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
- Cash -€54,937
down €54,937 (-49.2%), from €111,618 to €56,680
mainly Contributions, distributions and other (-€80,000) and Trade debts (-€5,967)
- Tangible fixed assets -€13,145
down €13,145 (-11.3%), from €115,897 to €102,752
of which Land and buildings: -€7,616
- Contributions -€60,800
down €60,800 (-27.8%), from €218,592 to €157,792
- Tax, wage and social debts +€11,278
up €11,278 (+110%), from €10,271 to €21,549
of which Taxes: +€9,393
- Reserves -€8,400
down €8,400 (-11.6%), from €72,683 to €64,283
of which Distributable reserves: -€8,400
- Trade debts -€5,967
down €5,967 (-52.4%), from €11,379 to €5,412
- Debts after one year -€4,417
down €4,417 (-45.6%), from €9,681 to €5,264
- Gross operating margin +€12,737
up €12,737 (+13.9%), from €91,778 to €104,515
- Taxes +€3,633
up €3,633 (+78.9%), from €4,602 to €8,234
- Depreciation -€3,078
down €3,078 (-19.0%), from €16,223 to €13,145
- Staff costs +€1,997
up €1,997 (+3.2%), from €63,359 to €65,356
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 | €323,560 | €258,805 | -€64,755 | -20.0% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €115,897 | €102,752 | -€13,145 | -11.3% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €115,897 | €102,752 | -€13,145 | -11.3% |
| Land and buildings | 22 | €98,607 | €90,991 | -€7,616 | -7.7% |
| Plant, machinery and equipment | 23 | €1,617 | €1,138 | -€479 | -29.6% |
| Furniture and vehicles | 24 | €15,672 | €10,623 | -€5,049 | -32.2% |
| Current assets | 29/58 | €207,663 | €156,053 | -€51,610 | -24.9% |
| Stocks and contracts in progress | 3 | €46,030 | €48,041 | +€2,011 | +4.4% |
| Stocks | 30/36 | €46,030 | €48,041 | +€2,011 | +4.4% |
| Amounts receivable within one year | 40/41 | €49,272 | €50,587 | +€1,316 | +2.7% |
| Trade receivables | 40 | €16,771 | €17,033 | +€261 | +1.6% |
| Other amounts receivable | 41 | €32,500 | €33,554 | +€1,054 | +3.2% |
| Cash at bank and in hand | 54/58 | €111,618 | €56,680 | -€54,937 | -49.2% |
| Deferred charges and accrued income | 490/1 | €744 | €744 | = | 0.0% |
| Total equity and liabilities | 10/49 | €323,560 | €258,805 | -€64,755 | -20.0% |
| Equity | 10/15 | €287,899 | €222,163 | -€65,736 | -22.8% |
| Contributions | 10/11 | €218,592 | €157,792 | -€60,800 | -27.8% |
| Reserves | 13 | €72,683 | €64,283 | -€8,400 | -11.6% |
| Tax-exempt reserves | 132 | €13,483 | €13,483 | = | 0.0% |
| Distributable reserves | 133 | €59,200 | €50,800 | -€8,400 | -14.2% |
| Profit (loss) carried forward | 14 | -€3,376 | €88 | +€3,464 | |
| Amounts payable | 17/49 | €35,661 | €36,642 | +€981 | +2.8% |
| Amounts payable after more than one year | 17 | €9,681 | €5,264 | -€4,417 | -45.6% |
| Financial debts | 170/4 | €9,681 | €5,264 | -€4,417 | -45.6% |
| Amounts payable within one year | 42/48 | €25,980 | €31,378 | +€5,398 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €4,330 | €4,417 | +€86 | +2.0% |
| Trade debts | 44 | €11,379 | €5,412 | -€5,967 | -52.4% |
| Suppliers | 440/4 | €11,379 | €5,412 | -€5,967 | -52.4% |
| Taxes, remuneration and social security | 45 | €10,271 | €21,549 | +€11,278 | +110% |
| Taxes | 450/3 | €1,627 | €11,020 | +€9,393 | +577% |
| Remuneration and social security | 454/9 | €8,644 | €10,530 | +€1,885 | +21.8% |
| Remuneration, social security and pensions | 62 | €63,359 | €65,356 | +€1,997 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,223 | €13,145 | -€3,078 | -19.0% |
| Other operating charges | 640/8 | €2,887 | €2,970 | +€83 | +2.9% |
| Gross operating margin | 9900 | €91,778 | €104,515 | +€12,737 | +13.9% |
| Operating profit (loss) | 9901 | €9,309 | €23,044 | +€13,735 | +148% |
| Financial income | 75/76B | €449 | €222 | -€227 | -50.5% |
| Recurring financial income | 75 | €449 | €222 | -€227 | -50.5% |
| Financial charges | 65/66B | €815 | €768 | -€47 | -5.8% |
| Recurring financial charges | 65 | €815 | €768 | -€47 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €8,943 | €22,498 | +€13,555 | +152% |
| Income taxes | 67/77 | €4,602 | €8,234 | +€3,633 | +78.9% |
| Profit (loss) for the period | 9904 | €4,341 | €14,264 | +€9,923 | +229% |
| Profit (loss) for the period to be appropriated | 9905 | €4,341 | €14,264 | +€9,923 | +229% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.