D-SAN: 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-SAN
Largest movements
- Receivables within one year +€82,326
up €82,326 (+83.0%), from €99,172 to €181,498
of which Trade receivables: +€81,924
- Cash +€66,540
up €66,540 (+39.3%), from €169,278 to €235,818
mainly Net result for the year (+€177,275) and Tax, wage and social debts (+€10,055)
- Tangible fixed assets +€20,279
up €20,279 (+314.8%), from €6,443 to €26,722
of which Furniture and vehicles: +€21,564
- Stocks and contracts +€7,397
up €7,397 (+19.7%), from €37,553 to €44,951
- Reserves +€177,275
up €177,275 (+75.0%), from €236,371 to €413,646
- Trade debts -€11,145
down €11,145 (-83.7%), from €13,320 to €2,175
- Tax, wage and social debts +€10,055
up €10,055 (+22.1%), from €45,437 to €55,492
of which Taxes: +€7,614
- Gross operating margin +€69,717
up €69,717 (+34.3%), from €203,382 to €273,099
- Staff costs +€37,515
new in 2025: €37,515
- Taxes +€7,992
up €7,992 (+17.9%), from €44,708 to €52,700
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 | €313,229 | €489,222 | +€175,993 | +56.2% |
| Fixed assets | 21/28 | €6,443 | €26,722 | +€20,279 | +314.8% |
| Tangible fixed assets | 22/27 | €6,443 | €26,722 | +€20,279 | +314.8% |
| Plant, machinery and equipment | 23 | €2,147 | €862 | -€1,285 | -59.8% |
| Furniture and vehicles | 24 | €4,295 | €25,859 | +€21,564 | +502.0% |
| Current assets | 29/58 | €306,786 | €462,500 | +€155,714 | +50.8% |
| Stocks and contracts in progress | 3 | €37,553 | €44,951 | +€7,397 | +19.7% |
| Stocks | 30/36 | €37,553 | €44,951 | +€7,397 | +19.7% |
| Amounts receivable within one year | 40/41 | €99,172 | €181,498 | +€82,326 | +83.0% |
| Trade receivables | 40 | €85,989 | €167,913 | +€81,924 | +95.3% |
| Other amounts receivable | 41 | €13,183 | €13,584 | +€402 | +3.0% |
| Cash at bank and in hand | 54/58 | €169,278 | €235,818 | +€66,540 | +39.3% |
| Deferred charges and accrued income | 490/1 | €782 | €234 | -€549 | -70.1% |
| Total equity and liabilities | 10/49 | €313,229 | €489,222 | +€175,993 | +56.2% |
| Equity | 10/15 | €239,371 | €416,646 | +€177,275 | +74.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €236,371 | €413,646 | +€177,275 | +75.0% |
| Distributable reserves | 133 | €236,371 | €413,646 | +€177,275 | +75.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,858 | €72,576 | -€1,282 | -1.7% |
| Amounts payable within one year | 42/48 | €73,858 | €72,576 | -€1,282 | -1.7% |
| Trade debts | 44 | €13,320 | €2,175 | -€11,145 | -83.7% |
| Suppliers | 440/4 | €13,320 | €2,175 | -€11,145 | -83.7% |
| Taxes, remuneration and social security | 45 | €45,437 | €55,492 | +€10,055 | +22.1% |
| Taxes | 450/3 | €45,437 | €53,051 | +€7,614 | +16.8% |
| Remuneration and social security | 454/9 | - | €2,441 | +€2,441 | |
| Other amounts payable | 47/48 | €15,101 | €14,909 | -€192 | -1.3% |
| Remuneration, social security and pensions | 62 | - | €37,515 | +€37,515 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,952 | €5,351 | +€1,400 | +35.4% |
| Other operating charges | 640/8 | €923 | €870 | -€53 | -5.7% |
| Non-recurring operating charges | 66A | - | €620 | +€620 | |
| Gross operating margin | 9900 | €203,382 | €273,099 | +€69,717 | +34.3% |
| Operating profit (loss) | 9901 | €198,507 | €228,743 | +€30,236 | +15.2% |
| Financial income | 75/76B | €285 | €1,364 | +€1,079 | +378.7% |
| Recurring financial income | 75 | €285 | €1,364 | +€1,079 | +378.7% |
| Financial charges | 65/66B | €113 | €132 | +€18 | +16.1% |
| Recurring financial charges | 65 | €113 | €132 | +€18 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €198,679 | €229,975 | +€31,296 | +15.8% |
| Income taxes | 67/77 | €44,708 | €52,700 | +€7,992 | +17.9% |
| Profit (loss) for the period | 9904 | €153,971 | €177,275 | +€23,304 | +15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €153,971 | €177,275 | +€23,304 | +15.1% |
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 4 October 2026 via checked.be.