DS DEWULF: 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.
DS DEWULF
Largest movements
- Cash -€11,958
down €11,958 (-98.1%), from €12,195 to €237
mainly Trade debts (-€12,892) and Debts after one year (-€10,207)
- Stocks and contracts -€7,026
down €7,026 (-46.3%), from €15,189 to €8,163
- Tangible fixed assets -€6,960
down €6,960 (-13.4%), from €51,800 to €44,840
of which Furniture and vehicles: -€6,162
- Receivables within one year -€2,369
down €2,369 (-12.3%), from €19,266 to €16,897
of which Trade receivables: -€4,127
- Trade debts -€12,892
down €12,892 (-50.3%), from €25,617 to €12,725
- Debts after one year -€10,207
down €10,207 (-25.2%), from €40,459 to €30,252
- Tax, wage and social debts -€6,188
down €6,188 (-45.2%), from €13,689 to €7,502
of which Taxes: -€5,866
- Short-term financial debts +€1,565
new in 2025: €1,565
- Depreciation +€8,472
up €8,472 (+256.1%), from €3,308 to €11,780
- Gross operating margin +€8,226
up €8,226 (+24.7%), from €33,240 to €41,466
- Staff costs +€7,817
up €7,817 (+77.9%), from €10,036 to €17,852
- Financial charges +€4,596
up €4,596 (+182.2%), from €2,522 to €7,118
- Other operating charges +€692
up €692 (+48.2%), from €1,436 to €2,128
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 | €102,059 | €73,949 | -€28,110 | -27.5% |
| Fixed assets | 21/28 | €52,700 | €45,740 | -€6,960 | -13.2% |
| Tangible fixed assets | 22/27 | €51,800 | €44,840 | -€6,960 | -13.4% |
| Plant, machinery and equipment | 23 | €5,247 | €7,365 | +€2,118 | +40.4% |
| Furniture and vehicles | 24 | €32,574 | €26,413 | -€6,162 | -18.9% |
| Leasing and similar rights | 25 | €13,979 | €11,063 | -€2,916 | -20.9% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €49,359 | €28,209 | -€21,150 | -42.8% |
| Stocks and contracts in progress | 3 | €15,189 | €8,163 | -€7,026 | -46.3% |
| Stocks | 30/36 | €15,189 | €8,163 | -€7,026 | -46.3% |
| Amounts receivable within one year | 40/41 | €19,266 | €16,897 | -€2,369 | -12.3% |
| Trade receivables | 40 | €11,187 | €7,060 | -€4,127 | -36.9% |
| Other amounts receivable | 41 | €8,079 | €9,836 | +€1,758 | +21.8% |
| Cash at bank and in hand | 54/58 | €12,195 | €237 | -€11,958 | -98.1% |
| Deferred charges and accrued income | 490/1 | €2,709 | €2,912 | +€203 | +7.5% |
| Total equity and liabilities | 10/49 | €102,059 | €73,949 | -€28,110 | -27.5% |
| Equity | 10/15 | €12,583 | €11,698 | -€885 | -7.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €7,583 | €6,698 | -€885 | -11.7% |
| Distributable reserves | 133 | €7,583 | €6,698 | -€885 | -11.7% |
| Amounts payable | 17/49 | €89,476 | €62,251 | -€27,224 | -30.4% |
| Amounts payable after more than one year | 17 | €40,459 | €30,252 | -€10,207 | -25.2% |
| Financial debts | 170/4 | €40,459 | €30,252 | -€10,207 | -25.2% |
| Amounts payable within one year | 42/48 | €49,017 | €31,999 | -€17,017 | -34.7% |
| Current portion of amounts payable after more than one year | 42 | €9,710 | €10,207 | +€497 | +5.1% |
| Financial debts | 43 | - | €1,565 | +€1,565 | |
| Credit institutions | 430/8 | - | €1,565 | +€1,565 | |
| Trade debts | 44 | €25,617 | €12,725 | -€12,892 | -50.3% |
| Suppliers | 440/4 | €25,617 | €12,725 | -€12,892 | -50.3% |
| Taxes, remuneration and social security | 45 | €13,689 | €7,502 | -€6,188 | -45.2% |
| Taxes | 450/3 | €13,368 | €7,502 | -€5,866 | -43.9% |
| Remuneration and social security | 454/9 | €321 | - | -€321 | |
| Remuneration, social security and pensions | 62 | €10,036 | €17,852 | +€7,817 | +77.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,308 | €11,780 | +€8,472 | +256.1% |
| Other operating charges | 640/8 | €1,436 | €2,128 | +€692 | +48.2% |
| Non-recurring operating charges | 66A | €4,140 | - | -€4,140 | |
| Gross operating margin | 9900 | €33,240 | €41,466 | +€8,226 | +24.7% |
| Operating profit (loss) | 9901 | €14,320 | €9,705 | -€4,615 | -32.2% |
| Financial income | 75/76B | €62 | €238 | +€176 | +285.1% |
| Recurring financial income | 75 | €62 | €238 | +€176 | +285.1% |
| Financial charges | 65/66B | €2,522 | €7,118 | +€4,596 | +182.2% |
| Recurring financial charges | 65 | €2,522 | €7,118 | +€4,596 | +182.2% |
| Profit (loss) for the period before taxes | 9903 | €11,860 | €2,825 | -€9,035 | -76.2% |
| Income taxes | 67/77 | €4,277 | €3,710 | -€566 | -13.2% |
| Profit (loss) for the period | 9904 | €7,583 | -€885 | -€8,468 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,583 | -€885 | -€8,468 |
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 11 October 2026 via checked.be.