DVG PROJECTS: 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.
DVG PROJECTS
Largest movements
- Cash +€25,058
up €25,058 (+15.8%), from €158,612 to €183,670
mainly Net result for the year (+€32,483) and Depreciation (+€7,616)
- Receivables within one year -€6,543
down €6,543 (-16.1%), from €40,604 to €34,062
of which Trade receivables: -€21,543
- Deferred charges and accrued income -€5,557
no longer reported in 2025 (was €5,557)
- Tangible fixed assets +€4,083
up €4,083 (+7.8%), from €52,129 to €56,212
- Reserves +€30,483
up €30,483 (+24.2%), from €126,184 to €156,667
- Tax, wage and social debts -€3,863
down €3,863 (-61.4%), from €6,291 to €2,428
- Accrued charges and deferred income -€3,805
down €3,805 (-83.5%), from €4,557 to €752
- Trade debts -€3,424
down €3,424 (-62.7%), from €5,457 to €2,034
- Gross operating margin -€11,472
down €11,472 (-16.4%), from €69,994 to €58,522
- Taxes -€2,504
down €2,504 (-16.7%), from €15,000 to €12,496
- Depreciation +€1,626
up €1,626 (+27.1%), from €5,990 to €7,616
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 | €256,903 | €273,944 | +€17,041 | +6.6% |
| Fixed assets | 21/28 | €52,129 | €56,212 | +€4,083 | +7.8% |
| Tangible fixed assets | 22/27 | €52,129 | €56,212 | +€4,083 | +7.8% |
| Plant, machinery and equipment | 23 | €52,129 | €56,212 | +€4,083 | +7.8% |
| Current assets | 29/58 | €204,774 | €217,732 | +€12,958 | +6.3% |
| Amounts receivable within one year | 40/41 | €40,604 | €34,062 | -€6,543 | -16.1% |
| Trade receivables | 40 | €40,604 | €19,062 | -€21,543 | -53.1% |
| Other amounts receivable | 41 | - | €15,000 | +€15,000 | |
| Cash at bank and in hand | 54/58 | €158,612 | €183,670 | +€25,058 | +15.8% |
| Deferred charges and accrued income | 490/1 | €5,557 | - | -€5,557 | |
| Total equity and liabilities | 10/49 | €256,903 | €273,944 | +€17,041 | +6.6% |
| Equity | 10/15 | €131,684 | €162,167 | +€30,483 | +23.1% |
| Contributions | 10/11 | €5,500 | €5,500 | = | 0.0% |
| Reserves | 13 | €126,184 | €156,667 | +€30,483 | +24.2% |
| Distributable reserves | 133 | €126,184 | €156,667 | +€30,483 | +24.2% |
| Amounts payable | 17/49 | €125,219 | €111,777 | -€13,442 | -10.7% |
| Amounts payable after more than one year | 17 | €95,000 | €95,000 | = | 0.0% |
| Financial debts | 170/4 | €95,000 | €95,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €25,662 | €16,025 | -€9,637 | -37.6% |
| Trade debts | 44 | €5,457 | €2,034 | -€3,424 | -62.7% |
| Suppliers | 440/4 | €5,457 | €2,034 | -€3,424 | -62.7% |
| Taxes, remuneration and social security | 45 | €6,291 | €2,428 | -€3,863 | -61.4% |
| Taxes | 450/3 | €6,291 | €2,428 | -€3,863 | -61.4% |
| Other amounts payable | 47/48 | €13,914 | €11,563 | -€2,351 | -16.9% |
| Accrued charges and deferred income | 492/3 | €4,557 | €752 | -€3,805 | -83.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,990 | €7,616 | +€1,626 | +27.1% |
| Other operating charges | 640/8 | €3,600 | €3,600 | = | 0.0% |
| Gross operating margin | 9900 | €69,994 | €58,522 | -€11,472 | -16.4% |
| Operating profit (loss) | 9901 | €60,404 | €47,306 | -€13,097 | -21.7% |
| Financial charges | 65/66B | €2,328 | €2,328 | = | 0.0% |
| Recurring financial charges | 65 | €2,328 | €2,328 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €58,076 | €44,979 | -€13,097 | -22.6% |
| Income taxes | 67/77 | €15,000 | €12,496 | -€2,504 | -16.7% |
| Profit (loss) for the period | 9904 | €43,076 | €32,483 | -€10,593 | -24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,076 | €32,483 | -€10,593 | -24.6% |
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 10 October 2026 via checked.be.