DSW +: 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.
DSW +
Largest movements
- Receivables within one year +€79,971
up €79,971 (+36.3%), from €220,409 to €300,380
of which Other amounts receivable: +€92,651
- Tangible fixed assets -€42,025
down €42,025 (-9.6%), from €437,202 to €395,177
of which Land and buildings: -€29,992
- Cash -€21,693
down €21,693 (-96.8%), from €22,410 to €716
mainly Receivables within one year (-€79,971) and Trade debts (-€40,715)
- Deferred charges and accrued income +€9,285
up €9,285 (+1531.3%), from €606 to €9,891
- Reserves +€312,702
up €312,702 (+16811.9%), from €1,860 to €314,562
- Profit (loss) carried forward -€226,719
down €226,719 (-72.5%), from €312,702 to €85,983
- Trade debts -€40,715
down €40,715 (-62.5%), from €65,110 to €24,395
- Debts after one year -€30,952
down €30,952 (-18.8%), from €164,905 to €133,953
- Tax, wage and social debts +€25,625
up €25,625 (+36.5%), from €70,221 to €95,846
of which Taxes: +€28,813
- Write-downs +€49,008
up €49,008, from -€49,008 to €0
- Gross operating margin +€17,057
up €17,057 (+9.0%), from €189,550 to €206,607
- Staff costs -€16,371
down €16,371 (-29.0%), from €56,378 to €40,006
- Financial income +€3,699
up €3,699 (+44.9%), from €8,232 to €11,931
- Financial charges -€2,962
down €2,962 (-30.8%), from €9,613 to €6,651
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €682,127 | €710,215 | +€28,087 | +4.1% |
| Fixed assets | 21/28 | €438,702 | €399,227 | -€39,475 | -9.0% |
| Tangible fixed assets | 22/27 | €437,202 | €395,177 | -€42,025 | -9.6% |
| Land and buildings | 22 | €406,624 | €376,632 | -€29,992 | -7.4% |
| Plant, machinery and equipment | 23 | €2,005 | €1,205 | -€800 | -39.9% |
| Furniture and vehicles | 24 | €28,573 | €17,340 | -€11,233 | -39.3% |
| Financial fixed assets | 28 | €1,500 | €4,050 | +€2,550 | +170.0% |
| Current assets | 29/58 | €243,425 | €310,988 | +€67,563 | +27.8% |
| Amounts receivable within one year | 40/41 | €220,409 | €300,380 | +€79,971 | +36.3% |
| Trade receivables | 40 | €34,877 | €22,197 | -€12,681 | -36.4% |
| Other amounts receivable | 41 | €185,532 | €278,183 | +€92,651 | +49.9% |
| Cash at bank and in hand | 54/58 | €22,410 | €716 | -€21,693 | -96.8% |
| Deferred charges and accrued income | 490/1 | €606 | €9,891 | +€9,285 | +1531.3% |
| Total equity and liabilities | 10/49 | €682,127 | €710,215 | +€28,087 | +4.1% |
| Equity | 10/15 | €333,162 | €419,145 | +€85,983 | +25.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €314,562 | +€312,702 | +16811.9% |
| Distributable reserves | 133 | €1,860 | €314,562 | +€312,702 | +16811.9% |
| Profit (loss) carried forward | 14 | €312,702 | €85,983 | -€226,719 | -72.5% |
| Amounts payable | 17/49 | €348,965 | €291,070 | -€57,896 | -16.6% |
| Amounts payable after more than one year | 17 | €164,905 | €133,953 | -€30,952 | -18.8% |
| Financial debts | 170/4 | €164,905 | €133,953 | -€30,952 | -18.8% |
| Amounts payable within one year | 42/48 | €184,060 | €157,055 | -€27,005 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €38,131 | €31,946 | -€6,185 | -16.2% |
| Trade debts | 44 | €65,110 | €24,395 | -€40,715 | -62.5% |
| Suppliers | 440/4 | €65,110 | €24,395 | -€40,715 | -62.5% |
| Taxes, remuneration and social security | 45 | €70,221 | €95,846 | +€25,625 | +36.5% |
| Taxes | 450/3 | €62,906 | €91,719 | +€28,813 | +45.8% |
| Remuneration and social security | 454/9 | €7,315 | €4,127 | -€3,187 | -43.6% |
| Other amounts payable | 47/48 | €10,598 | €4,868 | -€5,730 | -54.1% |
| Accrued charges and deferred income | 492/3 | - | €62 | +€62 | |
| Remuneration, social security and pensions | 62 | €56,378 | €40,006 | -€16,371 | -29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,341 | €42,608 | -€733 | -1.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€49,008 | €0 | +€49,008 | |
| Other operating charges | 640/8 | €3,129 | €2,729 | -€400 | -12.8% |
| Non-recurring operating charges | 66A | €5,434 | €0 | -€5,434 | -100.0% |
| Gross operating margin | 9900 | €189,550 | €206,607 | +€17,057 | +9.0% |
| Operating profit (loss) | 9901 | €130,277 | €121,263 | -€9,014 | -6.9% |
| Financial income | 75/76B | €8,232 | €11,931 | +€3,699 | +44.9% |
| Recurring financial income | 75 | €8,232 | €11,931 | +€3,699 | +44.9% |
| Financial charges | 65/66B | €9,613 | €6,651 | -€2,962 | -30.8% |
| Recurring financial charges | 65 | €9,613 | €6,651 | -€2,962 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €128,896 | €126,542 | -€2,353 | -1.8% |
| Income taxes | 67/77 | €38,952 | €40,559 | +€1,607 | +4.1% |
| Profit (loss) for the period | 9904 | €89,943 | €85,983 | -€3,960 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €89,943 | €85,983 | -€3,960 | -4.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.