D.E.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.E.S.
Largest movements
- Tangible fixed assets +€149,959
up €149,959 (+157%), from €95,307 to €245,266
of which Leasing and similar rights: +€142,356
- Cash +€26,214
up €26,214 (+17.6%), from €149,209 to €175,423
mainly Debts after one year (+€123,328) and Trade debts (+€29,554)
- Receivables within one year +€16,757
up €16,757 (+16.0%), from €104,792 to €121,549
of which Other amounts receivable: +€11,018
- Debts after one year +€123,328
up €123,328 (+213%), from €57,818 to €181,146
- Trade debts +€29,554
up €29,554 (+36.3%), from €81,473 to €111,028
- Current portion of long-term debt +€15,961
up €15,961 (+72.0%), from €22,174 to €38,135
- Other debts +€13,570
up €13,570 (+110%), from €12,327 to €25,897
- Advances received +€12,243
up €12,243 (+19.2%), from €63,685 to €75,928
- Depreciation -€24,109
down €24,109 (-71.1%), from €33,923 to €9,813
- Other operating charges +€15,781
up €15,781 (+334%), from €4,725 to €20,506
- Gross operating margin -€3,445
down €3,445 (-1.3%), from €273,229 to €269,784
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 | €372,039 | €565,588 | +€193,549 | +52.0% |
| Fixed assets | 21/28 | €95,307 | €245,266 | +€149,959 | +157% |
| Tangible fixed assets | 22/27 | €95,307 | €245,266 | +€149,959 | +157% |
| Land and buildings | 22 | €9,971 | €7,714 | -€2,257 | -22.6% |
| Plant, machinery and equipment | 23 | €4,072 | €15,098 | +€11,025 | +271% |
| Furniture and vehicles | 24 | €6,685 | €5,519 | -€1,166 | -17.4% |
| Leasing and similar rights | 25 | €74,578 | €216,934 | +€142,356 | +191% |
| Current assets | 29/58 | €276,732 | €320,322 | +€43,590 | +15.8% |
| Stocks and contracts in progress | 3 | €21,759 | €22,518 | +€759 | +3.5% |
| Stocks | 30/36 | €21,759 | €22,518 | +€759 | +3.5% |
| Amounts receivable within one year | 40/41 | €104,792 | €121,549 | +€16,757 | +16.0% |
| Trade receivables | 40 | €99,205 | €104,944 | +€5,738 | +5.8% |
| Other amounts receivable | 41 | €5,587 | €16,605 | +€11,018 | +197% |
| Cash at bank and in hand | 54/58 | €149,209 | €175,423 | +€26,214 | +17.6% |
| Deferred charges and accrued income | 490/1 | €973 | €833 | -€140 | -14.4% |
| Total equity and liabilities | 10/49 | €372,039 | €565,588 | +€193,549 | +52.0% |
| Equity | 10/15 | €105,212 | €106,373 | +€1,162 | +1.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €97,152 | €98,313 | +€1,162 | +1.2% |
| Amounts payable | 17/49 | €266,827 | €459,214 | +€192,387 | +72.1% |
| Amounts payable after more than one year | 17 | €57,818 | €181,146 | +€123,328 | +213% |
| Financial debts | 170/4 | €57,818 | €181,146 | +€123,328 | +213% |
| Amounts payable within one year | 42/48 | €209,009 | €278,068 | +€69,059 | +33.0% |
| Current portion of amounts payable after more than one year | 42 | €22,174 | €38,135 | +€15,961 | +72.0% |
| Trade debts | 44 | €81,473 | €111,028 | +€29,554 | +36.3% |
| Suppliers | 440/4 | €81,473 | €111,028 | +€29,554 | +36.3% |
| Advances received on contracts in progress | 46 | €63,685 | €75,928 | +€12,243 | +19.2% |
| Taxes, remuneration and social security | 45 | €29,349 | €27,081 | -€2,269 | -7.7% |
| Taxes | 450/3 | €2,176 | €3,001 | +€825 | +37.9% |
| Remuneration and social security | 454/9 | €27,173 | €24,079 | -€3,094 | -11.4% |
| Other amounts payable | 47/48 | €12,327 | €25,897 | +€13,570 | +110% |
| Remuneration, social security and pensions | 62 | €225,993 | €228,511 | +€2,518 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,923 | €9,813 | -€24,109 | -71.1% |
| Other operating charges | 640/8 | €4,725 | €20,506 | +€15,781 | +334% |
| Gross operating margin | 9900 | €273,229 | €269,784 | -€3,445 | -1.3% |
| Operating profit (loss) | 9901 | €8,589 | €10,953 | +€2,365 | +27.5% |
| Financial income | 75/76B | €601 | €653 | +€52 | +8.7% |
| Recurring financial income | 75 | €601 | €653 | +€52 | +8.7% |
| Financial charges | 65/66B | €7,740 | €8,398 | +€658 | +8.5% |
| Recurring financial charges | 65 | €7,740 | €8,398 | +€658 | +8.5% |
| Profit (loss) for the period before taxes | 9903 | €1,449 | €3,208 | +€1,759 | +121% |
| Income taxes | 67/77 | €1,320 | €2,046 | +€726 | +55.0% |
| Profit (loss) for the period | 9904 | €128 | €1,162 | +€1,033 | +804% |
| Profit (loss) for the period to be appropriated | 9905 | €128 | €1,162 | +€1,033 | +804% |
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 25 October 2026 via checked.be.