DESPA: 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.
DESPA
Largest movements
- Receivables within one year -€7,933
down €7,933 (-48.7%), from €16,304 to €8,371
of which Trade receivables: -€4,788
- Tangible fixed assets -€6,349
down €6,349 (-11.8%), from €53,886 to €47,536
of which Land and buildings: -€3,856
- Cash -€1,490
down €1,490 (-2.5%), from €59,422 to €57,931
mainly Tax, wage and social debts (-€25,886) and Trade debts (-€13,391)
- Reserves +€26,355
up €26,355 (+33.0%), from €79,903 to €106,258
- Tax, wage and social debts -€25,886
down €25,886 (-72.6%), from €35,652 to €9,766
of which Taxes: -€24,651
- Trade debts -€13,391
down €13,391 (-84.1%), from €15,929 to €2,538
- Current portion of long-term debt -€2,573
down €2,573 (-83.2%), from €3,093 to €521
- Write-downs -€17,960
down €17,960, from €10,219 to -€7,741
- Gross operating margin +€12,719
up €12,719 (+56.8%), from €22,396 to €35,115
- Taxes +€8,789
up €8,789 (+485.4%), from €1,811 to €10,600
- Financial income +€1,908
up €1,908 (+333.8%), from €572 to €2,480
- Depreciation -€1,535
down €1,535 (-19.5%), from €7,884 to €6,349
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 | €139,514 | €123,126 | -€16,388 | -11.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €53,886 | €47,536 | -€6,349 | -11.8% |
| Tangible fixed assets | 22/27 | €53,886 | €47,536 | -€6,349 | -11.8% |
| Land and buildings | 22 | €46,791 | €42,935 | -€3,856 | -8.2% |
| Plant, machinery and equipment | 23 | €4,601 | €3,658 | -€943 | -20.5% |
| Furniture and vehicles | 24 | €2,494 | €943 | -€1,551 | -62.2% |
| Current assets | 29/58 | €85,628 | €75,589 | -€10,039 | -11.7% |
| Stocks and contracts in progress | 3 | €9,269 | €8,253 | -€1,017 | -11.0% |
| Stocks | 30/36 | €9,269 | €8,253 | -€1,017 | -11.0% |
| Amounts receivable within one year | 40/41 | €16,304 | €8,371 | -€7,933 | -48.7% |
| Trade receivables | 40 | €10,520 | €5,732 | -€4,788 | -45.5% |
| Other amounts receivable | 41 | €5,785 | €2,639 | -€3,145 | -54.4% |
| Cash at bank and in hand | 54/58 | €59,422 | €57,931 | -€1,490 | -2.5% |
| Deferred charges and accrued income | 490/1 | €633 | €1,034 | +€401 | +63.3% |
| Total equity and liabilities | 10/49 | €139,514 | €123,126 | -€16,388 | -11.7% |
| Equity | 10/15 | €83,403 | €109,758 | +€26,355 | +31.6% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €79,903 | €106,258 | +€26,355 | +33.0% |
| Distributable reserves | 133 | €79,903 | €106,258 | +€26,355 | +33.0% |
| Amounts payable | 17/49 | €56,111 | €13,368 | -€42,743 | -76.2% |
| Amounts payable after more than one year | 17 | €521 | €0 | -€521 | -100.0% |
| Financial debts | 170/4 | €521 | €0 | -€521 | -100.0% |
| Amounts payable within one year | 42/48 | €55,590 | €13,368 | -€42,222 | -76.0% |
| Current portion of amounts payable after more than one year | 42 | €3,093 | €521 | -€2,573 | -83.2% |
| Trade debts | 44 | €15,929 | €2,538 | -€13,391 | -84.1% |
| Suppliers | 440/4 | €15,929 | €2,538 | -€13,391 | -84.1% |
| Taxes, remuneration and social security | 45 | €35,652 | €9,766 | -€25,886 | -72.6% |
| Taxes | 450/3 | €34,417 | €9,766 | -€24,651 | -71.6% |
| Remuneration and social security | 454/9 | €1,235 | €0 | -€1,235 | -100.0% |
| Other amounts payable | 47/48 | €916 | €543 | -€372 | -40.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,884 | €6,349 | -€1,535 | -19.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,219 | -€7,741 | -€17,960 | |
| Other operating charges | 640/8 | €2,304 | €1,558 | -€746 | -32.4% |
| Gross operating margin | 9900 | €22,396 | €35,115 | +€12,719 | +56.8% |
| Operating profit (loss) | 9901 | €1,989 | €34,948 | +€32,959 | +1656.8% |
| Financial income | 75/76B | €572 | €2,480 | +€1,908 | +333.8% |
| Recurring financial income | 75 | €572 | €2,480 | +€1,908 | +333.8% |
| Financial charges | 65/66B | €299 | €473 | +€174 | +58.1% |
| Recurring financial charges | 65 | €299 | €473 | +€174 | +58.1% |
| Profit (loss) for the period before taxes | 9903 | €2,262 | €36,955 | +€34,693 | +1534.0% |
| Income taxes | 67/77 | €1,811 | €10,600 | +€8,789 | +485.4% |
| Profit (loss) for the period | 9904 | €451 | €26,355 | +€25,904 | +5746.4% |
| Profit (loss) for the period to be appropriated | 9905 | €451 | €26,355 | +€25,904 | +5746.4% |
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 8 October 2026 via checked.be.