DBS INVEST: 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.
DBS INVEST
Largest movements
- Receivables within one year -€91,250
down €91,250 (-44.3%), from €205,846 to €114,596
of which Trade receivables: -€98,803
- Stocks and contracts +€65,943
up €65,943 (+113%), from €58,173 to €124,117
- Tangible fixed assets +€21,473
up €21,473 (+1.4%), from €1.5m to €1.6m
of which Land and buildings: +€34,376
- Other debts +€59,944
up €59,944 (+47.5%), from €126,179 to €186,123
- Debts after one year -€50,752
down €50,752 (-6.8%), from €743,121 to €692,369
- Tax, wage and social debts -€50,121
down €50,121 (-48.1%), from €104,238 to €54,117
of which Taxes: -€39,620
- Trade debts +€40,336
up €40,336 (+19.3%), from €208,944 to €249,280
- Gross operating margin -€105,165
down €105,165 (-25.0%), from €420,919 to €315,754
- Financial income +€45,580
up €45,580 (+4,554%), from €1,001 to €46,581
- Staff costs +€26,293
up €26,293 (+11.8%), from €223,383 to €249,675
- Taxes -€19,483
down €19,483 (-81.4%), from €23,930 to €4,447
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.
Derived cash bridge
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 | €1,851,848 | €1,848,341 | -€3,507 | -0.2% |
| Fixed assets | 21/28 | €1,550,101 | €1,571,574 | +€21,473 | +1.4% |
| Tangible fixed assets | 22/27 | €1,545,218 | €1,566,691 | +€21,473 | +1.4% |
| Land and buildings | 22 | €1,439,640 | €1,474,016 | +€34,376 | +2.4% |
| Plant, machinery and equipment | 23 | €40,132 | €34,549 | -€5,583 | -13.9% |
| Furniture and vehicles | 24 | €33,295 | €30,525 | -€2,770 | -8.3% |
| Other tangible fixed assets | 26 | €32,151 | €27,602 | -€4,549 | -14.1% |
| Financial fixed assets | 28 | €4,883 | €4,883 | = | 0.0% |
| Current assets | 29/58 | €301,747 | €276,767 | -€24,980 | -8.3% |
| Stocks and contracts in progress | 3 | €58,173 | €124,117 | +€65,943 | +113% |
| Stocks | 30/36 | €58,173 | €124,117 | +€65,943 | +113% |
| Amounts receivable within one year | 40/41 | €205,846 | €114,596 | -€91,250 | -44.3% |
| Trade receivables | 40 | €200,652 | €101,849 | -€98,803 | -49.2% |
| Other amounts receivable | 41 | €5,194 | €12,747 | +€7,553 | +145% |
| Cash at bank and in hand | 54/58 | €33,210 | €32,224 | -€986 | -3.0% |
| Deferred charges and accrued income | 490/1 | €4,517 | €5,830 | +€1,313 | +29.1% |
| Total equity and liabilities | 10/49 | €1,851,848 | €1,848,341 | -€3,507 | -0.2% |
| Equity | 10/15 | €610,150 | €615,656 | +€5,506 | +0.9% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Revaluation surpluses | 12 | €199,150 | €199,150 | = | 0.0% |
| Reserves | 13 | €92,941 | €92,941 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €17,268 | €17,268 | = | 0.0% |
| Distributable reserves | 133 | €69,476 | €69,476 | = | 0.0% |
| Profit (loss) carried forward | 14 | €256,086 | €261,591 | +€5,506 | +2.1% |
| Amounts payable | 17/49 | €1,241,698 | €1,232,686 | -€9,012 | -0.7% |
| Amounts payable after more than one year | 17 | €743,121 | €692,369 | -€50,752 | -6.8% |
| Financial debts | 170/4 | €743,121 | €692,369 | -€50,752 | -6.8% |
| Amounts payable within one year | 42/48 | €498,577 | €540,317 | +€41,740 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €59,179 | €50,752 | -€8,427 | -14.2% |
| Financial debts | 43 | - | €45 | +€45 | |
| Credit institutions | 430/8 | - | €45 | +€45 | |
| Trade debts | 44 | €208,944 | €249,280 | +€40,336 | +19.3% |
| Suppliers | 440/4 | €208,944 | €249,280 | +€40,336 | +19.3% |
| Advances received on contracts in progress | 46 | €37 | €0 | -€37 | -100% |
| Taxes, remuneration and social security | 45 | €104,238 | €54,117 | -€50,121 | -48.1% |
| Taxes | 450/3 | €63,811 | €24,190 | -€39,620 | -62.1% |
| Remuneration and social security | 454/9 | €40,428 | €29,927 | -€10,501 | -26.0% |
| Other amounts payable | 47/48 | €126,179 | €186,123 | +€59,944 | +47.5% |
| Remuneration, social security and pensions | 62 | €223,383 | €249,675 | +€26,293 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,168 | €64,347 | -€1,820 | -2.8% |
| Other operating charges | 640/8 | €4,372 | €4,319 | -€52 | -1.2% |
| Gross operating margin | 9900 | €420,919 | €315,754 | -€105,165 | -25.0% |
| Operating profit (loss) | 9901 | €126,997 | -€2,588 | -€129,586 | |
| Financial income | 75/76B | €1,001 | €46,581 | +€45,580 | +4,554% |
| Recurring financial income | 75 | €1,001 | €46,581 | +€45,580 | +4,554% |
| Financial charges | 65/66B | €34,593 | €34,041 | -€552 | -1.6% |
| Recurring financial charges | 65 | €34,093 | €34,041 | -€52 | -0.2% |
| Non-recurring financial charges | 66B | €500 | €0 | -€500 | -100% |
| Profit (loss) for the period before taxes | 9903 | €93,406 | €9,953 | -€83,453 | -89.3% |
| Income taxes | 67/77 | €23,930 | €4,447 | -€19,483 | -81.4% |
| Profit (loss) for the period | 9904 | €69,476 | €5,506 | -€63,970 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €69,476 | €5,506 | -€63,970 | -92.1% |
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 31 October 2026 via checked.be.