DS PROJECT MANAGEMENT: 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 PROJECT MANAGEMENT
Largest movements
- Tangible fixed assets +€31,138
up €31,138 (+178%), from €17,457 to €48,595
of which Other tangible fixed assets: +€29,560
- Cash +€3,656
up €3,656 (+144%), from €2,543 to €6,200
mainly Net result for the year (+€27,252) and Other debts (+€7,561)
- Deferred charges and accrued income +€2,157
up €2,157 (+107%), from €2,021 to €4,178
- Reserves +€28,489
new in 2025: €28,489
- Other debts +€7,561
up €7,561 (+186%), from €4,073 to €11,634
- Tax, wage and social debts +€7,545
up €7,545 (+121%), from €6,257 to €13,802
of which Taxes: +€5,885
- Current portion of long-term debt -€4,688
down €4,688 (-56.7%), from €8,263 to €3,575
- Debts after one year -€3,575
no longer reported in 2025 (was €3,575)
- Gross operating margin +€20,815
up €20,815 (+103%), from €20,115 to €40,930
- Financial charges -€14,930
down €14,930 (-82.8%), from €18,026 to €3,095
- Taxes +€7,365
up €7,365 (+746%), from €988 to €8,353
- Other operating charges +€863
up €863 (+202%), from €428 to €1,292
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 | €35,007 | €71,472 | +€36,465 | +104% |
| Fixed assets | 21/28 | €17,457 | €48,595 | +€31,138 | +178% |
| Tangible fixed assets | 22/27 | €17,457 | €48,595 | +€31,138 | +178% |
| Plant, machinery and equipment | 23 | €1,229 | €2,806 | +€1,578 | +128% |
| Other tangible fixed assets | 26 | €16,228 | €45,788 | +€29,560 | +182% |
| Current assets | 29/58 | €17,550 | €22,877 | +€5,327 | +30.4% |
| Amounts receivable within one year | 40/41 | €12,986 | €12,499 | -€486 | -3.7% |
| Trade receivables | 40 | €9,874 | €9,387 | -€486 | -4.9% |
| Other amounts receivable | 41 | €3,112 | €3,112 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,543 | €6,200 | +€3,656 | +144% |
| Deferred charges and accrued income | 490/1 | €2,021 | €4,178 | +€2,157 | +107% |
| Total equity and liabilities | 10/49 | €35,007 | €71,472 | +€36,465 | +104% |
| Equity | 10/15 | €11,237 | €38,489 | +€27,252 | +243% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Contributions outside capital | 11 | €10,000 | €10,000 | = | 0.0% |
| Other | 1109/19 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | - | €28,489 | +€28,489 | |
| Distributable reserves | 133 | - | €28,489 | +€28,489 | |
| Profit (loss) carried forward | 14 | €1,237 | - | -€1,237 | |
| Amounts payable | 17/49 | €23,770 | €32,982 | +€9,213 | +38.8% |
| Amounts payable after more than one year | 17 | €3,575 | - | -€3,575 | |
| Financial debts | 170/4 | €3,575 | - | -€3,575 | |
| Amounts payable within one year | 42/48 | €20,195 | €31,902 | +€11,707 | +58.0% |
| Current portion of amounts payable after more than one year | 42 | €8,263 | €3,575 | -€4,688 | -56.7% |
| Financial debts | 43 | - | €69 | +€69 | |
| Other loans | 439 | - | €69 | +€69 | |
| Trade debts | 44 | €1,602 | €2,823 | +€1,221 | +76.2% |
| Suppliers | 440/4 | €1,602 | €2,823 | +€1,221 | +76.2% |
| Taxes, remuneration and social security | 45 | €6,257 | €13,802 | +€7,545 | +121% |
| Taxes | 450/3 | €6,257 | €12,142 | +€5,885 | +94.1% |
| Remuneration and social security | 454/9 | - | €1,660 | +€1,660 | |
| Other amounts payable | 47/48 | €4,073 | €11,634 | +€7,561 | +186% |
| Accrued charges and deferred income | 492/3 | - | €1,080 | +€1,080 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €683 | €937 | +€255 | +37.4% |
| Other operating charges | 640/8 | €428 | €1,292 | +€863 | +202% |
| Gross operating margin | 9900 | €20,115 | €40,930 | +€20,815 | +103% |
| Operating profit (loss) | 9901 | €19,004 | €38,701 | +€19,696 | +104% |
| Financial charges | 65/66B | €18,026 | €3,095 | -€14,930 | -82.8% |
| Recurring financial charges | 65 | €18,026 | €3,095 | -€14,930 | -82.8% |
| Profit (loss) for the period before taxes | 9903 | €979 | €35,605 | +€34,627 | +3,538% |
| Income taxes | 67/77 | €988 | €8,353 | +€7,365 | +746% |
| Profit (loss) for the period | 9904 | -€9 | €27,252 | +€27,261 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9 | €27,252 | +€27,261 |
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.