D.S.N.: 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.N.
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Cash -€295,637
down €295,637 (-66.4%), from €445,443 to €149,806
mainly Current investments (-€400,000) and Debts after one year (-€152,297)
- Tangible fixed assets -€90,890
down €90,890 (-6.6%), from €1.4m to €1.3m
of which Land and buildings: -€55,897
- Stocks and contracts +€82,131
up €82,131 (+21.8%), from €376,237 to €458,368
- Receivables within one year +€29,518
up €29,518 (+107.7%), from €27,413 to €56,931
- Reserves +€240,116
up €240,116 (+47.2%), from €508,197 to €748,313
of which Distributable reserves: +€240,116
- Debts after one year -€152,297
down €152,297 (-17.8%), from €857,805 to €705,508
- Tax, wage and social debts +€70,903
up €70,903 (+95.6%), from €74,161 to €145,064
of which Taxes: +€63,039
- Trade debts -€43,080
down €43,080 (-21.8%), from €197,933 to €154,853
- Gross operating margin +€112,852
up €112,852 (+16.6%), from €679,597 to €792,449
- Taxes +€38,331
up €38,331 (+43.3%), from €88,552 to €126,883
- Staff costs +€34,224
up €34,224 (+19.2%), from €178,428 to €212,652
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 | €2,239,984 | €2,358,903 | +€118,919 | +5.3% |
| Fixed assets | 21/28 | €1,375,731 | €1,284,791 | -€90,940 | -6.6% |
| Tangible fixed assets | 22/27 | €1,375,681 | €1,284,791 | -€90,890 | -6.6% |
| Land and buildings | 22 | €1,057,909 | €1,002,012 | -€55,897 | -5.3% |
| Plant, machinery and equipment | 23 | €175,183 | €152,870 | -€22,313 | -12.7% |
| Furniture and vehicles | 24 | €126,571 | €117,391 | -€9,180 | -7.3% |
| Leasing and similar rights | 25 | €16,018 | €12,518 | -€3,500 | -21.9% |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100.0% |
| Current assets | 29/58 | €864,253 | €1,074,112 | +€209,859 | +24.3% |
| Stocks and contracts in progress | 3 | €376,237 | €458,368 | +€82,131 | +21.8% |
| Stocks | 30/36 | €376,237 | €458,368 | +€82,131 | +21.8% |
| Amounts receivable within one year | 40/41 | €27,413 | €56,931 | +€29,518 | +107.7% |
| Trade receivables | 40 | €27,413 | €56,931 | +€29,518 | +107.7% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €445,443 | €149,806 | -€295,637 | -66.4% |
| Deferred charges and accrued income | 490/1 | €15,160 | €9,007 | -€6,153 | -40.6% |
| Total equity and liabilities | 10/49 | €2,239,984 | €2,358,903 | +€118,919 | +5.3% |
| Equity | 10/15 | €886,135 | €1,126,251 | +€240,116 | +27.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €508,197 | €748,313 | +€240,116 | +47.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €506,337 | €746,453 | +€240,116 | +47.4% |
| Profit (loss) carried forward | 14 | €359,338 | €359,338 | = | 0.0% |
| Amounts payable | 17/49 | €1,353,849 | €1,232,652 | -€121,197 | -9.0% |
| Amounts payable after more than one year | 17 | €857,805 | €705,508 | -€152,297 | -17.8% |
| Financial debts | 170/4 | €857,805 | €705,508 | -€152,297 | -17.8% |
| Amounts payable within one year | 42/48 | €496,044 | €527,144 | +€31,100 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €120,900 | €134,382 | +€13,482 | +11.2% |
| Financial debts | 43 | €34,029 | €35,739 | +€1,710 | +5.0% |
| Credit institutions | 430/8 | €34,029 | €35,739 | +€1,710 | +5.0% |
| Trade debts | 44 | €197,933 | €154,853 | -€43,080 | -21.8% |
| Suppliers | 440/4 | €197,933 | €154,853 | -€43,080 | -21.8% |
| Taxes, remuneration and social security | 45 | €74,161 | €145,064 | +€70,903 | +95.6% |
| Taxes | 450/3 | €54,671 | €117,710 | +€63,039 | +115.3% |
| Remuneration and social security | 454/9 | €19,490 | €27,354 | +€7,864 | +40.3% |
| Other amounts payable | 47/48 | €69,021 | €57,106 | -€11,915 | -17.3% |
| Non-recurring operating income | 76A | - | €9,625 | +€9,625 | |
| Remuneration, social security and pensions | 62 | €178,428 | €212,652 | +€34,224 | +19.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,747 | €131,334 | +€3,587 | +2.8% |
| Other operating charges | 640/8 | €6,637 | €5,439 | -€1,198 | -18.1% |
| Gross operating margin | 9900 | €679,597 | €792,449 | +€112,852 | +16.6% |
| Operating profit (loss) | 9901 | €366,785 | €443,024 | +€76,239 | +20.8% |
| Financial income | 75/76B | €3,078 | €6,366 | +€3,288 | +106.8% |
| Recurring financial income | 75 | €3,078 | €6,366 | +€3,288 | +106.8% |
| Financial charges | 65/66B | €38,878 | €40,458 | +€1,580 | +4.1% |
| Recurring financial charges | 65 | €38,878 | €40,458 | +€1,580 | +4.1% |
| Profit (loss) for the period before taxes | 9903 | €330,985 | €408,932 | +€77,947 | +23.6% |
| Income taxes | 67/77 | €88,552 | €126,883 | +€38,331 | +43.3% |
| Profit (loss) for the period | 9904 | €242,433 | €282,049 | +€39,616 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €242,433 | €282,049 | +€39,616 | +16.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.