DUCARDIS: what changed
DUCARDIS
Largest movements
- Cash +€373,862
up €373,862 (+70.8%), from €528,276 to €902,139
mainly Net result for the year (+€608,877) and Trade debts (+€79,062)
- Receivables within one year -€77,117
down €77,117 (-10.0%), from €773,542 to €696,424
of which Other amounts receivable: -€90,211
- Stocks and contracts +€47,733
up €47,733 (+6.7%), from €716,512 to €764,245
- Tangible fixed assets -€37,040
down €37,040 (-25.2%), from €146,703 to €109,663
of which Other tangible fixed assets: -€33,036
- Profit (loss) carried forward +€162,477
up €162,477 (+407%), from €39,949 to €202,426
- Trade debts +€79,062
up €79,062 (+7.1%), from €1.1m to €1.2m
- Other debts +€44,640
up €44,640 (+11.1%), from €401,760 to €446,400
- Gross operating margin +€232,664
up €232,664 (+18.8%), from €1.2m to €1.5m
- Depreciation -€72,846
down €72,846 (-65.6%), from €111,086 to €38,240
- Taxes +€72,171
up €72,171 (+49.0%), from €147,190 to €219,361
- Staff costs +€68,413
up €68,413 (+13.1%), from €521,245 to €589,659
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 | €2,315,160 | €2,627,572 | +€312,412 | +13.5% |
| Fixed assets | 21/28 | €296,830 | €259,790 | -€37,040 | -12.5% |
| Tangible fixed assets | 22/27 | €146,703 | €109,663 | -€37,040 | -25.2% |
| Plant, machinery and equipment | 23 | €10,294 | €7,599 | -€2,695 | -26.2% |
| Furniture and vehicles | 24 | €1,660 | €351 | -€1,309 | -78.8% |
| Other tangible fixed assets | 26 | €134,748 | €101,712 | -€33,036 | -24.5% |
| Financial fixed assets | 28 | €150,127 | €150,127 | = | 0.0% |
| Current assets | 29/58 | €2,018,330 | €2,367,782 | +€349,452 | +17.3% |
| Stocks and contracts in progress | 3 | €716,512 | €764,245 | +€47,733 | +6.7% |
| Stocks | 30/36 | €716,512 | €764,245 | +€47,733 | +6.7% |
| Amounts receivable within one year | 40/41 | €773,542 | €696,424 | -€77,117 | -10.0% |
| Trade receivables | 40 | €147,413 | €160,507 | +€13,094 | +8.9% |
| Other amounts receivable | 41 | €626,129 | €535,917 | -€90,211 | -14.4% |
| Cash at bank and in hand | 54/58 | €528,276 | €902,139 | +€373,862 | +70.8% |
| Deferred charges and accrued income | 490/1 | - | €4,974 | +€4,974 | |
| Total equity and liabilities | 10/49 | €2,315,160 | €2,627,572 | +€312,412 | +13.5% |
| Equity | 10/15 | €715,469 | €877,946 | +€162,477 | +22.7% |
| Contributions | 10/11 | €245,520 | €245,520 | = | 0.0% |
| Reserves | 13 | €430,000 | €430,000 | = | 0.0% |
| Distributable reserves | 133 | €430,000 | €430,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,949 | €202,426 | +€162,477 | +407% |
| Amounts payable | 17/49 | €1,599,691 | €1,749,626 | +€149,935 | +9.4% |
| Amounts payable within one year | 42/48 | €1,575,562 | €1,717,275 | +€141,713 | +9.0% |
| Trade debts | 44 | €1,111,195 | €1,190,257 | +€79,062 | +7.1% |
| Suppliers | 440/4 | €1,111,195 | €1,190,257 | +€79,062 | +7.1% |
| Taxes, remuneration and social security | 45 | €62,607 | €80,618 | +€18,012 | +28.8% |
| Taxes | 450/3 | €716 | €6,652 | +€5,936 | +829% |
| Remuneration and social security | 454/9 | €61,891 | €73,966 | +€12,075 | +19.5% |
| Other amounts payable | 47/48 | €401,760 | €446,400 | +€44,640 | +11.1% |
| Accrued charges and deferred income | 492/3 | €24,129 | €32,351 | +€8,222 | +34.1% |
| Remuneration, social security and pensions | 62 | €521,245 | €589,659 | +€68,413 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,086 | €38,240 | -€72,846 | -65.6% |
| Other operating charges | 640/8 | €2,661 | €4,586 | +€1,925 | +72.4% |
| Gross operating margin | 9900 | €1,237,844 | €1,470,508 | +€232,664 | +18.8% |
| Operating profit (loss) | 9901 | €602,852 | €838,023 | +€235,171 | +39.0% |
| Financial income | 75/76B | €2,098 | €11,387 | +€9,290 | +443% |
| Recurring financial income | 75 | €2,098 | €11,387 | +€9,290 | +443% |
| Financial charges | 65/66B | €20,939 | €21,172 | +€233 | +1.1% |
| Recurring financial charges | 65 | €20,939 | €21,172 | +€233 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €584,011 | €828,238 | +€244,228 | +41.8% |
| Income taxes | 67/77 | €147,190 | €219,361 | +€72,171 | +49.0% |
| Profit (loss) for the period | 9904 | €436,820 | €608,877 | +€172,057 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €436,820 | €608,877 | +€172,057 | +39.4% |
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 7 November 2026 via checked.be.