross operating margin -€972,371
down €972,371 (-49.9%), from €1.9m to €974,632
- Taxes -€302,789
down €302,789 (-96.2%), from €314,721 to €11,932
- Financial charges +€149,267
up €149,267 (+32.6%), from €457,763 to €607,029
- Financial income -€75,499
down €75,499 (-38.2%), from €197,655 to €122,155
- Depreciation +€32,305
up €32,305 (+19.2%), from €168,396 to €200,701
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 | €8,525,596 | €8,023,411 | -€502,185 | -5.9% |
| Fixed assets | 21/28 | €816,611 | €928,620 | +€112,009 | +13.7% |
| Intangible fixed assets | 21 | - | €134,443 | +€134,443 | |
| Tangible fixed assets | 22/27 | €807,031 | €784,597 | -€22,434 | -2.8% |
| Land and buildings | 22 | €235,714 | €209,679 | -€26,035 | -11.0% |
| Plant, machinery and equipment | 23 | €452,889 | €451,097 | -€1,792 | -0.4% |
| Furniture and vehicles | 24 | €45,779 | €51,172 | +€5,393 | +11.8% |
| Other tangible fixed assets | 26 | €72,649 | €72,649 | = | 0.0% |
| Financial fixed assets | 28 | €9,580 | €9,580 | = | 0.0% |
| Current assets | 29/58 | €7,708,985 | €7,094,791 | -€614,194 | -8.0% |
| Stocks and contracts in progress | 3 | €3,351,370 | €3,358,811 | +€7,441 | +0.2% |
| Stocks | 30/36 | €3,351,370 | €3,358,811 | +€7,441 | +0.2% |
| Amounts receivable within one year | 40/41 | €3,667,976 | €3,391,996 | -€275,980 | -7.5% |
| Trade receivables | 40 | €3,612,072 | €3,189,574 | -€422,498 | -11.7% |
| Other amounts receivable | 41 | €55,904 | €202,422 | +€146,518 | +262.1% |
| Cash at bank and in hand | 54/58 | €666,763 | €316,940 | -€349,823 | -52.5% |
| Deferred charges and accrued income | 490/1 | €22,875 | €27,043 | +€4,168 | +18.2% |
| Total equity and liabilities | 10/49 | €8,525,596 | €8,023,411 | -€502,185 | -5.9% |
| Equity | 10/15 | €3,360,667 | €3,375,031 | +€14,365 | +0.4% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €2,850,000 | €2,850,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €2,800,000 | €2,800,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,667 | €25,031 | +€14,365 | +134.7% |
| Amounts payable | 17/49 | €5,164,929 | €4,648,380 | -€516,549 | -10.0% |
| Amounts payable after more than one year | 17 | €111,283 | €663,347 | +€552,064 | +496.1% |
| Financial debts | 170/4 | €111,283 | €663,347 | +€552,064 | +496.1% |
| Amounts payable within one year | 42/48 | €4,856,931 | €3,849,204 | -€1.0m | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €43,425 | €314,511 | +€271,086 | +624.3% |
| Financial debts | 43 | €1,417,512 | €767,280 | -€650,232 | -45.9% |
| Credit institutions | 430/8 | €1,417,512 | €767,280 | -€650,232 | -45.9% |
| Trade debts | 44 | €0 | €479,215 | +€479,215 | |
| Suppliers | 440/4 | €0 | €479,215 | +€479,215 | |
| Taxes, remuneration and social security | 45 | €212,598 | €141,962 | -€70,636 | -33.2% |
| Taxes | 450/3 | €189,382 | €116,996 | -€72,386 | -38.2% |
| Remuneration and social security | 454/9 | €23,217 | €24,966 | +€1,750 | +7.5% |
| Other amounts payable | 47/48 | €3,183,395 | €2,146,236 | -€1.0m | -32.6% |
| Accrued charges and deferred income | 492/3 | €196,715 | €135,829 | -€60,886 | -31.0% |
| Non-recurring operating income | 76A | €10,598 | €10,643 | +€45 | +0.4% |
| Remuneration, social security and pensions | 62 | €274,850 | €246,427 | -€28,423 | -10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €168,396 | €200,701 | +€32,305 | +19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,817 | €15,923 | +€106 | +0.7% |
| Non-recurring operating charges | 66A | €347 | €410 | +€63 | +18.0% |
| Gross operating margin | 9900 | €1,947,003 | €974,632 | -€972,371 | -49.9% |
| Operating profit (loss) | 9901 | €1,487,593 | €511,171 | -€976,422 | -65.6% |
| Financial income | 75/76B | €197,655 | €122,155 | -€75,499 | -38.2% |
| Recurring financial income | 75 | €197,655 | €122,155 | -€75,499 | -38.2% |
| Financial charges | 65/66B | €457,763 | €607,029 | +€149,267 | +32.6% |
| Recurring financial charges | 65 | €457,763 | €607,029 | +€149,267 | +32.6% |
| Profit (loss) for the period before taxes | 9903 | €1,227,484 | €26,297 | -€1.2m | -97.9% |
| Income taxes | 67/77 | €314,721 | €11,932 | -€302,789 | -96.2% |
| Profit (loss) for the period | 9904 | €912,764 | €14,365 | -€898,399 | -98.4% |
| Profit (loss) for the period to be appropriated | 9905 | €912,764 | €14,365 | -€898,399 | -98.4% |
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 30 September 2026 via checked.be.