DVCO: 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.
DVCO
Largest movements
- Cash +€84,127
up €84,127 (+41.6%), from €202,252 to €286,379
mainly Net result for the year (+€57,739) and Tax, wage and social debts (+€17,962)
- Tangible fixed assets -€9,551
down €9,551 (-32.1%), from €29,781 to €20,230
- Receivables within one year +€3,466
up €3,466 (+14.3%), from €24,194 to €27,659
- Reserves +€57,500
up €57,500 (+32.3%), from €177,860 to €235,360
- Tax, wage and social debts +€17,962
up €17,962 (+267.1%), from €6,724 to €24,686
of which Taxes: +€13,854
- Short-term financial debts +€5,065
new in 2025: €5,065
- Gross operating margin +€17,705
up €17,705 (+23.9%), from €73,982 to €91,687
- Taxes +€5,391
up €5,391 (+30.2%), from €17,833 to €23,224
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 | €257,163 | €335,200 | +€78,037 | +30.3% |
| Fixed assets | 21/28 | €29,781 | €20,230 | -€9,551 | -32.1% |
| Tangible fixed assets | 22/27 | €29,781 | €20,230 | -€9,551 | -32.1% |
| Furniture and vehicles | 24 | €29,781 | €20,230 | -€9,551 | -32.1% |
| Current assets | 29/58 | €227,382 | €314,970 | +€87,588 | +38.5% |
| Amounts receivable within one year | 40/41 | €24,194 | €27,659 | +€3,466 | +14.3% |
| Trade receivables | 40 | €24,194 | €27,659 | +€3,466 | +14.3% |
| Cash at bank and in hand | 54/58 | €202,252 | €286,379 | +€84,127 | +41.6% |
| Deferred charges and accrued income | 490/1 | €936 | €932 | -€4 | -0.4% |
| Total equity and liabilities | 10/49 | €257,163 | €335,200 | +€78,037 | +30.3% |
| Equity | 10/15 | €240,394 | €298,133 | +€57,739 | +24.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €177,860 | €235,360 | +€57,500 | +32.3% |
| Distributable reserves | 133 | €177,860 | €235,360 | +€57,500 | +32.3% |
| Profit (loss) carried forward | 14 | €56,334 | €56,573 | +€239 | +0.4% |
| Amounts payable | 17/49 | €16,770 | €37,068 | +€20,298 | +121.0% |
| Amounts payable within one year | 42/48 | €16,770 | €37,068 | +€20,298 | +121.0% |
| Financial debts | 43 | - | €5,065 | +€5,065 | |
| Credit institutions | 430/8 | - | €5,065 | +€5,065 | |
| Trade debts | 44 | €1,353 | €1,457 | +€103 | +7.6% |
| Suppliers | 440/4 | €1,353 | €1,457 | +€103 | +7.6% |
| Taxes, remuneration and social security | 45 | €6,724 | €24,686 | +€17,962 | +267.1% |
| Taxes | 450/3 | €6,724 | €20,578 | +€13,854 | +206.0% |
| Remuneration and social security | 454/9 | - | €4,108 | +€4,108 | |
| Other amounts payable | 47/48 | €8,692 | €5,860 | -€2,832 | -32.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,551 | €9,551 | = | 0.0% |
| Other operating charges | 640/8 | €787 | €488 | -€300 | -38.1% |
| Non-recurring operating charges | 66A | €364 | €313 | -€51 | -14.0% |
| Gross operating margin | 9900 | €73,982 | €91,687 | +€17,705 | +23.9% |
| Operating profit (loss) | 9901 | €63,279 | €81,334 | +€18,056 | +28.5% |
| Financial charges | 65/66B | €336 | €372 | +€36 | +10.6% |
| Recurring financial charges | 65 | €336 | €372 | +€36 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €62,943 | €80,963 | +€18,020 | +28.6% |
| Income taxes | 67/77 | €17,833 | €23,224 | +€5,391 | +30.2% |
| Profit (loss) for the period | 9904 | €45,110 | €57,739 | +€12,629 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €45,110 | €57,739 | +€12,629 | +28.0% |
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 4 October 2026 via checked.be.