LE DAVIS: 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.
LE DAVIS
Largest movements
- Financial fixed assets +€8.0m
new in 2025: €8.0m
- Receivables within one year -€2.8m
down €2.8m (-57.8%), from €4.8m to €2.0m
of which Other amounts receivable: -€2.9m
- Cash -€319,456
down €319,456 (-69.0%), from €463,092 to €143,636
mainly Investment in fixed assets (net) (-€8.0m) and Stocks and contracts (-€148,421)
- Stocks and contracts +€148,421
up €148,421 (+36.9%), from €402,176 to €550,597
- Debts after one year +€3.4m
new in 2025: €3.4m
- Reserves +€770,000
up €770,000 (+40.7%), from €1.9m to €2.7m
- Current portion of long-term debt +€516,621
new in 2025: €516,621
- Other debts +€270,000
up €270,000 (+34.6%), from €780,000 to €1.1m
- Gross operating margin +€546,250
up €546,250 (+97.0%), from €563,187 to €1.1m
- Financial income -€163,730
down €163,730 (-47.1%), from €347,628 to €183,898
- Staff costs +€89,248
up €89,248 (+33.9%), from €263,296 to €352,545
- Financial charges +€33,664
up €33,664 (+74.9%), from €44,923 to €78,588
- Taxes +€22,935
up €22,935 (+42.3%), from €54,160 to €77,095
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 | €6,375,706 | €11,391,076 | +€5.0m | +78.7% |
| Fixed assets | 21/28 | €240,196 | €8,185,501 | +€7.9m | +3,308% |
| Tangible fixed assets | 22/27 | €240,196 | €232,751 | -€7,446 | -3.1% |
| Land and buildings | 22 | €233,054 | €229,358 | -€3,696 | -1.6% |
| Furniture and vehicles | 24 | €7,142 | €3,392 | -€3,750 | -52.5% |
| Financial fixed assets | 28 | - | €7,952,750 | +€8.0m | |
| Current assets | 29/58 | €6,135,510 | €3,205,576 | -€2.9m | -47.8% |
| Stocks and contracts in progress | 3 | €402,176 | €550,597 | +€148,421 | +36.9% |
| Stocks | 30/36 | €402,176 | €550,597 | +€148,421 | +36.9% |
| Amounts receivable within one year | 40/41 | €4,770,242 | €2,010,764 | -€2.8m | -57.8% |
| Trade receivables | 40 | €229,571 | €374,386 | +€144,815 | +63.1% |
| Other amounts receivable | 41 | €4,540,671 | €1,636,377 | -€2.9m | -64.0% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €463,092 | €143,636 | -€319,456 | -69.0% |
| Deferred charges and accrued income | 490/1 | - | €580 | +€580 | |
| Total equity and liabilities | 10/49 | €6,375,706 | €11,391,076 | +€5.0m | +78.7% |
| Equity | 10/15 | €5,505,461 | €6,280,881 | +€775,420 | +14.1% |
| Contributions | 10/11 | €2,616,417 | €2,616,417 | = | 0.0% |
| Reserves | 13 | €1,894,000 | €2,664,000 | +€770,000 | +40.7% |
| Distributable reserves | 133 | €1,894,000 | €2,664,000 | +€770,000 | +40.7% |
| Profit (loss) carried forward | 14 | €995,044 | €1,000,464 | +€5,420 | +0.5% |
| Amounts payable | 17/49 | €870,245 | €5,110,196 | +€4.2m | +487% |
| Amounts payable after more than one year | 17 | - | €3,357,083 | +€3.4m | |
| Financial debts | 170/4 | - | €3,357,083 | +€3.4m | |
| Amounts payable within one year | 42/48 | €870,245 | €1,752,367 | +€882,123 | +101% |
| Current portion of amounts payable after more than one year | 42 | - | €516,621 | +€516,621 | |
| Trade debts | 44 | €30,985 | €40,378 | +€9,394 | +30.3% |
| Suppliers | 440/4 | €30,985 | €40,378 | +€9,394 | +30.3% |
| Taxes, remuneration and social security | 45 | €59,260 | €145,368 | +€86,108 | +145% |
| Taxes | 450/3 | €27,287 | €104,766 | +€77,479 | +284% |
| Remuneration and social security | 454/9 | €31,973 | €40,602 | +€8,629 | +27.0% |
| Other amounts payable | 47/48 | €780,000 | €1,050,000 | +€270,000 | +34.6% |
| Accrued charges and deferred income | 492/3 | - | €745 | +€745 | |
| Remuneration, social security and pensions | 62 | €263,296 | €352,545 | +€89,248 | +33.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,053 | €7,446 | +€3,392 | +83.7% |
| Other operating charges | 640/8 | €1,907 | €2,241 | +€335 | +17.6% |
| Gross operating margin | 9900 | €563,187 | €1,109,437 | +€546,250 | +97.0% |
| Operating profit (loss) | 9901 | €293,930 | €747,205 | +€453,275 | +154% |
| Financial income | 75/76B | €347,628 | €183,898 | -€163,730 | -47.1% |
| Recurring financial income | 75 | €347,628 | €183,898 | -€163,730 | -47.1% |
| Financial charges | 65/66B | €44,923 | €78,588 | +€33,664 | +74.9% |
| Recurring financial charges | 65 | €44,923 | €78,588 | +€33,664 | +74.9% |
| Profit (loss) for the period before taxes | 9903 | €596,635 | €852,515 | +€255,880 | +42.9% |
| Income taxes | 67/77 | €54,160 | €77,095 | +€22,935 | +42.3% |
| Profit (loss) for the period | 9904 | €542,475 | €775,420 | +€232,945 | +42.9% |
| Profit (loss) for the period to be appropriated | 9905 | €542,475 | €775,420 | +€232,945 | +42.9% |
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 17 October 2026 via checked.be.