DQS: 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.
DQS
Largest movements
- Tangible fixed assets +€130,035
up €130,035 (+108.2%), from €120,213 to €250,248
of which Assets under construction and advance payments: +€93,500
- Receivables within one year +€50,609
up €50,609 (+741.2%), from €6,828 to €57,437
of which Trade receivables: +€37,268
- Cash -€48,913
down €48,913 (-44.8%), from €109,100 to €60,187
mainly Investment in fixed assets (net) (-€147,666) and Receivables within one year (-€50,609)
- Deferred charges and accrued income +€16,556
up €16,556 (+3250.6%), from €509 to €17,065
- Reserves +€98,486
up €98,486 (+78.5%), from €125,411 to €223,897
- Current portion of long-term debt +€29,219
up €29,219 (+176.6%), from €16,541 to €45,760
- Debts after one year +€22,756
up €22,756 (+35.8%), from €63,612 to €86,368
- Tax, wage and social debts -€13,760
down €13,760 (-59.6%), from €23,070 to €9,310
- Trade debts +€11,015
up €11,015 (+986.2%), from €1,117 to €12,132
- Gross operating margin -€21,334
down €21,334 (-12.2%), from €174,924 to €153,591
- Taxes -€5,957
down €5,957 (-18.7%), from €31,810 to €25,853
- Depreciation +€4,165
up €4,165 (+30.9%), from €13,466 to €17,631
- Financial charges +€3,376
up €3,376 (+98.5%), from €3,428 to €6,804
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 | €238,751 | €387,038 | +€148,287 | +62.1% |
| Fixed assets | 21/28 | €122,313 | €252,348 | +€130,035 | +106.3% |
| Tangible fixed assets | 22/27 | €120,213 | €250,248 | +€130,035 | +108.2% |
| Plant, machinery and equipment | 23 | €85,610 | €98,562 | +€12,952 | +15.1% |
| Furniture and vehicles | 24 | €8,138 | €12,498 | +€4,361 | +53.6% |
| Leasing and similar rights | 25 | €26,466 | €45,688 | +€19,222 | +72.6% |
| Assets under construction and advance payments | 27 | - | €93,500 | +€93,500 | |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €116,438 | €134,690 | +€18,252 | +15.7% |
| Amounts receivable within one year | 40/41 | €6,828 | €57,437 | +€50,609 | +741.2% |
| Trade receivables | 40 | €6,602 | €43,870 | +€37,268 | +564.5% |
| Other amounts receivable | 41 | €226 | €13,568 | +€13,341 | +5893.9% |
| Cash at bank and in hand | 54/58 | €109,100 | €60,187 | -€48,913 | -44.8% |
| Deferred charges and accrued income | 490/1 | €509 | €17,065 | +€16,556 | +3250.6% |
| Total equity and liabilities | 10/49 | €238,751 | €387,038 | +€148,287 | +62.1% |
| Equity | 10/15 | €134,411 | €232,897 | +€98,486 | +73.3% |
| Contributions | 10/11 | €9,000 | €9,000 | = | 0.0% |
| Reserves | 13 | €125,411 | €223,897 | +€98,486 | +78.5% |
| Distributable reserves | 133 | €125,411 | €223,897 | +€98,486 | +78.5% |
| Amounts payable | 17/49 | €104,340 | €154,141 | +€49,801 | +47.7% |
| Amounts payable after more than one year | 17 | €63,612 | €86,368 | +€22,756 | +35.8% |
| Financial debts | 170/4 | €63,612 | €86,368 | +€22,756 | +35.8% |
| Amounts payable within one year | 42/48 | €40,728 | €67,373 | +€26,645 | +65.4% |
| Current portion of amounts payable after more than one year | 42 | €16,541 | €45,760 | +€29,219 | +176.6% |
| Trade debts | 44 | €1,117 | €12,132 | +€11,015 | +986.2% |
| Suppliers | 440/4 | €1,117 | €12,132 | +€11,015 | +986.2% |
| Taxes, remuneration and social security | 45 | €23,070 | €9,310 | -€13,760 | -59.6% |
| Taxes | 450/3 | €23,070 | €9,310 | -€13,760 | -59.6% |
| Other amounts payable | 47/48 | - | €172 | +€172 | |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Non-recurring operating income | 76A | - | €4,298 | +€4,298 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,466 | €17,631 | +€4,165 | +30.9% |
| Other operating charges | 640/8 | €813 | €1,703 | +€890 | +109.5% |
| Non-recurring operating charges | 66A | - | €3,114 | +€3,114 | |
| Gross operating margin | 9900 | €174,924 | €153,591 | -€21,334 | -12.2% |
| Operating profit (loss) | 9901 | €160,645 | €131,143 | -€29,503 | -18.4% |
| Financial income | 75/76B | €4 | €1 | -€4 | -88.2% |
| Recurring financial income | 75 | €4 | €1 | -€4 | -88.2% |
| Financial charges | 65/66B | €3,428 | €6,804 | +€3,376 | +98.5% |
| Recurring financial charges | 65 | €3,428 | €6,804 | +€3,376 | +98.5% |
| Profit (loss) for the period before taxes | 9903 | €157,221 | €124,339 | -€32,882 | -20.9% |
| Income taxes | 67/77 | €31,810 | €25,853 | -€5,957 | -18.7% |
| Profit (loss) for the period | 9904 | €125,411 | €98,486 | -€26,925 | -21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €125,411 | €98,486 | -€26,925 | -21.5% |
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 10 October 2026 via checked.be.