DOVESCO: 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.
What changed
DOVESCO
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€6.5m
2024 · €2.7m-€9.2m
Equity
€45.6m
2024 · €52.1m-€6.5m
Cash
€283,736
2024 · €769,590-€485,853
Balance sheet total
€54.3m
2024 · €57.6m-€3.3m
Largest movements
Assets
- Financial fixed assets -€4.0m
down €4.0m (-13.7%), from €29.0m to €25.0m
of which Affiliated companies: -€4.0m
- Receivables after one year +€1.6m
up €1.6m (+6.2%), from €25.5m to €27.0m
Equity and liabilities
- Profit (loss) carried forward -€6.5m
down €6.5m (-21.9%), from €29.6m to €23.1m
- Other debts +€4.9m
up €4.9m (+164%), from €3.0m to €7.9m
- Trade debts -€2.2m
down €2.2m (-90.0%), from €2.4m to €239,377
Income statement
- Financial charges +€8.7m
up €8.7m (+86,680%), from €10,048 to €8.7m
of which Non-recurring financial charges: +€8.5m
- Taxes +€442,680
up €442,680 (+138%), from €320,643 to €763,323
- Services and other goods +€131,943
up €131,943 (+56.4%), from €234,099 to €366,042
- Turnover +€115,671
up €115,671 (+50.8%), from €227,760 to €343,431
- Other operating income +€18,161
up €18,161 (+12,893%), from €141 to €18,302
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.
Result 2024
€2.7m
Turnover
+€115,671
Other operating income
+€18,161
Services and other goods
-€131,943
Other operating charges
+€7,142
Financial income
-€10,049
Financial charges
-€8.7m
Taxes
-€442,680
Result 2025
-€6.5m
raises the resultlowers the result
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.
From operations
-€4.5m
Investment
+€4.0m
Financing
€0
Cash 2024
€769,590
From operations (derived)
-€4.5m
Net result for the year
-€6.5m
Receivables after one year
-€1.6m
Receivables within one year
-€32,893
Deferred charges and accrued income
+€420,711
Trade debts
-€2.2m
Tax, wage and social debts
+€464,785
Other debts
+€4.9m
Investment (derived)
+€4.0m
Investment in fixed assets (net)
+€4.0m
Cash 2025
€283,736
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,610,205 | €54,338,854 | -€3.3m | -5.7% |
| Fixed assets | 21/28 | €29,017,023 | €25,032,544 | -€4.0m | -13.7% |
| Financial fixed assets | 28 | €29,017,023 | €25,032,544 | -€4.0m | -13.7% |
| Affiliated companies | 280/1 | €6,834,452 | €2,849,974 | -€4.0m | -58.3% |
| Participating interests | 280 | €5,946,418 | €1,926,418 | -€4.0m | -67.6% |
| Amounts receivable | 281 | €888,034 | €923,555 | +€35,521 | +4.0% |
| Companies linked by participating interests | 282/3 | €17,753,000 | €17,753,000 | = | 0.0% |
| Participating interests | 282 | €17,753,000 | €17,753,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €4,429,570 | €4,429,570 | = | 0.0% |
| Shares | 284 | €4,429,570 | €4,429,570 | = | 0.0% |
| Current assets | 29/58 | €28,593,182 | €29,306,310 | +€713,128 | +2.5% |
| Amounts receivable after more than one year | 29 | €25,451,982 | €27,038,782 | +€1.6m | +6.2% |
| Other amounts receivable | 291 | €25,451,982 | €27,038,782 | +€1.6m | +6.2% |
| Amounts receivable within one year | 40/41 | €1,128,149 | €1,161,042 | +€32,893 | +2.9% |
| Trade receivables | 40 | €302,542 | €579,038 | +€276,496 | +91.4% |
| Other amounts receivable | 41 | €825,607 | €582,004 | -€243,604 | -29.5% |
| Cash at bank and in hand | 54/58 | €769,590 | €283,736 | -€485,853 | -63.1% |
| Deferred charges and accrued income | 490/1 | €1,243,461 | €822,750 | -€420,711 | -33.8% |
| Total equity and liabilities | 10/49 | €57,610,205 | €54,338,854 | -€3.3m | -5.7% |
| Equity | 10/15 | €52,117,876 | €45,620,596 | -€6.5m | -12.5% |
| Contributions | 10/11 | €20,000,000 | €20,000,000 | = | 0.0% |
| Capital | 10 | €20,000,000 | €20,000,000 | = | 0.0% |
| Issued capital | 100 | €20,000,000 | €20,000,000 | = | 0.0% |
| Reserves | 13 | €2,479,127 | €2,479,127 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,479,127 | €2,479,127 | = | 0.0% |
| Legal reserve | 130 | €2,479,127 | €2,479,127 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,638,749 | €23,141,469 | -€6.5m | -21.9% |
| Amounts payable | 17/49 | €5,492,329 | €8,718,257 | +€3.2m | +58.7% |
| Amounts payable within one year | 42/48 | €5,492,329 | €8,718,257 | +€3.2m | +58.7% |
| Trade debts | 44 | €2,403,375 | €239,377 | -€2.2m | -90.0% |
| Suppliers | 440/4 | €2,403,375 | €239,377 | -€2.2m | -90.0% |
| Taxes, remuneration and social security | 45 | €79,606 | €544,392 | +€464,785 | +584% |
| Taxes | 450/3 | €79,606 | €544,392 | +€464,785 | +584% |
| Other amounts payable | 47/48 | €3,009,347 | €7,934,488 | +€4.9m | +164% |
| Operating income | 70/76A | €227,901 | €361,733 | +€133,832 | +58.7% |
| Turnover | 70 | €227,760 | €343,431 | +€115,671 | +50.8% |
| Other operating income | 74 | €141 | €18,302 | +€18,161 | +12,893% |
| Operating charges | 60/66A | €241,386 | €366,186 | +€124,801 | +51.7% |
| Services and other goods | 61 | €234,099 | €366,042 | +€131,943 | +56.4% |
| Other operating charges | 640/8 | €7,286 | €144 | -€7,142 | -98.0% |
| Operating profit (loss) | 9901 | -€13,485 | -€4,453 | +€9,031 | +67.0% |
| Financial income | 75/76B | €3,000,520 | €2,990,471 | -€10,049 | -0.3% |
| Recurring financial income | 75 | €3,000,520 | €2,990,471 | -€10,049 | -0.3% |
| Income from financial fixed assets | 750 | €1 | - | -€1 | |
| Income from current assets | 751 | €2,197,063 | €2,989,682 | +€792,619 | +36.1% |
| Other financial income | 752/9 | €803,455 | €789 | -€802,666 | -99.9% |
| Financial charges | 65/66B | €10,048 | €8,719,974 | +€8.7m | +86,680% |
| Recurring financial charges | 65 | €10,048 | €199,974 | +€189,925 | +1,890% |
| Debt charges | 650 | €9,347 | €199,232 | +€189,885 | +2,031% |
| Other financial charges | 652/9 | €701 | €742 | +€41 | +5.8% |
| Non-recurring financial charges | 66B | - | €8,520,000 | +€8.5m | |
| Profit (loss) for the period before taxes | 9903 | €2,976,987 | -€5,733,956 | -€8.7m | |
| Income taxes | 67/77 | €320,643 | €763,323 | +€442,680 | +138% |
| Taxes | 670/3 | €320,643 | €763,323 | +€442,680 | +138% |
| Profit (loss) for the period | 9904 | €2,656,343 | -€6,497,279 | -€9.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,656,343 | -€6,497,279 | -€9.2m |
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 27 October 2026 via checked.be.