What changed?
Two fiscal 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.
DUCAJU
Largest movements
- Financial fixed assets -€250,000
down €250,000 (-4.2%), from €6.0m to €5.8m
- Current investments -€161,807
down €161,807 (-100.0%), from €161,807 to €0
- Tangible fixed assets -€126,054
down €126,054 (-3.9%), from €3.2m to €3.1m
of which Land and buildings: -€117,431
- Cash +€121,575
up €121,575 (+91.4%), from €132,946 to €254,522
mainly Investment in fixed assets (net) (+€250,000) and Current investments (+€161,807)
- Other debts -€275,938
down €275,938 (-7.1%), from €3.9m to €3.6m
- Profit (loss) carried forward -€143,298
down €143,298 (-38.4%), from €373,193 to €229,895
- Financial charges +€260,679
up €260,679 (+575.1%), from €45,326 to €306,005
of which Non-recurring financial charges: +€250,000
- Financial income +€61,595
up €61,595 (+583.1%), from €10,563 to €72,159
of which Financial income: +€60,705
- Taxes +€18,517
up €18,517 (+100.2%), from €18,472 to €36,989
- Gross operating margin +€6,690
up €6,690 (+2.1%), from €315,404 to €322,094
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.
Cash bridge derived
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 | €9,532,983 | €9,117,697 | -€415,286 | -4.4% |
| Fixed assets | 21/28 | €9,235,992 | €8,859,938 | -€376,054 | -4.1% |
| Tangible fixed assets | 22/27 | €3,231,780 | €3,105,726 | -€126,054 | -3.9% |
| Land and buildings | 22 | €3,180,443 | €3,063,012 | -€117,431 | -3.7% |
| Plant, machinery and equipment | 23 | €10,945 | €8,352 | -€2,594 | -23.7% |
| Other tangible fixed assets | 26 | €40,392 | €34,362 | -€6,030 | -14.9% |
| Financial fixed assets | 28 | €6,004,212 | €5,754,212 | -€250,000 | -4.2% |
| Current assets | 29/58 | €296,991 | €257,759 | -€39,232 | -13.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,238 | €3,238 | +€1,000 | +44.7% |
| Other amounts receivable | 41 | €2,238 | €3,238 | +€1,000 | +44.7% |
| Current investments | 50/53 | €161,807 | €0 | -€161,807 | -100.0% |
| Cash at bank and in hand | 54/58 | €132,946 | €254,522 | +€121,575 | +91.4% |
| Total equity and liabilities | 10/49 | €9,532,983 | €9,117,697 | -€415,286 | -4.4% |
| Equity | 10/15 | €5,383,684 | €5,223,538 | -€160,147 | -3.0% |
| Contributions | 10/11 | €4,119,857 | €4,119,857 | = | 0.0% |
| Capital | 10 | €4,119,857 | €4,119,857 | = | 0.0% |
| Issued capital | 100 | €4,119,857 | €4,119,857 | = | 0.0% |
| Reserves | 13 | €890,634 | €873,785 | -€16,849 | -1.9% |
| Non-distributable reserves | 130/1 | €264,541 | €264,541 | = | 0.0% |
| Legal reserve | 130 | €264,541 | €264,541 | = | 0.0% |
| Tax-exempt reserves | 132 | €261,695 | €244,846 | -€16,849 | -6.4% |
| Distributable reserves | 133 | €364,399 | €364,399 | = | 0.0% |
| Profit (loss) carried forward | 14 | €373,193 | €229,895 | -€143,298 | -38.4% |
| Provisions and deferred taxes | 16 | €134,770 | €126,105 | -€8,666 | -6.4% |
| Deferred taxes | 168 | €134,770 | €126,105 | -€8,666 | -6.4% |
| Amounts payable | 17/49 | €4,014,529 | €3,768,055 | -€246,473 | -6.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,014,529 | €3,768,055 | -€246,473 | -6.1% |
| Trade debts | 44 | €72,158 | €121,038 | +€48,879 | +67.7% |
| Suppliers | 440/4 | €72,158 | €121,038 | +€48,879 | +67.7% |
| Taxes, remuneration and social security | 45 | €51,609 | €32,195 | -€19,414 | -37.6% |
| Taxes | 450/3 | €44,827 | €25,170 | -€19,657 | -43.9% |
| Remuneration and social security | 454/9 | €6,782 | €7,025 | +€243 | +3.6% |
| Other amounts payable | 47/48 | €3,890,761 | €3,614,823 | -€275,938 | -7.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €58,972 | €60,988 | +€2,015 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,086 | €126,054 | +€968 | +0.8% |
| Other operating charges | 640/8 | €31,112 | €32,484 | +€1,372 | +4.4% |
| Non-recurring operating charges | 66A | - | €545 | +€545 | |
| Gross operating margin | 9900 | €315,404 | €322,094 | +€6,690 | +2.1% |
| Operating profit (loss) | 9901 | €100,234 | €102,023 | +€1,789 | +1.8% |
| Financial income | 75/76B | €10,563 | €72,159 | +€61,595 | +583.1% |
| Recurring financial income | 75 | €10,563 | €71,269 | +€60,705 | +574.7% |
| Non-recurring financial income | 76B | €0 | €890 | +€890 | |
| Financial charges | 65/66B | €45,326 | €306,005 | +€260,679 | +575.1% |
| Recurring financial charges | 65 | €45,326 | €56,005 | +€10,679 | +23.6% |
| Non-recurring financial charges | 66B | - | €250,000 | +€250,000 | |
| Profit (loss) for the period before taxes | 9903 | €65,471 | -€131,823 | -€197,294 | |
| Transfer from deferred taxes | 780 | €8,666 | €8,666 | = | 0.0% |
| Income taxes | 67/77 | €18,472 | €36,989 | +€18,517 | +100.2% |
| Profit (loss) for the period | 9904 | €55,665 | -€160,147 | -€215,812 | |
| Transfer from tax-exempt reserves | 789 | €16,849 | €16,849 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,514 | -€143,298 | -€215,812 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.