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.
DS Invest
Largest movements
- Receivables within one year +€60,466
up €60,466 (+10.0%), from €606,198 to €666,664
- Tangible fixed assets -€32,948
down €32,948 (-2.5%), from €1.3m to €1.3m
of which Other tangible fixed assets: -€25,700
- Cash +€23,988
new in 2025: €23,988
mainly Net result for the year (+€112,180) and Other debts (+€75,548)
- Reserves +€111,347
up €111,347 (+13.5%), from €822,719 to €934,066
- Other debts +€75,548
up €75,548 (+23.1%), from €327,722 to €403,270
- Debts after one year -€66,511
down €66,511 (-11.1%), from €599,951 to €533,439
- Current portion of long-term debt -€43,784
down €43,784 (-37.9%), from €115,605 to €71,821
- Tax, wage and social debts -€22,274
down €22,274 (-61.3%), from €36,323 to €14,049
of which Taxes: -€22,204
- Gross operating margin +€19,998
up €19,998 (+9.1%), from €220,479 to €240,477
- Taxes +€12,202
up €12,202 (+25.5%), from €47,852 to €60,054
- Depreciation -€8,765
down €8,765 (-19.4%), from €45,282 to €36,517
- Financial income -€4,167
down €4,167 (-99.9%), from €4,173 to €6
- Financial charges +€3,895
up €3,895 (+20.6%), from €18,861 to €22,756
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,915,294 | €1,969,717 | +€54,422 | +2.8% |
| Fixed assets | 21/28 | €1,305,597 | €1,272,649 | -€32,948 | -2.5% |
| Tangible fixed assets | 22/27 | €1,302,956 | €1,270,008 | -€32,948 | -2.5% |
| Land and buildings | 22 | €716,644 | €714,862 | -€1,782 | -0.2% |
| Plant, machinery and equipment | 23 | €13,339 | €10,943 | -€2,396 | -18.0% |
| Furniture and vehicles | 24 | €35,524 | €32,455 | -€3,070 | -8.6% |
| Other tangible fixed assets | 26 | €537,449 | €511,749 | -€25,700 | -4.8% |
| Financial fixed assets | 28 | €2,641 | €2,641 | = | 0.0% |
| Current assets | 29/58 | €609,697 | €697,067 | +€87,370 | +14.3% |
| Amounts receivable within one year | 40/41 | €606,198 | €666,664 | +€60,466 | +10.0% |
| Other amounts receivable | 41 | €606,198 | €666,664 | +€60,466 | +10.0% |
| Cash at bank and in hand | 54/58 | - | €23,988 | +€23,988 | |
| Deferred charges and accrued income | 490/1 | €3,499 | €6,415 | +€2,917 | +83.4% |
| Total equity and liabilities | 10/49 | €1,915,294 | €1,969,717 | +€54,422 | +2.8% |
| Equity | 10/15 | €835,119 | €946,466 | +€111,347 | +13.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €822,719 | €934,066 | +€111,347 | +13.5% |
| Distributable reserves | 133 | €822,719 | €934,066 | +€111,347 | +13.5% |
| Amounts payable | 17/49 | €1,080,175 | €1,023,251 | -€56,924 | -5.3% |
| Amounts payable after more than one year | 17 | €599,951 | €533,439 | -€66,511 | -11.1% |
| Financial debts | 170/4 | €599,951 | €533,439 | -€66,511 | -11.1% |
| Amounts payable within one year | 42/48 | €480,225 | €489,812 | +€9,587 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €115,605 | €71,821 | -€43,784 | -37.9% |
| Financial debts | 43 | €323 | - | -€323 | |
| Credit institutions | 430/8 | €323 | - | -€323 | |
| Trade debts | 44 | €251 | €672 | +€421 | +168% |
| Suppliers | 440/4 | €251 | €672 | +€421 | +168% |
| Taxes, remuneration and social security | 45 | €36,323 | €14,049 | -€22,274 | -61.3% |
| Taxes | 450/3 | €35,818 | €13,614 | -€22,204 | -62.0% |
| Remuneration and social security | 454/9 | €506 | €435 | -€71 | -13.9% |
| Other amounts payable | 47/48 | €327,722 | €403,270 | +€75,548 | +23.1% |
| Remuneration, social security and pensions | 62 | €6,572 | €5,429 | -€1,143 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,282 | €36,517 | -€8,765 | -19.4% |
| Other operating charges | 640/8 | €4,481 | €3,547 | -€934 | -20.8% |
| Non-recurring operating charges | 66A | €1,328 | - | -€1,328 | |
| Gross operating margin | 9900 | €220,479 | €240,477 | +€19,998 | +9.1% |
| Operating profit (loss) | 9901 | €162,816 | €194,984 | +€32,168 | +19.8% |
| Financial income | 75/76B | €4,173 | €6 | -€4,167 | -99.9% |
| Recurring financial income | 75 | €4,173 | €6 | -€4,167 | -99.9% |
| Financial charges | 65/66B | €18,861 | €22,756 | +€3,895 | +20.6% |
| Recurring financial charges | 65 | €18,861 | €22,756 | +€3,895 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €148,128 | €172,234 | +€24,106 | +16.3% |
| Income taxes | 67/77 | €47,852 | €60,054 | +€12,202 | +25.5% |
| Profit (loss) for the period | 9904 | €100,276 | €112,180 | +€11,904 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €100,276 | €112,180 | +€11,904 | +11.9% |
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 23 October 2026 via checked.be.