HOLDING DAVO: 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.
What changed
HOLDING DAVO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.6m
2024 · €4.1m-€1.5m
Equity
€4.3m
2024 · €12.0m-€7.7m
Cash
€92,777
2024 · €201,956-€109,180
Balance sheet total
€19.3m
2024 · €20.2m-€928,352
Largest movements
Assets
- Receivables within one year -€553,124
down €553,124 (-5.6%), from €9.9m to €9.4m
of which Other amounts receivable: -€1.0m
Equity and liabilities
- Reserves -€7.7m
down €7.7m (-100%), from €7.7m to €0
of which Distributable reserves: -€7.7m
- Other debts +€6.6m
up €6.6m (+182%), from €3.6m to €10.3m
- Trade debts +€675,165
up €675,165 (+2,361%), from €28,598 to €703,763
- Short-term financial debts -€375,000
down €375,000 (-100%), from €375,000 to €0
- Debts after one year -€266,235
down €266,235 (-7.4%), from €3.6m to €3.4m
Income statement
- Financial income -€1.7m
down €1.7m (-39.8%), from €4.4m to €2.6m
- Turnover -€567,792
down €567,792 (-100%), from €567,792 to €0
- Other operating income +€408,745
up €408,745, from €0 to €408,745
- Taxes -€281,414
down €281,414 (-75.7%), from €371,872 to €90,458
- Financial charges -€56,722
down €56,722 (-55.5%), from €102,160 to €45,438
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.
Result 2024
€4.1m
Turnover
-€567,792
Other operating income
+€408,745
Services and other goods
+€42,486
Depreciation
-€3,363
Other operating charges
-€1,666
Financial income
-€1.7m
Financial charges
+€56,722
Taxes
+€281,414
Result 2025
€2.6m
raises the resultlowers the result
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.
From operations
+€10.9m
Investment
-€39,886
Financing
-€10.9m
Cash 2024
€201,956
From operations (derived)
+€10.9m
Net result for the year
+€2.6m
Depreciation
+€186,419
Receivables within one year
+€553,124
Deferred charges and accrued income
+€119,515
Trade debts
+€675,165
Tax, wage and social debts
+€90,458
Other debts
+€6.6m
Investment (derived)
-€39,886
Investment in fixed assets (net)
-€39,886
Financing
-€10.9m
Debts after one year
-€266,235
Current portion of long-term debt
-€12,930
Short-term financial debts
-€375,000
Contributions, distributions and other
-€10.3m
Cash 2025
€92,777
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €20,205,435 | €19,277,084 | -€928,352 | -4.6% |
| Fixed assets | 21/28 | €9,919,351 | €9,772,818 | -€146,533 | -1.5% |
| Tangible fixed assets | 22/27 | €3,272,381 | €3,125,848 | -€146,533 | -4.5% |
| Land and buildings | 22 | €3,009,881 | €2,832,549 | -€177,332 | -5.9% |
| Plant, machinery and equipment | 23 | - | €30,799 | +€30,799 | |
| Other tangible fixed assets | 26 | €262,500 | €262,500 | = | 0.0% |
| Financial fixed assets | 28 | €6,646,970 | €6,646,970 | = | 0.0% |
| Affiliated companies | 280/1 | €6,646,970 | €6,646,970 | = | 0.0% |
| Participating interests | 280 | €6,646,970 | €6,646,970 | = | 0.0% |
| Current assets | 29/58 | €10,286,084 | €9,504,266 | -€781,819 | -7.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €9,934,810 | €9,381,687 | -€553,124 | -5.6% |
| Trade receivables | 40 | €0 | €466,077 | +€466,077 | |
| Other amounts receivable | 41 | €9,934,810 | €8,915,609 | -€1.0m | -10.3% |
| Cash at bank and in hand | 54/58 | €201,956 | €92,777 | -€109,180 | -54.1% |
| Deferred charges and accrued income | 490/1 | €149,318 | €29,802 | -€119,515 | -80.0% |
| Total equity and liabilities | 10/49 | €20,205,435 | €19,277,084 | -€928,352 | -4.6% |
| Equity | 10/15 | €11,965,984 | €4,298,330 | -€7.7m | -64.1% |
| Contributions | 10/11 | €4,298,330 | €4,298,330 | = | 0.0% |
| Reserves | 13 | €7,667,654 | €0 | -€7.7m | -100% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €7,667,654 | €0 | -€7.7m | -100% |
| Provisions and deferred taxes | 16 | €300,000 | €300,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €300,000 | €300,000 | = | 0.0% |
| Environmental obligations | 163 | €300,000 | €300,000 | = | 0.0% |
| Amounts payable | 17/49 | €7,939,451 | €14,678,754 | +€6.7m | +84.9% |
| Amounts payable after more than one year | 17 | €3,619,344 | €3,353,110 | -€266,235 | -7.4% |
| Financial debts | 170/4 | €3,619,344 | €3,353,110 | -€266,235 | -7.4% |
| Credit institutions | 173 | €2,119,344 | €1,853,110 | -€266,235 | -12.6% |
| Other loans | 174 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,320,107 | €11,325,644 | +€7.0m | +162% |
| Current portion of amounts payable after more than one year | 42 | €279,165 | €266,235 | -€12,930 | -4.6% |
| Financial debts | 43 | €375,000 | €0 | -€375,000 | -100% |
| Credit institutions | 430/8 | €375,000 | €0 | -€375,000 | -100% |
| Trade debts | 44 | €28,598 | €703,763 | +€675,165 | +2,361% |
| Suppliers | 440/4 | €28,598 | €703,763 | +€675,165 | +2,361% |
| Taxes, remuneration and social security | 45 | - | €90,458 | +€90,458 | |
| Taxes | 450/3 | - | €90,458 | +€90,458 | |
| Other amounts payable | 47/48 | €3,637,344 | €10,265,188 | +€6.6m | +182% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €567,792 | €408,745 | -€159,047 | -28.0% |
| Turnover | 70 | €567,792 | €0 | -€567,792 | -100% |
| Other operating income | 74 | €0 | €408,745 | +€408,745 | |
| Operating charges | 60/66A | €341,244 | €303,788 | -€37,456 | -11.0% |
| Services and other goods | 61 | €135,924 | €93,438 | -€42,486 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €183,056 | €186,419 | +€3,363 | +1.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €22,264 | €23,931 | +€1,666 | +7.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €226,548 | €104,958 | -€121,591 | -53.7% |
| Financial income | 75/76B | €4,363,098 | €2,628,472 | -€1.7m | -39.8% |
| Recurring financial income | 75 | €4,363,098 | €2,628,472 | -€1.7m | -39.8% |
| Income from financial fixed assets | 750 | €4,215,000 | €2,349,040 | -€1.9m | -44.3% |
| Income from current assets | 751 | €147,840 | €279,398 | +€131,558 | +89.0% |
| Other financial income | 752/9 | €257 | €34 | -€223 | -86.8% |
| Financial charges | 65/66B | €102,160 | €45,438 | -€56,722 | -55.5% |
| Recurring financial charges | 65 | €102,160 | €45,438 | -€56,722 | -55.5% |
| Debt charges | 650 | €100,782 | €43,543 | -€57,240 | -56.8% |
| Other financial charges | 652/9 | €1,377 | €1,895 | +€518 | +37.6% |
| Profit (loss) for the period before taxes | 9903 | €4,487,486 | €2,687,992 | -€1.8m | -40.1% |
| Income taxes | 67/77 | €371,872 | €90,458 | -€281,414 | -75.7% |
| Taxes | 670/3 | €371,872 | €90,458 | -€281,414 | -75.7% |
| Profit (loss) for the period | 9904 | €4,115,615 | €2,597,534 | -€1.5m | -36.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,115,615 | €2,597,534 | -€1.5m | -36.9% |
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 16 October 2026 via checked.be.