D & S PROJECTS: 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 PROJECTS
Largest movements
- Cash -€19,671
down €19,671 (-56.0%), from €35,113 to €15,442
mainly Investment in fixed assets (net) (-€20,300) and Receivables within one year (-€17,764)
- Receivables within one year +€17,764
up €17,764 (+184.1%), from €9,647 to €27,411
of which Trade receivables: +€17,801
- Tangible fixed assets +€7,007
up €7,007 (+7.5%), from €93,306 to €100,313
of which Furniture and vehicles: +€15,392
- Reserves +€9,305
up €9,305 (+19.8%), from €47,008 to €56,313
- Trade debts -€6,777
down €6,777 (-94.2%), from €7,193 to €416
- Current portion of long-term debt +€3,801
up €3,801 (+41.4%), from €9,184 to €12,986
- Other debts -€1,818
down €1,818 (-38.5%), from €4,717 to €2,899
- Debts after one year -€1,466
down €1,466 (-2.2%), from €65,876 to €64,410
- Gross operating margin +€17,287
up €17,287 (+106.6%), from €16,211 to €33,499
- Taxes +€3,971
up €3,971 (+472.6%), from €840 to €4,812
- Depreciation +€2,393
up €2,393 (+22.0%), from €10,900 to €13,293
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 | €138,749 | €143,166 | +€4,417 | +3.2% |
| Fixed assets | 21/28 | €93,306 | €100,313 | +€7,007 | +7.5% |
| Tangible fixed assets | 22/27 | €93,306 | €100,313 | +€7,007 | +7.5% |
| Land and buildings | 22 | €83,291 | €76,146 | -€7,145 | -8.6% |
| Plant, machinery and equipment | 23 | €7,067 | €5,828 | -€1,240 | -17.5% |
| Furniture and vehicles | 24 | €2,948 | €18,339 | +€15,392 | +522.2% |
| Current assets | 29/58 | €45,443 | €42,853 | -€2,590 | -5.7% |
| Amounts receivable within one year | 40/41 | €9,647 | €27,411 | +€17,764 | +184.1% |
| Trade receivables | 40 | €9,610 | €27,411 | +€17,801 | +185.2% |
| Other amounts receivable | 41 | €37 | €0 | -€37 | -100.0% |
| Cash at bank and in hand | 54/58 | €35,113 | €15,442 | -€19,671 | -56.0% |
| Deferred charges and accrued income | 490/1 | €683 | €0 | -€683 | -100.0% |
| Total equity and liabilities | 10/49 | €138,749 | €143,166 | +€4,417 | +3.2% |
| Equity | 10/15 | €46,325 | €56,313 | +€9,988 | +21.6% |
| Reserves | 13 | €47,008 | €56,313 | +€9,305 | +19.8% |
| Distributable reserves | 133 | €47,008 | €56,313 | +€9,305 | +19.8% |
| Profit (loss) carried forward | 14 | -€684 | €0 | +€684 | |
| Amounts payable | 17/49 | €92,424 | €86,853 | -€5,571 | -6.0% |
| Amounts payable after more than one year | 17 | €65,876 | €64,410 | -€1,466 | -2.2% |
| Financial debts | 170/4 | €65,876 | €64,410 | -€1,466 | -2.2% |
| Amounts payable within one year | 42/48 | €26,548 | €22,443 | -€4,106 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €9,184 | €12,986 | +€3,801 | +41.4% |
| Financial debts | 43 | €14 | €0 | -€14 | -100.0% |
| Credit institutions | 430/8 | €14 | €0 | -€14 | -100.0% |
| Trade debts | 44 | €7,193 | €416 | -€6,777 | -94.2% |
| Suppliers | 440/4 | €7,193 | €416 | -€6,777 | -94.2% |
| Taxes, remuneration and social security | 45 | €5,440 | €6,142 | +€702 | +12.9% |
| Taxes | 450/3 | €5,440 | €6,142 | +€702 | +12.9% |
| Other amounts payable | 47/48 | €4,717 | €2,899 | -€1,818 | -38.5% |
| Non-recurring operating income | 76A | - | €13,878 | +€13,878 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,900 | €13,293 | +€2,393 | +22.0% |
| Other operating charges | 640/8 | €963 | €1,268 | +€304 | +31.6% |
| Gross operating margin | 9900 | €16,211 | €33,499 | +€17,287 | +106.6% |
| Operating profit (loss) | 9901 | €4,348 | €18,937 | +€14,590 | +335.6% |
| Financial income | 75/76B | €117 | €0 | -€117 | -100.0% |
| Recurring financial income | 75 | €117 | €0 | -€117 | -100.0% |
| Financial charges | 65/66B | €4,309 | €4,137 | -€171 | -4.0% |
| Recurring financial charges | 65 | €4,309 | €4,137 | -€171 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €156 | €14,800 | +€14,643 | +9358.6% |
| Income taxes | 67/77 | €840 | €4,812 | +€3,971 | +472.6% |
| Profit (loss) for the period | 9904 | -€684 | €9,988 | +€10,672 | |
| Profit (loss) for the period to be appropriated | 9905 | -€684 | €9,988 | +€10,672 |
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 10 October 2026 via checked.be.