D&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&S
Largest movements
- Tangible fixed assets +€202,908
up €202,908 (+273.4%), from €74,230 to €277,138
of which Land and buildings: +€225,381
- Cash -€66,583
down €66,583 (-60.9%), from €109,397 to €42,814
mainly Investment in fixed assets (net) (-€241,514) and Trade debts (-€16,949)
- Receivables within one year -€52,220
down €52,220 (-94.6%), from €55,176 to €2,956
of which Trade receivables: -€35,906
- Debts after one year +€120,699
up €120,699 (+547.3%), from €22,054 to €142,753
- Trade debts -€16,949
down €16,949 (-82.9%), from €20,433 to €3,484
- Current portion of long-term debt -€12,246
down €12,246 (-49.6%), from €24,697 to €12,451
- Other debts -€4,765
down €4,765 (-22.6%), from €21,046 to €16,281
- Turnover -€671,263
no longer reported in 2025 (was €671,263)
- Purchases and services -€109,079
down €109,079 (-19.5%), from €558,288 to €449,208
- Gross operating margin -€40,622
down €40,622 (-43.4%), from €93,514 to €52,892
- Depreciation +€16,566
up €16,566 (+75.2%), from €22,041 to €38,606
- Taxes -€16,130
down €16,130 (-81.8%), from €19,725 to €3,595
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 | €239,203 | €327,716 | +€88,513 | +37.0% |
| Fixed assets | 21/28 | €74,230 | €277,138 | +€202,908 | +273.4% |
| Tangible fixed assets | 22/27 | €74,230 | €277,138 | +€202,908 | +273.4% |
| Land and buildings | 22 | - | €225,381 | +€225,381 | |
| Plant, machinery and equipment | 23 | €17,496 | €14,797 | -€2,699 | -15.4% |
| Furniture and vehicles | 24 | €56,734 | €36,961 | -€19,774 | -34.9% |
| Current assets | 29/58 | €164,973 | €50,578 | -€114,395 | -69.3% |
| Stocks and contracts in progress | 3 | - | €2,295 | +€2,295 | |
| Contracts in progress | 37 | - | €2,295 | +€2,295 | |
| Amounts receivable within one year | 40/41 | €55,176 | €2,956 | -€52,220 | -94.6% |
| Trade receivables | 40 | €38,361 | €2,456 | -€35,906 | -93.6% |
| Other amounts receivable | 41 | €16,815 | €500 | -€16,315 | -97.0% |
| Cash at bank and in hand | 54/58 | €109,397 | €42,814 | -€66,583 | -60.9% |
| Deferred charges and accrued income | 490/1 | €400 | €2,513 | +€2,113 | +528.4% |
| Total equity and liabilities | 10/49 | €239,203 | €327,716 | +€88,513 | +37.0% |
| Equity | 10/15 | €126,694 | €129,249 | +€2,555 | +2.0% |
| Contributions | 10/11 | €7,130 | €7,130 | = | 0.0% |
| Contributions outside capital | 11 | €7,130 | €7,130 | = | 0.0% |
| Other | 1109/19 | €7,130 | €7,130 | = | 0.0% |
| Reserves | 13 | €119,317 | €121,871 | +€2,555 | +2.1% |
| Non-distributable reserves | 130/1 | €410 | €410 | = | 0.0% |
| Reserves not available under the articles | 1311 | €410 | €410 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,698 | €9,475 | -€3,223 | -25.4% |
| Distributable reserves | 133 | €106,208 | €111,986 | +€5,778 | +5.4% |
| Profit (loss) carried forward | 14 | €248 | €248 | = | 0.0% |
| Provisions and deferred taxes | 16 | €3,175 | €2,369 | -€806 | -25.4% |
| Deferred taxes | 168 | €3,175 | €2,369 | -€806 | -25.4% |
| Amounts payable | 17/49 | €109,334 | €196,099 | +€86,764 | +79.4% |
| Amounts payable after more than one year | 17 | €22,054 | €142,753 | +€120,699 | +547.3% |
| Financial debts | 170/4 | €22,054 | €142,753 | +€120,699 | +547.3% |
| Amounts payable within one year | 42/48 | €87,280 | €53,345 | -€33,935 | -38.9% |
| Current portion of amounts payable after more than one year | 42 | €24,697 | €12,451 | -€12,246 | -49.6% |
| Trade debts | 44 | €20,433 | €3,484 | -€16,949 | -82.9% |
| Suppliers | 440/4 | €20,433 | €3,484 | -€16,949 | -82.9% |
| Taxes, remuneration and social security | 45 | €21,104 | €21,129 | +€25 | +0.1% |
| Taxes | 450/3 | €21,104 | €21,129 | +€25 | +0.1% |
| Other amounts payable | 47/48 | €21,046 | €16,281 | -€4,765 | -22.6% |
| Turnover | 70 | €671,263 | - | -€671,263 | |
| Goods, raw materials, services and sundry goods | 60/61 | €558,288 | €449,208 | -€109,079 | -19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,041 | €38,606 | +€16,566 | +75.2% |
| Other operating charges | 640/8 | €1,959 | €2,665 | +€706 | +36.1% |
| Gross operating margin | 9900 | €93,514 | €52,892 | -€40,622 | -43.4% |
| Operating profit (loss) | 9901 | €69,515 | €11,621 | -€57,893 | -83.3% |
| Financial income | 75/76B | €1,274 | €2,892 | +€1,618 | +127.1% |
| Recurring financial income | 75 | €1,274 | €2,892 | +€1,618 | +127.1% |
| Financial charges | 65/66B | €1,963 | €6,787 | +€4,824 | +245.8% |
| Recurring financial charges | 65 | €1,963 | €6,787 | +€4,824 | +245.8% |
| Profit (loss) for the period before taxes | 9903 | €68,826 | €7,726 | -€61,099 | -88.8% |
| Transfer from deferred taxes | 780 | €49 | €806 | +€757 | +1559.0% |
| Income taxes | 67/77 | €19,725 | €3,595 | -€16,130 | -81.8% |
| Profit (loss) for the period | 9904 | €49,149 | €4,937 | -€44,212 | -90.0% |
| Transfer from tax-exempt reserves | 789 | €194 | €3,223 | +€3,029 | +1559.1% |
| Profit (loss) for the period to be appropriated | 9905 | €49,343 | €8,160 | -€41,183 | -83.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.