DSB: 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.
DSB
Largest movements
- Tangible fixed assets +€149,414
up €149,414 (+43.9%), from €340,251 to €489,665
of which Assets under construction and advance payments: +€150,234
- Cash +€26,779
up €26,779 (+17.1%), from €156,938 to €183,717
mainly Current portion of long-term debt (+€246,406) and Net result for the year (+€34,621)
- Current portion of long-term debt +€246,406
up €246,406 (+115%), from €213,594 to €460,000
- Trade debts -€92,721
down €92,721 (-89.3%), from €103,888 to €11,167
- Profit (loss) carried forward +€34,621
up €34,621 (+20.1%), from €171,900 to €206,521
- Gross operating margin +€36,356
up €36,356 (+169%), from €21,483 to €57,840
- Financial charges +€14,448
up €14,448 (+295%), from €4,900 to €19,348
- Taxes +€3,639
up €3,639, from -€439 to €3,199
- Financial income -€2,019
down €2,019 (-63.4%), from €3,185 to €1,166
- Depreciation -€613
down €613 (-42.8%), from €1,434 to €820
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 | €590,965 | €774,394 | +€183,429 | +31.0% |
| Fixed assets | 21/28 | €341,381 | €490,795 | +€149,414 | +43.8% |
| Tangible fixed assets | 22/27 | €340,251 | €489,665 | +€149,414 | +43.9% |
| Furniture and vehicles | 24 | €3,535 | €2,715 | -€820 | -23.2% |
| Assets under construction and advance payments | 27 | €336,716 | €486,950 | +€150,234 | +44.6% |
| Financial fixed assets | 28 | €1,130 | €1,130 | = | 0.0% |
| Current assets | 29/58 | €249,584 | €283,599 | +€34,015 | +13.6% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,646 | €32,882 | +€5,236 | +18.9% |
| Other amounts receivable | 41 | €27,646 | €32,882 | +€5,236 | +18.9% |
| Cash at bank and in hand | 54/58 | €156,938 | €183,717 | +€26,779 | +17.1% |
| Deferred charges and accrued income | 490/1 | €5,000 | €7,000 | +€2,000 | +40.0% |
| Total equity and liabilities | 10/49 | €590,965 | €774,394 | +€183,429 | +31.0% |
| Equity | 10/15 | €266,900 | €301,521 | +€34,621 | +13.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,900 | €206,521 | +€34,621 | +20.1% |
| Amounts payable | 17/49 | €324,064 | €472,873 | +€148,808 | +45.9% |
| Amounts payable within one year | 42/48 | €324,064 | €471,216 | +€147,152 | +45.4% |
| Current portion of amounts payable after more than one year | 42 | €213,594 | €460,000 | +€246,406 | +115% |
| Trade debts | 44 | €103,888 | €11,167 | -€92,721 | -89.3% |
| Suppliers | 440/4 | €103,888 | €11,167 | -€92,721 | -89.3% |
| Taxes, remuneration and social security | 45 | €6,582 | - | -€6,582 | |
| Taxes | 450/3 | €6,582 | - | -€6,582 | |
| Other amounts payable | 47/48 | - | €49 | +€49 | |
| Accrued charges and deferred income | 492/3 | - | €1,657 | +€1,657 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,434 | €820 | -€613 | -42.8% |
| Other operating charges | 640/8 | €1,422 | €1,017 | -€405 | -28.5% |
| Gross operating margin | 9900 | €21,483 | €57,840 | +€36,356 | +169% |
| Operating profit (loss) | 9901 | €18,627 | €56,002 | +€37,375 | +201% |
| Financial income | 75/76B | €3,185 | €1,166 | -€2,019 | -63.4% |
| Recurring financial income | 75 | €3,185 | €1,166 | -€2,019 | -63.4% |
| Financial charges | 65/66B | €4,900 | €19,348 | +€14,448 | +295% |
| Recurring financial charges | 65 | €4,900 | €19,348 | +€14,448 | +295% |
| Profit (loss) for the period before taxes | 9903 | €16,912 | €37,820 | +€20,907 | +124% |
| Income taxes | 67/77 | -€439 | €3,199 | +€3,639 | |
| Profit (loss) for the period | 9904 | €17,352 | €34,621 | +€17,269 | +99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,352 | €34,621 | +€17,269 | +99.5% |
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 15 October 2026 via checked.be.