dhSN: 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.
dhSN
Largest movements
- Receivables within one year -€20,272
down €20,272 (-30.8%), from €65,875 to €45,603
of which Other amounts receivable: -€19,466
- Cash +€4,834
up €4,834 (+59.3%), from €8,149 to €12,983
mainly Other debts (+€48,481) and Net result for the year (+€39,728)
- Deferred charges and accrued income +€3,270
up €3,270 (+5921.4%), from €55 to €3,326
- Tangible fixed assets +€1,765
up €1,765 (+36.2%), from €4,876 to €6,641
of which Plant, machinery and equipment: +€1,679
- Reserves -€57,187
no longer reported in 2025 (was €57,187)
- Other debts +€48,481
new in 2025: €48,481
- Tax, wage and social debts -€4,935
down €4,935 (-25.0%), from €19,709 to €14,774
- Trade debts +€3,592
up €3,592 (+289.0%), from €1,243 to €4,835
- Accrued charges and deferred income -€968
no longer reported in 2025 (was €968)
- Gross operating margin +€9,037
up €9,037 (+20.1%), from €44,860 to €53,896
- Taxes +€1,499
up €1,499 (+15.8%), from €9,483 to €10,981
- Depreciation +€808
up €808 (+32.9%), from €2,457 to €3,265
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 | €82,106 | €71,091 | -€11,015 | -13.4% |
| Fixed assets | 21/28 | €5,026 | €6,791 | +€1,765 | +35.1% |
| Tangible fixed assets | 22/27 | €4,876 | €6,641 | +€1,765 | +36.2% |
| Land and buildings | 22 | €347 | €305 | -€42 | -12.1% |
| Plant, machinery and equipment | 23 | €3,681 | €5,360 | +€1,679 | +45.6% |
| Other tangible fixed assets | 26 | €848 | €976 | +€128 | +15.1% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €77,081 | €64,300 | -€12,781 | -16.6% |
| Stocks and contracts in progress | 3 | €3,002 | €2,388 | -€613 | -20.4% |
| Stocks | 30/36 | €3,002 | €2,388 | -€613 | -20.4% |
| Amounts receivable within one year | 40/41 | €65,875 | €45,603 | -€20,272 | -30.8% |
| Trade receivables | 40 | €26,375 | €25,569 | -€807 | -3.1% |
| Other amounts receivable | 41 | €39,500 | €20,034 | -€19,466 | -49.3% |
| Cash at bank and in hand | 54/58 | €8,149 | €12,983 | +€4,834 | +59.3% |
| Deferred charges and accrued income | 490/1 | €55 | €3,326 | +€3,270 | +5921.4% |
| Total equity and liabilities | 10/49 | €82,106 | €71,091 | -€11,015 | -13.4% |
| Equity | 10/15 | €60,187 | €3,000 | -€57,187 | -95.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €57,187 | - | -€57,187 | |
| Distributable reserves | 133 | €57,187 | - | -€57,187 | |
| Amounts payable | 17/49 | €21,920 | €68,091 | +€46,171 | +210.6% |
| Amounts payable within one year | 42/48 | €20,952 | €68,091 | +€47,139 | +225.0% |
| Trade debts | 44 | €1,243 | €4,835 | +€3,592 | +289.0% |
| Suppliers | 440/4 | €1,243 | €4,835 | +€3,592 | +289.0% |
| Taxes, remuneration and social security | 45 | €19,709 | €14,774 | -€4,935 | -25.0% |
| Taxes | 450/3 | €19,709 | €14,774 | -€4,935 | -25.0% |
| Other amounts payable | 47/48 | - | €48,481 | +€48,481 | |
| Accrued charges and deferred income | 492/3 | €968 | - | -€968 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,457 | €3,265 | +€808 | +32.9% |
| Other operating charges | 640/8 | €228 | €234 | +€6 | +2.7% |
| Gross operating margin | 9900 | €44,860 | €53,896 | +€9,037 | +20.1% |
| Operating profit (loss) | 9901 | €42,176 | €50,398 | +€8,222 | +19.5% |
| Financial income | 75/76B | €531 | €741 | +€210 | +39.5% |
| Recurring financial income | 75 | €531 | €741 | +€210 | +39.5% |
| Financial charges | 65/66B | €668 | €430 | -€238 | -35.7% |
| Recurring financial charges | 65 | €668 | €430 | -€238 | -35.7% |
| Profit (loss) for the period before taxes | 9903 | €42,039 | €50,709 | +€8,670 | +20.6% |
| Income taxes | 67/77 | €9,483 | €10,981 | +€1,499 | +15.8% |
| Profit (loss) for the period | 9904 | €32,556 | €39,728 | +€7,172 | +22.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,556 | €39,728 | +€7,172 | +22.0% |
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.