Debsar: 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.
Debsar
Largest movements
- Financial fixed assets +€4.6m
new in 2025: €4.6m
- Receivables within one year -€199,438
down €199,438 (-96.8%), from €206,001 to €6,563
of which Other amounts receivable: -€156,411
- Tangible fixed assets +€170,319
up €170,319 (+45.2%), from €376,720 to €547,039
of which Plant, machinery and equipment: +€170,319
- Cash +€91,342
up €91,342 (+282%), from €32,358 to €123,700
mainly Debts after one year (+€3.3m) and Other debts (+€1.3m)
- Debts after one year +€3.3m
up €3.3m (+4,150%), from €79,404 to €3.4m
of which Financial debts: +€3.3m
- Other debts +€1.3m
new in 2025: €1.3m
- Current portion of long-term debt +€96,665
up €96,665 (+194%), from €49,703 to €146,368
- Trade debts -€59,240
down €59,240 (-97.5%), from €60,737 to €1,497
- Financial charges +€69,909
up €69,909 (+1,247%), from €5,605 to €75,514
- Depreciation -€19,229
down €19,229 (-34.8%), from €55,333 to €36,104
- Gross operating margin +€14,690
up €14,690 (+10.1%), from €145,484 to €160,174
- Taxes -€7,319
down €7,319 (-58.2%), from €12,578 to €5,259
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 | €615,079 | €5,249,620 | +€4.6m | +753% |
| Fixed assets | 21/28 | €376,720 | €5,119,357 | +€4.7m | +1,259% |
| Tangible fixed assets | 22/27 | €376,720 | €547,039 | +€170,319 | +45.2% |
| Land and buildings | 22 | €178,195 | €178,195 | = | 0.0% |
| Plant, machinery and equipment | 23 | €198,525 | €368,844 | +€170,319 | +85.8% |
| Financial fixed assets | 28 | - | €4,572,318 | +€4.6m | |
| Current assets | 29/58 | €238,359 | €130,263 | -€108,096 | -45.4% |
| Amounts receivable within one year | 40/41 | €206,001 | €6,563 | -€199,438 | -96.8% |
| Trade receivables | 40 | €43,027 | €0 | -€43,027 | -100% |
| Other amounts receivable | 41 | €162,974 | €6,563 | -€156,411 | -96.0% |
| Cash at bank and in hand | 54/58 | €32,358 | €123,700 | +€91,342 | +282% |
| Total equity and liabilities | 10/49 | €615,079 | €5,249,620 | +€4.6m | +753% |
| Equity | 10/15 | €422,310 | €430,288 | +€7,979 | +1.9% |
| Contributions | 10/11 | €135,102 | €135,102 | = | 0.0% |
| Capital | 10 | €135,102 | €135,102 | = | 0.0% |
| Issued capital | 100 | €135,102 | €135,102 | = | 0.0% |
| Profit (loss) carried forward | 14 | €287,208 | €295,187 | +€7,979 | +2.8% |
| Amounts payable | 17/49 | €192,769 | €4,819,332 | +€4.6m | +2,400% |
| Amounts payable after more than one year | 17 | €79,404 | €3,374,401 | +€3.3m | +4,150% |
| Financial debts | 170/4 | €74,204 | €3,369,201 | +€3.3m | +4,440% |
| Other amounts payable | 178/9 | €5,200 | €5,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,018 | €1,444,931 | +€1.3m | +1,178% |
| Current portion of amounts payable after more than one year | 42 | €49,703 | €146,368 | +€96,665 | +194% |
| Trade debts | 44 | €60,737 | €1,497 | -€59,240 | -97.5% |
| Suppliers | 440/4 | €60,737 | €1,497 | -€59,240 | -97.5% |
| Taxes, remuneration and social security | 45 | €2,578 | €2,578 | = | 0.0% |
| Taxes | 450/3 | €2,578 | €2,578 | = | 0.0% |
| Other amounts payable | 47/48 | - | €1,294,488 | +€1.3m | |
| Accrued charges and deferred income | 492/3 | €348 | €0 | -€348 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,333 | €36,104 | -€19,229 | -34.8% |
| Other operating charges | 640/8 | €35,907 | €35,319 | -€588 | -1.6% |
| Gross operating margin | 9900 | €145,484 | €160,174 | +€14,690 | +10.1% |
| Operating profit (loss) | 9901 | €54,244 | €88,751 | +€34,507 | +63.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €5,605 | €75,514 | +€69,909 | +1,247% |
| Recurring financial charges | 65 | €5,605 | €75,514 | +€69,909 | +1,247% |
| Profit (loss) for the period before taxes | 9903 | €48,639 | €13,238 | -€35,402 | -72.8% |
| Income taxes | 67/77 | €12,578 | €5,259 | -€7,319 | -58.2% |
| Profit (loss) for the period | 9904 | €36,061 | €7,979 | -€28,082 | -77.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,061 | €7,979 | -€28,082 | -77.9% |
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 14 October 2026 via checked.be.