DSE: 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.
DSE
Largest movements
- Cash -€101,034
down €101,034 (-69.8%), from €144,791 to €43,757
mainly Contributions, distributions and other (-€181,693) and Deferred charges and accrued income (-€28,831)
- Receivables within one year -€37,691
down €37,691 (-99.5%), from €37,876 to €185
of which Trade receivables: -€20,248
- Deferred charges and accrued income +€28,831
new in 2025: €28,831
- Reserves -€111,866
down €111,866 (-61.6%), from €181,693 to €69,827
- Gross operating margin +€4,799
up €4,799 (+5.5%), from €86,909 to €91,707
- Taxes +€944
up €944 (+5.4%), from €17,414 to €18,358
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 | €191,252 | €81,805 | -€109,447 | -57.2% |
| Fixed assets | 21/28 | €8,585 | €9,031 | +€446 | +5.2% |
| Tangible fixed assets | 22/27 | €8,585 | €9,031 | +€446 | +5.2% |
| Land and buildings | 22 | €8,314 | €9,031 | +€717 | +8.6% |
| Plant, machinery and equipment | 23 | €271 | €0 | -€271 | -100.0% |
| Current assets | 29/58 | €182,667 | €72,774 | -€109,893 | -60.2% |
| Amounts receivable within one year | 40/41 | €37,876 | €185 | -€37,691 | -99.5% |
| Trade receivables | 40 | €20,248 | - | -€20,248 | |
| Other amounts receivable | 41 | €17,628 | €185 | -€17,443 | -98.9% |
| Cash at bank and in hand | 54/58 | €144,791 | €43,757 | -€101,034 | -69.8% |
| Deferred charges and accrued income | 490/1 | - | €28,831 | +€28,831 | |
| Total equity and liabilities | 10/49 | €191,252 | €81,805 | -€109,447 | -57.2% |
| Equity | 10/15 | €183,693 | €71,827 | -€111,866 | -60.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €181,693 | €69,827 | -€111,866 | -61.6% |
| Distributable reserves | 133 | €181,693 | €69,827 | -€111,866 | -61.6% |
| Amounts payable | 17/49 | €7,558 | €9,978 | +€2,419 | +32.0% |
| Amounts payable within one year | 42/48 | €7,558 | €9,978 | +€2,419 | +32.0% |
| Trade debts | 44 | €780 | €2,177 | +€1,397 | +179.1% |
| Suppliers | 440/4 | €780 | €2,177 | +€1,397 | +179.1% |
| Taxes, remuneration and social security | 45 | €6,778 | €7,151 | +€372 | +5.5% |
| Taxes | 450/3 | €6,778 | €7,151 | +€372 | +5.5% |
| Other amounts payable | 47/48 | - | €650 | +€650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,785 | €2,098 | +€313 | +17.5% |
| Other operating charges | 640/8 | - | €417 | +€417 | |
| Gross operating margin | 9900 | €86,909 | €91,707 | +€4,799 | +5.5% |
| Operating profit (loss) | 9901 | €85,124 | €89,192 | +€4,069 | +4.8% |
| Financial income | 75/76B | €253 | - | -€253 | |
| Recurring financial income | 75 | €253 | - | -€253 | |
| Financial charges | 65/66B | €949 | €1,007 | +€58 | +6.1% |
| Recurring financial charges | 65 | €949 | €1,007 | +€58 | +6.1% |
| Profit (loss) for the period before taxes | 9903 | €84,428 | €88,185 | +€3,757 | +4.4% |
| Income taxes | 67/77 | €17,414 | €18,358 | +€944 | +5.4% |
| Profit (loss) for the period | 9904 | €67,014 | €69,827 | +€2,813 | +4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €67,014 | €69,827 | +€2,813 | +4.2% |
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 5 October 2026 via checked.be.