DSH BELGIUM: what changed
What changed
DSH BELGIUM
NACE 46.900, Non-specialised wholesale trade
filed annual accounts (NBB)
Net result for the year
€546,891
2024 · €369,955+€176,935
Equity
€1.7m
2024 · €1.5m+€176,810
Cash
€329,454
2024 · €164,376+€165,078
Balance sheet total
€2.6m
2024 · €2.0m+€575,605
Largest movements
Assets
- Receivables within one year +€881,583
up €881,583 (+138%), from €640,074 to €1.5m
of which Other amounts receivable: +€649,710
- Current investments -€490,968
down €490,968 (-76.8%), from €639,660 to €148,692
- Cash +€165,078
up €165,078 (+100%), from €164,376 to €329,454
mainly Net result for the year (+€546,891) and Current investments (+€490,968)
Equity and liabilities
- Reserves +€176,810
up €176,810 (+11.5%), from €1.5m to €1.7m
of which Distributable reserves: +€176,810
- Other debts +€126,481
up €126,481 (+56.2%), from €225,096 to €351,577
- Accrued charges and deferred income +€112,000
up €112,000 (+3,733%), from €3,000 to €115,000
- Trade debts +€98,226
up €98,226 (+54.5%), from €180,348 to €278,574
- Tax, wage and social debts +€62,089
up €62,089 (+78.7%), from €78,848 to €140,936
of which Taxes: +€38,567
Income statement
- Gross operating margin +€347,752
up €347,752 (+46.6%), from €745,483 to €1.1m
- Taxes +€92,866
up €92,866 (+56.9%), from €163,162 to €256,028
- Financial income -€51,292
down €51,292 (-71.1%), from €72,161 to €20,870
- Staff costs +€46,949
up €46,949 (+21.6%), from €217,052 to €264,001
- Financial charges -€20,037
down €20,037 (-86.7%), from €23,121 to €3,084
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€369,955
Gross operating margin
+€347,752
Staff costs
-€46,949
Depreciation
-€6,317
Write-downs
+€14,321
Other operating charges
-€6,953
Other operating items
-€799
Financial income
-€51,292
Financial charges
+€20,037
Taxes
-€92,866
Result 2025
€546,891
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€89,935
Investment
+€445,224
Financing
-€370,081
Cash 2024
€164,376
From operations (derived)
+€89,935
Net result for the year
+€546,891
Depreciation
+€41,160
Stocks and contracts
-€11,176
Receivables within one year
-€881,583
Deferred charges and accrued income
-€4,153
Trade debts
+€98,226
Tax, wage and social debts
+€62,089
Other debts
+€126,481
Accrued charges and deferred income
+€112,000
Investment (derived)
+€445,224
Investment in fixed assets (net)
-€45,744
Current investments
+€490,968
Financing
-€370,081
Contributions, distributions and other
-€370,081
Cash 2025
€329,454
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,024,538 | €2,600,143 | +€575,605 | +28.4% |
| Fixed assets | 21/28 | €97,034 | €101,618 | +€4,584 | +4.7% |
| Tangible fixed assets | 22/27 | €96,952 | €101,535 | +€4,584 | +4.7% |
| Plant, machinery and equipment | 23 | €15,147 | €20,530 | +€5,382 | +35.5% |
| Furniture and vehicles | 24 | €78,028 | €77,654 | -€374 | -0.5% |
| Other tangible fixed assets | 26 | €3,776 | €3,351 | -€425 | -11.3% |
| Financial fixed assets | 28 | €82 | €82 | = | 0.0% |
| Current assets | 29/58 | €1,927,504 | €2,498,525 | +€571,021 | +29.6% |
| Amounts receivable after more than one year | 29 | €144,352 | €144,352 | = | 0.0% |
| Other amounts receivable | 291 | €144,352 | €144,352 | = | 0.0% |
| Stocks and contracts in progress | 3 | €327,899 | €339,075 | +€11,176 | +3.4% |
| Stocks | 30/36 | €327,899 | €339,075 | +€11,176 | +3.4% |
| Amounts receivable within one year | 40/41 | €640,074 | €1,521,657 | +€881,583 | +138% |
| Trade receivables | 40 | €398,223 | €630,097 | +€231,873 | +58.2% |
| Other amounts receivable | 41 | €241,851 | €891,561 | +€649,710 | +269% |
| Current investments | 50/53 | €639,660 | €148,692 | -€490,968 | -76.8% |
| Cash at bank and in hand | 54/58 | €164,376 | €329,454 | +€165,078 | +100% |
| Deferred charges and accrued income | 490/1 | €11,143 | €15,295 | +€4,153 | +37.3% |
| Total equity and liabilities | 10/49 | €2,024,538 | €2,600,143 | +€575,605 | +28.4% |
| Equity | 10/15 | €1,537,246 | €1,714,056 | +€176,810 | +11.5% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €1,536,746 | €1,713,556 | +€176,810 | +11.5% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,517,996 | €1,694,806 | +€176,810 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €487,291 | €886,086 | +€398,795 | +81.8% |
| Amounts payable within one year | 42/48 | €484,291 | €771,086 | +€286,795 | +59.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €180,348 | €278,574 | +€98,226 | +54.5% |
| Suppliers | 440/4 | €180,348 | €278,574 | +€98,226 | +54.5% |
| Taxes, remuneration and social security | 45 | €78,848 | €140,936 | +€62,089 | +78.7% |
| Taxes | 450/3 | €47,926 | €86,492 | +€38,567 | +80.5% |
| Remuneration and social security | 454/9 | €30,922 | €54,444 | +€23,522 | +76.1% |
| Other amounts payable | 47/48 | €225,096 | €351,577 | +€126,481 | +56.2% |
| Accrued charges and deferred income | 492/3 | €3,000 | €115,000 | +€112,000 | +3,733% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €217,052 | €264,001 | +€46,949 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,843 | €41,160 | +€6,317 | +18.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,545 | -€6,776 | -€14,321 | |
| Other operating charges | 640/8 | €1,966 | €8,919 | +€6,953 | +354% |
| Non-recurring operating charges | 66A | €0 | €799 | +€799 | |
| Gross operating margin | 9900 | €745,483 | €1,093,235 | +€347,752 | +46.6% |
| Operating profit (loss) | 9901 | €484,077 | €785,133 | +€301,056 | +62.2% |
| Financial income | 75/76B | €72,161 | €20,870 | -€51,292 | -71.1% |
| Recurring financial income | 75 | €72,161 | €20,870 | -€51,292 | -71.1% |
| Financial charges | 65/66B | €23,121 | €3,084 | -€20,037 | -86.7% |
| Recurring financial charges | 65 | €23,121 | €3,084 | -€20,037 | -86.7% |
| Profit (loss) for the period before taxes | 9903 | €533,117 | €802,919 | +€269,802 | +50.6% |
| Income taxes | 67/77 | €163,162 | €256,028 | +€92,866 | +56.9% |
| Profit (loss) for the period | 9904 | €369,955 | €546,891 | +€176,935 | +47.8% |
| Profit (loss) for the period to be appropriated | 9905 | €369,955 | €546,891 | +€176,935 | +47.8% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.