DVSU: 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.
DVSU
Largest movements
- Tangible fixed assets +€189,152
up €189,152 (+60.1%), from €314,785 to €503,936
of which Plant, machinery and equipment: +€207,884
- Receivables within one year -€48,951
down €48,951 (-51.8%), from €94,476 to €45,525
of which Trade receivables: -€53,571
- Deferred charges and accrued income -€11,369
down €11,369 (-69.0%), from €16,477 to €5,108
- Stocks and contracts +€6,581
up €6,581 (+32.9%), from €20,000 to €26,581
- Debts after one year +€145,080
up €145,080 (+61.6%), from €235,642 to €380,721
- Trade debts -€13,776
down €13,776 (-40.4%), from €34,098 to €20,322
- Other debts -€8,233
down €8,233 (-87.1%), from €9,456 to €1,223
- Current portion of long-term debt +€8,046
up €8,046 (+15.1%), from €53,139 to €61,185
- Tax, wage and social debts +€7,679
up €7,679 (+40.1%), from €19,168 to €26,847
of which Taxes: +€7,571
- Gross operating margin +€16,098
up €16,098 (+14.3%), from €112,886 to €128,984
- Depreciation +€15,533
up €15,533 (+29.2%), from €53,162 to €68,695
- Financial charges +€4,566
up €4,566 (+50.8%), from €8,990 to €13,556
- Other operating charges -€1,813
down €1,813 (-19.1%), from €9,487 to €7,674
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 | €469,822 | €609,804 | +€139,982 | +29.8% |
| Fixed assets | 21/28 | €314,785 | €503,936 | +€189,152 | +60.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €314,785 | €503,936 | +€189,152 | +60.1% |
| Land and buildings | 22 | €220,683 | €204,176 | -€16,507 | -7.5% |
| Plant, machinery and equipment | 23 | €34,981 | €242,866 | +€207,884 | +594.3% |
| Furniture and vehicles | 24 | €55,886 | €56,433 | +€546 | +1.0% |
| Leasing and similar rights | 25 | €3,234 | €462 | -€2,772 | -85.7% |
| Current assets | 29/58 | €155,037 | €105,867 | -€49,170 | -31.7% |
| Stocks and contracts in progress | 3 | €20,000 | €26,581 | +€6,581 | +32.9% |
| Stocks | 30/36 | €20,000 | €26,581 | +€6,581 | +32.9% |
| Amounts receivable within one year | 40/41 | €94,476 | €45,525 | -€48,951 | -51.8% |
| Trade receivables | 40 | €92,533 | €38,962 | -€53,571 | -57.9% |
| Other amounts receivable | 41 | €1,943 | €6,564 | +€4,620 | +237.8% |
| Cash at bank and in hand | 54/58 | €24,083 | €28,653 | +€4,570 | +19.0% |
| Deferred charges and accrued income | 490/1 | €16,477 | €5,108 | -€11,369 | -69.0% |
| Total equity and liabilities | 10/49 | €469,822 | €609,804 | +€139,982 | +29.8% |
| Equity | 10/15 | €118,319 | €119,413 | +€1,095 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €83,840 | €86,617 | +€2,778 | +3.3% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €78,840 | €81,617 | +€2,778 | +3.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €15,879 | €14,196 | -€1,683 | -10.6% |
| Amounts payable | 17/49 | €351,503 | €490,390 | +€138,887 | +39.5% |
| Amounts payable after more than one year | 17 | €235,642 | €380,721 | +€145,080 | +61.6% |
| Financial debts | 170/4 | €235,642 | €380,721 | +€145,080 | +61.6% |
| Amounts payable within one year | 42/48 | €115,861 | €109,577 | -€6,285 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €53,139 | €61,185 | +€8,046 | +15.1% |
| Trade debts | 44 | €34,098 | €20,322 | -€13,776 | -40.4% |
| Suppliers | 440/4 | €34,098 | €20,322 | -€13,776 | -40.4% |
| Taxes, remuneration and social security | 45 | €19,168 | €26,847 | +€7,679 | +40.1% |
| Taxes | 450/3 | €16,090 | €23,661 | +€7,571 | +47.1% |
| Remuneration and social security | 454/9 | €3,078 | €3,187 | +€108 | +3.5% |
| Other amounts payable | 47/48 | €9,456 | €1,223 | -€8,233 | -87.1% |
| Accrued charges and deferred income | 492/3 | €0 | €92 | +€92 | |
| Remuneration, social security and pensions | 62 | €37,645 | €37,876 | +€231 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,162 | €68,695 | +€15,533 | +29.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,487 | €7,674 | -€1,813 | -19.1% |
| Non-recurring operating charges | 66A | - | €0 | = | |
| Gross operating margin | 9900 | €112,886 | €128,984 | +€16,098 | +14.3% |
| Operating profit (loss) | 9901 | €12,591 | €14,738 | +€2,147 | +17.1% |
| Financial income | 75/76B | €3,388 | €2,449 | -€939 | -27.7% |
| Recurring financial income | 75 | €3,388 | €2,449 | -€939 | -27.7% |
| Financial charges | 65/66B | €8,990 | €13,556 | +€4,566 | +50.8% |
| Recurring financial charges | 65 | €8,990 | €13,556 | +€4,566 | +50.8% |
| Profit (loss) for the period before taxes | 9903 | €6,990 | €3,632 | -€3,358 | -48.0% |
| Income taxes | 67/77 | €534 | €854 | +€320 | +59.9% |
| Profit (loss) for the period | 9904 | €6,456 | €2,778 | -€3,678 | -57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,456 | €2,778 | -€3,678 | -57.0% |
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 29 September 2026 via checked.be.