DB LANDSCAPE: 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.
DB LANDSCAPE
Largest movements
- Stocks and contracts -€716,598
down €716,598 (-53.7%), from €1.3m to €618,011
- Cash -€55,457
down €55,457 (-29.4%), from €188,579 to €133,123
mainly Current portion of long-term debt (-€580,440) and Debts after one year (-€380,824)
- Current portion of long-term debt -€580,440
down €580,440 (-46.3%), from €1.3m to €674,560
- Debts after one year -€380,824
down €380,824 (-98.9%), from €385,000 to €4,176
of which Financial debts: -€385,000
- Reserves +€237,000
up €237,000 (+107.0%), from €221,500 to €458,500
of which Distributable reserves: +€237,000
- Other debts -€90,118
down €90,118 (-68.2%), from €132,199 to €42,081
- Tax, wage and social debts +€30,670
new in 2025: €30,670
- Gross operating margin +€471,043
up €471,043 (+5748.4%), from €8,194 to €479,237
- Taxes +€90,670
new in 2025: €90,670
- Financial charges +€44,777
up €44,777 (+287.8%), from €15,557 to €60,334
- Other operating charges +€35,101
up €35,101 (+1265.0%), from €2,775 to €37,875
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 | €1,887,676 | €1,106,191 | -€781,485 | -41.4% |
| Fixed assets | 21/28 | €364,487 | €354,231 | -€10,256 | -2.8% |
| Tangible fixed assets | 22/27 | €364,487 | €354,231 | -€10,256 | -2.8% |
| Land and buildings | 22 | €364,487 | €354,231 | -€10,256 | -2.8% |
| Current assets | 29/58 | €1,523,189 | €751,960 | -€771,228 | -50.6% |
| Stocks and contracts in progress | 3 | €1,334,610 | €618,011 | -€716,598 | -53.7% |
| Stocks | 30/36 | €1,334,610 | €618,011 | -€716,598 | -53.7% |
| Cash at bank and in hand | 54/58 | €188,579 | €133,123 | -€55,457 | -29.4% |
| Deferred charges and accrued income | 490/1 | - | €827 | +€827 | |
| Total equity and liabilities | 10/49 | €1,887,676 | €1,106,191 | -€781,485 | -41.4% |
| Equity | 10/15 | €115,311 | €352,912 | +€237,601 | +206.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €221,500 | €458,500 | +€237,000 | +107.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €219,500 | €456,500 | +€237,000 | +108.0% |
| Profit (loss) carried forward | 14 | -€126,189 | -€125,588 | +€601 | +0.5% |
| Amounts payable | 17/49 | €1,772,365 | €753,279 | -€1.0m | -57.5% |
| Amounts payable after more than one year | 17 | €385,000 | €4,176 | -€380,824 | -98.9% |
| Financial debts | 170/4 | €385,000 | - | -€385,000 | |
| Other amounts payable | 178/9 | - | €4,176 | +€4,176 | |
| Amounts payable within one year | 42/48 | €1,387,365 | €749,103 | -€638,262 | -46.0% |
| Current portion of amounts payable after more than one year | 42 | €1,255,000 | €674,560 | -€580,440 | -46.3% |
| Trade debts | 44 | €166 | €1,791 | +€1,625 | +979.2% |
| Suppliers | 440/4 | €166 | €1,791 | +€1,625 | +979.2% |
| Taxes, remuneration and social security | 45 | - | €30,670 | +€30,670 | |
| Taxes | 450/3 | - | €30,670 | +€30,670 | |
| Other amounts payable | 47/48 | €132,199 | €42,081 | -€90,118 | -68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,457 | €10,256 | -€1,200 | -10.5% |
| Other operating charges | 640/8 | €2,775 | €37,875 | +€35,101 | +1265.0% |
| Gross operating margin | 9900 | €8,194 | €479,237 | +€471,043 | +5748.4% |
| Operating profit (loss) | 9901 | -€6,037 | €431,105 | +€437,142 | |
| Financial charges | 65/66B | €15,557 | €60,334 | +€44,777 | +287.8% |
| Recurring financial charges | 65 | €15,557 | €60,334 | +€44,777 | +287.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,594 | €370,771 | +€392,366 | |
| Income taxes | 67/77 | - | €90,670 | +€90,670 | |
| Profit (loss) for the period | 9904 | -€21,594 | €280,101 | +€301,695 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,594 | €280,101 | +€301,695 |
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 11 October 2026 via checked.be.