DST: 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.
DST
Largest movements
- Tangible fixed assets +€930,587
up €930,587 (+50.2%), from €1.9m to €2.8m
of which Land and buildings: +€941,730
- Cash +€112,108
up €112,108 (+81.6%), from €137,457 to €249,565
mainly Debts after one year (+€383,527) and Trade debts (+€261,540)
- Receivables within one year -€90,015
down €90,015 (-32.5%), from €276,699 to €186,684
of which Trade receivables: -€122,441
- Debts after one year +€383,527
up €383,527 (+78.7%), from €487,582 to €871,109
- Trade debts +€261,540
up €261,540 (+5202.8%), from €5,027 to €266,567
- Reserves +€243,357
up €243,357 (+21.6%), from €1.1m to €1.4m
- Gross operating margin +€210,647
up €210,647 (+51.9%), from €406,059 to €616,706
- Depreciation +€121,015
up €121,015 (+163.3%), from €74,109 to €195,124
- Taxes +€34,807
up €34,807 (+49.2%), from €70,809 to €105,616
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 | €2,281,028 | €3,236,041 | +€955,013 | +41.9% |
| Fixed assets | 21/28 | €1,852,410 | €2,782,996 | +€930,587 | +50.2% |
| Tangible fixed assets | 22/27 | €1,852,410 | €2,782,996 | +€930,587 | +50.2% |
| Land and buildings | 22 | €1,812,299 | €2,754,029 | +€941,730 | +52.0% |
| Furniture and vehicles | 24 | €40,111 | €28,968 | -€11,144 | -27.8% |
| Current assets | 29/58 | €428,618 | €453,045 | +€24,427 | +5.7% |
| Amounts receivable within one year | 40/41 | €276,699 | €186,684 | -€90,015 | -32.5% |
| Trade receivables | 40 | €276,697 | €154,256 | -€122,441 | -44.3% |
| Other amounts receivable | 41 | €2 | €32,428 | +€32,426 | +1842383.0% |
| Cash at bank and in hand | 54/58 | €137,457 | €249,565 | +€112,108 | +81.6% |
| Deferred charges and accrued income | 490/1 | €14,462 | €16,795 | +€2,333 | +16.1% |
| Total equity and liabilities | 10/49 | €2,281,028 | €3,236,041 | +€955,013 | +41.9% |
| Equity | 10/15 | €1,147,795 | €1,391,152 | +€243,357 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,129,195 | €1,372,552 | +€243,357 | +21.6% |
| Distributable reserves | 133 | €1,129,195 | €1,372,552 | +€243,357 | +21.6% |
| Amounts payable | 17/49 | €1,133,233 | €1,844,889 | +€711,656 | +62.8% |
| Amounts payable after more than one year | 17 | €487,582 | €871,109 | +€383,527 | +78.7% |
| Financial debts | 170/4 | €487,582 | €871,109 | +€383,527 | +78.7% |
| Amounts payable within one year | 42/48 | €644,722 | €971,658 | +€326,936 | +50.7% |
| Current portion of amounts payable after more than one year | 42 | €76,313 | €107,305 | +€30,992 | +40.6% |
| Financial debts | 43 | €36,142 | €35,471 | -€671 | -1.9% |
| Other loans | 439 | €36,142 | €35,471 | -€671 | -1.9% |
| Trade debts | 44 | €5,027 | €266,567 | +€261,540 | +5202.8% |
| Suppliers | 440/4 | €5,027 | €266,567 | +€261,540 | +5202.8% |
| Advances received on contracts in progress | 46 | €175,000 | €175,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €43,796 | €51,729 | +€7,933 | +18.1% |
| Taxes | 450/3 | €43,796 | €51,729 | +€7,933 | +18.1% |
| Other amounts payable | 47/48 | €308,445 | €335,587 | +€27,142 | +8.8% |
| Accrued charges and deferred income | 492/3 | €929 | €2,122 | +€1,193 | +128.5% |
| Non-recurring operating income | 76A | €144,628 | €0 | -€144,628 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,109 | €195,124 | +€121,015 | +163.3% |
| Other operating charges | 640/8 | €5,457 | €3,036 | -€2,421 | -44.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €406,059 | €616,706 | +€210,647 | +51.9% |
| Operating profit (loss) | 9901 | €326,493 | €418,546 | +€92,053 | +28.2% |
| Financial income | 75/76B | €634 | €0 | -€634 | -100.0% |
| Recurring financial income | 75 | €634 | €0 | -€634 | -100.0% |
| Financial charges | 65/66B | €73,219 | €69,572 | -€3,646 | -5.0% |
| Recurring financial charges | 65 | €73,219 | €69,572 | -€3,646 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | €253,909 | €348,973 | +€95,065 | +37.4% |
| Income taxes | 67/77 | €70,809 | €105,616 | +€34,807 | +49.2% |
| Profit (loss) for the period | 9904 | €183,100 | €243,357 | +€60,258 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €183,100 | €243,357 | +€60,258 | +32.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.