DS HOLDING: 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.
What changed
DS HOLDING
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€164,333
2024 · €2.4m-€2.2m
Equity
€3.3m
2024 · €3.1m+€164,333
Cash
€2.2m
2024 · €2.5m-€372,211
Balance sheet total
€8.1m
2024 · €9.5m-€1.5m
Largest movements
Assets
- Current investments -€1.2m
no longer reported in 2025 (was €1.2m)
- Cash -€372,211
down €372,211 (-14.6%), from €2.5m to €2.2m
mainly Debts after one year (-€1.3m) and Investment in fixed assets (net) (-€510,542)
- Tangible fixed assets +€372,011
up €372,011 (+9.9%), from €3.8m to €4.1m
- Receivables within one year -€241,374
down €241,374 (-84.1%), from €286,934 to €45,561
of which Other amounts receivable: -€205,169
Equity and liabilities
- Debts after one year -€1.3m
down €1.3m (-36.5%), from €3.4m to €2.2m
- Other debts -€426,314
down €426,314 (-16.6%), from €2.6m to €2.1m
- Reserves +€164,333
up €164,333 (+5.3%), from €3.1m to €3.3m
of which Distributable reserves: +€164,333
Income statement
- Turnover -€8.0m
down €8.0m (-99.7%), from €8.0m to €27,551
- Goods and materials -€4.0m
down €4.0m (-99.6%), from €4.0m to €15,284
of which Purchases: -€3.9m
- Depreciation -€764,614
down €764,614 (-84.7%), from €903,145 to €138,531
- Taxes -€738,044
down €738,044 (-93.1%), from €792,822 to €54,778
- Staff costs -€267,840
no longer reported in 2025 (was €267,840)
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.
Result 2024
€2.4m
Turnover
-€8.0m
Other operating income
+€105,434
Goods and materials
+€4.0m
Services and other goods
+€266,314
Staff costs
+€267,840
Depreciation
+€764,614
Other operating charges
-€1,656
Other operating items
-€329,440
Financial income
-€33,828
Financial charges
+€6,231
Taxes
+€738,044
Result 2025
€164,333
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€193,141
Investment
+€689,458
Financing
-€1.3m
Cash 2024
€2.5m
From operations (derived)
+€193,141
Net result for the year
+€164,333
Depreciation
+€138,531
Receivables within one year
+€241,374
Deferred charges and accrued income
+€12,344
Trade debts
+€88,118
Tax, wage and social debts
-€26,752
Other debts
-€426,314
Accrued charges and deferred income
+€1,507
Investment (derived)
+€689,458
Investment in fixed assets (net)
-€510,542
Current investments
+€1.2m
Financing
-€1.3m
Debts after one year
-€1.3m
Current portion of long-term debt
+€1,537
Cash 2025
€2.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,521,112 | €8,067,195 | -€1.5m | -15.3% |
| Fixed assets | 21/28 | €5,469,788 | €5,841,799 | +€372,011 | +6.8% |
| Tangible fixed assets | 22/27 | €3,769,788 | €4,141,799 | +€372,011 | +9.9% |
| Land and buildings | 22 | €3,769,788 | €4,141,799 | +€372,011 | +9.9% |
| Financial fixed assets | 28 | €1,700,000 | €1,700,000 | = | 0.0% |
| Affiliated companies | 280/1 | €1,700,000 | €1,700,000 | = | 0.0% |
| Participating interests | 280 | €1,700,000 | €1,700,000 | = | 0.0% |
| Current assets | 29/58 | €4,051,324 | €2,225,396 | -€1.8m | -45.1% |
| Amounts receivable within one year | 40/41 | €286,934 | €45,561 | -€241,374 | -84.1% |
| Trade receivables | 40 | €45,600 | €9,395 | -€36,205 | -79.4% |
| Other amounts receivable | 41 | €241,335 | €36,166 | -€205,169 | -85.0% |
| Current investments | 50/53 | €1,200,000 | - | -€1.2m | |
| Other investments | 51/53 | €1,200,000 | - | -€1.2m | |
| Cash at bank and in hand | 54/58 | €2,544,491 | €2,172,281 | -€372,211 | -14.6% |
| Deferred charges and accrued income | 490/1 | €19,898 | €7,554 | -€12,344 | -62.0% |
| Total equity and liabilities | 10/49 | €9,521,112 | €8,067,195 | -€1.5m | -15.3% |
| Equity | 10/15 | €3,106,278 | €3,270,612 | +€164,333 | +5.3% |
| Contributions | 10/11 | €5,370 | €5,370 | = | 0.0% |
| Reserves | 13 | €3,100,909 | €3,265,242 | +€164,333 | +5.3% |
| Non-distributable reserves | 130/1 | €537 | €537 | = | 0.0% |
| Reserves not available under the articles | 1311 | €537 | €537 | = | 0.0% |
| Tax-exempt reserves | 132 | €280,290 | €280,290 | = | 0.0% |
| Distributable reserves | 133 | €2,820,082 | €2,984,415 | +€164,333 | +5.8% |
| Amounts payable | 17/49 | €6,414,834 | €4,796,583 | -€1.6m | -25.2% |
| Amounts payable after more than one year | 17 | €3,439,996 | €2,183,649 | -€1.3m | -36.5% |
| Financial debts | 170/4 | €3,439,996 | €2,183,649 | -€1.3m | -36.5% |
| Credit institutions | 173 | €2,539,996 | €2,183,649 | -€356,348 | -14.0% |
| Other loans | 174 | €900,000 | - | -€900,000 | |
| Amounts payable within one year | 42/48 | €2,974,465 | €2,611,055 | -€363,410 | -12.2% |
| Current portion of amounts payable after more than one year | 42 | €354,814 | €356,352 | +€1,537 | +0.4% |
| Trade debts | 44 | €18,286 | €106,405 | +€88,118 | +482% |
| Suppliers | 440/4 | €18,286 | €106,405 | +€88,118 | +482% |
| Taxes, remuneration and social security | 45 | €27,222 | €470 | -€26,752 | -98.3% |
| Taxes | 450/3 | €275 | €470 | +€195 | +70.7% |
| Remuneration and social security | 454/9 | €26,947 | - | -€26,947 | |
| Other amounts payable | 47/48 | €2,574,143 | €2,147,829 | -€426,314 | -16.6% |
| Accrued charges and deferred income | 492/3 | €372 | €1,880 | +€1,507 | +405% |
| Operating income | 70/76A | €8,800,829 | €471,904 | -€8.3m | -94.6% |
| Turnover | 70 | €8,015,653 | €27,551 | -€8.0m | -99.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €411,671 | - | -€411,671 | |
| Other operating income | 74 | €338,920 | €444,354 | +€105,434 | +31.1% |
| Non-recurring operating income | 76A | €34,585 | - | -€34,585 | |
| Operating charges | 60/66A | €5,680,231 | €264,955 | -€5.4m | -95.3% |
| Goods for resale, raw materials and consumables | 60 | €4,016,630 | €15,284 | -€4.0m | -99.6% |
| Purchases | 600/8 | €3,932,048 | €15,284 | -€3.9m | -99.6% |
| Change in stocks: decrease (increase) | 609 | €84,583 | - | -€84,583 | |
| Services and other goods | 61 | €340,841 | €74,527 | -€266,314 | -78.1% |
| Remuneration, social security and pensions | 62 | €267,840 | - | -€267,840 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €903,145 | €138,531 | -€764,614 | -84.7% |
| Other operating charges | 640/8 | €34,958 | €36,613 | +€1,656 | +4.7% |
| Non-recurring operating charges | 66A | €116,817 | - | -€116,817 | |
| Operating profit (loss) | 9901 | €3,120,598 | €206,949 | -€2.9m | -93.4% |
| Financial income | 75/76B | €73,787 | €39,959 | -€33,828 | -45.8% |
| Recurring financial income | 75 | €73,787 | €39,959 | -€33,828 | -45.8% |
| Income from financial fixed assets | 750 | €4,206 | - | -€4,206 | |
| Income from current assets | 751 | €54,281 | €34,360 | -€19,922 | -36.7% |
| Other financial income | 752/9 | €15,299 | €5,599 | -€9,700 | -63.4% |
| Financial charges | 65/66B | €34,028 | €27,797 | -€6,231 | -18.3% |
| Recurring financial charges | 65 | €34,028 | €27,797 | -€6,231 | -18.3% |
| Debt charges | 650 | €32,229 | €26,512 | -€5,717 | -17.7% |
| Other financial charges | 652/9 | €1,799 | €1,284 | -€515 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €3,160,357 | €219,111 | -€2.9m | -93.1% |
| Income taxes | 67/77 | €792,822 | €54,778 | -€738,044 | -93.1% |
| Taxes | 670/3 | €792,822 | €54,778 | -€738,044 | -93.1% |
| Profit (loss) for the period | 9904 | €2,367,535 | €164,333 | -€2.2m | -93.1% |
| Profit (loss) for the period to be appropriated | 9905 | €2,367,535 | €164,333 | -€2.2m | -93.1% |
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 13 October 2026 via checked.be.