DSE: 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.
DSE
Largest movements
- Receivables within one year +€16,374
up €16,374 (+491%), from €3,335 to €19,709
of which Trade receivables: +€17,746
- Tangible fixed assets -€10,625
down €10,625 (-19.3%), from €55,044 to €44,419
of which Leasing and similar rights: -€11,800
- Cash -€1,403
down €1,403 (-38.1%), from €3,687 to €2,284
mainly Net result for the year (-€27,564) and Receivables within one year (-€16,374)
- Other debts +€44,615
up €44,615 (+128%), from €34,815 to €79,429
- Profit (loss) carried forward -€27,564
down €27,564 (-26.4%), from -€104,559 to -€132,123
- Debts after one year -€14,393
down €14,393 (-36.4%), from €39,545 to €25,152
- Tax, wage and social debts +€1,581
up €1,581 (+485%), from €326 to €1,907
- Gross operating margin +€51,154
up €51,154 (+82.7%), from -€61,855 to -€10,701
- Depreciation +€7,495
up €7,495 (+158%), from €4,740 to €12,235
- Financial charges +€1,239
up €1,239 (+84.4%), from €1,467 to €2,706
- Other operating charges +€903
up €903 (+105%), from €859 to €1,762
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 | €63,158 | €67,907 | +€4,749 | +7.5% |
| Fixed assets | 21/28 | €55,119 | €44,494 | -€10,625 | -19.3% |
| Tangible fixed assets | 22/27 | €55,044 | €44,419 | -€10,625 | -19.3% |
| Plant, machinery and equipment | 23 | - | €1,189 | +€1,189 | |
| Furniture and vehicles | 24 | €348 | €333 | -€15 | -4.3% |
| Leasing and similar rights | 25 | €54,696 | €42,896 | -€11,800 | -21.6% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €8,039 | €23,413 | +€15,375 | +191% |
| Stocks and contracts in progress | 3 | €130 | €407 | +€277 | +213% |
| Stocks | 30/36 | €130 | €407 | +€277 | +213% |
| Amounts receivable within one year | 40/41 | €3,335 | €19,709 | +€16,374 | +491% |
| Trade receivables | 40 | €847 | €18,593 | +€17,746 | +2,095% |
| Other amounts receivable | 41 | €2,488 | €1,116 | -€1,372 | -55.2% |
| Cash at bank and in hand | 54/58 | €3,687 | €2,284 | -€1,403 | -38.1% |
| Deferred charges and accrued income | 490/1 | €886 | €1,013 | +€127 | +14.3% |
| Total equity and liabilities | 10/49 | €63,158 | €67,907 | +€4,749 | +7.5% |
| Equity | 10/15 | -€25,897 | -€53,461 | -€27,564 | -106% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €72,462 | €72,462 | = | 0.0% |
| Distributable reserves | 133 | €72,462 | €72,462 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€104,559 | -€132,123 | -€27,564 | -26.4% |
| Amounts payable | 17/49 | €89,055 | €121,368 | +€32,313 | +36.3% |
| Amounts payable after more than one year | 17 | €39,545 | €25,152 | -€14,393 | -36.4% |
| Financial debts | 170/4 | €39,545 | €25,152 | -€14,393 | -36.4% |
| Amounts payable within one year | 42/48 | €49,511 | €96,216 | +€46,706 | +94.3% |
| Current portion of amounts payable after more than one year | 42 | €13,841 | €14,393 | +€552 | +4.0% |
| Trade debts | 44 | €529 | €487 | -€42 | -8.0% |
| Suppliers | 440/4 | €529 | €487 | -€42 | -8.0% |
| Taxes, remuneration and social security | 45 | €326 | €1,907 | +€1,581 | +485% |
| Taxes | 450/3 | €326 | €1,907 | +€1,581 | +485% |
| Other amounts payable | 47/48 | €34,815 | €79,429 | +€44,615 | +128% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,740 | €12,235 | +€7,495 | +158% |
| Other operating charges | 640/8 | €859 | €1,762 | +€903 | +105% |
| Gross operating margin | 9900 | -€61,855 | -€10,701 | +€51,154 | +82.7% |
| Operating profit (loss) | 9901 | -€67,454 | -€24,698 | +€42,756 | +63.4% |
| Financial income | 75/76B | €46 | €22 | -€24 | -51.8% |
| Recurring financial income | 75 | €46 | €22 | -€24 | -51.8% |
| Financial charges | 65/66B | €1,467 | €2,706 | +€1,239 | +84.4% |
| Recurring financial charges | 65 | €1,467 | €2,706 | +€1,239 | +84.4% |
| Profit (loss) for the period before taxes | 9903 | -€68,876 | -€27,383 | +€41,493 | +60.2% |
| Income taxes | 67/77 | €189 | €181 | -€8 | -4.5% |
| Profit (loss) for the period | 9904 | -€69,065 | -€27,564 | +€41,502 | +60.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€69,065 | -€27,564 | +€41,502 | +60.1% |
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 17 October 2026 via checked.be.