DNS: 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.
DNS
Largest movements
- Financial fixed assets +€9.9m
up €9.9m (+4,358%), from €226,776 to €10.1m
- Current investments -€500,000
down €500,000 (-20.0%), from €2.5m to €2.0m
- Receivables within one year +€355,716
up €355,716 (+30.4%), from €1.2m to €1.5m
of which Other amounts receivable: +€357,019
- Tangible fixed assets +€163,108
up €163,108 (+38.0%), from €428,753 to €591,861
of which Assets under construction and advance payments: +€176,000
- Contributions +€9.9m
up €9.9m (+9,410%), from €105,000 to €10.0m
- Other debts +€697,041
up €697,041 (+453%), from €153,999 to €851,040
- Reserves -€600,000
down €600,000 (-81.5%), from €736,500 to €136,500
- Financial income -€2.4m
down €2.4m (-96.5%), from €2.5m to €89,595
of which Non-recurring financial income: -€2.4m
- Gross operating margin -€144,087
down €144,087 (-83.8%), from €171,857 to €27,771
- Financial charges +€65,586
up €65,586 (+66.0%), from €99,390 to €164,976
- Taxes -€45,462
down €45,462 (-100.0%), from €45,467 to €5
- Other operating charges +€12,811
up €12,811 (+524%), from €2,446 to €15,258
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 | €4,344,367 | €14,255,750 | +€9.9m | +228% |
| Fixed assets | 21/28 | €655,529 | €10,702,267 | +€10.0m | +1,533% |
| Tangible fixed assets | 22/27 | €428,753 | €591,861 | +€163,108 | +38.0% |
| Land and buildings | 22 | €428,753 | €415,861 | -€12,892 | -3.0% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Assets under construction and advance payments | 27 | - | €176,000 | +€176,000 | |
| Financial fixed assets | 28 | €226,776 | €10,110,407 | +€9.9m | +4,358% |
| Current assets | 29/58 | €3,688,838 | €3,553,483 | -€135,356 | -3.7% |
| Amounts receivable within one year | 40/41 | €1,170,711 | €1,526,427 | +€355,716 | +30.4% |
| Trade receivables | 40 | €60,503 | €59,200 | -€1,303 | -2.2% |
| Other amounts receivable | 41 | €1,110,207 | €1,467,227 | +€357,019 | +32.2% |
| Current investments | 50/53 | €2,500,000 | €2,000,000 | -€500,000 | -20.0% |
| Cash at bank and in hand | 54/58 | €8,284 | €18,372 | +€10,088 | +122% |
| Deferred charges and accrued income | 490/1 | €9,843 | €8,684 | -€1,159 | -11.8% |
| Total equity and liabilities | 10/49 | €4,344,367 | €14,255,750 | +€9.9m | +228% |
| Equity | 10/15 | €4,140,752 | €13,332,145 | +€9.2m | +222% |
| Contributions | 10/11 | €105,000 | €9,985,000 | +€9.9m | +9,410% |
| Reserves | 13 | €736,500 | €136,500 | -€600,000 | -81.5% |
| Distributable reserves | 133 | €736,500 | €136,500 | -€600,000 | -81.5% |
| Profit (loss) carried forward | 14 | €3,299,252 | €3,210,645 | -€88,607 | -2.7% |
| Amounts payable | 17/49 | €203,615 | €923,605 | +€719,990 | +354% |
| Amounts payable after more than one year | 17 | €3,225 | €2,730 | -€495 | -15.3% |
| Other amounts payable | 178/9 | €3,225 | €2,730 | -€495 | -15.3% |
| Amounts payable within one year | 42/48 | €199,565 | €920,658 | +€721,092 | +361% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €20,902 | €20,887 | -€15 | -0.1% |
| Credit institutions | 430/8 | €20,902 | €20,887 | -€15 | -0.1% |
| Trade debts | 44 | €21,865 | €13,116 | -€8,749 | -40.0% |
| Suppliers | 440/4 | €21,865 | €13,116 | -€8,749 | -40.0% |
| Taxes, remuneration and social security | 45 | €2,800 | €35,615 | +€32,815 | +1,172% |
| Taxes | 450/3 | €2,800 | €32,970 | +€30,170 | +1,078% |
| Remuneration and social security | 454/9 | - | €2,645 | +€2,645 | |
| Other amounts payable | 47/48 | €153,999 | €851,040 | +€697,041 | +453% |
| Accrued charges and deferred income | 492/3 | €825 | €217 | -€608 | -73.6% |
| Remuneration, social security and pensions | 62 | - | €9,291 | +€9,291 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,006 | €16,444 | +€1,438 | +9.6% |
| Other operating charges | 640/8 | €2,446 | €15,258 | +€12,811 | +524% |
| Gross operating margin | 9900 | €171,857 | €27,771 | -€144,087 | -83.8% |
| Operating profit (loss) | 9901 | €154,405 | -€13,221 | -€167,626 | |
| Financial income | 75/76B | €2,533,930 | €89,595 | -€2.4m | -96.5% |
| Recurring financial income | 75 | €96,620 | €89,595 | -€7,024 | -7.3% |
| Non-recurring financial income | 76B | €2,437,310 | €0 | -€2.4m | -100% |
| Financial charges | 65/66B | €99,390 | €164,976 | +€65,586 | +66.0% |
| Recurring financial charges | 65 | €99,390 | €164,976 | +€65,586 | +66.0% |
| Profit (loss) for the period before taxes | 9903 | €2,588,944 | -€88,602 | -€2.7m | |
| Income taxes | 67/77 | €45,467 | €5 | -€45,462 | -100.0% |
| Profit (loss) for the period | 9904 | €2,543,477 | -€88,607 | -€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,543,477 | -€88,607 | -€2.6m |
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 17 October 2026 via checked.be.