DB & S: 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 & S
Largest movements
- Financial fixed assets -€3.8m
no longer reported in 2025 (was €3.8m)
- Tangible fixed assets -€878,673
down €878,673 (-49.2%), from €1.8m to €906,224
of which Leasing and similar rights: -€823,842
- Current investments +€743,220
up €743,220 (+59457576.0%), from €1 to €743,221
- Stocks and contracts -€593,213
down €593,213 (-22.5%), from €2.6m to €2.0m
- Receivables within one year -€444,171
down €444,171 (-25.5%), from €1.7m to €1.3m
of which Trade receivables: -€489,126
- Profit (loss) carried forward -€6.1m
new in 2025: -€6.1m
- Short-term financial debts +€2.0m
up €2.0m (+114.3%), from €1.8m to €3.8m
- Reserves -€1.6m
no longer reported in 2025 (was €1.6m)
of which Distributable reserves: -€1.6m
- Debts after one year +€468,710
up €468,710 (+10.0%), from €4.7m to €5.1m
- Current portion of long-term debt +€172,538
up €172,538 (+33.3%), from €518,425 to €690,963
- Depreciation +€579,130
up €579,130 (+74.9%), from €773,540 to €1.4m
- Staff costs +€491,345
up €491,345 (+58.4%), from €840,950 to €1.3m
- Financial charges +€140,455
up €140,455 (+34.9%), from €402,553 to €543,008
- Other operating charges +€97,663
up €97,663 (+232.1%), from €42,070 to €139,733
- Taxes -€64,290
down €64,290, from €52,467 to -€11,823
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,575,236 | €6,323,782 | -€5.3m | -45.4% |
| Formation expenses | 20 | €94,072 | €3,920 | -€90,152 | -95.8% |
| Fixed assets | 21/28 | €6,394,357 | €1,969,217 | -€4.4m | -69.2% |
| Intangible fixed assets | 21 | €761,996 | €1,062,994 | +€300,998 | +39.5% |
| Tangible fixed assets | 22/27 | €1,784,896 | €906,224 | -€878,673 | -49.2% |
| Plant, machinery and equipment | 23 | €26,874 | €26,136 | -€737 | -2.7% |
| Furniture and vehicles | 24 | €53,559 | €38,571 | -€14,988 | -28.0% |
| Leasing and similar rights | 25 | €1,524,654 | €700,812 | -€823,842 | -54.0% |
| Other tangible fixed assets | 26 | €179,810 | €140,704 | -€39,106 | -21.7% |
| Financial fixed assets | 28 | €3,847,465 | - | -€3.8m | |
| Current assets | 29/58 | €5,086,807 | €4,350,645 | -€736,162 | -14.5% |
| Stocks and contracts in progress | 3 | €2,636,538 | €2,043,325 | -€593,213 | -22.5% |
| Stocks | 30/36 | €2,636,538 | €2,043,325 | -€593,213 | -22.5% |
| Amounts receivable within one year | 40/41 | €1,739,653 | €1,295,482 | -€444,171 | -25.5% |
| Trade receivables | 40 | €1,711,573 | €1,222,447 | -€489,126 | -28.6% |
| Other amounts receivable | 41 | €28,080 | €73,035 | +€44,955 | +160.1% |
| Current investments | 50/53 | €1 | €743,221 | +€743,220 | +59457576.0% |
| Cash at bank and in hand | 54/58 | €656,033 | €228,202 | -€427,831 | -65.2% |
| Deferred charges and accrued income | 490/1 | €54,582 | €40,415 | -€14,167 | -26.0% |
| Total equity and liabilities | 10/49 | €11,575,236 | €6,323,782 | -€5.3m | -45.4% |
| Equity | 10/15 | €2,441,118 | -€5,287,302 | -€7.7m | |
| Contributions | 10/11 | €820,000 | €820,000 | = | 0.0% |
| Reserves | 13 | €1,621,118 | - | -€1.6m | |
| Tax-exempt reserves | 132 | €13,500 | - | -€13,500 | |
| Distributable reserves | 133 | €1,607,618 | - | -€1.6m | |
| Profit (loss) carried forward | 14 | - | -€6,107,302 | -€6.1m | |
| Provisions and deferred taxes | 16 | €4,500 | - | -€4,500 | |
| Deferred taxes | 168 | €4,500 | - | -€4,500 | |
| Amounts payable | 17/49 | €9,129,618 | €11,611,084 | +€2.5m | +27.2% |
| Amounts payable after more than one year | 17 | €4,674,144 | €5,142,855 | +€468,710 | +10.0% |
| Financial debts | 170/4 | €4,674,144 | €5,142,855 | +€468,710 | +10.0% |
| Amounts payable within one year | 42/48 | €4,151,099 | €6,182,419 | +€2.0m | +48.9% |
| Current portion of amounts payable after more than one year | 42 | €518,425 | €690,963 | +€172,538 | +33.3% |
| Financial debts | 43 | €1,750,000 | €3,750,000 | +€2.0m | +114.3% |
| Credit institutions | 430/8 | €1,750,000 | €3,750,000 | +€2.0m | +114.3% |
| Trade debts | 44 | €1,576,923 | €1,601,576 | +€24,653 | +1.6% |
| Suppliers | 440/4 | €1,576,923 | €1,601,576 | +€24,653 | +1.6% |
| Taxes, remuneration and social security | 45 | €290,549 | €124,930 | -€165,619 | -57.0% |
| Taxes | 450/3 | €176,267 | €26,879 | -€149,388 | -84.8% |
| Remuneration and social security | 454/9 | €114,282 | €98,051 | -€16,231 | -14.2% |
| Other amounts payable | 47/48 | €15,202 | €14,950 | -€252 | -1.7% |
| Accrued charges and deferred income | 492/3 | €304,374 | €285,810 | -€18,564 | -6.1% |
| Non-recurring operating income | 76A | - | €16,632 | +€16,632 | |
| Remuneration, social security and pensions | 62 | €840,950 | €1,332,295 | +€491,345 | +58.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €773,540 | €1,352,670 | +€579,130 | +74.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,092 | +€6,092 | |
| Other operating charges | 640/8 | €42,070 | €139,733 | +€97,663 | +232.1% |
| Non-recurring operating charges | 66A | €4,595 | €6,825,624 | +€6.8m | +148428.8% |
| Gross operating margin | 9900 | €2,419,127 | €2,453,480 | +€34,353 | +1.4% |
| Operating profit (loss) | 9901 | €757,971 | -€7,202,935 | -€8.0m | |
| Financial income | 75/76B | €1,836 | €1,200 | -€635 | -34.6% |
| Recurring financial income | 75 | €1,836 | €1,200 | -€635 | -34.6% |
| Financial charges | 65/66B | €402,553 | €543,008 | +€140,455 | +34.9% |
| Recurring financial charges | 65 | €402,553 | €543,008 | +€140,455 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | €357,254 | -€7,744,743 | -€8.1m | |
| Transfer from deferred taxes | 780 | - | €4,500 | +€4,500 | |
| Transfer to deferred taxes | 680 | €4,500 | - | -€4,500 | |
| Income taxes | 67/77 | €52,467 | -€11,823 | -€64,290 | |
| Profit (loss) for the period | 9904 | €300,286 | -€7,728,420 | -€8.0m | |
| Transfer from tax-exempt reserves | 789 | - | €13,500 | +€13,500 | |
| Transfer to tax-exempt reserves | 689 | €13,500 | - | -€13,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €286,786 | -€7,714,920 | -€8.0m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.