D.S.H.: 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.H.
Largest movements
- Current investments +€188,776
up €188,776 (+20.3%), from €929,071 to €1.1m
- Cash -€90,450
down €90,450 (-29.5%), from €306,518 to €216,068
mainly Provisions (-€447,020) and Current investments (-€188,776)
- Receivables within one year -€62,141
down €62,141 (-87.3%), from €71,216 to €9,075
of which Other amounts receivable: -€61,984
- Tangible fixed assets -€36,006
down €36,006 (-12.1%), from €297,022 to €261,016
- Profit (loss) carried forward +€1.7m
up €1.7m, from -€621,620 to €1.1m
- Reserves -€1.3m
down €1.3m (-69.5%), from €1.9m to €587,904
of which Tax-exempt reserves: -€1.3m
- Provisions -€447,020
down €447,020 (-100%), from €447,020 to €0
- Other debts +€57,571
up €57,571 (+28,221%), from €204 to €57,775
- Taxes +€86,223
new in 2025: €86,223
- Gross operating margin +€45,396
up €45,396, from -€6,711 to €38,686
- Financial income +€26,777
up €26,777 (+66.1%), from €40,515 to €67,292
- Financial charges -€1,078
down €1,078 (-53.8%), from €2,005 to €927
- Other operating charges +€935
up €935 (+3.1%), from €29,809 to €30,744
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 | €2,315,285 | €2,343,923 | +€28,639 | +1.2% |
| Fixed assets | 21/28 | €297,304 | €261,299 | -€36,006 | -12.1% |
| Tangible fixed assets | 22/27 | €297,022 | €261,016 | -€36,006 | -12.1% |
| Land and buildings | 22 | €297,022 | €261,016 | -€36,006 | -12.1% |
| Financial fixed assets | 28 | €283 | €283 | = | 0.0% |
| Current assets | 29/58 | €2,017,980 | €2,082,625 | +€64,644 | +3.2% |
| Amounts receivable after more than one year | 29 | €709,576 | €723,768 | +€14,192 | +2.0% |
| Other amounts receivable | 291 | €709,576 | €723,768 | +€14,192 | +2.0% |
| Amounts receivable within one year | 40/41 | €71,216 | €9,075 | -€62,141 | -87.3% |
| Trade receivables | 40 | €9,182 | €9,025 | -€157 | -1.7% |
| Other amounts receivable | 41 | €62,034 | €50 | -€61,984 | -99.9% |
| Current investments | 50/53 | €929,071 | €1,117,847 | +€188,776 | +20.3% |
| Cash at bank and in hand | 54/58 | €306,518 | €216,068 | -€90,450 | -29.5% |
| Deferred charges and accrued income | 490/1 | €1,599 | €15,867 | +€14,269 | +893% |
| Total equity and liabilities | 10/49 | €2,315,285 | €2,343,923 | +€28,639 | +1.2% |
| Equity | 10/15 | €1,861,903 | €2,261,000 | +€399,098 | +21.4% |
| Contributions | 10/11 | €554,558 | €554,558 | = | 0.0% |
| Capital | 10 | €554,558 | €554,558 | = | 0.0% |
| Issued capital | 100 | €554,558 | €554,558 | = | 0.0% |
| Reserves | 13 | €1,928,965 | €587,904 | -€1.3m | -69.5% |
| Non-distributable reserves | 130/1 | €55,456 | €55,456 | = | 0.0% |
| Legal reserve | 130 | €55,456 | €55,456 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,383,201 | €42,140 | -€1.3m | -97.0% |
| Distributable reserves | 133 | €490,308 | €490,308 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€621,620 | €1,118,538 | +€1.7m | |
| Provisions and deferred taxes | 16 | €447,020 | €0 | -€447,020 | -100% |
| Deferred taxes | 168 | €447,020 | €0 | -€447,020 | -100% |
| Amounts payable | 17/49 | €6,362 | €82,923 | +€76,561 | +1,203% |
| Amounts payable within one year | 42/48 | €204 | €73,898 | +€73,694 | +36,125% |
| Trade debts | 44 | - | €16,123 | +€16,123 | |
| Suppliers | 440/4 | - | €16,123 | +€16,123 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €204 | €57,775 | +€57,571 | +28,221% |
| Accrued charges and deferred income | 492/3 | €6,158 | €9,025 | +€2,867 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,006 | €36,006 | = | 0.0% |
| Other operating charges | 640/8 | €29,809 | €30,744 | +€935 | +3.1% |
| Gross operating margin | 9900 | -€6,711 | €38,686 | +€45,396 | |
| Operating profit (loss) | 9901 | -€72,525 | -€28,064 | +€44,462 | +61.3% |
| Financial income | 75/76B | €40,515 | €67,292 | +€26,777 | +66.1% |
| Recurring financial income | 75 | €40,515 | €67,292 | +€26,777 | +66.1% |
| Financial charges | 65/66B | €2,005 | €927 | -€1,078 | -53.8% |
| Recurring financial charges | 65 | €2,005 | €927 | -€1,078 | -53.8% |
| Profit (loss) for the period before taxes | 9903 | -€34,015 | €38,301 | +€72,316 | |
| Transfer from deferred taxes | 780 | €1,607 | €447,020 | +€445,413 | +27,717% |
| Income taxes | 67/77 | - | €86,223 | +€86,223 | |
| Profit (loss) for the period | 9904 | -€32,408 | €399,098 | +€431,506 | |
| Transfer from tax-exempt reserves | 789 | €4,821 | €1,341,060 | +€1.3m | +27,717% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,587 | €1,740,158 | +€1.8m |
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 15 October 2026 via checked.be.