DSV Road: 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.
What changed
DSV Road
NACE 52.250, Logistics services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€946,762
2024 · €4.1m-€3.2m
Equity
€98.7m
2024 · €58.7m+€40.0m
Cash
€104.1m
2024 · €66.8m+€37.3m
Balance sheet total
€156.2m
2024 · €86.1m+€70.1m
Largest movements
Assets
- Cash +€37.3m
up €37.3m (+55.8%), from €66.8m to €104.1m
mainly Contributions, distributions and other (+€39.1m) and Trade debts (+€27.9m)
- Receivables within one year +€24.2m
up €24.2m (+139%), from €17.4m to €41.5m
of which Trade receivables: +€24.0m
- Intangible fixed assets +€6.0m
up €6.0m (+3,210%), from €186,505 to €6.2m
- Tangible fixed assets +€2.4m
up €2.4m (+182%), from €1.3m to €3.7m
of which Plant, machinery and equipment: +€1.7m
Equity and liabilities
- Trade debts +€27.9m
up €27.9m (+163%), from €17.1m to €45.0m
- Profit (loss) carried forward +€25.1m
up €25.1m (+3,136%), from €801,641 to €25.9m
- Contributions +€13.3m
up €13.3m (+23.3%), from €57.4m to €70.7m
of which Capital: +€13.3m
- Tax, wage and social debts +€5.5m
up €5.5m (+91.8%), from €6.0m to €11.5m
of which Remuneration and social security: +€5.5m
- Other debts -€4.0m
no longer reported in 2025 (was €4.0m)
Income statement
- Turnover +€75.5m
up €75.5m (+53.7%), from €140.5m to €216.0m
- Goods and materials +€56.0m
up €56.0m (+51.8%), from €108.2m to €164.2m
- Services and other goods +€12.9m
up €12.9m (+102%), from €12.7m to €25.6m
- Staff costs +€10.2m
up €10.2m (+50.3%), from €20.3m to €30.4m
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.
Result 2024
€4.1m
Turnover
+€75.5m
Other operating income
+€453,533
Goods and materials
-€56.0m
Services and other goods
-€12.9m
Staff costs
-€10.2m
Depreciation
-€553,508
Write-downs
+€323,490
Provisions
+€108,336
Other operating charges
-€929,580
Other operating items
-€181,446
Financial income
-€334,655
Financial charges
-€164,727
Taxes
+€1.7m
Result 2025
€946,762
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€7.4m
Investment
-€9.2m
Financing
+€39.1m
Cash 2024
€66.8m
From operations (derived)
+€7.4m
Net result for the year
+€946,762
Depreciation
+€806,332
Receivables within one year
-€24.2m
Deferred charges and accrued income
-€296,482
Provisions
+€729,363
Trade debts
+€27.9m
Tax, wage and social debts
+€5.5m
Other debts
-€4.0m
Accrued charges and deferred income
+€2,031
Investment (derived)
-€9.2m
Investment in fixed assets (net)
-€9.2m
Financing
+€39.1m
Contributions, distributions and other
+€39.1m
Cash 2025
€104.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €86,051,292 | €156,197,343 | +€70.1m | +81.5% |
| Fixed assets | 21/28 | €1,577,649 | €9,981,152 | +€8.4m | +533% |
| Intangible fixed assets | 21 | €186,505 | €6,173,990 | +€6.0m | +3,210% |
| Tangible fixed assets | 22/27 | €1,325,879 | €3,739,923 | +€2.4m | +182% |
| Plant, machinery and equipment | 23 | €41,570 | €1,754,976 | +€1.7m | +4,122% |
| Furniture and vehicles | 24 | €83,084 | €710,239 | +€627,154 | +755% |
| Other tangible fixed assets | 26 | €1,201,225 | €1,066,644 | -€134,580 | -11.2% |
| Assets under construction and advance payments | 27 | - | €208,063 | +€208,063 | |
| Financial fixed assets | 28 | €65,265 | €67,240 | +€1,975 | +3.0% |
| Affiliated companies | 280/1 | €61,500 | €61,500 | +€0 | 0.0% |
| Participating interests | 280 | €61,500 | €61,500 | +€0 | 0.0% |
| Other financial fixed assets | 284/8 | €3,765 | €5,740 | +€1,975 | +52.5% |
| Shares | 284 | €2,665 | €2,665 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,100 | €3,075 | +€1,975 | +180% |
| Current assets | 29/58 | €84,473,643 | €146,216,191 | +€61.7m | +73.1% |
| Amounts receivable within one year | 40/41 | €17,387,492 | €41,544,415 | +€24.2m | +139% |
| Trade receivables | 40 | €17,342,541 | €41,318,221 | +€24.0m | +138% |
| Other amounts receivable | 41 | €44,951 | €226,194 | +€181,243 | +403% |
| Cash at bank and in hand | 54/58 | €66,838,193 | €104,127,336 | +€37.3m | +55.8% |
| Deferred charges and accrued income | 490/1 | €247,958 | €544,440 | +€296,482 | +120% |
| Total equity and liabilities | 10/49 | €86,051,292 | €156,197,343 | +€70.1m | +81.5% |
| Equity | 10/15 | €58,680,424 | €98,688,202 | +€40.0m | +68.2% |
| Contributions | 10/11 | €57,365,966 | €70,709,621 | +€13.3m | +23.3% |
| Capital | 10 | €5,000,407 | €18,344,062 | +€13.3m | +267% |
| Issued capital | 100 | €5,000,407 | €18,344,062 | +€13.3m | +267% |
| Contributions outside capital | 11 | €52,365,559 | €52,365,559 | = | 0.0% |
| Share premium | 1100/10 | €52,365,559 | €52,365,559 | = | 0.0% |
| Revaluation surpluses | 12 | €12,776 | €12,776 | = | 0.0% |
| Reserves | 13 | €500,041 | €2,025,457 | +€1.5m | +305% |
| Non-distributable reserves | 130/1 | €500,041 | €2,022,565 | +€1.5m | +304% |
| Legal reserve | 130 | €500,041 | €2,022,565 | +€1.5m | +304% |
| Distributable reserves | 133 | - | €2,892 | +€2,892 | |
| Profit (loss) carried forward | 14 | €801,641 | €25,940,348 | +€25.1m | +3,136% |
| Provisions and deferred taxes | 16 | €211,878 | €941,241 | +€729,363 | +344% |
| Provisions for liabilities and charges | 160/5 | €211,878 | €941,241 | +€729,363 | +344% |
| Major repairs and maintenance | 162 | €95,153 | €754,446 | +€659,294 | +693% |
| Other liabilities and charges | 164/5 | €116,725 | €186,794 | +€70,069 | +60.0% |
| Amounts payable | 17/49 | €27,158,990 | €56,567,901 | +€29.4m | +108% |
| Amounts payable within one year | 42/48 | €27,156,747 | €56,563,627 | +€29.4m | +108% |
| Trade debts | 44 | €17,148,183 | €45,039,171 | +€27.9m | +163% |
| Suppliers | 440/4 | €17,148,183 | €45,039,171 | +€27.9m | +163% |
| Taxes, remuneration and social security | 45 | €6,008,564 | €11,524,456 | +€5.5m | +91.8% |
| Taxes | 450/3 | €2,965,127 | €2,993,467 | +€28,341 | +1.0% |
| Remuneration and social security | 454/9 | €3,043,437 | €8,530,988 | +€5.5m | +180% |
| Other amounts payable | 47/48 | €4,000,000 | - | -€4.0m | |
| Accrued charges and deferred income | 492/3 | €2,243 | €4,274 | +€2,031 | +90.5% |
| Operating income | 70/76A | €145,381,820 | €221,435,692 | +€76.1m | +52.3% |
| Turnover | 70 | €140,499,261 | €216,012,872 | +€75.5m | +53.7% |
| Other operating income | 74 | €4,882,560 | €5,336,092 | +€453,533 | +9.3% |
| Non-recurring operating income | 76A | - | €86,727 | +€86,727 | |
| Operating charges | 60/66A | €141,712,419 | €222,151,784 | +€80.4m | +56.8% |
| Goods for resale, raw materials and consumables | 60 | €108,163,829 | €164,206,133 | +€56.0m | +51.8% |
| Purchases | 600/8 | €108,163,829 | €164,206,133 | +€56.0m | +51.8% |
| Services and other goods | 61 | €12,660,581 | €25,557,087 | +€12.9m | +102% |
| Remuneration, social security and pensions | 62 | €20,258,736 | €30,439,857 | +€10.2m | +50.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €252,824 | €806,332 | +€553,508 | +219% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €119,281 | -€204,209 | -€323,490 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €85,478 | -€22,858 | -€108,336 | |
| Other operating charges | 640/8 | €171,689 | €1,101,269 | +€929,580 | +541% |
| Non-recurring operating charges | 66A | - | €268,173 | +€268,173 | |
| Operating profit (loss) | 9901 | €3,669,402 | -€716,092 | -€4.4m | |
| Financial income | 75/76B | €2,519,262 | €2,184,608 | -€334,655 | -13.3% |
| Recurring financial income | 75 | €2,519,262 | €2,184,608 | -€334,655 | -13.3% |
| Income from financial fixed assets | 750 | - | €502,064 | +€502,064 | |
| Income from current assets | 751 | €2,284,349 | €1,344,562 | -€939,787 | -41.1% |
| Other financial income | 752/9 | €234,914 | €337,982 | +€103,069 | +43.9% |
| Financial charges | 65/66B | €293,731 | €458,458 | +€164,727 | +56.1% |
| Recurring financial charges | 65 | €293,731 | €458,458 | +€164,727 | +56.1% |
| Debt charges | 650 | €16,162 | €69,904 | +€53,742 | +333% |
| Other financial charges | 652/9 | €277,569 | €388,554 | +€110,985 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | €5,894,933 | €1,010,058 | -€4.9m | -82.9% |
| Income taxes | 67/77 | €1,792,149 | €63,296 | -€1.7m | -96.5% |
| Taxes | 670/3 | €1,792,149 | €63,296 | -€1.7m | -96.5% |
| Profit (loss) for the period | 9904 | €4,102,784 | €946,762 | -€3.2m | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €4,102,784 | €946,762 | -€3.2m | -76.9% |
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 17 October 2026 via checked.be.