DSV: 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.
DSV
Largest movements
- Tangible fixed assets +€272,756
up €272,756 (+45.3%), from €602,145 to €874,901
- Receivables within one year -€150,906
down €150,906 (-83.1%), from €181,580 to €30,674
of which Trade receivables: -€150,090
- Debts after one year +€273,877
up €273,877 (+61.3%), from €446,571 to €720,448
- Trade debts -€157,371
down €157,371 (-96.8%), from €162,550 to €5,179
- Profit (loss) carried forward -€87,198
down €87,198 (-46178.2%), from -€189 to -€87,387
- Other debts +€49,000
up €49,000 (+32.0%), from €153,000 to €202,000
- Current portion of long-term debt +€35,929
up €35,929 (+100.9%), from €35,614 to €71,543
- Depreciation +€15,267
up €15,267 (+30.1%), from €50,774 to €66,041
- Financial charges +€13,868
up €13,868 (+69.4%), from €19,973 to €33,841
- Gross operating margin +€4,648
up €4,648 (+57.7%), from €8,062 to €12,710
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 | €802,546 | €916,783 | +€114,237 | +14.2% |
| Formation expenses | 20 | €618 | €338 | -€280 | -45.3% |
| Fixed assets | 21/28 | €603,287 | €875,743 | +€272,456 | +45.2% |
| Intangible fixed assets | 21 | €1,142 | €842 | -€300 | -26.3% |
| Tangible fixed assets | 22/27 | €602,145 | €874,901 | +€272,756 | +45.3% |
| Land and buildings | 22 | €602,145 | €874,901 | +€272,756 | +45.3% |
| Current assets | 29/58 | €198,641 | €40,702 | -€157,939 | -79.5% |
| Amounts receivable within one year | 40/41 | €181,580 | €30,674 | -€150,906 | -83.1% |
| Trade receivables | 40 | €177,667 | €27,577 | -€150,090 | -84.5% |
| Other amounts receivable | 41 | €3,913 | €3,097 | -€816 | -20.8% |
| Cash at bank and in hand | 54/58 | €16,524 | €9,497 | -€7,027 | -42.5% |
| Deferred charges and accrued income | 490/1 | €538 | €531 | -€7 | -1.3% |
| Total equity and liabilities | 10/49 | €802,546 | €916,783 | +€114,237 | +14.2% |
| Equity | 10/15 | €4,811 | -€82,387 | -€87,198 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189 | -€87,387 | -€87,198 | -46178.2% |
| Amounts payable | 17/49 | €797,735 | €999,170 | +€201,435 | +25.3% |
| Amounts payable after more than one year | 17 | €446,571 | €720,448 | +€273,877 | +61.3% |
| Financial debts | 170/4 | €446,571 | €720,448 | +€273,877 | +61.3% |
| Amounts payable within one year | 42/48 | €351,164 | €278,722 | -€72,442 | -20.6% |
| Current portion of amounts payable after more than one year | 42 | €35,614 | €71,543 | +€35,929 | +100.9% |
| Trade debts | 44 | €162,550 | €5,179 | -€157,371 | -96.8% |
| Suppliers | 440/4 | €162,550 | €5,179 | -€157,371 | -96.8% |
| Other amounts payable | 47/48 | €153,000 | €202,000 | +€49,000 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,774 | €66,041 | +€15,267 | +30.1% |
| Other operating charges | 640/8 | €26 | €27 | +€1 | +2.1% |
| Gross operating margin | 9900 | €8,062 | €12,710 | +€4,648 | +57.7% |
| Operating profit (loss) | 9901 | -€42,739 | -€53,358 | -€10,619 | -24.8% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €19,973 | €33,841 | +€13,868 | +69.4% |
| Recurring financial charges | 65 | €19,973 | €33,841 | +€13,868 | +69.4% |
| Profit (loss) for the period before taxes | 9903 | -€62,710 | -€87,198 | -€24,488 | -39.1% |
| Profit (loss) for the period | 9904 | -€62,710 | -€87,198 | -€24,488 | -39.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€62,710 | -€87,198 | -€24,488 | -39.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.