DVL MANAGEMENT: 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.
DVL MANAGEMENT
Largest movements
- Cash -€105,662
down €105,662 (-40.0%), from €264,326 to €158,663
mainly Debts after one year (-€241,405) and Investment in fixed assets (net) (-€61,656)
- Financial fixed assets +€82,000
up €82,000 (+1.8%), from €4.6m to €4.6m
- Debts after one year -€241,405
down €241,405 (-33.8%), from €715,082 to €473,677
- Reserves +€181,105
up €181,105 (+19.2%), from €944,672 to €1.1m
- Staff costs -€20,350
no longer reported in 2025 (was €20,350)
- Gross operating margin -€10,227
down €10,227 (-3.2%), from €316,830 to €306,603
- Depreciation -€7,434
down €7,434 (-20.9%), from €35,633 to €28,199
- Taxes +€6,984
up €6,984 (+12.6%), from €55,426 to €62,410
- Other operating charges -€4,875
down €4,875 (-65.8%), from €7,414 to €2,539
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 | €5,076,205 | €4,996,960 | -€79,245 | -1.6% |
| Fixed assets | 21/28 | €4,657,175 | €4,690,632 | +€33,457 | +0.7% |
| Tangible fixed assets | 22/27 | €107,175 | €58,632 | -€48,543 | -45.3% |
| Furniture and vehicles | 24 | €107,175 | €58,632 | -€48,543 | -45.3% |
| Financial fixed assets | 28 | €4,550,000 | €4,632,000 | +€82,000 | +1.8% |
| Current assets | 29/58 | €419,029 | €306,327 | -€112,702 | -26.9% |
| Amounts receivable within one year | 40/41 | €154,574 | €146,306 | -€8,268 | -5.3% |
| Trade receivables | 40 | - | €38 | +€38 | |
| Other amounts receivable | 41 | €154,574 | €146,268 | -€8,306 | -5.4% |
| Cash at bank and in hand | 54/58 | €264,326 | €158,663 | -€105,662 | -40.0% |
| Deferred charges and accrued income | 490/1 | €130 | €1,359 | +€1,228 | +944% |
| Total equity and liabilities | 10/49 | €5,076,205 | €4,996,960 | -€79,245 | -1.6% |
| Equity | 10/15 | €2,444,672 | €2,625,777 | +€181,105 | +7.4% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €944,672 | €1,125,777 | +€181,105 | +19.2% |
| Distributable reserves | 133 | €944,672 | €1,125,777 | +€181,105 | +19.2% |
| Amounts payable | 17/49 | €2,631,533 | €2,371,183 | -€260,350 | -9.9% |
| Amounts payable after more than one year | 17 | €715,082 | €473,677 | -€241,405 | -33.8% |
| Financial debts | 170/4 | €715,082 | €473,677 | -€241,405 | -33.8% |
| Amounts payable within one year | 42/48 | €1,871,206 | €1,897,505 | +€26,300 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €236,877 | €241,405 | +€4,527 | +1.9% |
| Trade debts | 44 | €9,346 | €4,118 | -€5,228 | -55.9% |
| Suppliers | 440/4 | €9,346 | €4,118 | -€5,228 | -55.9% |
| Taxes, remuneration and social security | 45 | €9,534 | €32,793 | +€23,259 | +244% |
| Taxes | 450/3 | €9,534 | €32,793 | +€23,259 | +244% |
| Other amounts payable | 47/48 | €1,615,448 | €1,619,190 | +€3,742 | +0.2% |
| Accrued charges and deferred income | 492/3 | €45,245 | - | -€45,245 | |
| Non-recurring operating income | 76A | €34,000 | - | -€34,000 | |
| Remuneration, social security and pensions | 62 | €20,350 | - | -€20,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,633 | €28,199 | -€7,434 | -20.9% |
| Other operating charges | 640/8 | €7,414 | €2,539 | -€4,875 | -65.8% |
| Non-recurring operating charges | 66A | - | €6,769 | +€6,769 | |
| Gross operating margin | 9900 | €316,830 | €306,603 | -€10,227 | -3.2% |
| Operating profit (loss) | 9901 | €253,434 | €269,096 | +€15,663 | +6.2% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €20,970 | €25,581 | +€4,611 | +22.0% |
| Recurring financial charges | 65 | €20,970 | €25,581 | +€4,611 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €232,464 | €243,516 | +€11,052 | +4.8% |
| Income taxes | 67/77 | €55,426 | €62,410 | +€6,984 | +12.6% |
| Profit (loss) for the period | 9904 | €177,037 | €181,105 | +€4,068 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €177,037 | €181,105 | +€4,068 | +2.3% |
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 20 October 2026 via checked.be.