D.L.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.L.S.
Largest movements
- Current investments +€55,018
up €55,018 (+3,778%), from €1,456 to €56,475
- Cash +€24,697
up €24,697 (+46.0%), from €53,700 to €78,398
mainly Net result for the year (+€89,898) and Depreciation (+€29,090)
- Receivables within one year -€9,696
down €9,696 (-22.4%), from €43,328 to €33,632
of which Trade receivables: -€26,645
- Deferred charges and accrued income +€3,355
up €3,355 (+276%), from €1,217 to €4,572
- Reserves +€77,682
up €77,682 (+101%), from €76,666 to €154,348
of which Distributable reserves: +€72,282
- Current portion of long-term debt -€13,865
down €13,865 (-48.7%), from €28,497 to €14,632
- Tax, wage and social debts +€7,406
up €7,406 (+30.7%), from €24,127 to €31,533
- Gross operating margin +€100,862
up €100,862 (+146%), from €68,959 to €169,822
- Taxes +€29,920
up €29,920 (+174%), from €17,195 to €47,115
- Depreciation +€11,975
up €11,975 (+70.0%), from €17,114 to €29,090
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 | €212,046 | €285,036 | +€72,990 | +34.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €96,463 | €96,079 | -€385 | -0.4% |
| Tangible fixed assets | 22/27 | €96,463 | €96,079 | -€385 | -0.4% |
| Land and buildings | 22 | €38,999 | €26,436 | -€12,563 | -32.2% |
| Plant, machinery and equipment | 23 | €2,343 | €2,987 | +€644 | +27.5% |
| Furniture and vehicles | 24 | €52,231 | €64,833 | +€12,603 | +24.1% |
| Other tangible fixed assets | 26 | €2,891 | €1,823 | -€1,069 | -37.0% |
| Current assets | 29/58 | €115,582 | €188,957 | +€73,375 | +63.5% |
| Amounts receivable after more than one year | 29 | €15,881 | €15,881 | = | 0.0% |
| Other amounts receivable | 291 | €15,881 | €15,881 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €43,328 | €33,632 | -€9,696 | -22.4% |
| Trade receivables | 40 | €42,137 | €15,492 | -€26,645 | -63.2% |
| Other amounts receivable | 41 | €1,191 | €18,140 | +€16,949 | +1,423% |
| Current investments | 50/53 | €1,456 | €56,475 | +€55,018 | +3,778% |
| Cash at bank and in hand | 54/58 | €53,700 | €78,398 | +€24,697 | +46.0% |
| Deferred charges and accrued income | 490/1 | €1,217 | €4,572 | +€3,355 | +276% |
| Total equity and liabilities | 10/49 | €212,046 | €285,036 | +€72,990 | +34.4% |
| Equity | 10/15 | €113,858 | €191,540 | +€77,682 | +68.2% |
| Contributions | 10/11 | €37,192 | €37,192 | = | 0.0% |
| Reserves | 13 | €76,666 | €154,348 | +€77,682 | +101% |
| Tax-exempt reserves | 132 | - | €5,400 | +€5,400 | |
| Distributable reserves | 133 | €76,666 | €148,948 | +€72,282 | +94.3% |
| Provisions and deferred taxes | 16 | - | €1,800 | +€1,800 | |
| Deferred taxes | 168 | - | €1,800 | +€1,800 | |
| Amounts payable | 17/49 | €98,187 | €91,695 | -€6,492 | -6.6% |
| Amounts payable after more than one year | 17 | €36,515 | €36,131 | -€384 | -1.1% |
| Financial debts | 170/4 | €36,515 | €36,131 | -€384 | -1.1% |
| Amounts payable within one year | 42/48 | €61,673 | €55,564 | -€6,108 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €28,497 | €14,632 | -€13,865 | -48.7% |
| Trade debts | 44 | €9,048 | €8,399 | -€649 | -7.2% |
| Suppliers | 440/4 | €9,048 | €8,399 | -€649 | -7.2% |
| Advances received on contracts in progress | 46 | - | €1,000 | +€1,000 | |
| Taxes, remuneration and social security | 45 | €24,127 | €31,533 | +€7,406 | +30.7% |
| Taxes | 450/3 | €24,127 | €31,533 | +€7,406 | +30.7% |
| Non-recurring operating income | 76A | €12,000 | - | -€12,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,114 | €29,090 | +€11,975 | +70.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,093 | +€1,093 | |
| Other operating charges | 640/8 | €2,362 | €2,234 | -€128 | -5.4% |
| Gross operating margin | 9900 | €68,959 | €169,822 | +€100,862 | +146% |
| Operating profit (loss) | 9901 | €49,483 | €137,405 | +€87,922 | +178% |
| Financial income | 75/76B | €950 | €285 | -€665 | -70.0% |
| Recurring financial income | 75 | €950 | €285 | -€665 | -70.0% |
| Financial charges | 65/66B | €2,365 | €1,877 | -€488 | -20.6% |
| Recurring financial charges | 65 | €2,365 | €1,877 | -€488 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €48,068 | €135,813 | +€87,745 | +183% |
| Transfer from deferred taxes | 780 | - | €1,200 | +€1,200 | |
| Income taxes | 67/77 | €17,195 | €47,115 | +€29,920 | +174% |
| Profit (loss) for the period | 9904 | €30,873 | €89,898 | +€59,025 | +191% |
| Transfer from tax-exempt reserves | 789 | - | €3,600 | +€3,600 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,873 | €93,498 | +€62,625 | +203% |
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 18 October 2026 via checked.be.