DS INVEST: 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 INVEST
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
-€66,220
31-12-2024 · -€29,674-€36,546
Equity
€3.7m
31-12-2024 · €3.8m-€66,220
Cash
€22,816
31-12-2024 · €90,786-€67,970
Balance sheet total
€24.5m
31-12-2024 · €24.1m+€447,944
Largest movements
Assets
- Current investments +€560,790
up €560,790 (+3.6%), from €15.6m to €16.1m
Equity and liabilities
- Debts after one year +€527,810
up €527,810 (+2.6%), from €20.3m to €20.8m
Income statement
- Financial charges +€307,745
up €307,745 (+124%), from €247,858 to €555,603
- Financial income +€259,301
up €259,301 (+111%), from €232,944 to €492,245
of which Financial income: +€259,253
- Gross operating margin +€12,975
up €12,975 (+90.0%), from -€14,415 to -€1,440
- Depreciation +€656
up €656 (+190%), from €344 to €1,000
- Other operating charges +€422
new in 2025: €422
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024
-€29,674
Gross operating margin
+€12,975
Depreciation
-€656
Other operating charges
-€422
Financial income
+€259,301
Financial charges
-€307,745
Result 31-12-2025
-€66,220
raises the resultlowers the result
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€72,038
Investment
-€667,818
Financing
+€527,810
Cash 31-12-2024
€90,786
From operations (derived)
+€72,038
Net result for the year
-€66,220
Depreciation
+€1,000
Receivables within one year
+€70,708
Deferred charges and accrued income
+€80,196
Trade debts
-€6,025
Tax, wage and social debts
-€6,104
Other debts
-€1,938
Accrued charges and deferred income
+€422
Investment (derived)
-€667,818
Investment in fixed assets (net)
-€107,028
Current investments
-€560,790
Financing
+€527,810
Debts after one year
+€527,810
Cash 31-12-2025
€22,816
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,050,524 | €24,498,468 | +€447,944 | +1.9% |
| Fixed assets | 21/28 | €7,985,096 | €8,091,124 | +€106,028 | +1.3% |
| Tangible fixed assets | 22/27 | €7,000 | €6,000 | -€1,000 | -14.3% |
| Furniture and vehicles | 24 | €7,000 | €6,000 | -€1,000 | -14.3% |
| Financial fixed assets | 28 | €7,978,096 | €8,085,124 | +€107,028 | +1.3% |
| Current assets | 29/58 | €16,065,427 | €16,407,343 | +€341,916 | +2.1% |
| Amounts receivable within one year | 40/41 | €70,708 | - | -€70,708 | |
| Trade receivables | 40 | €480 | - | -€480 | |
| Other amounts receivable | 41 | €70,228 | - | -€70,228 | |
| Current investments | 50/53 | €15,577,500 | €16,138,290 | +€560,790 | +3.6% |
| Cash at bank and in hand | 54/58 | €90,786 | €22,816 | -€67,970 | -74.9% |
| Deferred charges and accrued income | 490/1 | €326,433 | €246,238 | -€80,196 | -24.6% |
| Total equity and liabilities | 10/49 | €24,050,524 | €24,498,468 | +€447,944 | +1.9% |
| Equity | 10/15 | €3,780,398 | €3,714,178 | -€66,220 | -1.8% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Contributions outside capital | 11 | €7,500 | €7,500 | = | 0.0% |
| Other | 1109/19 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €3,883,659 | €3,883,659 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,882,909 | €3,882,909 | = | 0.0% |
| Other | 1319 | €3,882,909 | €3,882,909 | = | 0.0% |
| Distributable reserves | 133 | €750 | €750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€110,761 | -€176,981 | -€66,220 | -59.8% |
| Amounts payable | 17/49 | €20,270,125 | €20,784,290 | +€514,164 | +2.5% |
| Amounts payable after more than one year | 17 | €20,251,831 | €20,779,641 | +€527,810 | +2.6% |
| Other amounts payable | 178/9 | €20,251,831 | €20,779,641 | +€527,810 | +2.6% |
| Amounts payable within one year | 42/48 | €18,294 | €4,227 | -€14,067 | -76.9% |
| Trade debts | 44 | €10,252 | €4,227 | -€6,025 | -58.8% |
| Suppliers | 440/4 | €10,252 | €4,227 | -€6,025 | -58.8% |
| Taxes, remuneration and social security | 45 | €6,104 | - | -€6,104 | |
| Taxes | 450/3 | €6,104 | - | -€6,104 | |
| Other amounts payable | 47/48 | €1,938 | - | -€1,938 | |
| Accrued charges and deferred income | 492/3 | - | €422 | +€422 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344 | €1,000 | +€656 | +190% |
| Other operating charges | 640/8 | - | €422 | +€422 | |
| Gross operating margin | 9900 | -€14,415 | -€1,440 | +€12,975 | +90.0% |
| Operating profit (loss) | 9901 | -€14,759 | -€2,862 | +€11,898 | +80.6% |
| Financial income | 75/76B | €232,944 | €492,245 | +€259,301 | +111% |
| Recurring financial income | 75 | €232,944 | €492,197 | +€259,253 | +111% |
| Non-recurring financial income | 76B | - | €48 | +€48 | |
| Financial charges | 65/66B | €247,858 | €555,603 | +€307,745 | +124% |
| Recurring financial charges | 65 | €247,858 | €555,603 | +€307,745 | +124% |
| Profit (loss) for the period before taxes | 9903 | -€29,674 | -€66,220 | -€36,546 | -123% |
| Profit (loss) for the period | 9904 | -€29,674 | -€66,220 | -€36,546 | -123% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,674 | -€66,220 | -€36,546 | -123% |
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 26 October 2026 via checked.be.