DS TEAM: 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 TEAM
Largest movements
- Stocks and contracts -€396,450
down €396,450 (-90.7%), from €437,107 to €40,657
of which Stocks: -€382,807
- Receivables within one year -€316,347
down €316,347 (-60.3%), from €524,999 to €208,652
of which Trade receivables: -€264,716
- Cash +€119,497
up €119,497 (+26.3%), from €454,268 to €573,765
mainly Stocks and contracts (+€396,450) and Receivables within one year (+€316,347)
- Trade debts -€359,416
down €359,416 (-86.0%), from €418,012 to €58,596
- Other debts +€279,866
up €279,866 (+3675.8%), from €7,614 to €287,480
- Current portion of long-term debt -€252,576
down €252,576 (-83.8%), from €301,516 to €48,941
- Reserves -€231,722
down €231,722 (-29.7%), from €780,586 to €548,864
of which Distributable reserves: -€231,722
- Debts after one year -€28,295
down €28,295 (-8.5%), from €332,730 to €304,435
of which Other amounts payable: -€21,500
- Gross operating margin +€63,908
up €63,908 (+22.9%), from €278,722 to €342,630
- Depreciation -€24,838
down €24,838 (-29.8%), from €83,438 to €58,600
- Taxes -€12,349
down €12,349 (-42.5%), from €29,050 to €16,701
- Financial charges -€8,101
down €8,101 (-28.3%), from €28,653 to €20,553
- Staff costs -€6,653
down €6,653 (-8.6%), from €77,326 to €70,673
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 | €1,867,224 | €1,271,465 | -€595,759 | -31.9% |
| Fixed assets | 21/28 | €437,106 | €448,391 | +€11,285 | +2.6% |
| Tangible fixed assets | 22/27 | €437,106 | €448,391 | +€11,285 | +2.6% |
| Land and buildings | 22 | €360,763 | €349,122 | -€11,641 | -3.2% |
| Plant, machinery and equipment | 23 | €4,646 | €9,692 | +€5,046 | +108.6% |
| Furniture and vehicles | 24 | €71,698 | €89,577 | +€17,879 | +24.9% |
| Current assets | 29/58 | €1,430,117 | €823,074 | -€607,043 | -42.4% |
| Stocks and contracts in progress | 3 | €437,107 | €40,657 | -€396,450 | -90.7% |
| Stocks | 30/36 | €422,307 | €39,500 | -€382,807 | -90.6% |
| Contracts in progress | 37 | €14,800 | €1,157 | -€13,643 | -92.2% |
| Amounts receivable within one year | 40/41 | €524,999 | €208,652 | -€316,347 | -60.3% |
| Trade receivables | 40 | €461,836 | €197,120 | -€264,716 | -57.3% |
| Other amounts receivable | 41 | €63,163 | €11,532 | -€51,631 | -81.7% |
| Cash at bank and in hand | 54/58 | €454,268 | €573,765 | +€119,497 | +26.3% |
| Deferred charges and accrued income | 490/1 | €13,743 | €0 | -€13,743 | -100.0% |
| Total equity and liabilities | 10/49 | €1,867,224 | €1,271,465 | -€595,759 | -31.9% |
| Equity | 10/15 | €788,754 | €557,033 | -€231,722 | -29.4% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €780,586 | €548,864 | -€231,722 | -29.7% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €780,586 | €548,864 | -€231,722 | -29.7% |
| Profit (loss) carried forward | 14 | €169 | €169 | = | 0.0% |
| Amounts payable | 17/49 | €1,078,469 | €714,432 | -€364,037 | -33.8% |
| Amounts payable after more than one year | 17 | €332,730 | €304,435 | -€28,295 | -8.5% |
| Financial debts | 170/4 | €308,830 | €302,035 | -€6,795 | -2.2% |
| Other amounts payable | 178/9 | €23,900 | €2,400 | -€21,500 | -90.0% |
| Amounts payable within one year | 42/48 | €742,983 | €408,030 | -€334,954 | -45.1% |
| Current portion of amounts payable after more than one year | 42 | €301,516 | €48,941 | -€252,576 | -83.8% |
| Trade debts | 44 | €418,012 | €58,596 | -€359,416 | -86.0% |
| Suppliers | 440/4 | €418,012 | €58,596 | -€359,416 | -86.0% |
| Taxes, remuneration and social security | 45 | €15,842 | €13,013 | -€2,829 | -17.9% |
| Taxes | 450/3 | €10,606 | €12,039 | +€1,433 | +13.5% |
| Remuneration and social security | 454/9 | €5,236 | €974 | -€4,261 | -81.4% |
| Other amounts payable | 47/48 | €7,614 | €287,480 | +€279,866 | +3675.8% |
| Accrued charges and deferred income | 492/3 | €2,756 | €1,967 | -€789 | -28.6% |
| Remuneration, social security and pensions | 62 | €77,326 | €70,673 | -€6,653 | -8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,438 | €58,600 | -€24,838 | -29.8% |
| Other operating charges | 640/8 | €8,131 | €5,626 | -€2,506 | -30.8% |
| Gross operating margin | 9900 | €278,722 | €342,630 | +€63,908 | +22.9% |
| Operating profit (loss) | 9901 | €109,827 | €207,731 | +€97,905 | +89.1% |
| Financial income | 75/76B | €7,470 | €3,851 | -€3,619 | -48.4% |
| Recurring financial income | 75 | €7,470 | €3,851 | -€3,619 | -48.4% |
| Financial charges | 65/66B | €28,653 | €20,553 | -€8,101 | -28.3% |
| Recurring financial charges | 65 | €28,653 | €20,553 | -€8,101 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €88,643 | €191,029 | +€102,386 | +115.5% |
| Income taxes | 67/77 | €29,050 | €16,701 | -€12,349 | -42.5% |
| Profit (loss) for the period | 9904 | €59,593 | €174,328 | +€114,736 | +192.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,593 | €174,328 | +€114,736 | +192.5% |
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 9 October 2026 via checked.be.