DBS MGT: 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 MGT
Largest movements
- Financial fixed assets -€33,400
no longer reported in 2025 (was €33,400)
- Receivables within one year +€13,548
up €13,548 (+81.1%), from €16,707 to €30,255
of which Trade receivables: +€14,795
- Cash -€10,404
down €10,404 (-27.5%), from €37,765 to €27,361
mainly Contributions, distributions and other (-€84,000) and Receivables within one year (-€13,548)
- Tangible fixed assets -€7,475
down €7,475 (-14.9%), from €50,335 to €42,860
of which Leasing and similar rights: -€13,418
- Reserves -€33,450
down €33,450 (-46.0%), from €72,745 to €39,295
of which Non-distributable reserves: -€72,745
- Debts after one year -€10,683
down €10,683 (-31.1%), from €34,336 to €23,653
- Other debts +€3,560
up €3,560 (+4.4%), from €81,622 to €85,182
- Financial income +€17,964
up €17,964 (+955%), from €1,882 to €19,846
- Gross operating margin -€14,912
down €14,912 (-16.2%), from €92,180 to €77,268
- Turnover -€13,525
down €13,525 (-7.8%), from €174,320 to €160,795
- Depreciation +€3,465
up €3,465 (+24.8%), from €13,997 to €17,462
- Taxes +€1,914
up €1,914 (+8.5%), from €22,563 to €24,477
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 | €218,207 | €180,476 | -€37,731 | -17.3% |
| Fixed assets | 21/28 | €83,735 | €42,860 | -€40,875 | -48.8% |
| Tangible fixed assets | 22/27 | €50,335 | €42,860 | -€7,475 | -14.9% |
| Plant, machinery and equipment | 23 | €7,000 | €10,670 | +€3,670 | +52.4% |
| Furniture and vehicles | 24 | €1,335 | €3,608 | +€2,273 | +170% |
| Leasing and similar rights | 25 | €42,000 | €28,582 | -€13,418 | -31.9% |
| Financial fixed assets | 28 | €33,400 | - | -€33,400 | |
| Current assets | 29/58 | €134,472 | €137,616 | +€3,144 | +2.3% |
| Amounts receivable within one year | 40/41 | €16,707 | €30,255 | +€13,548 | +81.1% |
| Trade receivables | 40 | €15,455 | €30,250 | +€14,795 | +95.7% |
| Other amounts receivable | 41 | €1,252 | €5 | -€1,247 | -99.6% |
| Current investments | 50/53 | €80,000 | €80,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €37,765 | €27,361 | -€10,404 | -27.5% |
| Total equity and liabilities | 10/49 | €218,207 | €180,476 | -€37,731 | -17.3% |
| Equity | 10/15 | €82,745 | €49,295 | -€33,450 | -40.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €72,745 | €39,295 | -€33,450 | -46.0% |
| Non-distributable reserves | 130/1 | €72,745 | - | -€72,745 | |
| Reserves not available under the articles | 1311 | €72,745 | - | -€72,745 | |
| Distributable reserves | 133 | - | €39,295 | +€39,295 | |
| Amounts payable | 17/49 | €135,462 | €131,181 | -€4,281 | -3.2% |
| Amounts payable after more than one year | 17 | €34,336 | €23,653 | -€10,683 | -31.1% |
| Financial debts | 170/4 | €34,336 | €23,653 | -€10,683 | -31.1% |
| Amounts payable within one year | 42/48 | €101,126 | €107,528 | +€6,402 | +6.3% |
| Current portion of amounts payable after more than one year | 42 | €10,270 | €10,683 | +€413 | +4.0% |
| Trade debts | 44 | €821 | €1,587 | +€766 | +93.3% |
| Suppliers | 440/4 | €821 | €1,587 | +€766 | +93.3% |
| Taxes, remuneration and social security | 45 | €8,413 | €10,076 | +€1,663 | +19.8% |
| Taxes | 450/3 | €8,413 | €10,076 | +€1,663 | +19.8% |
| Other amounts payable | 47/48 | €81,622 | €85,182 | +€3,560 | +4.4% |
| Turnover | 70 | €174,320 | €160,795 | -€13,525 | -7.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €82,139 | €83,527 | +€1,388 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,997 | €17,462 | +€3,465 | +24.8% |
| Other operating charges | 640/8 | €1,364 | €2,931 | +€1,567 | +115% |
| Gross operating margin | 9900 | €92,180 | €77,268 | -€14,912 | -16.2% |
| Operating profit (loss) | 9901 | €76,819 | €56,875 | -€19,944 | -26.0% |
| Financial income | 75/76B | €1,882 | €19,846 | +€17,964 | +955% |
| Recurring financial income | 75 | €1,882 | €19,846 | +€17,964 | +955% |
| Financial charges | 65/66B | €1,968 | €1,694 | -€274 | -13.9% |
| Recurring financial charges | 65 | €1,968 | €1,694 | -€274 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €76,733 | €75,027 | -€1,706 | -2.2% |
| Income taxes | 67/77 | €22,563 | €24,477 | +€1,914 | +8.5% |
| Profit (loss) for the period | 9904 | €54,170 | €50,550 | -€3,620 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €54,170 | €50,550 | -€3,620 | -6.7% |
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 17 October 2026 via checked.be.