DS PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€8,402
up €8,402 (+69.1%), from €12,153 to €20,555
of which Other amounts receivable: +€4,726
- Tangible fixed assets -€3,793
down €3,793 (-6.2%), from €61,255 to €57,461
of which Land and buildings: -€7,595
- Cash -€1,943
down €1,943 (-20.0%), from €9,725 to €7,782
mainly Contributions, distributions and other (-€24,394) and Debts after one year (-€12,802)
- Other debts +€24,394
up €24,394 (+1,420%), from €1,718 to €26,112
- Reserves -€12,938
down €12,938 (-24.0%), from €53,942 to €41,004
- Debts after one year -€12,802
down €12,802 (-66.0%), from €19,399 to €6,597
- Short-term financial debts +€7,651
up €7,651, from €0 to €7,651
of which Credit institutions: +€4,285
- Tax, wage and social debts -€3,094
down €3,094 (-48.7%), from €6,350 to €3,255
- Gross operating margin -€11,142
down €11,142 (-25.8%), from €43,120 to €31,978
- Taxes -€3,308
down €3,308 (-35.3%), from €9,378 to €6,069
- Financial charges -€2,017
down €2,017 (-51.2%), from €3,939 to €1,922
- Depreciation +€1,222
up €1,222 (+12.5%), from €9,742 to €10,964
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 | €97,105 | €100,319 | +€3,214 | +3.3% |
| Fixed assets | 21/28 | €61,255 | €57,461 | -€3,793 | -6.2% |
| Tangible fixed assets | 22/27 | €61,255 | €57,461 | -€3,793 | -6.2% |
| Land and buildings | 22 | €55,665 | €48,070 | -€7,595 | -13.6% |
| Plant, machinery and equipment | 23 | €3,656 | €2,574 | -€1,082 | -29.6% |
| Furniture and vehicles | 24 | €1,934 | €6,818 | +€4,884 | +253% |
| Current assets | 29/58 | €35,850 | €42,857 | +€7,007 | +19.5% |
| Amounts receivable after more than one year | 29 | €9,400 | €9,400 | = | 0.0% |
| Other amounts receivable | 291 | €9,400 | €9,400 | = | 0.0% |
| Stocks and contracts in progress | 3 | €3,000 | €3,000 | = | 0.0% |
| Stocks | 30/36 | €3,000 | €3,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €12,153 | €20,555 | +€8,402 | +69.1% |
| Trade receivables | 40 | €8,394 | €12,070 | +€3,677 | +43.8% |
| Other amounts receivable | 41 | €3,759 | €8,485 | +€4,726 | +126% |
| Cash at bank and in hand | 54/58 | €9,725 | €7,782 | -€1,943 | -20.0% |
| Deferred charges and accrued income | 490/1 | €1,572 | €2,120 | +€547 | +34.8% |
| Total equity and liabilities | 10/49 | €97,105 | €100,319 | +€3,214 | +3.3% |
| Equity | 10/15 | €53,942 | €41,004 | -€12,938 | -24.0% |
| Reserves | 13 | €53,942 | €41,004 | -€12,938 | -24.0% |
| Distributable reserves | 133 | €53,942 | €41,004 | -€12,938 | -24.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €43,163 | €59,315 | +€16,152 | +37.4% |
| Amounts payable after more than one year | 17 | €19,399 | €6,597 | -€12,802 | -66.0% |
| Financial debts | 170/4 | €19,399 | €6,597 | -€12,802 | -66.0% |
| Amounts payable within one year | 42/48 | €23,764 | €52,718 | +€28,953 | +122% |
| Current portion of amounts payable after more than one year | 42 | €12,296 | €12,802 | +€506 | +4.1% |
| Financial debts | 43 | €0 | €7,651 | +€7,651 | |
| Credit institutions | 430/8 | - | €4,285 | +€4,285 | |
| Other loans | 439 | €0 | €3,366 | +€3,366 | |
| Trade debts | 44 | €3,401 | €2,898 | -€503 | -14.8% |
| Suppliers | 440/4 | €3,401 | €2,898 | -€503 | -14.8% |
| Taxes, remuneration and social security | 45 | €6,350 | €3,255 | -€3,094 | -48.7% |
| Taxes | 450/3 | €6,350 | €3,255 | -€3,094 | -48.7% |
| Other amounts payable | 47/48 | €1,718 | €26,112 | +€24,394 | +1,420% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,742 | €10,964 | +€1,222 | +12.5% |
| Other operating charges | 640/8 | €1,848 | €2,279 | +€431 | +23.3% |
| Gross operating margin | 9900 | €43,120 | €31,978 | -€11,142 | -25.8% |
| Operating profit (loss) | 9901 | €31,530 | €18,735 | -€12,795 | -40.6% |
| Financial income | 75/76B | €752 | €713 | -€39 | -5.2% |
| Recurring financial income | 75 | €752 | €713 | -€39 | -5.2% |
| Financial charges | 65/66B | €3,939 | €1,922 | -€2,017 | -51.2% |
| Recurring financial charges | 65 | €3,939 | €1,922 | -€2,017 | -51.2% |
| Profit (loss) for the period before taxes | 9903 | €28,343 | €17,526 | -€10,817 | -38.2% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €9,378 | €6,069 | -€3,308 | -35.3% |
| Profit (loss) for the period | 9904 | €18,965 | €11,456 | -€7,509 | -39.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €18,965 | €11,456 | -€7,509 | -39.6% |
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 14 October 2026 via checked.be.