DM Management: what changed
Two financial 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.
DM Management
Largest movements
- Tangible fixed assets +€263,095
up €263,095 (+49.5%), from €531,787 to €794,881
of which Land and buildings: +€257,252
- Cash -€97,212
down €97,212 (-55.2%), from €176,212 to €78,999
mainly Investment in fixed assets (net) (-€329,902) and Receivables after one year (-€61,250)
- Receivables after one year +€61,250
new in 2025: €61,250
- Financial fixed assets +€45,000
up €45,000 (+90,000%), from €50 to €45,050
- Receivables within one year -€14,573
down €14,573 (-37.3%), from €39,065 to €24,492
of which Trade receivables: -€13,784
- Debts after one year +€97,308
up €97,308 (+43.2%), from €225,441 to €322,750
- Reserves +€88,176
up €88,176 (+27.4%), from €322,008 to €410,184
- Tax, wage and social debts +€52,656
up €52,656 (+462%), from €11,392 to €64,048
of which Taxes: +€49,745
- Other debts +€12,427
up €12,427 (+8.5%), from €146,874 to €159,302
- Gross operating margin +€81,379
up €81,379 (+68.6%), from €118,624 to €200,002
- Taxes +€25,499
up €25,499 (+82.2%), from €31,002 to €56,502
- Depreciation +€8,136
up €8,136 (+59.5%), from €13,672 to €21,808
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.
Derived cash bridge
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 | €751,290 | €1,010,237 | +€258,946 | +34.5% |
| Fixed assets | 21/28 | €531,837 | €839,931 | +€308,095 | +57.9% |
| Tangible fixed assets | 22/27 | €531,787 | €794,881 | +€263,095 | +49.5% |
| Land and buildings | 22 | €515,374 | €772,625 | +€257,252 | +49.9% |
| Plant, machinery and equipment | 23 | €2,487 | €2,359 | -€129 | -5.2% |
| Furniture and vehicles | 24 | €10,925 | €16,897 | +€5,971 | +54.7% |
| Other tangible fixed assets | 26 | €3,000 | €3,000 | = | 0.0% |
| Financial fixed assets | 28 | €50 | €45,050 | +€45,000 | +90,000% |
| Current assets | 29/58 | €219,454 | €170,306 | -€49,148 | -22.4% |
| Amounts receivable after more than one year | 29 | - | €61,250 | +€61,250 | |
| Other amounts receivable | 291 | - | €61,250 | +€61,250 | |
| Amounts receivable within one year | 40/41 | €39,065 | €24,492 | -€14,573 | -37.3% |
| Trade receivables | 40 | €38,273 | €24,489 | -€13,784 | -36.0% |
| Other amounts receivable | 41 | €791 | €3 | -€789 | -99.7% |
| Cash at bank and in hand | 54/58 | €176,212 | €78,999 | -€97,212 | -55.2% |
| Deferred charges and accrued income | 490/1 | €4,178 | €5,565 | +€1,387 | +33.2% |
| Total equity and liabilities | 10/49 | €751,290 | €1,010,237 | +€258,946 | +34.5% |
| Equity | 10/15 | €340,608 | €428,784 | +€88,176 | +25.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €322,008 | €410,184 | +€88,176 | +27.4% |
| Distributable reserves | 133 | €322,008 | €410,184 | +€88,176 | +27.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €410,682 | €581,453 | +€170,771 | +41.6% |
| Amounts payable after more than one year | 17 | €225,441 | €322,750 | +€97,308 | +43.2% |
| Financial debts | 170/4 | €225,441 | €322,750 | +€97,308 | +43.2% |
| Amounts payable within one year | 42/48 | €185,241 | €258,703 | +€73,462 | +39.7% |
| Current portion of amounts payable after more than one year | 42 | €19,671 | €25,349 | +€5,678 | +28.9% |
| Financial debts | 43 | €932 | €0 | -€932 | -100% |
| Credit institutions | 430/8 | €932 | €0 | -€932 | -100% |
| Trade debts | 44 | €6,371 | €10,004 | +€3,633 | +57.0% |
| Suppliers | 440/4 | €6,371 | €10,004 | +€3,633 | +57.0% |
| Taxes, remuneration and social security | 45 | €11,392 | €64,048 | +€52,656 | +462% |
| Taxes | 450/3 | €11,392 | €61,137 | +€49,745 | +437% |
| Remuneration and social security | 454/9 | - | €2,912 | +€2,912 | |
| Other amounts payable | 47/48 | €146,874 | €159,302 | +€12,427 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,672 | €21,808 | +€8,136 | +59.5% |
| Other operating charges | 640/8 | €4,729 | €3,501 | -€1,229 | -26.0% |
| Gross operating margin | 9900 | €118,624 | €200,002 | +€81,379 | +68.6% |
| Operating profit (loss) | 9901 | €100,222 | €174,694 | +€74,471 | +74.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €11,650 | €12,806 | +€1,156 | +9.9% |
| Recurring financial charges | 65 | €11,650 | €12,806 | +€1,156 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €88,573 | €161,888 | +€73,315 | +82.8% |
| Income taxes | 67/77 | €31,002 | €56,502 | +€25,499 | +82.2% |
| Profit (loss) for the period | 9904 | €57,570 | €105,386 | +€47,816 | +83.1% |
| Profit (loss) for the period to be appropriated | 9905 | €57,570 | €105,386 | +€47,816 | +83.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.