DESVAN: what changed
DESVAN
Largest movements
- Cash -€18,370
down €18,370 (-36.9%), from €49,849 to €31,479
mainly Short-term financial debts (-€215,508) and Investment in fixed assets (net) (-€25,572)
- Stocks and contracts -€6,981
down €6,981 (-8.7%), from €79,798 to €72,817
- Receivables within one year +€4,666
up €4,666 (+7.2%), from €65,105 to €69,771
of which Other amounts receivable: +€4,812
- Short-term financial debts -€215,508
down €215,508 (-92.7%), from €232,355 to €16,847
- Debts after one year +€181,709
new in 2025: €181,709
- Current portion of long-term debt +€10,589
new in 2025: €10,589
- Reserves +€6,640
up €6,640 (+14.8%), from €44,775 to €51,416
of which Distributable reserves: +€6,640
- Financial charges -€5,136
down €5,136 (-27.9%), from €18,433 to €13,298
- Depreciation +€3,278
up €3,278 (+16.2%), from €20,284 to €23,562
- Gross operating margin -€1,744
down €1,744 (-3.2%), from €55,182 to €53,438
- Other operating charges +€1,224
up €1,224 (+17.8%), from €6,877 to €8,101
- Taxes +€666
up €666 (+19.6%), from €3,406 to €4,072
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 | €328,584 | €309,910 | -€18,675 | -5.7% |
| Fixed assets | 21/28 | €133,832 | €135,842 | +€2,010 | +1.5% |
| Tangible fixed assets | 22/27 | €133,832 | €135,842 | +€2,010 | +1.5% |
| Land and buildings | 22 | €88,492 | €85,433 | -€3,059 | -3.5% |
| Plant, machinery and equipment | 23 | €28,463 | €16,183 | -€12,280 | -43.1% |
| Furniture and vehicles | 24 | €16,877 | €34,227 | +€17,350 | +103% |
| Current assets | 29/58 | €194,752 | €174,067 | -€20,685 | -10.6% |
| Stocks and contracts in progress | 3 | €79,798 | €72,817 | -€6,981 | -8.7% |
| Stocks | 30/36 | €79,798 | €72,817 | -€6,981 | -8.7% |
| Amounts receivable within one year | 40/41 | €65,105 | €69,771 | +€4,666 | +7.2% |
| Trade receivables | 40 | €17,038 | €16,892 | -€146 | -0.9% |
| Other amounts receivable | 41 | €48,067 | €52,879 | +€4,812 | +10.0% |
| Cash at bank and in hand | 54/58 | €49,849 | €31,479 | -€18,370 | -36.9% |
| Total equity and liabilities | 10/49 | €328,584 | €309,910 | -€18,675 | -5.7% |
| Equity | 10/15 | €63,375 | €70,016 | +€6,640 | +10.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €44,775 | €51,416 | +€6,640 | +14.8% |
| 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 | €42,915 | €49,556 | +€6,640 | +15.5% |
| Amounts payable | 17/49 | €265,209 | €239,894 | -€25,315 | -9.5% |
| Amounts payable after more than one year | 17 | - | €181,709 | +€181,709 | |
| Financial debts | 170/4 | - | €181,709 | +€181,709 | |
| Amounts payable within one year | 42/48 | €262,929 | €55,010 | -€207,919 | -79.1% |
| Current portion of amounts payable after more than one year | 42 | - | €10,589 | +€10,589 | |
| Financial debts | 43 | €232,355 | €16,847 | -€215,508 | -92.7% |
| Credit institutions | 430/8 | €232,355 | €16,847 | -€215,508 | -92.7% |
| Trade debts | 44 | €12,073 | €12,691 | +€618 | +5.1% |
| Suppliers | 440/4 | €12,073 | €12,691 | +€618 | +5.1% |
| Taxes, remuneration and social security | 45 | €12,441 | €10,822 | -€1,619 | -13.0% |
| Taxes | 450/3 | €12,441 | €10,822 | -€1,619 | -13.0% |
| Other amounts payable | 47/48 | €6,061 | €4,061 | -€2,000 | -33.0% |
| Accrued charges and deferred income | 492/3 | €2,280 | €3,175 | +€895 | +39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,284 | €23,562 | +€3,278 | +16.2% |
| Other operating charges | 640/8 | €6,877 | €8,101 | +€1,224 | +17.8% |
| Gross operating margin | 9900 | €55,182 | €53,438 | -€1,744 | -3.2% |
| Operating profit (loss) | 9901 | €28,021 | €21,776 | -€6,245 | -22.3% |
| Financial income | 75/76B | €1,988 | €2,235 | +€247 | +12.4% |
| Recurring financial income | 75 | €1,988 | €2,235 | +€247 | +12.4% |
| Financial charges | 65/66B | €18,433 | €13,298 | -€5,136 | -27.9% |
| Recurring financial charges | 65 | €18,433 | €13,298 | -€5,136 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €11,575 | €10,713 | -€863 | -7.5% |
| Income taxes | 67/77 | €3,406 | €4,072 | +€666 | +19.6% |
| Profit (loss) for the period | 9904 | €8,169 | €6,640 | -€1,529 | -18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,169 | €6,640 | -€1,529 | -18.7% |
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 1 November 2026 via checked.be.