DL MANAGEMENT: 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.
DL MANAGEMENT
Largest movements
- Tangible fixed assets -€28,584
down €28,584 (-14.0%), from €203,511 to €174,928
of which Other tangible fixed assets: -€31,663
- Receivables within one year -€14,162
down €14,162 (-31.5%), from €44,968 to €30,806
of which Trade receivables: -€19,202
- Cash +€6,712
up €6,712 (+22.2%), from €30,268 to €36,980
mainly Net result for the year (+€71,975) and Depreciation (+€36,638)
- Profit (loss) carried forward +€75,544
up €75,544 (+47.8%), from -€158,064 to -€82,520
- Other debts -€52,928
down €52,928 (-25.1%), from €210,973 to €158,045
- Debts after one year -€36,394
down €36,394 (-47.4%), from €76,704 to €40,310
- Trade debts -€14,377
down €14,377 (-41.9%), from €34,295 to €19,918
- Accrued charges and deferred income +€7,403
new in 2025: €7,403
- Gross operating margin +€77,887
up €77,887 (+109.7%), from €70,978 to €148,866
- Write-downs +€24,000
new in 2025: €24,000
- Depreciation +€7,365
up €7,365 (+25.2%), from €29,273 to €36,638
- Taxes +€3,689
up €3,689 (+70.0%), from €5,272 to €8,961
- Financial charges -€2,152
down €2,152 (-35.0%), from €6,142 to €3,990
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 | €279,739 | €243,128 | -€36,611 | -13.1% |
| Fixed assets | 21/28 | €203,511 | €174,928 | -€28,584 | -14.0% |
| Tangible fixed assets | 22/27 | €203,511 | €174,928 | -€28,584 | -14.0% |
| Land and buildings | 22 | €10,222 | €9,780 | -€442 | -4.3% |
| Plant, machinery and equipment | 23 | €489 | €37 | -€452 | -92.5% |
| Furniture and vehicles | 24 | €14,764 | €18,739 | +€3,974 | +26.9% |
| Other tangible fixed assets | 26 | €178,036 | €146,373 | -€31,663 | -17.8% |
| Current assets | 29/58 | €76,228 | €68,200 | -€8,028 | -10.5% |
| Amounts receivable within one year | 40/41 | €44,968 | €30,806 | -€14,162 | -31.5% |
| Trade receivables | 40 | €44,259 | €25,057 | -€19,202 | -43.4% |
| Other amounts receivable | 41 | €710 | €5,750 | +€5,040 | +710.1% |
| Cash at bank and in hand | 54/58 | €30,268 | €36,980 | +€6,712 | +22.2% |
| Deferred charges and accrued income | 490/1 | €992 | €414 | -€578 | -58.3% |
| Total equity and liabilities | 10/49 | €279,739 | €243,128 | -€36,611 | -13.1% |
| Equity | 10/15 | -€116,197 | -€44,222 | +€71,975 | +61.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,276 | €19,706 | -€3,569 | -15.3% |
| Tax-exempt reserves | 132 | €21,417 | €17,847 | -€3,569 | -16.7% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€158,064 | -€82,520 | +€75,544 | +47.8% |
| Provisions and deferred taxes | 16 | €9,179 | €7,649 | -€1,530 | -16.7% |
| Deferred taxes | 168 | €9,179 | €7,649 | -€1,530 | -16.7% |
| Amounts payable | 17/49 | €386,757 | €279,701 | -€107,056 | -27.7% |
| Amounts payable after more than one year | 17 | €76,704 | €40,310 | -€36,394 | -47.4% |
| Financial debts | 170/4 | €76,704 | €40,310 | -€36,394 | -47.4% |
| Amounts payable within one year | 42/48 | €310,053 | €231,988 | -€78,065 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €40,179 | €36,394 | -€3,785 | -9.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €34,295 | €19,918 | -€14,377 | -41.9% |
| Suppliers | 440/4 | €34,295 | €19,918 | -€14,377 | -41.9% |
| Taxes, remuneration and social security | 45 | €24,606 | €17,632 | -€6,975 | -28.3% |
| Taxes | 450/3 | €24,606 | €17,632 | -€6,975 | -28.3% |
| Other amounts payable | 47/48 | €210,973 | €158,045 | -€52,928 | -25.1% |
| Accrued charges and deferred income | 492/3 | - | €7,403 | +€7,403 | |
| Remuneration, social security and pensions | 62 | - | €67 | +€67 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,273 | €36,638 | +€7,365 | +25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €24,000 | +€24,000 | |
| Other operating charges | 640/8 | €4,986 | €4,765 | -€221 | -4.4% |
| Gross operating margin | 9900 | €70,978 | €148,866 | +€77,887 | +109.7% |
| Operating profit (loss) | 9901 | €36,719 | €83,396 | +€46,677 | +127.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €6,142 | €3,990 | -€2,152 | -35.0% |
| Recurring financial charges | 65 | €6,142 | €3,990 | -€2,152 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | €30,578 | €79,406 | +€48,828 | +159.7% |
| Transfer from deferred taxes | 780 | €1,530 | €1,530 | = | 0.0% |
| Income taxes | 67/77 | €5,272 | €8,961 | +€3,689 | +70.0% |
| Profit (loss) for the period | 9904 | €26,835 | €71,975 | +€45,140 | +168.2% |
| Transfer from tax-exempt reserves | 789 | €3,569 | €3,569 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,405 | €75,544 | +€45,140 | +148.5% |
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.