DBS-PROJECTS: 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.
What changed
DBS-PROJECTS
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€54,971
2024 · €648,135-€703,106
Equity
€2.6m
2024 · €2.7m-€54,971
Cash
€27,124
2024 · €55,528-€28,404
Balance sheet total
€14.3m
2024 · €15.1m-€848,939
Largest movements
Assets
- Tangible fixed assets -€431,873
down €431,873 (-5.5%), from €7.9m to €7.5m
of which Land and buildings: -€431,073
- Receivables within one year -€388,976
down €388,976 (-13.4%), from €2.9m to €2.5m
of which Other amounts receivable: -€377,610
Equity and liabilities
- Debts after one year -€988,162
down €988,162 (-9.4%), from €10.5m to €9.5m
- Reserves -€153,772
down €153,772 (-9.1%), from €1.7m to €1.5m
of which Tax-exempt reserves: -€153,772
Income statement
- Gross operating margin -€613,060
down €613,060 (-43.9%), from €1.4m to €783,605
- Taxes +€76,826
new in 2025: €76,826
- Financial income -€33,686
down €33,686 (-80.8%), from €41,692 to €8,006
- Financial charges -€15,103
down €15,103 (-6.5%), from €230,877 to €215,774
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.
Result 2024
€648,135
Gross operating margin
-€613,060
Depreciation
-€740
Other operating charges
+€6,104
Financial income
-€33,686
Financial charges
+€15,103
Taxes
-€76,826
Result 2025
-€54,971
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.
From operations
+€967,466
Investment
-€25,500
Financing
-€970,370
Cash 2024
€55,528
From operations (derived)
+€967,466
Net result for the year
-€54,971
Depreciation
+€457,373
Receivables within one year
+€388,976
Deferred charges and accrued income
-€314
Trade debts
+€3,569
Tax, wage and social debts
+€51,109
Other debts
+€102,378
Accrued charges and deferred income
+€19,346
Investment (derived)
-€25,500
Investment in fixed assets (net)
-€25,500
Financing
-€970,370
Debts after one year
-€988,162
Current portion of long-term debt
+€17,792
Cash 2025
€27,124
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,108,868 | €14,259,929 | -€848,939 | -5.6% |
| Fixed assets | 21/28 | €12,142,455 | €11,710,582 | -€431,873 | -3.6% |
| Tangible fixed assets | 22/27 | €7,901,760 | €7,469,887 | -€431,873 | -5.5% |
| Land and buildings | 22 | €7,900,960 | €7,469,887 | -€431,073 | -5.5% |
| Plant, machinery and equipment | 23 | €800 | €0 | -€800 | -100.0% |
| Financial fixed assets | 28 | €4,240,695 | €4,240,695 | = | 0.0% |
| Current assets | 29/58 | €2,966,413 | €2,549,347 | -€417,066 | -14.1% |
| Amounts receivable within one year | 40/41 | €2,893,824 | €2,504,849 | -€388,976 | -13.4% |
| Trade receivables | 40 | €89,924 | €78,559 | -€11,366 | -12.6% |
| Other amounts receivable | 41 | €2,803,900 | €2,426,290 | -€377,610 | -13.5% |
| Cash at bank and in hand | 54/58 | €55,528 | €27,124 | -€28,404 | -51.2% |
| Deferred charges and accrued income | 490/1 | €17,060 | €17,374 | +€314 | +1.8% |
| Total equity and liabilities | 10/49 | €15,108,868 | €14,259,929 | -€848,939 | -5.6% |
| Equity | 10/15 | €2,678,285 | €2,623,313 | -€54,971 | -2.1% |
| Contributions | 10/11 | €267,249 | €267,249 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Outside capital | 11 | €205,749 | €205,749 | = | 0.0% |
| Share premium | 1100/10 | €205,749 | €205,749 | = | 0.0% |
| Reserves | 13 | €1,687,850 | €1,534,078 | -€153,772 | -9.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,681,700 | €1,527,928 | -€153,772 | -9.1% |
| Profit (loss) carried forward | 14 | €723,186 | €821,987 | +€98,801 | +13.7% |
| Provisions and deferred taxes | 16 | €545,412 | €545,412 | = | 0.0% |
| Deferred taxes | 168 | €545,412 | €545,412 | = | 0.0% |
| Amounts payable | 17/49 | €11,885,171 | €11,091,204 | -€793,967 | -6.7% |
| Amounts payable after more than one year | 17 | €10,531,071 | €9,542,909 | -€988,162 | -9.4% |
| Financial debts | 170/4 | €10,531,071 | €9,542,909 | -€988,162 | -9.4% |
| Amounts payable within one year | 42/48 | €1,284,558 | €1,459,406 | +€174,848 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €1,034,874 | €1,052,667 | +€17,792 | +1.7% |
| Trade debts | 44 | €19,458 | €23,027 | +€3,569 | +18.3% |
| Suppliers | 440/4 | €19,458 | €23,027 | +€3,569 | +18.3% |
| Taxes, remuneration and social security | 45 | €33,678 | €84,787 | +€51,109 | +151.8% |
| Taxes | 450/3 | €33,678 | €84,787 | +€51,109 | +151.8% |
| Other amounts payable | 47/48 | €196,548 | €298,926 | +€102,378 | +52.1% |
| Accrued charges and deferred income | 492/3 | €69,542 | €88,888 | +€19,346 | +27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456,632 | €457,373 | +€740 | +0.2% |
| Other operating charges | 640/8 | €102,713 | €96,609 | -€6,104 | -5.9% |
| Gross operating margin | 9900 | €1,396,665 | €783,605 | -€613,060 | -43.9% |
| Operating profit (loss) | 9901 | €837,320 | €229,624 | -€607,697 | -72.6% |
| Financial income | 75/76B | €41,692 | €8,006 | -€33,686 | -80.8% |
| Recurring financial income | 75 | €41,692 | €8,006 | -€33,686 | -80.8% |
| Financial charges | 65/66B | €230,877 | €215,774 | -€15,103 | -6.5% |
| Recurring financial charges | 65 | €230,877 | €215,774 | -€15,103 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €648,135 | €21,855 | -€626,280 | -96.6% |
| Income taxes | 67/77 | - | €76,826 | +€76,826 | |
| Profit (loss) for the period | 9904 | €648,135 | -€54,971 | -€703,106 | |
| Transfer from tax-exempt reserves | 789 | €153,722 | €153,772 | +€50 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €801,857 | €98,801 | -€703,056 | -87.7% |
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 5 October 2026 via checked.be.