DB² Value Creation: 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.
DB² Value Creation
Largest movements
- Intangible fixed assets -€279,429
down €279,429 (-13.6%), from €2.1m to €1.8m
- Receivables within one year +€127,604
up €127,604 (+40.9%), from €312,017 to €439,621
of which Trade receivables: +€127,604
- Profit (loss) carried forward -€2.1m
down €2.1m (-56.9%), from -€3.7m to -€5.8m
- Debts after one year +€1.2m
up €1.2m (+27.6%), from €4.2m to €5.4m
- Accrued charges and deferred income +€623,972
up €623,972 (+107.0%), from €582,903 to €1.2m
- Tax, wage and social debts +€132,158
up €132,158 (+59.0%), from €224,102 to €356,259
of which Remuneration and social security: +€72,928
- Trade debts +€32,364
up €32,364 (+16.1%), from €201,249 to €233,613
- Financial charges -€674,355
down €674,355 (-69.9%), from €964,690 to €290,335
- Gross operating margin -€476,818
down €476,818, from €377,845 to -€98,973
- Staff costs +€331,174
up €331,174 (+30.4%), from €1.1m to €1.4m
- Depreciation +€20,468
up €20,468 (+7.5%), from €274,652 to €295,120
- Taxes +€19,965
up €19,965, from -€18,271 to €1,693
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 | €2,511,143 | €2,364,323 | -€146,820 | -5.8% |
| Formation expenses | 20 | €2,244 | €0 | -€2,244 | -100.0% |
| Fixed assets | 21/28 | €2,080,694 | €1,795,973 | -€284,721 | -13.7% |
| Intangible fixed assets | 21 | €2,052,049 | €1,772,620 | -€279,429 | -13.6% |
| Tangible fixed assets | 22/27 | €28,645 | €23,353 | -€5,292 | -18.5% |
| Plant, machinery and equipment | 23 | €2,155 | €1,189 | -€965 | -44.8% |
| Furniture and vehicles | 24 | €24,537 | €18,680 | -€5,857 | -23.9% |
| Other tangible fixed assets | 26 | €1,953 | €3,484 | +€1,530 | +78.3% |
| Current assets | 29/58 | €428,205 | €568,350 | +€140,145 | +32.7% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €312,017 | €439,621 | +€127,604 | +40.9% |
| Trade receivables | 40 | €211,272 | €338,875 | +€127,604 | +60.4% |
| Other amounts receivable | 41 | €100,745 | €100,745 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €79,006 | €91,961 | +€12,955 | +16.4% |
| Deferred charges and accrued income | 490/1 | €37,183 | €36,769 | -€414 | -1.1% |
| Total equity and liabilities | 10/49 | €2,511,143 | €2,364,323 | -€146,820 | -5.8% |
| Equity | 10/15 | -€2,742,376 | -€4,847,689 | -€2.1m | -76.8% |
| Contributions | 10/11 | €953,187 | €953,187 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,697,419 | -€5,802,732 | -€2.1m | -56.9% |
| Amounts payable | 17/49 | €5,253,520 | €7,212,013 | +€2.0m | +37.3% |
| Amounts payable after more than one year | 17 | €4,235,562 | €5,405,562 | +€1.2m | +27.6% |
| Financial debts | 170/4 | €4,235,562 | €5,405,562 | +€1.2m | +27.6% |
| Amounts payable within one year | 42/48 | €435,054 | €599,576 | +€164,521 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €201,249 | €233,613 | +€32,364 | +16.1% |
| Suppliers | 440/4 | €201,249 | €233,613 | +€32,364 | +16.1% |
| Taxes, remuneration and social security | 45 | €224,102 | €356,259 | +€132,158 | +59.0% |
| Taxes | 450/3 | €23,033 | €82,263 | +€59,230 | +257.1% |
| Remuneration and social security | 454/9 | €201,068 | €273,996 | +€72,928 | +36.3% |
| Other amounts payable | 47/48 | €9,703 | €9,703 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €582,903 | €1,206,875 | +€623,972 | +107.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,089,017 | €1,420,190 | +€331,174 | +30.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €274,652 | €295,120 | +€20,468 | +7.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €368 | €209 | -€158 | -43.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €377,845 | -€98,973 | -€476,818 | |
| Operating profit (loss) | 9901 | -€986,191 | -€1,814,493 | -€828,302 | -84.0% |
| Financial income | 75/76B | €0 | €1,208 | +€1,208 | |
| Recurring financial income | 75 | €0 | €1,208 | +€1,208 | |
| Financial charges | 65/66B | €964,690 | €290,335 | -€674,355 | -69.9% |
| Recurring financial charges | 65 | €964,690 | €290,335 | -€674,355 | -69.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,950,881 | -€2,103,620 | -€152,739 | -7.8% |
| Income taxes | 67/77 | -€18,271 | €1,693 | +€19,965 | |
| Profit (loss) for the period | 9904 | -€1,932,609 | -€2,105,313 | -€172,704 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,932,609 | -€2,105,313 | -€172,704 | -8.9% |
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 7 October 2026 via checked.be.