DVL PROJECTS: 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.
DVL PROJECTS
Largest movements
- Cash +€222,145
up €222,145 (+583.5%), from €38,072 to €260,217
mainly Net result for the year (+€153,562) and Investment in fixed assets (net) (+€119,842)
- Stocks and contracts +€140,948
up €140,948 (+25.0%), from €564,185 to €705,134
- Tangible fixed assets -€123,860
down €123,860 (-96.1%), from €128,864 to €5,004
of which Land and buildings: -€119,842
- Receivables within one year +€111,200
up €111,200 (+184.2%), from €60,377 to €171,577
of which Trade receivables: +€108,467
- Reserves +€149,805
up €149,805 (+3745.1%), from €4,000 to €153,805
of which Tax-exempt reserves: +€149,805
- Short-term financial debts +€106,566
up €106,566 (+55.4%), from €192,481 to €299,047
- Trade debts +€30,557
up €30,557 (+206.7%), from €14,781 to €45,338
- Debts after one year +€23,421
up €23,421 (+64.0%), from €36,617 to €60,038
- Tax, wage and social debts +€22,919
up €22,919 (+100.3%), from €22,859 to €45,778
- Gross operating margin +€78,469
up €78,469 (+68.0%), from €115,327 to €193,796
- Taxes -€13,921
down €13,921 (-80.0%), from €17,403 to €3,482
- Other operating charges +€12,075
up €12,075 (+253.7%), from €4,760 to €16,835
- Depreciation -€8,364
down €8,364 (-67.5%), from €12,382 to €4,018
- Financial charges -€7,357
down €7,357 (-31.6%), from €23,255 to €15,898
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 | €794,263 | €1,143,076 | +€348,813 | +43.9% |
| Fixed assets | 21/28 | €128,864 | €5,004 | -€123,860 | -96.1% |
| Tangible fixed assets | 22/27 | €128,864 | €5,004 | -€123,860 | -96.1% |
| Land and buildings | 22 | €119,842 | - | -€119,842 | |
| Furniture and vehicles | 24 | €9,023 | €5,004 | -€4,018 | -44.5% |
| Current assets | 29/58 | €665,399 | €1,138,071 | +€472,673 | +71.0% |
| Stocks and contracts in progress | 3 | €564,185 | €705,134 | +€140,948 | +25.0% |
| Stocks | 30/36 | €564,185 | €705,134 | +€140,948 | +25.0% |
| Amounts receivable within one year | 40/41 | €60,377 | €171,577 | +€111,200 | +184.2% |
| Trade receivables | 40 | €59,520 | €167,986 | +€108,467 | +182.2% |
| Other amounts receivable | 41 | €857 | €3,591 | +€2,734 | +319.0% |
| Cash at bank and in hand | 54/58 | €38,072 | €260,217 | +€222,145 | +583.5% |
| Deferred charges and accrued income | 490/1 | €2,765 | €1,144 | -€1,621 | -58.6% |
| Total equity and liabilities | 10/49 | €794,263 | €1,143,076 | +€348,813 | +43.9% |
| Equity | 10/15 | €146,991 | €300,553 | +€153,562 | +104.5% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Capital | 10 | €40,000 | €40,000 | = | 0.0% |
| Issued capital | 100 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €4,000 | €153,805 | +€149,805 | +3745.1% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Legal reserve | 130 | €4,000 | €4,000 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €149,805 | +€149,805 | |
| Profit (loss) carried forward | 14 | €102,991 | €106,749 | +€3,758 | +3.6% |
| Amounts payable | 17/49 | €647,272 | €842,523 | +€195,251 | +30.2% |
| Amounts payable after more than one year | 17 | €36,617 | €60,038 | +€23,421 | +64.0% |
| Financial debts | 170/4 | €36,617 | €60,038 | +€23,421 | +64.0% |
| Amounts payable within one year | 42/48 | €610,655 | €782,485 | +€171,830 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €11,177 | €2,625 | -€8,552 | -76.5% |
| Financial debts | 43 | €192,481 | €299,047 | +€106,566 | +55.4% |
| Credit institutions | 430/8 | €192,481 | €299,047 | +€106,566 | +55.4% |
| Trade debts | 44 | €14,781 | €45,338 | +€30,557 | +206.7% |
| Suppliers | 440/4 | €14,781 | €45,338 | +€30,557 | +206.7% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €22,859 | €45,778 | +€22,919 | +100.3% |
| Taxes | 450/3 | €22,859 | €45,778 | +€22,919 | +100.3% |
| Other amounts payable | 47/48 | €369,357 | €388,697 | +€19,340 | +5.2% |
| Non-recurring operating income | 76A | - | €2,829 | +€2,829 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,382 | €4,018 | -€8,364 | -67.5% |
| Other operating charges | 640/8 | €4,760 | €16,835 | +€12,075 | +253.7% |
| Non-recurring operating charges | 66A | €3,264 | - | -€3,264 | |
| Gross operating margin | 9900 | €115,327 | €193,796 | +€78,469 | +68.0% |
| Operating profit (loss) | 9901 | €94,920 | €172,943 | +€78,022 | +82.2% |
| Financial income | 75/76B | €3,807 | - | -€3,807 | |
| Recurring financial income | 75 | €3,807 | - | -€3,807 | |
| Financial charges | 65/66B | €23,255 | €15,898 | -€7,357 | -31.6% |
| Recurring financial charges | 65 | €23,255 | €15,898 | -€7,357 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €75,472 | €157,044 | +€81,573 | +108.1% |
| Income taxes | 67/77 | €17,403 | €3,482 | -€13,921 | -80.0% |
| Profit (loss) for the period | 9904 | €58,068 | €153,562 | +€95,494 | +164.5% |
| Transfer to tax-exempt reserves | 689 | - | €149,805 | +€149,805 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,068 | €3,758 | -€54,311 | -93.5% |
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 2 October 2026 via checked.be.