DESWE: 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.
DESWE
Largest movements
- Current investments +€196,244
up €196,244 (+78.5%), from €250,000 to €446,244
- Cash -€161,902
down €161,902 (-79.3%), from €204,074 to €42,172
mainly Current investments (-€196,244) and Investment in fixed assets (net) (-€19,624)
- Reserves +€40,000
up €40,000 (+9.2%), from €434,135 to €474,135
of which Non-distributable reserves: +€40,000
- Financial income +€16,064
new in 2025: €16,064
- Gross operating margin -€10,868
down €10,868 (-13.9%), from €78,278 to €67,410
- Taxes +€3,076
up €3,076 (+22.4%), from €13,743 to €16,819
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 | €534,841 | €574,543 | +€39,702 | +7.4% |
| Fixed assets | 21/28 | €80,767 | €86,127 | +€5,360 | +6.6% |
| Tangible fixed assets | 22/27 | €80,767 | €86,127 | +€5,360 | +6.6% |
| Land and buildings | 22 | €70,071 | €57,206 | -€12,865 | -18.4% |
| Plant, machinery and equipment | 23 | €287 | €239 | -€48 | -16.7% |
| Other tangible fixed assets | 26 | €10,409 | €28,682 | +€18,273 | +175.6% |
| Current assets | 29/58 | €454,074 | €488,416 | +€34,342 | +7.6% |
| Current investments | 50/53 | €250,000 | €446,244 | +€196,244 | +78.5% |
| Cash at bank and in hand | 54/58 | €204,074 | €42,172 | -€161,902 | -79.3% |
| Total equity and liabilities | 10/49 | €534,841 | €574,543 | +€39,702 | +7.4% |
| Equity | 10/15 | €529,846 | €569,980 | +€40,134 | +7.6% |
| Contributions | 10/11 | €84,566 | €84,566 | = | 0.0% |
| Capital | 10 | €84,284 | €84,284 | = | 0.0% |
| Issued capital | 100 | €84,284 | €84,284 | = | 0.0% |
| Outside capital | 11 | €282 | €282 | = | 0.0% |
| Share premium | 1100/10 | €282 | €282 | = | 0.0% |
| Reserves | 13 | €434,135 | €474,135 | +€40,000 | +9.2% |
| Non-distributable reserves | 130/1 | €179,428 | €219,428 | +€40,000 | +22.3% |
| Legal reserve | 130 | €8,428 | €8,428 | = | 0.0% |
| Other | 1319 | €171,000 | €211,000 | +€40,000 | +23.4% |
| Distributable reserves | 133 | €254,707 | €254,707 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,145 | €11,279 | +€134 | +1.2% |
| Amounts payable | 17/49 | €4,995 | €4,563 | -€432 | -8.6% |
| Amounts payable within one year | 42/48 | €4,995 | €4,563 | -€432 | -8.6% |
| Trade debts | 44 | €329 | €258 | -€71 | -21.6% |
| Suppliers | 440/4 | €329 | €258 | -€71 | -21.6% |
| Taxes, remuneration and social security | 45 | €487 | €487 | = | 0.0% |
| Taxes | 450/3 | €487 | €487 | = | 0.0% |
| Other amounts payable | 47/48 | €4,179 | €3,818 | -€361 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,775 | €14,264 | +€489 | +3.5% |
| Other operating charges | 640/8 | €9,509 | €9,869 | +€360 | +3.8% |
| Gross operating margin | 9900 | €78,278 | €67,410 | -€10,868 | -13.9% |
| Operating profit (loss) | 9901 | €54,994 | €43,277 | -€11,717 | -21.3% |
| Financial income | 75/76B | - | €16,064 | +€16,064 | |
| Recurring financial income | 75 | - | €16,064 | +€16,064 | |
| Financial charges | 65/66B | €765 | €765 | = | 0.0% |
| Recurring financial charges | 65 | €765 | €765 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €54,229 | €58,576 | +€4,347 | +8.0% |
| Income taxes | 67/77 | €13,743 | €16,819 | +€3,076 | +22.4% |
| Profit (loss) for the period | 9904 | €40,486 | €41,757 | +€1,271 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | €40,486 | €41,757 | +€1,271 | +3.1% |
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 3 October 2026 via checked.be.