DIVALOE: 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.
DIVALOE
Largest movements
- Current investments +€118,158
up €118,158 (+40.6%), from €291,298 to €409,455
- Cash -€108,997
down €108,997 (-49.9%), from €218,574 to €109,577
mainly Current investments (-€118,158) and Contributions, distributions and other (-€90,000)
- Tangible fixed assets -€11,277
down €11,277 (-17.1%), from €65,889 to €54,612
of which Plant, machinery and equipment: -€11,180
- Reserves -€39,972
down €39,972 (-8.1%), from €495,551 to €455,580
of which Distributable reserves: -€38,000
- Debts after one year +€34,950
up €34,950 (+64.9%), from €53,855 to €88,805
- Financial charges +€10,366
up €10,366 (+90.5%), from -€11,451 to -€1,085
- Financial income -€4,119
no longer reported in 2025 (was €4,119)
- Gross operating margin +€2,682
up €2,682 (+3.2%), from €84,919 to €87,602
- Taxes -€1,429
down €1,429 (-5.9%), from €24,346 to €22,918
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 | €576,917 | €576,562 | -€355 | -0.1% |
| Fixed assets | 21/28 | €65,889 | €54,612 | -€11,277 | -17.1% |
| Tangible fixed assets | 22/27 | €65,889 | €54,612 | -€11,277 | -17.1% |
| Land and buildings | 22 | €29,252 | €29,252 | = | 0.0% |
| Plant, machinery and equipment | 23 | €36,465 | €25,286 | -€11,180 | -30.7% |
| Other tangible fixed assets | 26 | €172 | €74 | -€98 | -56.9% |
| Current assets | 29/58 | €511,027 | €521,950 | +€10,922 | +2.1% |
| Amounts receivable within one year | 40/41 | €311 | €2,342 | +€2,031 | +654% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €311 | €2,342 | +€2,031 | +654% |
| Current investments | 50/53 | €291,298 | €409,455 | +€118,158 | +40.6% |
| Cash at bank and in hand | 54/58 | €218,574 | €109,577 | -€108,997 | -49.9% |
| Deferred charges and accrued income | 490/1 | €845 | €575 | -€269 | -31.9% |
| Total equity and liabilities | 10/49 | €576,917 | €576,562 | -€355 | -0.1% |
| Equity | 10/15 | €516,601 | €476,147 | -€40,453 | -7.8% |
| Contributions | 10/11 | €20,277 | €20,277 | = | 0.0% |
| Reserves | 13 | €495,551 | €455,580 | -€39,972 | -8.1% |
| Non-distributable reserves | 130/1 | €2,028 | €2,028 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,028 | €2,028 | = | 0.0% |
| Tax-exempt reserves | 132 | €47,379 | €45,407 | -€1,972 | -4.2% |
| Distributable reserves | 133 | €446,145 | €408,145 | -€38,000 | -8.5% |
| Profit (loss) carried forward | 14 | €773 | €291 | -€482 | -62.4% |
| Amounts payable | 17/49 | €60,316 | €100,415 | +€40,099 | +66.5% |
| Amounts payable after more than one year | 17 | €53,855 | €88,805 | +€34,950 | +64.9% |
| Other amounts payable | 178/9 | €53,855 | €88,805 | +€34,950 | +64.9% |
| Amounts payable within one year | 42/48 | €6,461 | €11,610 | +€5,149 | +79.7% |
| Trade debts | 44 | €845 | €575 | -€269 | -31.9% |
| Suppliers | 440/4 | €845 | €575 | -€269 | -31.9% |
| Taxes, remuneration and social security | 45 | €5,617 | €11,035 | +€5,418 | +96.5% |
| Taxes | 450/3 | €5,617 | €11,035 | +€5,418 | +96.5% |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,509 | €11,277 | -€232 | -2.0% |
| Other operating charges | 640/8 | €4,795 | €4,945 | +€151 | +3.1% |
| Gross operating margin | 9900 | €84,919 | €87,602 | +€2,682 | +3.2% |
| Operating profit (loss) | 9901 | €68,616 | €71,379 | +€2,763 | +4.0% |
| Financial income | 75/76B | €4,119 | - | -€4,119 | |
| Recurring financial income | 75 | €4,119 | - | -€4,119 | |
| Financial charges | 65/66B | -€11,451 | -€1,085 | +€10,366 | +90.5% |
| Recurring financial charges | 65 | -€11,451 | -€1,085 | +€10,366 | +90.5% |
| Profit (loss) for the period before taxes | 9903 | €84,187 | €72,464 | -€11,722 | -13.9% |
| Income taxes | 67/77 | €24,346 | €22,918 | -€1,429 | -5.9% |
| Profit (loss) for the period | 9904 | €59,840 | €49,547 | -€10,294 | -17.2% |
| Transfer from tax-exempt reserves | 789 | €1,972 | €1,972 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,812 | €51,518 | -€10,294 | -16.7% |
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 17 October 2026 via checked.be.