D.S.R.T.: 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.
What changed
D.S.R.T.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.5m
2024 · €6.5m-€4.0m
Equity
€43.4m
2024 · €40.9m+€2.5m
Cash
€297,405
2024 · €692,289-€394,884
Balance sheet total
€44.1m
2024 · €49.1m-€5.0m
Largest movements
Assets
- Current investments -€7.7m
down €7.7m (-47.1%), from €16.4m to €8.7m
- Receivables within one year +€5.2m
up €5.2m (+105%), from €5.0m to €10.1m
of which Other amounts receivable: +€5.0m
- Receivables after one year -€3.9m
down €3.9m (-58.5%), from €6.6m to €2.7m
- Financial fixed assets +€1.9m
up €1.9m (+10.3%), from €18.8m to €20.7m
Equity and liabilities
- Other debts -€7.6m
down €7.6m (-96.3%), from €7.9m to €291,772
- Profit (loss) carried forward +€2.5m
up €2.5m (+6.5%), from €38.6m to €41.1m
Income statement
- Financial income -€4.1m
down €4.1m (-58.9%), from €7.0m to €2.9m
- Financial charges -€202,526
down €202,526 (-54.2%), from €373,372 to €170,846
- Gross operating margin +€143,125
up €143,125 (+161%), from €88,797 to €231,922
- Other operating charges +€82,952
up €82,952 (+618%), from €13,423 to €96,374
- Taxes +€66,974
up €66,974 (+113%), from €59,442 to €126,416
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.
Result 2024
€6.5m
Gross operating margin
+€143,125
Staff costs
+€462
Depreciation
-€56,034
Other operating charges
-€82,952
Financial income
-€4.1m
Financial charges
+€202,526
Taxes
-€66,974
Result 2025
€2.5m
raises the resultlowers the result
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.
From operations
-€6.0m
Investment
+€5.8m
Financing
-€150,000
Cash 2024
€692,289
From operations (derived)
-€6.0m
Net result for the year
+€2.5m
Depreciation
+€114,673
Receivables after one year
+€3.9m
Smaller working-capital items
+€31,393
Receivables within one year
-€5.2m
Trade debts
+€70,282
Tax, wage and social debts
+€150,620
Other debts
-€7.6m
Investment (derived)
+€5.8m
Investment in fixed assets (net)
-€1.9m
Current investments
+€7.7m
Financing
-€150,000
Current portion of long-term debt
-€150,000
Cash 2025
€297,405
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €49,076,864 | €44,075,652 | -€5.0m | -10.2% |
| Fixed assets | 21/28 | €20,125,496 | €21,943,767 | +€1.8m | +9.0% |
| Tangible fixed assets | 22/27 | €1,362,396 | €1,247,723 | -€114,673 | -8.4% |
| Land and buildings | 22 | €1,123,402 | €1,074,140 | -€49,262 | -4.4% |
| Plant, machinery and equipment | 23 | €238,513 | €173,582 | -€64,931 | -27.2% |
| Furniture and vehicles | 24 | €480 | - | -€480 | |
| Financial fixed assets | 28 | €18,763,100 | €20,696,045 | +€1.9m | +10.3% |
| Current assets | 29/58 | €28,951,368 | €22,131,885 | -€6.8m | -23.6% |
| Amounts receivable after more than one year | 29 | €6,607,116 | €2,738,749 | -€3.9m | -58.5% |
| Other amounts receivable | 291 | €6,607,116 | €2,738,749 | -€3.9m | -58.5% |
| Stocks and contracts in progress | 3 | €288,012 | €275,929 | -€12,083 | -4.2% |
| Stocks | 30/36 | €288,012 | €275,929 | -€12,083 | -4.2% |
| Amounts receivable within one year | 40/41 | €4,951,915 | €10,130,979 | +€5.2m | +105% |
| Trade receivables | 40 | €32,203 | €253,899 | +€221,695 | +688% |
| Other amounts receivable | 41 | €4,919,712 | €9,877,080 | +€5.0m | +101% |
| Current investments | 50/53 | €16,372,908 | €8,664,294 | -€7.7m | -47.1% |
| Cash at bank and in hand | 54/58 | €692,289 | €297,405 | -€394,884 | -57.0% |
| Deferred charges and accrued income | 490/1 | €39,128 | €24,529 | -€14,599 | -37.3% |
| Total equity and liabilities | 10/49 | €49,076,864 | €44,075,652 | -€5.0m | -10.2% |
| Equity | 10/15 | €40,917,461 | €43,417,308 | +€2.5m | +6.1% |
| Contributions | 10/11 | €645,112 | €645,112 | = | 0.0% |
| Capital | 10 | €645,112 | €645,112 | = | 0.0% |
| Issued capital | 100 | €645,112 | €645,112 | = | 0.0% |
| Revaluation surpluses | 12 | €121,832 | €121,832 | = | 0.0% |
| Reserves | 13 | €1,561,608 | €1,561,608 | = | 0.0% |
| Non-distributable reserves | 130/1 | €64,511 | €64,511 | = | 0.0% |
| Legal reserve | 130 | €64,511 | €64,511 | = | 0.0% |
| Distributable reserves | 133 | €1,497,097 | €1,497,097 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,588,909 | €41,088,756 | +€2.5m | +6.5% |
| Amounts payable | 17/49 | €8,159,403 | €658,344 | -€7.5m | -91.9% |
| Amounts payable within one year | 42/48 | €8,159,403 | €653,633 | -€7.5m | -92.0% |
| Current portion of amounts payable after more than one year | 42 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €58,134 | €128,416 | +€70,282 | +121% |
| Suppliers | 440/4 | €58,134 | €128,416 | +€70,282 | +121% |
| Taxes, remuneration and social security | 45 | €82,825 | €233,445 | +€150,620 | +182% |
| Taxes | 450/3 | €68,645 | €218,576 | +€149,930 | +218% |
| Remuneration and social security | 454/9 | €14,180 | €14,870 | +€690 | +4.9% |
| Other amounts payable | 47/48 | €7,868,444 | €291,772 | -€7.6m | -96.3% |
| Accrued charges and deferred income | 492/3 | - | €4,711 | +€4,711 | |
| Non-recurring operating income | 76A | €39,669 | - | -€39,669 | |
| Remuneration, social security and pensions | 62 | €114,267 | €113,804 | -€462 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,639 | €114,673 | +€56,034 | +95.6% |
| Other operating charges | 640/8 | €13,423 | €96,374 | +€82,952 | +618% |
| Gross operating margin | 9900 | €88,797 | €231,922 | +€143,125 | +161% |
| Operating profit (loss) | 9901 | -€97,531 | -€92,930 | +€4,602 | +4.7% |
| Financial income | 75/76B | €7,036,129 | €2,890,039 | -€4.1m | -58.9% |
| Recurring financial income | 75 | €7,036,129 | €2,890,039 | -€4.1m | -58.9% |
| Financial charges | 65/66B | €373,372 | €170,846 | -€202,526 | -54.2% |
| Recurring financial charges | 65 | €373,372 | €170,846 | -€202,526 | -54.2% |
| Profit (loss) for the period before taxes | 9903 | €6,565,226 | €2,626,263 | -€3.9m | -60.0% |
| Income taxes | 67/77 | €59,442 | €126,416 | +€66,974 | +113% |
| Profit (loss) for the period | 9904 | €6,505,783 | €2,499,847 | -€4.0m | -61.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,505,783 | €2,499,847 | -€4.0m | -61.6% |
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 31 October 2026 via checked.be.