DS2: 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.
DS2
Largest movements
- Tangible fixed assets +€112,917
up €112,917 (+36.5%), from €309,066 to €421,982
of which Assets under construction and advance payments: +€122,202
- Receivables within one year +€21,027
up €21,027 (+8.5%), from €247,218 to €268,245
of which Trade receivables: +€15,880
- Debts after one year +€107,833
new in 2025: €107,833
- Trade debts +€58,357
up €58,357 (+113%), from €51,872 to €110,229
- Tax, wage and social debts -€48,822
down €48,822 (-99.1%), from €49,245 to €423
- Depreciation +€16,700
up €16,700 (+57.8%), from €28,893 to €45,593
- Gross operating margin +€10,968
up €10,968 (+24.2%), from €45,234 to €56,202
- Financial charges +€5,348
up €5,348 (+9,938%), from €54 to €5,401
- Taxes -€1,361
down €1,361 (-57.2%), from €2,379 to €1,017
- Other operating charges -€901
down €901 (-19.9%), from €4,533 to €3,633
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 | €1,850,617 | €1,971,171 | +€120,555 | +6.5% |
| Fixed assets | 21/28 | €1,601,759 | €1,697,162 | +€95,404 | +6.0% |
| Intangible fixed assets | 21 | €262,693 | €245,180 | -€17,513 | -6.7% |
| Tangible fixed assets | 22/27 | €309,066 | €421,982 | +€112,917 | +36.5% |
| Land and buildings | 22 | €309,066 | €299,781 | -€9,285 | -3.0% |
| Assets under construction and advance payments | 27 | - | €122,202 | +€122,202 | |
| Financial fixed assets | 28 | €1,030,000 | €1,030,000 | = | 0.0% |
| Current assets | 29/58 | €248,858 | €274,009 | +€25,151 | +10.1% |
| Amounts receivable within one year | 40/41 | €247,218 | €268,245 | +€21,027 | +8.5% |
| Trade receivables | 40 | €246,820 | €262,700 | +€15,880 | +6.4% |
| Other amounts receivable | 41 | €398 | €5,545 | +€5,147 | +1,293% |
| Cash at bank and in hand | 54/58 | €1,123 | €5,158 | +€4,035 | +359% |
| Deferred charges and accrued income | 490/1 | €517 | €606 | +€89 | +17.1% |
| Total equity and liabilities | 10/49 | €1,850,617 | €1,971,171 | +€120,555 | +6.5% |
| Equity | 10/15 | €1,674,450 | €1,675,017 | +€567 | 0.0% |
| Contributions | 10/11 | €1,050,000 | €1,050,000 | = | 0.0% |
| Reserves | 13 | €624,450 | €625,017 | +€567 | +0.1% |
| Tax-exempt reserves | 132 | €20,144 | €20,144 | = | 0.0% |
| Distributable reserves | 133 | €604,305 | €604,872 | +€567 | +0.1% |
| Amounts payable | 17/49 | €176,167 | €296,155 | +€119,988 | +68.1% |
| Amounts payable after more than one year | 17 | - | €107,833 | +€107,833 | |
| Financial debts | 170/4 | - | €107,833 | +€107,833 | |
| Amounts payable within one year | 42/48 | €176,167 | €187,705 | +€11,538 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | - | €14,000 | +€14,000 | |
| Trade debts | 44 | €51,872 | €110,229 | +€58,357 | +113% |
| Suppliers | 440/4 | €51,872 | €110,229 | +€58,357 | +113% |
| Taxes, remuneration and social security | 45 | €49,245 | €423 | -€48,822 | -99.1% |
| Taxes | 450/3 | €49,245 | €423 | -€48,822 | -99.1% |
| Other amounts payable | 47/48 | €75,050 | €63,053 | -€11,997 | -16.0% |
| Accrued charges and deferred income | 492/3 | - | €616 | +€616 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,893 | €45,593 | +€16,700 | +57.8% |
| Other operating charges | 640/8 | €4,533 | €3,633 | -€901 | -19.9% |
| Gross operating margin | 9900 | €45,234 | €56,202 | +€10,968 | +24.2% |
| Operating profit (loss) | 9901 | €11,807 | €6,976 | -€4,831 | -40.9% |
| Financial income | 75/76B | €22 | €10 | -€12 | -55.2% |
| Recurring financial income | 75 | €22 | €10 | -€12 | -55.2% |
| Financial charges | 65/66B | €54 | €5,401 | +€5,348 | +9,938% |
| Recurring financial charges | 65 | €54 | €5,401 | +€5,348 | +9,938% |
| Profit (loss) for the period before taxes | 9903 | €11,776 | €1,584 | -€10,191 | -86.5% |
| Income taxes | 67/77 | €2,379 | €1,017 | -€1,361 | -57.2% |
| Profit (loss) for the period | 9904 | €9,397 | €567 | -€8,830 | -94.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,397 | €567 | -€8,830 | -94.0% |
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 23 October 2026 via checked.be.