VICTOR DUBART: what changed
VICTOR DUBART
Largest movements
- Receivables within one year +€20,112
up €20,112 (+271%), from €7,420 to €27,532
of which Other amounts receivable: +€10,997
- Cash -€7,301
down €7,301 (-60.3%), from €12,102 to €4,801
mainly Receivables within one year (-€20,112) and Investment in fixed assets (net) (-€978)
- Deferred charges and accrued income -€796
down €796 (-81.0%), from €982 to €186
- Reserves +€10,084
up €10,084 (+191%), from €5,279 to €15,363
of which Distributable reserves: +€10,084
- Tax, wage and social debts +€2,608
up €2,608 (+57.7%), from €4,523 to €7,130
of which Taxes: +€2,241
- Trade debts -€963
down €963 (-11.1%), from €8,662 to €7,699
- Gross operating margin +€8,121
up €8,121 (+61.4%), from €13,220 to €21,342
- Staff costs +€3,525
up €3,525 (+270%), from €1,305 to €4,830
- Taxes +€3,197
up €3,197 (+214%), from €1,494 to €4,691
- Financial income +€312
up €312 (+890%), from €35 to €347
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,908 | €36,620 | +€11,712 | +47.0% |
| Fixed assets | 21/28 | €4,403 | €4,101 | -€303 | -6.9% |
| Tangible fixed assets | 22/27 | €3,728 | €3,426 | -€303 | -8.1% |
| Plant, machinery and equipment | 23 | €362 | €975 | +€613 | +170% |
| Furniture and vehicles | 24 | €1,472 | €1,076 | -€397 | -26.9% |
| Other tangible fixed assets | 26 | €1,894 | €1,375 | -€519 | -27.4% |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €20,504 | €32,519 | +€12,015 | +58.6% |
| Amounts receivable within one year | 40/41 | €7,420 | €27,532 | +€20,112 | +271% |
| Trade receivables | 40 | €5,993 | €15,108 | +€9,115 | +152% |
| Other amounts receivable | 41 | €1,427 | €12,424 | +€10,997 | +771% |
| Cash at bank and in hand | 54/58 | €12,102 | €4,801 | -€7,301 | -60.3% |
| Deferred charges and accrued income | 490/1 | €982 | €186 | -€796 | -81.0% |
| Total equity and liabilities | 10/49 | €24,908 | €36,620 | +€11,712 | +47.0% |
| Equity | 10/15 | €11,529 | €21,613 | +€10,084 | +87.5% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €5,279 | €15,363 | +€10,084 | +191% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €3,419 | €13,503 | +€10,084 | +295% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €13,378 | €15,006 | +€1,628 | +12.2% |
| Amounts payable within one year | 42/48 | €13,184 | €14,829 | +€1,645 | +12.5% |
| Trade debts | 44 | €8,662 | €7,699 | -€963 | -11.1% |
| Suppliers | 440/4 | €8,662 | €7,699 | -€963 | -11.1% |
| Taxes, remuneration and social security | 45 | €4,523 | €7,130 | +€2,608 | +57.7% |
| Taxes | 450/3 | €4,122 | €6,363 | +€2,241 | +54.4% |
| Remuneration and social security | 454/9 | €401 | €768 | +€367 | +91.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €194 | €177 | -€17 | -8.7% |
| Remuneration, social security and pensions | 62 | €1,305 | €4,830 | +€3,525 | +270% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,440 | €1,281 | -€159 | -11.1% |
| Other operating charges | 640/8 | €351 | €554 | +€203 | +58.0% |
| Gross operating margin | 9900 | €13,220 | €21,342 | +€8,121 | +61.4% |
| Operating profit (loss) | 9901 | €10,124 | €14,677 | +€4,552 | +45.0% |
| Financial income | 75/76B | €35 | €347 | +€312 | +890% |
| Recurring financial income | 75 | €35 | €347 | +€312 | +890% |
| Financial charges | 65/66B | €286 | €249 | -€37 | -13.0% |
| Recurring financial charges | 65 | €286 | €249 | -€37 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €9,874 | €14,775 | +€4,901 | +49.6% |
| Income taxes | 67/77 | €1,494 | €4,691 | +€3,197 | +214% |
| Profit (loss) for the period | 9904 | €8,380 | €10,084 | +€1,704 | +20.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,380 | €10,084 | +€1,704 | +20.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.