DSO CONCEPT: 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.
DSO CONCEPT
Largest movements
- Cash +€176,823
up €176,823 (+121%), from €146,244 to €323,067
mainly Net result for the year (+€143,726) and Current investments (+€100,000)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Receivables within one year +€4,953
up €4,953 (+7.1%), from €70,194 to €75,147
of which Trade receivables: +€9,727
- Other debts +€32,000
up €32,000 (+11.1%), from €288,125 to €320,125
- Trade debts +€25,499
up €25,499 (+483%), from €5,279 to €30,778
- Profit (loss) carried forward +€13,683
new in 2025: €13,683
- Current portion of long-term debt +€9,135
up €9,135 (+68.1%), from €13,409 to €22,544
- Gross operating margin +€64,374
up €64,374 (+48.6%), from €132,390 to €196,764
- Taxes +€17,777
up €17,777 (+66.2%), from €26,845 to €44,622
- Financial income +€3,232
up €3,232 (+334%), from €968 to €4,200
- Staff costs -€2,334
down €2,334 (-53.5%), from €4,359 to €2,026
- Depreciation +€2,328
up €2,328 (+36.2%), from €6,433 to €8,761
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 | €377,074 | €455,874 | +€78,799 | +20.9% |
| Fixed assets | 21/28 | €59,336 | €57,217 | -€2,120 | -3.6% |
| Tangible fixed assets | 22/27 | €59,236 | €57,117 | -€2,120 | -3.6% |
| Land and buildings | 22 | €43,113 | €40,988 | -€2,125 | -4.9% |
| Plant, machinery and equipment | 23 | €6,653 | €4,105 | -€2,548 | -38.3% |
| Furniture and vehicles | 24 | €9,470 | €12,024 | +€2,553 | +27.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €317,738 | €398,657 | +€80,919 | +25.5% |
| Amounts receivable within one year | 40/41 | €70,194 | €75,147 | +€4,953 | +7.1% |
| Trade receivables | 40 | €55,202 | €64,930 | +€9,727 | +17.6% |
| Other amounts receivable | 41 | €14,992 | €10,218 | -€4,774 | -31.8% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €146,244 | €323,067 | +€176,823 | +121% |
| Deferred charges and accrued income | 490/1 | €1,299 | €442 | -€857 | -65.9% |
| Total equity and liabilities | 10/49 | €377,074 | €455,874 | +€78,799 | +20.9% |
| Equity | 10/15 | €18,600 | €32,283 | +€13,683 | +73.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €13,683 | +€13,683 | |
| Amounts payable | 17/49 | €358,474 | €423,591 | +€65,117 | +18.2% |
| Amounts payable after more than one year | 17 | €29,819 | €27,275 | -€2,544 | -8.5% |
| Financial debts | 170/4 | €29,819 | €27,275 | -€2,544 | -8.5% |
| Amounts payable within one year | 42/48 | €328,655 | €396,316 | +€67,661 | +20.6% |
| Current portion of amounts payable after more than one year | 42 | €13,409 | €22,544 | +€9,135 | +68.1% |
| Trade debts | 44 | €5,279 | €30,778 | +€25,499 | +483% |
| Suppliers | 440/4 | €5,279 | €30,778 | +€25,499 | +483% |
| Taxes, remuneration and social security | 45 | €21,841 | €22,869 | +€1,027 | +4.7% |
| Taxes | 450/3 | €21,841 | €22,869 | +€1,027 | +4.7% |
| Other amounts payable | 47/48 | €288,125 | €320,125 | +€32,000 | +11.1% |
| Non-recurring operating income | 76A | - | €1 | +€1 | |
| Remuneration, social security and pensions | 62 | €4,359 | €2,026 | -€2,334 | -53.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,433 | €8,761 | +€2,328 | +36.2% |
| Other operating charges | 640/8 | €1,008 | €600 | -€408 | -40.5% |
| Non-recurring operating charges | 66A | €382 | €11 | -€371 | -97.1% |
| Gross operating margin | 9900 | €132,390 | €196,764 | +€64,374 | +48.6% |
| Operating profit (loss) | 9901 | €120,208 | €185,367 | +€65,159 | +54.2% |
| Financial income | 75/76B | €968 | €4,200 | +€3,232 | +334% |
| Recurring financial income | 75 | €968 | €4,200 | +€3,232 | +334% |
| Financial charges | 65/66B | €3,461 | €1,218 | -€2,243 | -64.8% |
| Recurring financial charges | 65 | €3,277 | €1,218 | -€2,059 | -62.8% |
| Non-recurring financial charges | 66B | €184 | - | -€184 | |
| Profit (loss) for the period before taxes | 9903 | €117,714 | €188,348 | +€70,634 | +60.0% |
| Income taxes | 67/77 | €26,845 | €44,622 | +€17,777 | +66.2% |
| Profit (loss) for the period | 9904 | €90,869 | €143,726 | +€52,857 | +58.2% |
| Profit (loss) for the period to be appropriated | 9905 | €90,869 | €143,726 | +€52,857 | +58.2% |
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 14 October 2026 via checked.be.