DS PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year +€13,518
up €13,518 (+38.4%), from €35,162 to €48,680
of which Other amounts receivable: +€9,351
- Tangible fixed assets -€7,816
down €7,816 (-4.7%), from €166,738 to €158,922
of which Land and buildings: -€21,256
- Cash -€5,703
down €5,703 (-98.6%), from €5,786 to €83
mainly Investment in fixed assets (net) (-€21,693) and Receivables within one year (-€13,518)
- Reserves +€61,216
up €61,216 (+3291.2%), from €1,860 to €63,076
- Profit (loss) carried forward -€58,719
down €58,719 (-100.0%), from €58,719 to €0
- Debts after one year -€6,355
down €6,355 (-6.7%), from €94,661 to €88,306
of which Financial debts: -€6,355
- Tax, wage and social debts -€5,588
down €5,588 (-94.8%), from €5,891 to €304
of which Remuneration and social security: -€5,572
- Current portion of long-term debt +€5,375
up €5,375 (+32.1%), from €16,742 to €22,118
- Staff costs -€10,163
down €10,163 (-9.2%), from €110,499 to €100,336
- Gross operating margin +€1,567
up €1,567 (+1.1%), from €139,697 to €141,264
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 | €208,149 | €208,511 | +€362 | +0.2% |
| Fixed assets | 21/28 | €166,738 | €158,922 | -€7,816 | -4.7% |
| Tangible fixed assets | 22/27 | €166,738 | €158,922 | -€7,816 | -4.7% |
| Land and buildings | 22 | €145,680 | €124,424 | -€21,256 | -14.6% |
| Furniture and vehicles | 24 | €7,608 | €23,024 | +€15,416 | +202.6% |
| Other tangible fixed assets | 26 | €13,451 | €11,474 | -€1,977 | -14.7% |
| Current assets | 29/58 | €41,411 | €49,589 | +€8,179 | +19.7% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €35,162 | €48,680 | +€13,518 | +38.4% |
| Trade receivables | 40 | €31,048 | €35,215 | +€4,167 | +13.4% |
| Other amounts receivable | 41 | €4,115 | €13,465 | +€9,351 | +227.3% |
| Cash at bank and in hand | 54/58 | €5,786 | €83 | -€5,703 | -98.6% |
| Deferred charges and accrued income | 490/1 | €462 | €825 | +€364 | +78.7% |
| Total equity and liabilities | 10/49 | €208,149 | €208,511 | +€362 | +0.2% |
| Equity | 10/15 | €79,179 | €81,676 | +€2,496 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €63,076 | +€61,216 | +3291.2% |
| Distributable reserves | 133 | €1,860 | €63,076 | +€61,216 | +3291.2% |
| Profit (loss) carried forward | 14 | €58,719 | €0 | -€58,719 | -100.0% |
| Amounts payable | 17/49 | €128,969 | €126,836 | -€2,134 | -1.7% |
| Amounts payable after more than one year | 17 | €94,661 | €88,306 | -€6,355 | -6.7% |
| Financial debts | 170/4 | €94,661 | €88,306 | -€6,355 | -6.7% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €34,309 | €38,515 | +€4,206 | +12.3% |
| Current portion of amounts payable after more than one year | 42 | €16,742 | €22,118 | +€5,375 | +32.1% |
| Financial debts | 43 | €0 | €4,859 | +€4,859 | |
| Credit institutions | 430/8 | €0 | €4,859 | +€4,859 | |
| Trade debts | 44 | €10,941 | €10,500 | -€441 | -4.0% |
| Suppliers | 440/4 | €10,941 | €10,500 | -€441 | -4.0% |
| Taxes, remuneration and social security | 45 | €5,891 | €304 | -€5,588 | -94.8% |
| Taxes | 450/3 | €320 | €304 | -€16 | -5.0% |
| Remuneration and social security | 454/9 | €5,572 | €0 | -€5,572 | -100.0% |
| Other amounts payable | 47/48 | €735 | €735 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €15 | +€15 | |
| Remuneration, social security and pensions | 62 | €110,499 | €100,336 | -€10,163 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,550 | €29,510 | -€41 | -0.1% |
| Other operating charges | 640/8 | €5,137 | €4,655 | -€482 | -9.4% |
| Gross operating margin | 9900 | €139,697 | €141,264 | +€1,567 | +1.1% |
| Operating profit (loss) | 9901 | -€5,489 | €6,763 | +€12,252 | |
| Financial income | 75/76B | €251 | €248 | -€3 | -1.2% |
| Recurring financial income | 75 | €251 | €248 | -€3 | -1.2% |
| Financial charges | 65/66B | €4,494 | €4,230 | -€265 | -5.9% |
| Recurring financial charges | 65 | €4,494 | €4,230 | -€265 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€9,732 | €2,781 | +€12,514 | |
| Income taxes | 67/77 | €240 | €285 | +€45 | +18.7% |
| Profit (loss) for the period | 9904 | -€9,973 | €2,496 | +€12,469 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,973 | €2,496 | +€12,469 |
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 6 October 2026 via checked.be.