DSAR Holding: 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.
DSAR Holding
Largest movements
- Financial fixed assets +€13.7m
up €13.7m (+255%), from €5.4m to €19.0m
- Deferred charges and accrued income +€568,768
up €568,768 (+62.0%), from €917,101 to €1.5m
- Revaluation surpluses +€5.0m
new in 2025: €5.0m
- Debts after one year +€4.6m
up €4.6m (+178%), from €2.6m to €7.1m
of which Financial debts: +€2.7m
- Contributions +€2.1m
up €2.1m (+163%), from €1.3m to €3.4m
- Short-term financial debts +€1.5m
new in 2025: €1.5m
- Current portion of long-term debt +€716,781
up €716,781 (+224%), from €320,000 to €1.0m
- Financial income +€261,782
up €261,782 (+56.1%), from €467,040 to €728,822
- Gross operating margin -€216,466
down €216,466 (-39.7%), from €544,982 to €328,516
- Financial charges +€58,450
up €58,450 (+23.3%), from €251,274 to €309,724
- Staff costs +€6,210
up €6,210 (+10.7%), from €57,898 to €64,108
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 | €6,414,798 | €20,694,389 | +€14.3m | +223% |
| Fixed assets | 21/28 | €5,350,000 | €19,013,477 | +€13.7m | +255% |
| Tangible fixed assets | 22/27 | - | €1,155 | +€1,155 | |
| Plant, machinery and equipment | 23 | - | €1,155 | +€1,155 | |
| Financial fixed assets | 28 | €5,350,000 | €19,012,322 | +€13.7m | +255% |
| Current assets | 29/58 | €1,064,798 | €1,680,912 | +€616,114 | +57.9% |
| Amounts receivable within one year | 40/41 | €39,921 | €64,582 | +€24,661 | +61.8% |
| Trade receivables | 40 | - | €23,595 | +€23,595 | |
| Other amounts receivable | 41 | €39,921 | €40,987 | +€1,066 | +2.7% |
| Cash at bank and in hand | 54/58 | €107,776 | €130,460 | +€22,684 | +21.0% |
| Deferred charges and accrued income | 490/1 | €917,101 | €1,485,870 | +€568,768 | +62.0% |
| Total equity and liabilities | 10/49 | €6,414,798 | €20,694,389 | +€14.3m | +223% |
| Equity | 10/15 | €2,045,800 | €9,853,715 | +€7.8m | +382% |
| Contributions | 10/11 | €1,300,000 | €3,415,000 | +€2.1m | +163% |
| Revaluation surpluses | 12 | - | €5,012,322 | +€5.0m | |
| Profit (loss) carried forward | 14 | €745,800 | €1,426,393 | +€680,593 | +91.3% |
| Amounts payable | 17/49 | €4,368,998 | €10,840,674 | +€6.5m | +148% |
| Amounts payable after more than one year | 17 | €2,570,000 | €7,139,454 | +€4.6m | +178% |
| Financial debts | 170/4 | €720,000 | €3,424,454 | +€2.7m | +376% |
| Other amounts payable | 178/9 | €1,850,000 | €3,715,000 | +€1.9m | +101% |
| Amounts payable within one year | 42/48 | €1,657,580 | €3,526,373 | +€1.9m | +113% |
| Current portion of amounts payable after more than one year | 42 | €320,000 | €1,036,781 | +€716,781 | +224% |
| Financial debts | 43 | - | €1,500,000 | +€1.5m | |
| Credit institutions | 430/8 | - | €1,500,000 | +€1.5m | |
| Trade debts | 44 | €3,121 | €8,602 | +€5,481 | +176% |
| Suppliers | 440/4 | €3,121 | €8,602 | +€5,481 | +176% |
| Taxes, remuneration and social security | 45 | €6,858 | €17,197 | +€10,339 | +151% |
| Taxes | 450/3 | €318 | €10,171 | +€9,854 | +3,103% |
| Remuneration and social security | 454/9 | €6,540 | €7,026 | +€485 | +7.4% |
| Other amounts payable | 47/48 | €1,327,602 | €963,793 | -€363,809 | -27.4% |
| Accrued charges and deferred income | 492/3 | €141,418 | €174,847 | +€33,429 | +23.6% |
| Remuneration, social security and pensions | 62 | €57,898 | €64,108 | +€6,210 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €61 | +€61 | |
| Other operating charges | 640/8 | €1,676 | €2,687 | +€1,011 | +60.3% |
| Gross operating margin | 9900 | €544,982 | €328,516 | -€216,466 | -39.7% |
| Operating profit (loss) | 9901 | €485,408 | €261,660 | -€223,747 | -46.1% |
| Financial income | 75/76B | €467,040 | €728,822 | +€261,782 | +56.1% |
| Recurring financial income | 75 | €467,040 | €728,822 | +€261,782 | +56.1% |
| Financial charges | 65/66B | €251,274 | €309,724 | +€58,450 | +23.3% |
| Recurring financial charges | 65 | €251,274 | €309,724 | +€58,450 | +23.3% |
| Profit (loss) for the period before taxes | 9903 | €701,174 | €680,758 | -€20,416 | -2.9% |
| Income taxes | 67/77 | €164 | €165 | +€1 | +0.5% |
| Profit (loss) for the period | 9904 | €701,010 | €680,593 | -€20,416 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €701,010 | €680,593 | -€20,416 | -2.9% |
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 15 October 2026 via checked.be.