DSV Management: 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.
DSV Management
Largest movements
- Financial fixed assets +€3.3m
new in 2025: €3.3m
- Stocks and contracts -€1.6m
down €1.6m (-97.0%), from €1.7m to €51,100
- Receivables after one year +€1.5m
new in 2025: €1.5m
- Receivables within one year +€1.1m
up €1.1m (+292.4%), from €376,271 to €1.5m
of which Other amounts receivable: +€1.2m
- Cash -€115,239
down €115,239 (-62.1%), from €185,641 to €70,402
mainly Investment in fixed assets (net) (-€3.3m) and Receivables after one year (-€1.5m)
- Reserves +€2.3m
up €2.3m (+390.0%), from €595,103 to €2.9m
of which Distributable reserves: +€2.3m
- Debts after one year +€1.8m
up €1.8m (+717.5%), from €257,086 to €2.1m
- Trade debts -€216,642
down €216,642 (-83.7%), from €258,679 to €42,037
- Current portion of long-term debt +€203,112
up €203,112 (+531.7%), from €38,204 to €241,316
- Short-term financial debts -€169,018
no longer reported in 2025 (was €169,018)
of which Credit institutions: -€150,000
- Financial income +€2.5m
up €2.5m (+161832.6%), from €1,544 to €2.5m
- Gross operating margin -€652,858
down €652,858 (-74.8%), from €872,760 to €219,902
- Financial charges +€51,427
up €51,427 (+374.9%), from €13,717 to €65,144
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 | €2,670,973 | €6,738,583 | +€4.1m | +152.3% |
| Fixed assets | 21/28 | €408,015 | €3,634,911 | +€3.2m | +790.9% |
| Tangible fixed assets | 22/27 | €408,015 | €384,911 | -€23,104 | -5.7% |
| Land and buildings | 22 | €361,405 | €349,713 | -€11,692 | -3.2% |
| Plant, machinery and equipment | 23 | €28,056 | €21,048 | -€7,008 | -25.0% |
| Furniture and vehicles | 24 | €18,554 | €14,150 | -€4,404 | -23.7% |
| Financial fixed assets | 28 | - | €3,250,000 | +€3.3m | |
| Current assets | 29/58 | €2,262,958 | €3,103,672 | +€840,714 | +37.2% |
| Amounts receivable after more than one year | 29 | - | €1,500,000 | +€1.5m | |
| Other amounts receivable | 291 | - | €1,500,000 | +€1.5m | |
| Stocks and contracts in progress | 3 | €1,699,719 | €51,100 | -€1.6m | -97.0% |
| Stocks | 30/36 | €1,699,719 | €51,100 | -€1.6m | -97.0% |
| Amounts receivable within one year | 40/41 | €376,271 | €1,476,447 | +€1.1m | +292.4% |
| Trade receivables | 40 | €65,475 | €250 | -€65,225 | -99.6% |
| Other amounts receivable | 41 | €310,796 | €1,476,197 | +€1.2m | +375.0% |
| Cash at bank and in hand | 54/58 | €185,641 | €70,402 | -€115,239 | -62.1% |
| Deferred charges and accrued income | 490/1 | €1,327 | €5,723 | +€4,396 | +331.3% |
| Total equity and liabilities | 10/49 | €2,670,973 | €6,738,583 | +€4.1m | +152.3% |
| Equity | 10/15 | €1,738,422 | €4,059,118 | +€2.3m | +133.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €595,103 | €2,915,799 | +€2.3m | +390.0% |
| Tax-exempt reserves | 132 | €60,750 | €60,750 | = | 0.0% |
| Distributable reserves | 133 | €534,353 | €2,855,049 | +€2.3m | +434.3% |
| Profit (loss) carried forward | 14 | €1,124,719 | €1,124,719 | = | 0.0% |
| Amounts payable | 17/49 | €932,551 | €2,679,465 | +€1.7m | +187.3% |
| Amounts payable after more than one year | 17 | €257,086 | €2,101,597 | +€1.8m | +717.5% |
| Financial debts | 170/4 | €257,086 | €2,101,597 | +€1.8m | +717.5% |
| Amounts payable within one year | 42/48 | €672,308 | €554,201 | -€118,107 | -17.6% |
| Current portion of amounts payable after more than one year | 42 | €38,204 | €241,316 | +€203,112 | +531.7% |
| Financial debts | 43 | €169,018 | - | -€169,018 | |
| Credit institutions | 430/8 | €150,000 | - | -€150,000 | |
| Other loans | 439 | €19,018 | - | -€19,018 | |
| Trade debts | 44 | €258,679 | €42,037 | -€216,642 | -83.7% |
| Suppliers | 440/4 | €258,679 | €42,037 | -€216,642 | -83.7% |
| Taxes, remuneration and social security | 45 | €205,023 | €266,699 | +€61,676 | +30.1% |
| Taxes | 450/3 | €196,405 | €261,158 | +€64,753 | +33.0% |
| Remuneration and social security | 454/9 | €8,618 | €5,541 | -€3,077 | -35.7% |
| Other amounts payable | 47/48 | €1,384 | €4,149 | +€2,765 | +199.8% |
| Accrued charges and deferred income | 492/3 | €3,157 | €23,667 | +€20,510 | +649.7% |
| Remuneration, social security and pensions | 62 | €39,661 | €48,108 | +€8,447 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,495 | €25,416 | +€2,921 | +13.0% |
| Other operating charges | 640/8 | €8,802 | €6,969 | -€1,833 | -20.8% |
| Gross operating margin | 9900 | €872,760 | €219,902 | -€652,858 | -74.8% |
| Operating profit (loss) | 9901 | €801,802 | €139,409 | -€662,393 | -82.6% |
| Financial income | 75/76B | €1,544 | €2,500,240 | +€2.5m | +161832.6% |
| Recurring financial income | 75 | €1,544 | €2,500,240 | +€2.5m | +161832.6% |
| Financial charges | 65/66B | €13,717 | €65,144 | +€51,427 | +374.9% |
| Recurring financial charges | 65 | €13,717 | €65,144 | +€51,427 | +374.9% |
| Profit (loss) for the period before taxes | 9903 | €789,629 | €2,574,505 | +€1.8m | +226.0% |
| Income taxes | 67/77 | €255,276 | €253,810 | -€1,466 | -0.6% |
| Profit (loss) for the period | 9904 | €534,353 | €2,320,695 | +€1.8m | +334.3% |
| Profit (loss) for the period to be appropriated | 9905 | €534,353 | €2,320,695 | +€1.8m | +334.3% |
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 9 October 2026 via checked.be.