DLS: what changed
DLS
Largest movements
- Tangible fixed assets -€180,869
down €180,869 (-28.2%), from €641,501 to €460,632
of which Land and buildings: -€177,008
- Cash +€75,899
up €75,899 (+58.7%), from €129,305 to €205,205
mainly Investment in fixed assets (net) (+€150,922) and Net result for the year (+€83,113)
- Intangible fixed assets -€38,178
down €38,178 (-50.0%), from €76,355 to €38,177
- Receivables within one year -€21,946
down €21,946 (-73.5%), from €29,857 to €7,911
of which Trade receivables: -€29,857
- Debts after one year -€48,286
down €48,286 (-56.3%), from €85,710 to €37,425
of which Financial debts: -€45,986
- Short-term financial debts -€29,186
no longer reported in 2025 (was €29,186)
- Reserves -€24,912
down €24,912 (-4.8%), from €521,917 to €497,005
of which Distributable reserves: -€13,541
- Other debts -€21,194
down €21,194 (-24.6%), from €86,244 to €65,049
- Tax, wage and social debts -€19,404
down €19,404 (-63.7%), from €30,484 to €11,080
- Gross operating margin +€49,071
up €49,071 (+29.2%), from €168,005 to €217,076
- Depreciation -€8,293
down €8,293 (-10.9%), from €76,418 to €68,125
- Taxes +€4,262
up €4,262 (+8.0%), from €53,208 to €57,471
- Financial charges -€2,572
down €2,572 (-24.6%), from €10,459 to €7,887
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €879,082 | €713,348 | -€165,734 | -18.9% |
| Fixed assets | 21/28 | €717,948 | €498,902 | -€219,046 | -30.5% |
| Intangible fixed assets | 21 | €76,355 | €38,177 | -€38,178 | -50.0% |
| Tangible fixed assets | 22/27 | €641,501 | €460,632 | -€180,869 | -28.2% |
| Land and buildings | 22 | €544,923 | €367,915 | -€177,008 | -32.5% |
| Plant, machinery and equipment | 23 | €2,003 | €1,158 | -€844 | -42.2% |
| Furniture and vehicles | 24 | €94,576 | €91,559 | -€3,017 | -3.2% |
| Financial fixed assets | 28 | €93 | €93 | = | 0.0% |
| Current assets | 29/58 | €161,133 | €214,445 | +€53,312 | +33.1% |
| Amounts receivable within one year | 40/41 | €29,857 | €7,911 | -€21,946 | -73.5% |
| Trade receivables | 40 | €29,857 | - | -€29,857 | |
| Other amounts receivable | 41 | €0 | €7,911 | +€7,911 | |
| Cash at bank and in hand | 54/58 | €129,305 | €205,205 | +€75,899 | +58.7% |
| Deferred charges and accrued income | 490/1 | €1,971 | €1,330 | -€641 | -32.5% |
| Total equity and liabilities | 10/49 | €879,082 | €713,348 | -€165,734 | -18.9% |
| Equity | 10/15 | €541,917 | €517,005 | -€24,912 | -4.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €521,917 | €497,005 | -€24,912 | -4.8% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €88,114 | €76,743 | -€11,371 | -12.9% |
| Distributable reserves | 133 | €431,803 | €418,262 | -€13,541 | -3.1% |
| Provisions and deferred taxes | 16 | €29,371 | €25,581 | -€3,790 | -12.9% |
| Deferred taxes | 168 | €29,371 | €25,581 | -€3,790 | -12.9% |
| Amounts payable | 17/49 | €307,794 | €170,762 | -€137,032 | -44.5% |
| Amounts payable after more than one year | 17 | €85,710 | €37,425 | -€48,286 | -56.3% |
| Financial debts | 170/4 | €81,160 | €35,175 | -€45,986 | -56.7% |
| Other amounts payable | 178/9 | €4,550 | €2,250 | -€2,300 | -50.5% |
| Amounts payable within one year | 42/48 | €210,722 | €122,259 | -€88,463 | -42.0% |
| Current portion of amounts payable after more than one year | 42 | €54,449 | €42,727 | -€11,722 | -21.5% |
| Financial debts | 43 | €29,186 | - | -€29,186 | |
| Credit institutions | 430/8 | €29,186 | - | -€29,186 | |
| Trade debts | 44 | €10,359 | €3,403 | -€6,956 | -67.2% |
| Suppliers | 440/4 | €10,359 | €3,403 | -€6,956 | -67.2% |
| Taxes, remuneration and social security | 45 | €30,484 | €11,080 | -€19,404 | -63.7% |
| Taxes | 450/3 | €30,484 | €11,080 | -€19,404 | -63.7% |
| Other amounts payable | 47/48 | €86,244 | €65,049 | -€21,194 | -24.6% |
| Accrued charges and deferred income | 492/3 | €11,361 | €11,079 | -€283 | -2.5% |
| Non-recurring operating income | 76A | €3,512 | €240,190 | +€236,678 | +6,738% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,418 | €68,125 | -€8,293 | -10.9% |
| Other operating charges | 640/8 | €4,272 | €4,765 | +€493 | +11.5% |
| Gross operating margin | 9900 | €168,005 | €217,076 | +€49,071 | +29.2% |
| Operating profit (loss) | 9901 | €87,316 | €144,187 | +€56,871 | +65.1% |
| Financial income | 75/76B | €427 | €493 | +€66 | +15.4% |
| Recurring financial income | 75 | €427 | €493 | +€66 | +15.4% |
| Financial charges | 65/66B | €10,459 | €7,887 | -€2,572 | -24.6% |
| Recurring financial charges | 65 | €10,459 | €7,887 | -€2,572 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €77,284 | €136,793 | +€59,509 | +77.0% |
| Transfer from deferred taxes | 780 | €28,393 | €3,790 | -€24,602 | -86.7% |
| Income taxes | 67/77 | €53,208 | €57,471 | +€4,262 | +8.0% |
| Profit (loss) for the period | 9904 | €52,468 | €83,113 | +€30,644 | +58.4% |
| Transfer from tax-exempt reserves | 789 | €42,355 | €11,371 | -€30,983 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €94,823 | €94,484 | -€339 | -0.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.