D’S: what changed
Two fiscal 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’S
Largest movements
- Cash -€17,183
down €17,183 (-77.4%), from €22,198 to €5,015
mainly Other debts (-€35,498) and Trade debts (-€9,603)
- Tangible fixed assets -€6,401
down €6,401 (-30.3%), from €21,157 to €14,757
of which Furniture and vehicles: -€3,241
- Deferred charges and accrued income -€2,666
down €2,666 (-39.1%), from €6,814 to €4,148
- Other debts -€35,498
down €35,498 (-62.2%), from €57,026 to €21,528
- Reserves +€27,544
up €27,544 (+1417.2%), from €1,943 to €29,487
- Trade debts -€9,603
down €9,603 (-46.9%), from €20,468 to €10,865
- Tax, wage and social debts -€4,490
down €4,490 (-23.3%), from €19,233 to €14,743
of which Taxes: -€2,990
- Current portion of long-term debt -€2,964
no longer reported in 2025 (was €2,964)
- Gross operating margin +€6,610
up €6,610 (+15.2%), from €43,543 to €50,153
- Taxes +€3,550
up €3,550 (+45.7%), from €7,776 to €11,326
- Depreciation -€2,086
down €2,086 (-27.5%), from €7,593 to €5,507
- Financial charges +€631
up €631 (+15.5%), from €4,064 to €4,694
- Other operating charges -€610
down €610 (-26.6%), from €2,296 to €1,686
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.
Cash bridge derived
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 | €127,304 | €102,284 | -€25,020 | -19.7% |
| Fixed assets | 21/28 | €21,157 | €14,757 | -€6,401 | -30.3% |
| Tangible fixed assets | 22/27 | €21,157 | €14,757 | -€6,401 | -30.3% |
| Plant, machinery and equipment | 23 | €12,844 | €9,683 | -€3,160 | -24.6% |
| Furniture and vehicles | 24 | €8,314 | €5,073 | -€3,241 | -39.0% |
| Current assets | 29/58 | €106,147 | €87,528 | -€18,619 | -17.5% |
| Amounts receivable within one year | 40/41 | €77,135 | €78,365 | +€1,230 | +1.6% |
| Trade receivables | 40 | €39,190 | €44,483 | +€5,293 | +13.5% |
| Other amounts receivable | 41 | €37,945 | €33,882 | -€4,062 | -10.7% |
| Cash at bank and in hand | 54/58 | €22,198 | €5,015 | -€17,183 | -77.4% |
| Deferred charges and accrued income | 490/1 | €6,814 | €4,148 | -€2,666 | -39.1% |
| Total equity and liabilities | 10/49 | €127,304 | €102,284 | -€25,020 | -19.7% |
| Equity | 10/15 | €20,543 | €48,087 | +€27,544 | +134.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,943 | €29,487 | +€27,544 | +1417.2% |
| Distributable reserves | 133 | €1,943 | €29,487 | +€27,544 | +1417.2% |
| Amounts payable | 17/49 | €106,761 | €54,197 | -€52,563 | -49.2% |
| Amounts payable within one year | 42/48 | €106,761 | €54,197 | -€52,563 | -49.2% |
| Current portion of amounts payable after more than one year | 42 | €2,964 | - | -€2,964 | |
| Financial debts | 43 | €7,069 | €7,060 | -€9 | -0.1% |
| Credit institutions | 430/8 | €7,069 | €7,060 | -€9 | -0.1% |
| Trade debts | 44 | €20,468 | €10,865 | -€9,603 | -46.9% |
| Suppliers | 440/4 | €20,468 | €10,865 | -€9,603 | -46.9% |
| Taxes, remuneration and social security | 45 | €19,233 | €14,743 | -€4,490 | -23.3% |
| Taxes | 450/3 | €16,733 | €13,743 | -€2,990 | -17.9% |
| Remuneration and social security | 454/9 | €2,500 | €1,000 | -€1,500 | -60.0% |
| Other amounts payable | 47/48 | €57,026 | €21,528 | -€35,498 | -62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,593 | €5,507 | -€2,086 | -27.5% |
| Other operating charges | 640/8 | €2,296 | €1,686 | -€610 | -26.6% |
| Gross operating margin | 9900 | €43,543 | €50,153 | +€6,610 | +15.2% |
| Operating profit (loss) | 9901 | €33,654 | €42,960 | +€9,306 | +27.7% |
| Financial income | 75/76B | €647 | €605 | -€42 | -6.6% |
| Recurring financial income | 75 | €647 | €605 | -€42 | -6.6% |
| Financial charges | 65/66B | €4,064 | €4,694 | +€631 | +15.5% |
| Recurring financial charges | 65 | €4,064 | €4,694 | +€631 | +15.5% |
| Profit (loss) for the period before taxes | 9903 | €30,237 | €38,870 | +€8,633 | +28.6% |
| Income taxes | 67/77 | €7,776 | €11,326 | +€3,550 | +45.7% |
| Profit (loss) for the period | 9904 | €22,460 | €27,544 | +€5,083 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €22,460 | €27,544 | +€5,083 | +22.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.