D.S.M.: 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.M.
Largest movements
- Tangible fixed assets +€40,797
up €40,797 (+516%), from €7,913 to €48,710
of which Plant, machinery and equipment: +€40,797
- Stocks and contracts +€31,170
up €31,170 (+25.3%), from €123,122 to €154,292
- Receivables within one year -€30,261
down €30,261 (-12.5%), from €242,725 to €212,464
of which Trade receivables: -€26,447
- Deferred charges and accrued income +€15,864
up €15,864 (+1,846%), from €859 to €16,723
- Other debts +€111,636
up €111,636 (+588%), from €19,000 to €130,636
- Reserves -€53,924
down €53,924 (-24.4%), from €221,127 to €167,203
- Tax, wage and social debts +€28,115
up €28,115 (+306%), from €9,203 to €37,318
- Current portion of long-term debt -€23,000
no longer reported in 2025 (was €23,000)
- Trade debts -€11,222
down €11,222 (-35.0%), from €32,071 to €20,849
- Gross operating margin +€135,923
up €135,923, from -€3,957 to €131,967
- Taxes +€32,787
up €32,787 (+7,421%), from €442 to €33,229
- Depreciation +€7,188
up €7,188 (+865%), from €831 to €8,019
- Financial charges -€5,668
down €5,668 (-33.3%), from €17,043 to €11,376
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 | €425,635 | €479,024 | +€53,390 | +12.5% |
| Fixed assets | 21/28 | €8,353 | €49,149 | +€40,797 | +488% |
| Tangible fixed assets | 22/27 | €7,913 | €48,710 | +€40,797 | +516% |
| Plant, machinery and equipment | 23 | €4,456 | €45,253 | +€40,797 | +915% |
| Other tangible fixed assets | 26 | €3,457 | €3,457 | = | 0.0% |
| Financial fixed assets | 28 | €440 | €440 | = | 0.0% |
| Current assets | 29/58 | €417,282 | €429,875 | +€12,593 | +3.0% |
| Stocks and contracts in progress | 3 | €123,122 | €154,292 | +€31,170 | +25.3% |
| Stocks | 30/36 | €123,122 | €154,292 | +€31,170 | +25.3% |
| Amounts receivable within one year | 40/41 | €242,725 | €212,464 | -€30,261 | -12.5% |
| Trade receivables | 40 | €62,170 | €35,723 | -€26,447 | -42.5% |
| Other amounts receivable | 41 | €180,554 | €176,740 | -€3,814 | -2.1% |
| Cash at bank and in hand | 54/58 | €50,576 | €46,396 | -€4,180 | -8.3% |
| Deferred charges and accrued income | 490/1 | €859 | €16,723 | +€15,864 | +1,846% |
| Total equity and liabilities | 10/49 | €425,635 | €479,024 | +€53,390 | +12.5% |
| Equity | 10/15 | €342,361 | €290,222 | -€52,139 | -15.2% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €221,127 | €167,203 | -€53,924 | -24.4% |
| Distributable reserves | 133 | €221,127 | €167,203 | -€53,924 | -24.4% |
| Profit (loss) carried forward | 14 | €41,234 | €43,019 | +€1,785 | +4.3% |
| Amounts payable | 17/49 | €83,273 | €188,802 | +€105,529 | +127% |
| Amounts payable within one year | 42/48 | €83,273 | €188,802 | +€105,529 | +127% |
| Current portion of amounts payable after more than one year | 42 | €23,000 | - | -€23,000 | |
| Trade debts | 44 | €32,071 | €20,849 | -€11,222 | -35.0% |
| Suppliers | 440/4 | €32,071 | €20,849 | -€11,222 | -35.0% |
| Taxes, remuneration and social security | 45 | €9,203 | €37,318 | +€28,115 | +306% |
| Taxes | 450/3 | €9,203 | €37,318 | +€28,115 | +306% |
| Other amounts payable | 47/48 | €19,000 | €130,636 | +€111,636 | +588% |
| Non-recurring operating income | 76A | €6 | €0 | -€6 | -98.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €831 | €8,019 | +€7,188 | +865% |
| Other operating charges | 640/8 | €1,524 | €466 | -€1,058 | -69.4% |
| Non-recurring operating charges | 66A | €2,221 | - | -€2,221 | |
| Gross operating margin | 9900 | -€3,957 | €131,967 | +€135,923 | |
| Operating profit (loss) | 9901 | -€8,532 | €123,482 | +€132,014 | |
| Financial income | 75/76B | €8,340 | €7,698 | -€642 | -7.7% |
| Recurring financial income | 75 | €8,339 | €7,698 | -€641 | -7.7% |
| Non-recurring financial income | 76B | €1 | - | -€1 | |
| Financial charges | 65/66B | €17,043 | €11,376 | -€5,668 | -33.3% |
| Recurring financial charges | 65 | €17,043 | €11,376 | -€5,668 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | -€17,235 | €119,804 | +€137,039 | |
| Income taxes | 67/77 | €442 | €33,229 | +€32,787 | +7,421% |
| Profit (loss) for the period | 9904 | -€17,677 | €86,576 | +€104,252 | |
| Profit (loss) for the period to be appropriated | 9905 | -€17,677 | €86,576 | +€104,252 |
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 14 October 2026 via checked.be.