DS: 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.
DS
Largest movements
- Receivables within one year +€118,907
up €118,907 (+11.1%), from €1.1m to €1.2m
of which Trade receivables: +€198,850
- Cash -€42,901
down €42,901 (-66.9%), from €64,143 to €21,242
mainly Receivables within one year (-€118,907) and Investment in fixed assets (net) (-€31,991)
- Tangible fixed assets -€32,648
down €32,648 (-3.0%), from €1.1m to €1.0m
of which Land and buildings: -€60,675
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€125,282
up €125,282 (+65.3%), from €191,825 to €317,107
- Staff costs +€93,754
up €93,754 (+79.4%), from €118,035 to €211,789
- Depreciation +€10,067
up €10,067 (+18.4%), from €54,571 to €64,638
- Taxes +€5,792
up €5,792 (+483.7%), from €1,197 to €6,990
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 | €2,209,657 | €2,253,025 | +€43,368 | +2.0% |
| Fixed assets | 21/28 | €1,078,130 | €1,045,483 | -€32,648 | -3.0% |
| Tangible fixed assets | 22/27 | €1,078,130 | €1,045,483 | -€32,648 | -3.0% |
| Land and buildings | 22 | €1,073,769 | €1,013,094 | -€60,675 | -5.7% |
| Furniture and vehicles | 24 | €4,362 | €32,389 | +€28,028 | +642.6% |
| Current assets | 29/58 | €1,131,526 | €1,207,542 | +€76,016 | +6.7% |
| Amounts receivable within one year | 40/41 | €1,066,948 | €1,185,855 | +€118,907 | +11.1% |
| Trade receivables | 40 | €36,150 | €235,000 | +€198,850 | +550.1% |
| Other amounts receivable | 41 | €1,030,798 | €950,855 | -€79,943 | -7.8% |
| Cash at bank and in hand | 54/58 | €64,143 | €21,242 | -€42,901 | -66.9% |
| Deferred charges and accrued income | 490/1 | €436 | €445 | +€9 | +2.0% |
| Total equity and liabilities | 10/49 | €2,209,657 | €2,253,025 | +€43,368 | +2.0% |
| Equity | 10/15 | €2,201,480 | €2,219,926 | +€18,446 | +0.8% |
| Contributions | 10/11 | €770,000 | €770,000 | = | 0.0% |
| Reserves | 13 | €1,420,466 | €1,433,466 | +€13,000 | +0.9% |
| Non-distributable reserves | 130/1 | €903,466 | €903,466 | = | 0.0% |
| Reserves not available under the articles | 1311 | €903,466 | €903,466 | = | 0.0% |
| Distributable reserves | 133 | €517,000 | €530,000 | +€13,000 | +2.5% |
| Profit (loss) carried forward | 14 | €11,014 | €16,460 | +€5,446 | +49.4% |
| Amounts payable | 17/49 | €8,177 | €33,099 | +€24,922 | +304.8% |
| Amounts payable within one year | 42/48 | €8,177 | €33,099 | +€24,922 | +304.8% |
| Trade debts | 44 | €2,743 | €16,627 | +€13,883 | +506.0% |
| Suppliers | 440/4 | €2,743 | €16,627 | +€13,883 | +506.0% |
| Taxes, remuneration and social security | 45 | €5,434 | €16,472 | +€11,039 | +203.2% |
| Taxes | 450/3 | €4,382 | €10,247 | +€5,865 | +133.9% |
| Remuneration and social security | 454/9 | €1,052 | €6,225 | +€5,173 | +491.8% |
| Remuneration, social security and pensions | 62 | €118,035 | €211,789 | +€93,754 | +79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,571 | €64,638 | +€10,067 | +18.4% |
| Other operating charges | 640/8 | €14,329 | €15,072 | +€744 | +5.2% |
| Gross operating margin | 9900 | €191,825 | €317,107 | +€125,282 | +65.3% |
| Operating profit (loss) | 9901 | €4,891 | €25,608 | +€20,717 | +423.6% |
| Financial income | 75/76B | €30 | €0 | -€30 | -100.0% |
| Recurring financial income | 75 | €30 | €0 | -€30 | -100.0% |
| Financial charges | 65/66B | €308 | €172 | -€136 | -44.1% |
| Recurring financial charges | 65 | €308 | €172 | -€136 | -44.1% |
| Profit (loss) for the period before taxes | 9903 | €4,613 | €25,436 | +€20,823 | +451.4% |
| Income taxes | 67/77 | €1,197 | €6,990 | +€5,792 | +483.7% |
| Profit (loss) for the period | 9904 | €3,416 | €18,446 | +€15,031 | +440.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,416 | €18,446 | +€15,031 | +440.1% |
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 8 October 2026 via checked.be.