M&A DUCHATEAU: 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.
M&A DUCHATEAU
Largest movements
- Receivables within one year -€605,510
down €605,510 (-26.0%), from €2.3m to €1.7m
of which Trade receivables: -€465,970
- Cash -€248,018
down €248,018 (-68.3%), from €363,162 to €115,144
mainly Other debts (-€671,263) and Debts after one year (-€171,067)
- Tangible fixed assets -€176,678
down €176,678 (-6.0%), from €2.9m to €2.8m
of which Other tangible fixed assets: -€135,964
- Financial fixed assets +€88,977
up €88,977 (+4.1%), from €2.2m to €2.2m
- Other debts -€671,263
down €671,263 (-98.8%), from €679,288 to €8,025
- Debts after one year -€171,067
down €171,067 (-6.4%), from €2.7m to €2.5m
- Financial income +€267,392
up €267,392 (+370%), from €72,248 to €339,640
of which Non-recurring financial income: +€271,171
- Write-downs +€204,000
new in 2025: €204,000
- Financial charges -€107,562
down €107,562 (-27.2%), from €395,841 to €288,280
- Gross operating margin +€11,449
up €11,449 (+2.9%), from €392,049 to €403,498
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 | €7,800,291 | €6,866,105 | -€934,187 | -12.0% |
| Fixed assets | 21/28 | €5,087,394 | €4,999,693 | -€87,701 | -1.7% |
| Tangible fixed assets | 22/27 | €2,928,643 | €2,751,965 | -€176,678 | -6.0% |
| Land and buildings | 22 | €1,010,661 | €968,281 | -€42,380 | -4.2% |
| Furniture and vehicles | 24 | €6,444 | €8,110 | +€1,666 | +25.9% |
| Other tangible fixed assets | 26 | €1,911,537 | €1,775,573 | -€135,964 | -7.1% |
| Financial fixed assets | 28 | €2,158,751 | €2,247,728 | +€88,977 | +4.1% |
| Current assets | 29/58 | €2,712,897 | €1,866,412 | -€846,486 | -31.2% |
| Amounts receivable within one year | 40/41 | €2,333,119 | €1,727,608 | -€605,510 | -26.0% |
| Trade receivables | 40 | €892,088 | €426,118 | -€465,970 | -52.2% |
| Other amounts receivable | 41 | €1,441,031 | €1,301,490 | -€139,541 | -9.7% |
| Cash at bank and in hand | 54/58 | €363,162 | €115,144 | -€248,018 | -68.3% |
| Deferred charges and accrued income | 490/1 | €16,616 | €23,659 | +€7,043 | +42.4% |
| Total equity and liabilities | 10/49 | €7,800,291 | €6,866,105 | -€934,187 | -12.0% |
| Equity | 10/15 | €1,737,456 | €1,719,979 | -€17,477 | -1.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €255,551 | €255,551 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,691 | €3,691 | = | 0.0% |
| Distributable reserves | 133 | €251,860 | €251,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,463,305 | €1,445,828 | -€17,477 | -1.2% |
| Provisions and deferred taxes | 16 | €2,471,352 | €2,469,613 | -€1,739 | -0.1% |
| Provisions for liabilities and charges | 160/5 | €2,471,352 | €2,469,613 | -€1,739 | -0.1% |
| Other liabilities and charges | 164/5 | €2,471,352 | €2,469,613 | -€1,739 | -0.1% |
| Amounts payable | 17/49 | €3,591,484 | €2,676,513 | -€914,971 | -25.5% |
| Amounts payable after more than one year | 17 | €2,667,570 | €2,496,502 | -€171,067 | -6.4% |
| Financial debts | 170/4 | €2,667,570 | €2,496,502 | -€171,067 | -6.4% |
| Amounts payable within one year | 42/48 | €894,042 | €180,011 | -€714,032 | -79.9% |
| Current portion of amounts payable after more than one year | 42 | €206,067 | €171,067 | -€35,000 | -17.0% |
| Trade debts | 44 | €3,035 | - | -€3,035 | |
| Suppliers | 440/4 | €3,035 | - | -€3,035 | |
| Taxes, remuneration and social security | 45 | €5,652 | €918 | -€4,734 | -83.8% |
| Taxes | 450/3 | €5,652 | €918 | -€4,734 | -83.8% |
| Other amounts payable | 47/48 | €679,288 | €8,025 | -€671,263 | -98.8% |
| Accrued charges and deferred income | 492/3 | €29,871 | - | -€29,871 | |
| Non-recurring operating income | 76A | €19,573 | €19,660 | +€87 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €186,760 | €182,889 | -€3,872 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €204,000 | +€204,000 | |
| Other operating charges | 640/8 | €53,694 | €55,860 | +€2,166 | +4.0% |
| Non-recurring operating charges | 66A | €110,259 | €29,131 | -€81,128 | -73.6% |
| Gross operating margin | 9900 | €392,049 | €403,498 | +€11,449 | +2.9% |
| Operating profit (loss) | 9901 | €41,336 | -€68,381 | -€109,717 | |
| Financial income | 75/76B | €72,248 | €339,640 | +€267,392 | +370% |
| Recurring financial income | 75 | €72,248 | €68,469 | -€3,779 | -5.2% |
| Non-recurring financial income | 76B | - | €271,171 | +€271,171 | |
| Financial charges | 65/66B | €395,841 | €288,280 | -€107,562 | -27.2% |
| Recurring financial charges | 65 | €395,841 | €288,280 | -€107,562 | -27.2% |
| Profit (loss) for the period before taxes | 9903 | -€282,258 | -€17,021 | +€265,237 | +94.0% |
| Income taxes | 67/77 | -€141 | €456 | +€596 | |
| Profit (loss) for the period | 9904 | -€282,117 | -€17,477 | +€264,641 | +93.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€282,117 | -€17,477 | +€264,641 | +93.8% |
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 24 October 2026 via checked.be.