DSWM: 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.
DSWM
Largest movements
- Receivables within one year +€29,782
up €29,782 (+193.8%), from €15,370 to €45,151
of which Other amounts receivable: +€19,293
- Tangible fixed assets -€11,093
down €11,093 (-16.2%), from €68,602 to €57,508
of which Furniture and vehicles: -€19,302
- Cash +€2,375
up €2,375 (+38.4%), from €6,178 to €8,554
mainly Net result for the year (+€30,763) and Depreciation (+€21,229)
- Reserves +€30,763
up €30,763 (+60.0%), from €51,311 to €82,074
of which Distributable reserves: +€30,763
- Trade debts -€9,637
down €9,637 (-100.0%), from €9,637 to €0
- Debts after one year -€8,280
down €8,280 (-31.8%), from €26,041 to €17,760
- Tax, wage and social debts +€8,096
up €8,096 (+146.0%), from €5,544 to €13,640
- Gross operating margin +€25,770
up €25,770 (+62.0%), from €41,531 to €67,300
- Taxes +€7,685
up €7,685 (+153.0%), from €5,021 to €12,706
- Depreciation -€1,797
down €1,797 (-7.8%), from €23,027 to €21,229
- Financial income +€819
new in 2025: €819
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 | €106,638 | €127,955 | +€21,317 | +20.0% |
| Fixed assets | 21/28 | €68,602 | €57,508 | -€11,093 | -16.2% |
| Tangible fixed assets | 22/27 | €68,602 | €57,508 | -€11,093 | -16.2% |
| Plant, machinery and equipment | 23 | €1,191 | €9,400 | +€8,209 | +689.1% |
| Furniture and vehicles | 24 | €67,410 | €48,108 | -€19,302 | -28.6% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €38,036 | €70,447 | +€32,410 | +85.2% |
| Stocks and contracts in progress | 3 | €12,000 | €12,000 | = | 0.0% |
| Stocks | 30/36 | €12,000 | €12,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €15,370 | €45,151 | +€29,782 | +193.8% |
| Trade receivables | 40 | €7,535 | €18,024 | +€10,489 | +139.2% |
| Other amounts receivable | 41 | €7,835 | €27,128 | +€19,293 | +246.2% |
| Cash at bank and in hand | 54/58 | €6,178 | €8,554 | +€2,375 | +38.4% |
| Deferred charges and accrued income | 490/1 | €4,489 | €4,742 | +€253 | +5.6% |
| Total equity and liabilities | 10/49 | €106,638 | €127,955 | +€21,317 | +20.0% |
| Equity | 10/15 | €57,511 | €88,274 | +€30,763 | +53.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €51,311 | €82,074 | +€30,763 | +60.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €49,451 | €80,214 | +€30,763 | +62.2% |
| Amounts payable | 17/49 | €49,127 | €39,681 | -€9,446 | -19.2% |
| Amounts payable after more than one year | 17 | €26,041 | €17,760 | -€8,280 | -31.8% |
| Financial debts | 170/4 | €26,041 | €17,760 | -€8,280 | -31.8% |
| Amounts payable within one year | 42/48 | €23,086 | €21,921 | -€1,165 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €7,905 | €8,280 | +€376 | +4.8% |
| Trade debts | 44 | €9,637 | €0 | -€9,637 | -100.0% |
| Suppliers | 440/4 | €9,637 | €0 | -€9,637 | -100.0% |
| Taxes, remuneration and social security | 45 | €5,544 | €13,640 | +€8,096 | +146.0% |
| Taxes | 450/3 | €5,544 | €13,640 | +€8,096 | +146.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €9,460 | +€9,460 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,027 | €21,229 | -€1,797 | -7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,460 | €1,666 | +€206 | +14.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €41,531 | €67,300 | +€25,770 | +62.0% |
| Operating profit (loss) | 9901 | €17,044 | €44,405 | +€27,361 | +160.5% |
| Financial income | 75/76B | - | €819 | +€819 | |
| Recurring financial income | 75 | - | €819 | +€819 | |
| Financial charges | 65/66B | €2,291 | €1,755 | -€536 | -23.4% |
| Recurring financial charges | 65 | €2,291 | €1,755 | -€536 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €14,753 | €43,469 | +€28,716 | +194.6% |
| Income taxes | 67/77 | €5,021 | €12,706 | +€7,685 | +153.0% |
| Profit (loss) for the period | 9904 | €9,731 | €30,763 | +€21,032 | +216.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,731 | €30,763 | +€21,032 | +216.1% |
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 4 October 2026 via checked.be.