DAX: 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.
DAX
Largest movements
- Financial fixed assets -€100,000
down €100,000 (-99.9%), from €100,150 to €150
- Receivables within one year -€50,353
down €50,353 (-66.7%), from €75,500 to €25,148
of which Other amounts receivable: -€27,157
- Cash -€35,618
down €35,618 (-28.7%), from €123,929 to €88,311
mainly Other debts (-€123,800) and Contributions, distributions and other (-€107,000)
- Tangible fixed assets +€7,287
up €7,287 (+36.2%), from €20,147 to €27,434
of which Land and buildings: +€25,734
- Other debts -€123,800
down €123,800 (-46.7%), from €264,970 to €141,170
- Trade debts -€28,519
down €28,519 (-97.5%), from €29,242 to €724
- Tax, wage and social debts -€28,493
down €28,493 (-55.4%), from €51,438 to €22,945
of which Remuneration and social security: -€26,527
- Accrued charges and deferred income +€4,463
up €4,463 (+637.5%), from €700 to €5,163
- Gross operating margin -€15,510
down €15,510 (-9.1%), from €170,528 to €155,019
- Taxes +€3,865
up €3,865 (+12.2%), from €31,637 to €35,502
- Financial charges -€2,870
down €2,870 (-94.3%), from €3,044 to €173
- Financial income +€2,423
up €2,423 (+1951.4%), from €124 to €2,547
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 | €421,464 | €244,612 | -€176,852 | -42.0% |
| Fixed assets | 21/28 | €120,297 | €27,584 | -€92,713 | -77.1% |
| Tangible fixed assets | 22/27 | €20,147 | €27,434 | +€7,287 | +36.2% |
| Land and buildings | 22 | €1,303 | €27,036 | +€25,734 | +1975.6% |
| Furniture and vehicles | 24 | €18,844 | €398 | -€18,446 | -97.9% |
| Financial fixed assets | 28 | €100,150 | €150 | -€100,000 | -99.9% |
| Current assets | 29/58 | €301,168 | €217,028 | -€84,140 | -27.9% |
| Amounts receivable within one year | 40/41 | €75,500 | €25,148 | -€50,353 | -66.7% |
| Trade receivables | 40 | €46,697 | €23,501 | -€23,195 | -49.7% |
| Other amounts receivable | 41 | €28,803 | €1,646 | -€27,157 | -94.3% |
| Current investments | 50/53 | €100,000 | €102,475 | +€2,475 | +2.5% |
| Cash at bank and in hand | 54/58 | €123,929 | €88,311 | -€35,618 | -28.7% |
| Deferred charges and accrued income | 490/1 | €1,739 | €1,094 | -€644 | -37.1% |
| Total equity and liabilities | 10/49 | €421,464 | €244,612 | -€176,852 | -42.0% |
| Equity | 10/15 | €75,113 | €74,611 | -€503 | -0.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €69,500 | €69,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €69,000 | €69,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €613 | €111 | -€503 | -82.0% |
| Amounts payable | 17/49 | €346,351 | €170,001 | -€176,349 | -50.9% |
| Amounts payable within one year | 42/48 | €345,651 | €164,839 | -€180,812 | -52.3% |
| Trade debts | 44 | €29,242 | €724 | -€28,519 | -97.5% |
| Suppliers | 440/4 | €29,242 | €724 | -€28,519 | -97.5% |
| Taxes, remuneration and social security | 45 | €51,438 | €22,945 | -€28,493 | -55.4% |
| Taxes | 450/3 | €11,874 | €9,908 | -€1,966 | -16.6% |
| Remuneration and social security | 454/9 | €39,564 | €13,037 | -€26,527 | -67.0% |
| Other amounts payable | 47/48 | €264,970 | €141,170 | -€123,800 | -46.7% |
| Accrued charges and deferred income | 492/3 | €700 | €5,163 | +€4,463 | +637.5% |
| Non-recurring operating income | 76A | - | €14,443 | +€14,443 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,935 | €13,695 | +€760 | +5.9% |
| Other operating charges | 640/8 | €940 | €1,698 | +€757 | +80.5% |
| Gross operating margin | 9900 | €170,528 | €155,019 | -€15,510 | -9.1% |
| Operating profit (loss) | 9901 | €156,653 | €139,626 | -€17,027 | -10.9% |
| Financial income | 75/76B | €124 | €2,547 | +€2,423 | +1951.4% |
| Recurring financial income | 75 | €124 | €2,547 | +€2,423 | +1951.4% |
| Financial charges | 65/66B | €3,044 | €173 | -€2,870 | -94.3% |
| Recurring financial charges | 65 | €3,044 | €173 | -€2,870 | -94.3% |
| Profit (loss) for the period before taxes | 9903 | €153,733 | €142,000 | -€11,734 | -7.6% |
| Income taxes | 67/77 | €31,637 | €35,502 | +€3,865 | +12.2% |
| Profit (loss) for the period | 9904 | €122,096 | €106,497 | -€15,599 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €122,096 | €106,497 | -€15,599 | -12.8% |
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 7 October 2026 via checked.be.