DSV PROJECTS: 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 PROJECTS
Largest movements
- Financial fixed assets +€220,000
up €220,000 (+355%), from €62,000 to €282,000
- Receivables within one year +€156,432
up €156,432 (+25.7%), from €609,084 to €765,516
of which Trade receivables: +€190,650
- Tangible fixed assets -€30,433
down €30,433 (-8.5%), from €359,071 to €328,638
of which Land and buildings: -€31,932
- Cash +€28,994
up €28,994 (+446%), from €6,494 to €35,488
mainly Net result for the year (+€226,975) and Tax, wage and social debts (+€225,245)
- Tax, wage and social debts +€225,245
up €225,245 (+389%), from €57,928 to €283,173
of which Taxes: +€202,618
- Reserves +€138,930
up €138,930 (+19.1%), from €728,149 to €867,079
of which Distributable reserves: +€273,650
- Profit (loss) carried forward +€88,045
new in 2025: €88,045
- Short-term financial debts -€35,000
down €35,000 (-100%), from €35,000 to €0
- Accrued charges and deferred income -€23,000
down €23,000 (-100%), from €23,000 to €0
- Gross operating margin +€288,893
up €288,893 (+39.9%), from €724,379 to €1.0m
- Staff costs +€188,134
up €188,134 (+38.2%), from €492,832 to €680,966
- Financial charges -€17,522
down €17,522 (-93.9%), from €18,662 to €1,140
- Taxes -€12,766
down €12,766 (-27.9%), from €45,766 to €33,000
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 | €1,037,893 | €1,411,641 | +€373,749 | +36.0% |
| Fixed assets | 21/28 | €421,071 | €610,638 | +€189,567 | +45.0% |
| Tangible fixed assets | 22/27 | €359,071 | €328,638 | -€30,433 | -8.5% |
| Land and buildings | 22 | €290,659 | €258,727 | -€31,932 | -11.0% |
| Plant, machinery and equipment | 23 | - | €1,043 | +€1,043 | |
| Furniture and vehicles | 24 | €47,707 | €55,793 | +€8,086 | +16.9% |
| Leasing and similar rights | 25 | €20,704 | €13,074 | -€7,630 | -36.9% |
| Financial fixed assets | 28 | €62,000 | €282,000 | +€220,000 | +355% |
| Current assets | 29/58 | €616,822 | €801,003 | +€184,181 | +29.9% |
| Amounts receivable within one year | 40/41 | €609,084 | €765,516 | +€156,432 | +25.7% |
| Trade receivables | 40 | €150,000 | €340,650 | +€190,650 | +127% |
| Other amounts receivable | 41 | €459,084 | €424,866 | -€34,218 | -7.5% |
| Cash at bank and in hand | 54/58 | €6,494 | €35,488 | +€28,994 | +446% |
| Deferred charges and accrued income | 490/1 | €1,245 | €0 | -€1,245 | -100% |
| Total equity and liabilities | 10/49 | €1,037,893 | €1,411,641 | +€373,749 | +36.0% |
| Equity | 10/15 | €878,149 | €1,105,124 | +€226,975 | +25.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Contributions outside capital | 11 | €0 | - | = | |
| Other | 1109/19 | €0 | - | = | |
| Reserves | 13 | €728,149 | €867,079 | +€138,930 | +19.1% |
| Tax-exempt reserves | 132 | €408,370 | €273,650 | -€134,720 | -33.0% |
| Distributable reserves | 133 | €319,779 | €593,429 | +€273,650 | +85.6% |
| Profit (loss) carried forward | 14 | - | €88,045 | +€88,045 | |
| Amounts payable | 17/49 | €159,744 | €306,517 | +€146,773 | +91.9% |
| Amounts payable after more than one year | 17 | €4,440 | €4,107 | -€332 | -7.5% |
| Financial debts | 170/4 | €4,440 | €4,107 | -€332 | -7.5% |
| Amounts payable within one year | 42/48 | €132,304 | €302,410 | +€170,106 | +129% |
| Current portion of amounts payable after more than one year | 42 | €10,550 | €0 | -€10,550 | -100% |
| Financial debts | 43 | €35,000 | €0 | -€35,000 | -100% |
| Credit institutions | 430/8 | €35,000 | €0 | -€35,000 | -100% |
| Trade debts | 44 | €28,827 | €19,237 | -€9,589 | -33.3% |
| Suppliers | 440/4 | €28,827 | €19,237 | -€9,589 | -33.3% |
| Taxes, remuneration and social security | 45 | €57,928 | €283,173 | +€225,245 | +389% |
| Taxes | 450/3 | €4,886 | €207,504 | +€202,618 | +4,147% |
| Remuneration and social security | 454/9 | €53,042 | €75,668 | +€22,627 | +42.7% |
| Accrued charges and deferred income | 492/3 | €23,000 | €0 | -€23,000 | -100% |
| Remuneration, social security and pensions | 62 | €492,832 | €680,966 | +€188,134 | +38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,296 | €59,790 | +€1,494 | +2.6% |
| Other operating charges | 640/8 | €12,542 | €11,401 | -€1,140 | -9.1% |
| Gross operating margin | 9900 | €724,379 | €1,013,272 | +€288,893 | +39.9% |
| Operating profit (loss) | 9901 | €160,709 | €261,115 | +€100,405 | +62.5% |
| Financial income | 75/76B | €2,783 | €0 | -€2,783 | -100% |
| Recurring financial income | 75 | €2,783 | €0 | -€2,783 | -100% |
| Financial charges | 65/66B | €18,662 | €1,140 | -€17,522 | -93.9% |
| Recurring financial charges | 65 | €18,662 | €1,140 | -€17,522 | -93.9% |
| Profit (loss) for the period before taxes | 9903 | €144,831 | €259,975 | +€115,144 | +79.5% |
| Income taxes | 67/77 | €45,766 | €33,000 | -€12,766 | -27.9% |
| Profit (loss) for the period | 9904 | €99,065 | €226,975 | +€127,910 | +129% |
| Transfer from tax-exempt reserves | 789 | - | €273,650 | +€273,650 | |
| Transfer to tax-exempt reserves | 689 | €50,520 | €138,930 | +€88,410 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €48,545 | €361,695 | +€313,150 | +645% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.