DL VISION: 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 VISION
Largest movements
- Receivables within one year +€14,765
up €14,765 (+47.9%), from €30,809 to €45,575
of which Trade receivables: +€14,448
- Cash -€8,591
down €8,591 (-83.2%), from €10,327 to €1,736
mainly Contributions, distributions and other (-€50,000) and Other debts (-€18,000)
- Tangible fixed assets -€4,883
down €4,883 (-43.9%), from €11,121 to €6,238
of which Plant, machinery and equipment: -€7,129
- Stocks and contracts +€1,960
up €1,960 (+2.5%), from €78,527 to €80,487
- Reserves +€25,500
new in 2025: €25,500
- Other debts -€18,000
no longer reported in 2025 (was €18,000)
- Tax, wage and social debts +€8,212
up €8,212 (+15.9%), from €51,501 to €59,713
of which Remuneration and social security: +€9,253
- Trade debts -€5,926
down €5,926 (-20.2%), from €29,336 to €23,411
- Accrued charges and deferred income -€5,684
no longer reported in 2025 (was €5,684)
- Gross operating margin +€21,654
up €21,654 (+15.8%), from €137,228 to €158,882
- Staff costs +€18,502
up €18,502 (+76.0%), from €24,349 to €42,851
- Taxes +€5,923
up €5,923 (+24.2%), from €24,490 to €30,413
- Depreciation -€2,510
down €2,510 (-20.3%), from €12,376 to €9,865
- Financial income +€1,676
up €1,676 (+70.4%), from €2,381 to €4,057
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 | €130,988 | €134,452 | +€3,464 | +2.6% |
| Fixed assets | 21/28 | €11,121 | €6,238 | -€4,883 | -43.9% |
| Tangible fixed assets | 22/27 | €11,121 | €6,238 | -€4,883 | -43.9% |
| Plant, machinery and equipment | 23 | €9,977 | €2,848 | -€7,129 | -71.5% |
| Furniture and vehicles | 24 | €609 | - | -€609 | |
| Other tangible fixed assets | 26 | €534 | €3,390 | +€2,855 | +534.3% |
| Current assets | 29/58 | €119,867 | €128,214 | +€8,347 | +7.0% |
| Stocks and contracts in progress | 3 | €78,527 | €80,487 | +€1,960 | +2.5% |
| Stocks | 30/36 | €78,527 | €80,487 | +€1,960 | +2.5% |
| Amounts receivable within one year | 40/41 | €30,809 | €45,575 | +€14,765 | +47.9% |
| Trade receivables | 40 | €1,398 | €15,845 | +€14,448 | +1033.5% |
| Other amounts receivable | 41 | €29,412 | €29,730 | +€318 | +1.1% |
| Cash at bank and in hand | 54/58 | €10,327 | €1,736 | -€8,591 | -83.2% |
| Deferred charges and accrued income | 490/1 | €204 | €417 | +€212 | +103.9% |
| Total equity and liabilities | 10/49 | €130,988 | €134,452 | +€3,464 | +2.6% |
| Equity | 10/15 | €5,117 | €30,599 | +€25,482 | +498.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | - | €25,500 | +€25,500 | |
| Distributable reserves | 133 | - | €25,500 | +€25,500 | |
| Profit (loss) carried forward | 14 | €117 | €99 | -€18 | -15.7% |
| Amounts payable | 17/49 | €125,871 | €103,854 | -€22,018 | -17.5% |
| Amounts payable within one year | 42/48 | €120,187 | €103,854 | -€16,334 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €1,350 | - | -€1,350 | |
| Financial debts | 43 | €20,000 | €20,730 | +€730 | +3.7% |
| Credit institutions | 430/8 | €20,000 | €20,730 | +€730 | +3.7% |
| Trade debts | 44 | €29,336 | €23,411 | -€5,926 | -20.2% |
| Suppliers | 440/4 | €29,336 | €23,411 | -€5,926 | -20.2% |
| Taxes, remuneration and social security | 45 | €51,501 | €59,713 | +€8,212 | +15.9% |
| Taxes | 450/3 | €49,186 | €48,144 | -€1,042 | -2.1% |
| Remuneration and social security | 454/9 | €2,315 | €11,569 | +€9,253 | +399.7% |
| Other amounts payable | 47/48 | €18,000 | - | -€18,000 | |
| Accrued charges and deferred income | 492/3 | €5,684 | - | -€5,684 | |
| Remuneration, social security and pensions | 62 | €24,349 | €42,851 | +€18,502 | +76.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,376 | €9,865 | -€2,510 | -20.3% |
| Other operating charges | 640/8 | €840 | €1,137 | +€296 | +35.3% |
| Gross operating margin | 9900 | €137,228 | €158,882 | +€21,654 | +15.8% |
| Operating profit (loss) | 9901 | €99,663 | €105,029 | +€5,366 | +5.4% |
| Financial income | 75/76B | €2,381 | €4,057 | +€1,676 | +70.4% |
| Recurring financial income | 75 | €2,381 | €4,057 | +€1,676 | +70.4% |
| Financial charges | 65/66B | €4,804 | €3,191 | -€1,613 | -33.6% |
| Recurring financial charges | 65 | €4,804 | €3,191 | -€1,613 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €97,240 | €105,895 | +€8,655 | +8.9% |
| Income taxes | 67/77 | €24,490 | €30,413 | +€5,923 | +24.2% |
| Profit (loss) for the period | 9904 | €72,750 | €75,482 | +€2,732 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €72,750 | €75,482 | +€2,732 | +3.8% |
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.