DSEC: 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.
DSEC
Largest movements
- Stocks and contracts -€17,600
down €17,600 (-29.7%), from €59,281 to €41,681
- Tangible fixed assets -€12,080
down €12,080 (-1.3%), from €955,662 to €943,581
of which Furniture and vehicles: -€6,792
- Deferred charges and accrued income +€11,667
up €11,667 (+169.9%), from €6,867 to €18,534
- Cash +€11,657
up €11,657 (+105.1%), from €11,096 to €22,752
mainly Depreciation (+€70,488) and Net result for the year (+€24,946)
- Debts after one year -€78,867
down €78,867 (-10.1%), from €781,130 to €702,263
- Reserves +€24,946
up €24,946 (+13.6%), from €183,738 to €208,685
- Other debts +€18,296
up €18,296 (+84.3%), from €21,691 to €39,987
- Tax, wage and social debts +€16,121
up €16,121 (+140.2%), from €11,502 to €27,622
of which Taxes: +€16,121
- Trade debts +€13,675
up €13,675 (+21.2%), from €64,430 to €78,105
- Write-downs -€16,000
down €16,000 (-100.0%), from €16,000 to €0
- Other operating charges -€12,628
down €12,628 (-82.1%), from €15,384 to €2,757
- Gross operating margin -€11,039
down €11,039 (-8.2%), from €135,256 to €124,216
- Depreciation -€5,770
down €5,770 (-7.6%), from €76,258 to €70,488
- Taxes +€3,927
up €3,927 (+44.8%), from €8,763 to €12,690
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 | €1,164,316 | €1,160,061 | -€4,255 | -0.4% |
| Fixed assets | 21/28 | €957,642 | €946,061 | -€11,580 | -1.2% |
| Tangible fixed assets | 22/27 | €955,662 | €943,581 | -€12,080 | -1.3% |
| Land and buildings | 22 | €906,524 | €901,514 | -€5,009 | -0.6% |
| Plant, machinery and equipment | 23 | €39,292 | €39,013 | -€279 | -0.7% |
| Furniture and vehicles | 24 | €9,846 | €3,054 | -€6,792 | -69.0% |
| Financial fixed assets | 28 | €1,980 | €2,480 | +€500 | +25.3% |
| Current assets | 29/58 | €206,674 | €214,000 | +€7,326 | +3.5% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €59,281 | €41,681 | -€17,600 | -29.7% |
| Stocks | 30/36 | €59,281 | €41,681 | -€17,600 | -29.7% |
| Amounts receivable within one year | 40/41 | €27,678 | €29,280 | +€1,602 | +5.8% |
| Trade receivables | 40 | €27,602 | €29,185 | +€1,583 | +5.7% |
| Other amounts receivable | 41 | €76 | €95 | +€19 | +24.4% |
| Current investments | 50/53 | €1,752 | €1,752 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,096 | €22,752 | +€11,657 | +105.1% |
| Deferred charges and accrued income | 490/1 | €6,867 | €18,534 | +€11,667 | +169.9% |
| Total equity and liabilities | 10/49 | €1,164,316 | €1,160,061 | -€4,255 | -0.4% |
| Equity | 10/15 | €202,338 | €227,285 | +€24,946 | +12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,738 | €208,685 | +€24,946 | +13.6% |
| Distributable reserves | 133 | €183,738 | €208,685 | +€24,946 | +13.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €961,978 | €932,776 | -€29,201 | -3.0% |
| Amounts payable after more than one year | 17 | €781,130 | €702,263 | -€78,867 | -10.1% |
| Financial debts | 170/4 | €781,130 | €702,263 | -€78,867 | -10.1% |
| Amounts payable within one year | 42/48 | €180,548 | €224,718 | +€44,171 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €82,835 | €78,867 | -€3,968 | -4.8% |
| Financial debts | 43 | €91 | €138 | +€47 | +51.6% |
| Credit institutions | 430/8 | €91 | €138 | +€47 | +51.6% |
| Trade debts | 44 | €64,430 | €78,105 | +€13,675 | +21.2% |
| Suppliers | 440/4 | €64,430 | €78,105 | +€13,675 | +21.2% |
| Taxes, remuneration and social security | 45 | €11,502 | €27,622 | +€16,121 | +140.2% |
| Taxes | 450/3 | €11,502 | €27,622 | +€16,121 | +140.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €21,691 | €39,987 | +€18,296 | +84.3% |
| Accrued charges and deferred income | 492/3 | €300 | €5,795 | +€5,495 | +1831.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,258 | €70,488 | -€5,770 | -7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,000 | €0 | -€16,000 | -100.0% |
| Other operating charges | 640/8 | €15,384 | €2,757 | -€12,628 | -82.1% |
| Gross operating margin | 9900 | €135,256 | €124,216 | -€11,039 | -8.2% |
| Operating profit (loss) | 9901 | €27,614 | €50,971 | +€23,358 | +84.6% |
| Financial income | 75/76B | €2,592 | €2,604 | +€12 | +0.5% |
| Recurring financial income | 75 | €2,592 | €2,604 | +€12 | +0.5% |
| Financial charges | 65/66B | €19,072 | €15,938 | -€3,134 | -16.4% |
| Recurring financial charges | 65 | €19,072 | €15,938 | -€3,134 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €11,133 | €37,637 | +€26,504 | +238.1% |
| Income taxes | 67/77 | €8,763 | €12,690 | +€3,927 | +44.8% |
| Profit (loss) for the period | 9904 | €2,370 | €24,946 | +€22,576 | +952.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,370 | €24,946 | +€22,576 | +952.5% |
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 10 October 2026 via checked.be.