DS-LAW: 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-LAW
Largest movements
- Cash +€75,334
up €75,334 (+52.3%), from €144,054 to €219,388
mainly Net result for the year (+€116,593) and Receivables after one year (+€73,376)
- Receivables after one year -€73,376
down €73,376 (-61.5%), from €119,280 to €45,904
- Receivables within one year +€13,160
up €13,160 (+13.3%), from €99,162 to €112,323
of which Trade receivables: +€10,841
- Reserves +€59,000
up €59,000 (+16.3%), from €362,860 to €421,860
of which Distributable reserves: +€59,000
- Other debts -€25,208
down €25,208 (-28.2%), from €89,495 to €64,287
- Trade debts -€15,023
down €15,023 (-49.2%), from €30,557 to €15,534
- Tax, wage and social debts -€6,777
down €6,777 (-17.6%), from €38,460 to €31,683
of which Taxes: -€9,080
- Gross operating margin +€59,359
up €59,359 (+46.9%), from €126,689 to €186,047
- Taxes +€12,323
up €12,323 (+34.7%), from €35,559 to €47,882
- Other operating charges -€2,098
down €2,098 (-35.6%), from €5,898 to €3,800
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 | €667,522 | €675,718 | +€8,197 | +1.2% |
| Formation expenses | 20 | €17,535 | €16,244 | -€1,290 | -7.4% |
| Fixed assets | 21/28 | €186,507 | €180,245 | -€6,262 | -3.4% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €164,405 | €158,142 | -€6,262 | -3.8% |
| Land and buildings | 22 | €129,768 | €122,154 | -€7,614 | -5.9% |
| Plant, machinery and equipment | 23 | €8,042 | €14,032 | +€5,990 | +74.5% |
| Furniture and vehicles | 24 | €26,594 | €21,956 | -€4,638 | -17.4% |
| Financial fixed assets | 28 | €22,103 | €22,103 | = | 0.0% |
| Current assets | 29/58 | €463,480 | €479,229 | +€15,749 | +3.4% |
| Amounts receivable after more than one year | 29 | €119,280 | €45,904 | -€73,376 | -61.5% |
| Other amounts receivable | 291 | €119,280 | €45,904 | -€73,376 | -61.5% |
| Amounts receivable within one year | 40/41 | €99,162 | €112,323 | +€13,160 | +13.3% |
| Trade receivables | 40 | €99,162 | €110,003 | +€10,841 | +10.9% |
| Other amounts receivable | 41 | - | €2,320 | +€2,320 | |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €144,054 | €219,388 | +€75,334 | +52.3% |
| Deferred charges and accrued income | 490/1 | €984 | €1,614 | +€631 | +64.1% |
| Total equity and liabilities | 10/49 | €667,522 | €675,718 | +€8,197 | +1.2% |
| Equity | 10/15 | €497,047 | €556,641 | +€59,593 | +12.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €362,860 | €421,860 | +€59,000 | +16.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €361,000 | €420,000 | +€59,000 | +16.3% |
| Profit (loss) carried forward | 14 | €121,787 | €122,381 | +€593 | +0.5% |
| Amounts payable | 17/49 | €170,474 | €119,078 | -€51,397 | -30.1% |
| Amounts payable after more than one year | 17 | €7,449 | €4,937 | -€2,512 | -33.7% |
| Financial debts | 170/4 | €7,449 | €4,937 | -€2,512 | -33.7% |
| Amounts payable within one year | 42/48 | €163,026 | €114,141 | -€48,885 | -30.0% |
| Current portion of amounts payable after more than one year | 42 | €4,513 | €2,636 | -€1,877 | -41.6% |
| Trade debts | 44 | €30,557 | €15,534 | -€15,023 | -49.2% |
| Suppliers | 440/4 | €30,557 | €15,534 | -€15,023 | -49.2% |
| Taxes, remuneration and social security | 45 | €38,460 | €31,683 | -€6,777 | -17.6% |
| Taxes | 450/3 | €36,185 | €27,106 | -€9,080 | -25.1% |
| Remuneration and social security | 454/9 | €2,275 | €4,577 | +€2,303 | +101% |
| Other amounts payable | 47/48 | €89,495 | €64,287 | -€25,208 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,871 | €17,868 | +€997 | +5.9% |
| Other operating charges | 640/8 | €5,898 | €3,800 | -€2,098 | -35.6% |
| Non-recurring operating charges | 66A | €252 | €129 | -€123 | -48.7% |
| Gross operating margin | 9900 | €126,689 | €186,047 | +€59,359 | +46.9% |
| Operating profit (loss) | 9901 | €103,668 | €164,250 | +€60,583 | +58.4% |
| Financial income | 75/76B | €1,165 | €113 | -€1,052 | -90.3% |
| Recurring financial income | 75 | €1,165 | €113 | -€1,052 | -90.3% |
| Financial charges | 65/66B | €358 | -€112 | -€470 | |
| Recurring financial charges | 65 | €358 | -€112 | -€470 | |
| Profit (loss) for the period before taxes | 9903 | €104,475 | €164,476 | +€60,000 | +57.4% |
| Income taxes | 67/77 | €35,559 | €47,882 | +€12,323 | +34.7% |
| Profit (loss) for the period | 9904 | €68,916 | €116,593 | +€47,677 | +69.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,916 | €116,593 | +€47,677 | +69.2% |
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.