D-Sea: 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.
What changed
D-Sea
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€686,029
2024 · €375,082+€310,947
Equity
€10.4m
2024 · €9.8m+€686,029
Cash
€374,924
2024 · €234,270+€140,654
Balance sheet total
€11.9m
2024 · €11.7m+€179,741
Largest movements
Assets
- Cash +€140,654
up €140,654 (+60.0%), from €234,270 to €374,924
mainly Net result for the year (+€686,029) and Depreciation (+€23,559)
Equity and liabilities
- Profit (loss) carried forward +€651,728
up €651,728 (+24.2%), from €2.7m to €3.3m
- Other debts -€390,224
down €390,224 (-24.2%), from €1.6m to €1.2m
Income statement
- Turnover +€449,976
up €449,976 (+42.4%), from €1.1m to €1.5m
- Taxes +€101,370
up €101,370 (+77.8%), from €130,294 to €231,664
of which Taxes: +€102,283
- Goods and materials +€93,663
new in 2025: €93,663
- Financial charges -€44,676
down €44,676 (-27.7%), from €161,535 to €116,858
- Services and other goods -€26,990
down €26,990 (-6.1%), from €442,229 to €415,240
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
€375,082
Turnover
+€449,976
Other operating income
-€708
Goods and materials
-€93,663
Services and other goods
+€26,990
Depreciation
-€6,989
Other operating charges
+€412
Other operating items
-€10,296
Financial income
+€1,919
Financial charges
+€44,676
Taxes
-€101,370
Result 2025
€686,029
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.
From operations
+€160,672
Investment
-€3,941
Financing
-€16,078
Cash 2024
€234,270
From operations (derived)
+€160,672
Net result for the year
+€686,029
Depreciation
+€23,559
Receivables within one year
-€51,004
Deferred charges and accrued income
-€7,702
Trade debts
-€11,940
Tax, wage and social debts
-€33,410
Other debts
-€390,224
Accrued charges and deferred income
-€54,636
Investment (derived)
-€3,941
Investment in fixed assets (net)
-€3,941
Financing
-€16,078
Debts after one year
-€16,812
Current portion of long-term debt
+€734
Cash 2025
€374,924
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,746,216 | €11,925,957 | +€179,741 | +1.5% |
| Fixed assets | 21/28 | €11,252,887 | €11,233,268 | -€19,619 | -0.2% |
| Tangible fixed assets | 22/27 | €88,370 | €68,751 | -€19,619 | -22.2% |
| Plant, machinery and equipment | 23 | €221 | €49 | -€172 | -77.7% |
| Furniture and vehicles | 24 | €12,634 | €10,685 | -€1,949 | -15.4% |
| Leasing and similar rights | 25 | €74,437 | €57,339 | -€17,099 | -23.0% |
| Other tangible fixed assets | 26 | €1,077 | €678 | -€400 | -37.1% |
| Financial fixed assets | 28 | €11,164,517 | €11,164,517 | = | 0.0% |
| Affiliated companies | 280/1 | €9,395,431 | €9,395,431 | = | 0.0% |
| Participating interests | 280 | €8,326,951 | €8,326,951 | = | 0.0% |
| Amounts receivable | 281 | €1,068,480 | €1,068,480 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €1,769,086 | €1,769,086 | = | 0.0% |
| Participating interests | 282 | €1,769,086 | €1,769,086 | = | 0.0% |
| Current assets | 29/58 | €493,329 | €692,689 | +€199,360 | +40.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €190,306 | €241,310 | +€51,004 | +26.8% |
| Trade receivables | 40 | €25,821 | €4,931 | -€20,890 | -80.9% |
| Other amounts receivable | 41 | €164,485 | €236,379 | +€71,894 | +43.7% |
| Cash at bank and in hand | 54/58 | €234,270 | €374,924 | +€140,654 | +60.0% |
| Deferred charges and accrued income | 490/1 | €68,752 | €76,455 | +€7,702 | +11.2% |
| Total equity and liabilities | 10/49 | €11,746,216 | €11,925,957 | +€179,741 | +1.5% |
| Equity | 10/15 | €9,759,087 | €10,445,116 | +€686,029 | +7.0% |
| Contributions | 10/11 | €6,926,886 | €6,926,886 | = | 0.0% |
| Capital | 10 | €6,926,886 | €6,926,886 | = | 0.0% |
| Issued capital | 100 | €6,926,886 | €6,926,886 | = | 0.0% |
| Reserves | 13 | €141,610 | €175,912 | +€34,301 | +24.2% |
| Non-distributable reserves | 130/1 | €141,610 | €175,912 | +€34,301 | +24.2% |
| Legal reserve | 130 | €141,610 | €175,912 | +€34,301 | +24.2% |
| Profit (loss) carried forward | 14 | €2,690,591 | €3,342,318 | +€651,728 | +24.2% |
| Amounts payable | 17/49 | €1,987,129 | €1,480,841 | -€506,288 | -25.5% |
| Amounts payable after more than one year | 17 | €59,089 | €42,276 | -€16,812 | -28.5% |
| Financial debts | 170/4 | €59,089 | €42,276 | -€16,812 | -28.5% |
| Leasing and similar obligations | 172 | €59,089 | €42,276 | -€16,812 | -28.5% |
| Amounts payable within one year | 42/48 | €1,758,238 | €1,323,398 | -€434,840 | -24.7% |
| Current portion of amounts payable after more than one year | 42 | €16,078 | €16,812 | +€734 | +4.6% |
| Trade debts | 44 | €41,591 | €29,651 | -€11,940 | -28.7% |
| Suppliers | 440/4 | €41,591 | €29,651 | -€11,940 | -28.7% |
| Taxes, remuneration and social security | 45 | €88,573 | €55,163 | -€33,410 | -37.7% |
| Taxes | 450/3 | €88,573 | €55,163 | -€33,410 | -37.7% |
| Other amounts payable | 47/48 | €1,611,996 | €1,221,772 | -€390,224 | -24.2% |
| Accrued charges and deferred income | 492/3 | €169,802 | €115,167 | -€54,636 | -32.2% |
| Operating income | 70/76A | €1,104,901 | €1,543,873 | +€438,972 | +39.7% |
| Turnover | 70 | €1,062,371 | €1,512,347 | +€449,976 | +42.4% |
| Other operating income | 74 | €32,234 | €31,525 | -€708 | -2.2% |
| Non-recurring operating income | 76A | €10,296 | €0 | -€10,296 | -100.0% |
| Operating charges | 60/66A | €462,208 | €535,459 | +€73,250 | +15.8% |
| Goods for resale, raw materials and consumables | 60 | - | €93,663 | +€93,663 | |
| Purchases | 600/8 | - | €93,663 | +€93,663 | |
| Services and other goods | 61 | €442,229 | €415,240 | -€26,990 | -6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,571 | €23,559 | +€6,989 | +42.2% |
| Other operating charges | 640/8 | €3,408 | €2,996 | -€412 | -12.1% |
| Operating profit (loss) | 9901 | €642,692 | €1,008,414 | +€365,722 | +56.9% |
| Financial income | 75/76B | €24,218 | €26,137 | +€1,919 | +7.9% |
| Recurring financial income | 75 | €24,218 | €26,137 | +€1,919 | +7.9% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €21,402 | €21,960 | +€558 | +2.6% |
| Other financial income | 752/9 | €2,816 | €4,177 | +€1,361 | +48.3% |
| Financial charges | 65/66B | €161,535 | €116,858 | -€44,676 | -27.7% |
| Recurring financial charges | 65 | €161,535 | €116,858 | -€44,676 | -27.7% |
| Debt charges | 650 | €2,475 | €3,124 | +€649 | +26.2% |
| Other financial charges | 652/9 | €159,060 | €113,734 | -€45,326 | -28.5% |
| Profit (loss) for the period before taxes | 9903 | €505,376 | €917,693 | +€412,317 | +81.6% |
| Income taxes | 67/77 | €130,294 | €231,664 | +€101,370 | +77.8% |
| Taxes | 670/3 | €130,294 | €232,577 | +€102,283 | +78.5% |
| Tax adjustments and reversals of tax provisions | 77 | - | €913 | +€913 | |
| Profit (loss) for the period | 9904 | €375,082 | €686,029 | +€310,947 | +82.9% |
| Profit (loss) for the period to be appropriated | 9905 | €375,082 | €686,029 | +€310,947 | +82.9% |
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.