D.B.S.: 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.
D.B.S.
Largest movements
- Cash +€215,261
up €215,261 (+39.6%), from €543,572 to €758,833
mainly Net result for the year (+€198,561) and Depreciation (+€43,757)
- Stocks and contracts -€42,917
down €42,917 (-13.4%), from €320,479 to €277,561
- Tangible fixed assets -€38,004
down €38,004 (-21.9%), from €173,351 to €135,347
- Trade debts -€129,301
down €129,301 (-39.1%), from €330,535 to €201,234
- Profit (loss) carried forward +€105,561
up €105,561 (+20.0%), from €526,639 to €632,200
- Reserves +€93,000
up €93,000 (+7.3%), from €1.3m to €1.4m
of which Distributable reserves: +€90,000
- Financial income +€96,590
up €96,590 (+2,822%), from €3,423 to €100,012
of which Financial income: +€96,590
- Taxes +€23,239
up €23,239 (+45.4%), from €51,138 to €74,377
- Gross operating margin -€20,540
down €20,540 (-4.2%), from €490,352 to €469,812
- Depreciation -€7,131
down €7,131 (-14.0%), from €50,888 to €43,757
- Staff costs -€5,438
down €5,438 (-2.8%), from €193,845 to €188,407
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 | €2,669,612 | €2,774,220 | +€104,608 | +3.9% |
| Fixed assets | 21/28 | €188,405 | €159,782 | -€28,623 | -15.2% |
| Intangible fixed assets | 21 | €14,420 | €23,800 | +€9,381 | +65.1% |
| Tangible fixed assets | 22/27 | €173,351 | €135,347 | -€38,004 | -21.9% |
| Land and buildings | 22 | €70,571 | €58,032 | -€12,538 | -17.8% |
| Plant, machinery and equipment | 23 | €57,713 | €48,140 | -€9,574 | -16.6% |
| Furniture and vehicles | 24 | €38,360 | €25,567 | -€12,793 | -33.3% |
| Other tangible fixed assets | 26 | €6,707 | €3,608 | -€3,099 | -46.2% |
| Financial fixed assets | 28 | €635 | €635 | = | 0.0% |
| Current assets | 29/58 | €2,481,207 | €2,614,438 | +€133,232 | +5.4% |
| Stocks and contracts in progress | 3 | €320,479 | €277,561 | -€42,917 | -13.4% |
| Stocks | 30/36 | €320,479 | €277,561 | -€42,917 | -13.4% |
| Amounts receivable within one year | 40/41 | €254,165 | €234,943 | -€19,222 | -7.6% |
| Trade receivables | 40 | €254,165 | €185,052 | -€69,113 | -27.2% |
| Other amounts receivable | 41 | €0 | €49,891 | +€49,891 | |
| Current investments | 50/53 | €1,357,723 | €1,332,865 | -€24,858 | -1.8% |
| Cash at bank and in hand | 54/58 | €543,572 | €758,833 | +€215,261 | +39.6% |
| Deferred charges and accrued income | 490/1 | €5,268 | €10,236 | +€4,968 | +94.3% |
| Total equity and liabilities | 10/49 | €2,669,612 | €2,774,220 | +€104,608 | +3.9% |
| Equity | 10/15 | €1,850,039 | €2,048,600 | +€198,561 | +10.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,273,400 | €1,366,400 | +€93,000 | +7.3% |
| Tax-exempt reserves | 132 | €84,200 | €87,200 | +€3,000 | +3.6% |
| Distributable reserves | 133 | €1,189,200 | €1,279,200 | +€90,000 | +7.6% |
| Profit (loss) carried forward | 14 | €526,639 | €632,200 | +€105,561 | +20.0% |
| Provisions and deferred taxes | 16 | - | €1,000 | +€1,000 | |
| Deferred taxes | 168 | - | €1,000 | +€1,000 | |
| Amounts payable | 17/49 | €819,573 | €724,621 | -€94,952 | -11.6% |
| Amounts payable after more than one year | 17 | €368,880 | €368,880 | = | 0.0% |
| Other amounts payable | 178/9 | €368,880 | €368,880 | = | 0.0% |
| Amounts payable within one year | 42/48 | €450,407 | €329,953 | -€120,454 | -26.7% |
| Trade debts | 44 | €330,535 | €201,234 | -€129,301 | -39.1% |
| Suppliers | 440/4 | €330,535 | €201,234 | -€129,301 | -39.1% |
| Taxes, remuneration and social security | 45 | €119,872 | €127,441 | +€7,569 | +6.3% |
| Taxes | 450/3 | €86,412 | €88,732 | +€2,320 | +2.7% |
| Remuneration and social security | 454/9 | €33,460 | €38,709 | +€5,249 | +15.7% |
| Other amounts payable | 47/48 | €0 | €1,279 | +€1,279 | |
| Accrued charges and deferred income | 492/3 | €285 | €25,787 | +€25,502 | +8,949% |
| Non-recurring operating income | 76A | - | €6,223 | +€6,223 | |
| Remuneration, social security and pensions | 62 | €193,845 | €188,407 | -€5,438 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,888 | €43,757 | -€7,131 | -14.0% |
| Other operating charges | 640/8 | €25,838 | €28,151 | +€2,313 | +9.0% |
| Gross operating margin | 9900 | €490,352 | €469,812 | -€20,540 | -4.2% |
| Operating profit (loss) | 9901 | €219,780 | €209,497 | -€10,283 | -4.7% |
| Financial income | 75/76B | €3,423 | €100,012 | +€96,590 | +2,822% |
| Recurring financial income | 75 | €3,423 | €100,012 | +€96,590 | +2,822% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €33,872 | €35,572 | +€1,700 | +5.0% |
| Recurring financial charges | 65 | €33,872 | €35,572 | +€1,700 | +5.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €189,331 | €273,938 | +€84,607 | +44.7% |
| Transfer to deferred taxes | 680 | - | €1,000 | +€1,000 | |
| Income taxes | 67/77 | €51,138 | €74,377 | +€23,239 | +45.4% |
| Profit (loss) for the period | 9904 | €138,193 | €198,561 | +€60,368 | +43.7% |
| Transfer to tax-exempt reserves | 689 | - | €3,000 | +€3,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €138,193 | €195,561 | +€57,368 | +41.5% |
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 13 October 2026 via checked.be.