DS MANAGEMENT: what changed
Two fiscal 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€67,343
down €67,343 (-5.2%), from €1.3m to €1.2m
of which Land and buildings: -€86,730
- Receivables within one year -€60,140
down €60,140 (-95.3%), from €63,126 to €2,986
- Debts after one year -€72,892
no longer reported in 2025 (was €72,892)
- Current portion of long-term debt -€51,192
down €51,192 (-41.3%), from €124,084 to €72,892
- Reserves +€29,668
up €29,668 (+3.6%), from €829,413 to €859,081
of which Distributable reserves: +€29,668
- Tax, wage and social debts -€26,226
down €26,226 (-53.5%), from €48,999 to €22,773
- Trade debts -€18,537
down €18,537 (-68.2%), from €27,162 to €8,625
- Gross operating margin -€58,969
down €58,969 (-19.8%), from €297,731 to €238,762
- Financial charges -€9,086
down €9,086 (-20.9%), from €43,372 to €34,286
- Depreciation +€6,651
up €6,651 (+5.7%), from €115,742 to €122,393
- Taxes -€6,131
down €6,131 (-25.4%), from €24,098 to €17,967
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 | €1,768,264 | €1,638,912 | -€129,352 | -7.3% |
| Fixed assets | 21/28 | €1,296,136 | €1,228,793 | -€67,343 | -5.2% |
| Tangible fixed assets | 22/27 | €1,296,052 | €1,228,709 | -€67,343 | -5.2% |
| Land and buildings | 22 | €1,154,753 | €1,068,024 | -€86,730 | -7.5% |
| Plant, machinery and equipment | 23 | €112,657 | €145,798 | +€33,141 | +29.4% |
| Furniture and vehicles | 24 | €28,642 | €14,888 | -€13,754 | -48.0% |
| Financial fixed assets | 28 | €84 | €84 | = | 0.0% |
| Current assets | 29/58 | €472,128 | €410,119 | -€62,009 | -13.1% |
| Amounts receivable within one year | 40/41 | €63,126 | €2,986 | -€60,140 | -95.3% |
| Trade receivables | 40 | €63,126 | €2,986 | -€60,140 | -95.3% |
| Cash at bank and in hand | 54/58 | €398,344 | €396,938 | -€1,406 | -0.4% |
| Deferred charges and accrued income | 490/1 | €10,658 | €10,195 | -€463 | -4.3% |
| Total equity and liabilities | 10/49 | €1,768,264 | €1,638,912 | -€129,352 | -7.3% |
| Equity | 10/15 | €1,029,413 | €1,059,081 | +€29,668 | +2.9% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €829,413 | €859,081 | +€29,668 | +3.6% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €809,413 | €839,081 | +€29,668 | +3.7% |
| Amounts payable | 17/49 | €738,850 | €579,831 | -€159,019 | -21.5% |
| Amounts payable after more than one year | 17 | €72,892 | - | -€72,892 | |
| Financial debts | 170/4 | €72,892 | - | -€72,892 | |
| Amounts payable within one year | 42/48 | €628,300 | €546,412 | -€81,889 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €124,084 | €72,892 | -€51,192 | -41.3% |
| Trade debts | 44 | €27,162 | €8,625 | -€18,537 | -68.2% |
| Suppliers | 440/4 | €27,162 | €8,625 | -€18,537 | -68.2% |
| Taxes, remuneration and social security | 45 | €48,999 | €22,773 | -€26,226 | -53.5% |
| Taxes | 450/3 | €48,999 | €22,773 | -€26,226 | -53.5% |
| Other amounts payable | 47/48 | €428,055 | €442,121 | +€14,066 | +3.3% |
| Accrued charges and deferred income | 492/3 | €37,657 | €33,419 | -€4,238 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €115,742 | €122,393 | +€6,651 | +5.7% |
| Other operating charges | 640/8 | €34,042 | €34,449 | +€407 | +1.2% |
| Gross operating margin | 9900 | €297,731 | €238,762 | -€58,969 | -19.8% |
| Operating profit (loss) | 9901 | €147,947 | €81,920 | -€66,027 | -44.6% |
| Financial charges | 65/66B | €43,372 | €34,286 | -€9,086 | -20.9% |
| Recurring financial charges | 65 | €43,372 | €34,286 | -€9,086 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €104,575 | €47,634 | -€56,941 | -54.4% |
| Income taxes | 67/77 | €24,098 | €17,967 | -€6,131 | -25.4% |
| Profit (loss) for the period | 9904 | €80,478 | €29,668 | -€50,810 | -63.1% |
| Profit (loss) for the period to be appropriated | 9905 | €80,478 | €29,668 | -€50,810 | -63.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.