DVSL: 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.
DVSL
Largest movements
- Receivables within one year +€290,152
up €290,152 (+138.0%), from €210,179 to €500,331
of which Trade receivables: +€289,798
- Tangible fixed assets +€52,487
up €52,487 (+13.6%), from €387,002 to €439,489
of which Furniture and vehicles: +€40,281
- Cash +€43,050
up €43,050 (+810.3%), from €5,313 to €48,363
mainly Trade debts (+€284,365) and Net result for the year (+€94,905)
- Trade debts +€284,365
up €284,365 (+454.5%), from €62,563 to €346,928
- Tax, wage and social debts +€76,031
up €76,031 (+381.6%), from €19,922 to €95,953
of which Taxes: +€55,284
- Reserves +€64,072
up €64,072 (+98.0%), from €65,411 to €129,483
of which Distributable reserves: +€64,072
- Debts after one year -€59,065
down €59,065 (-21.9%), from €269,725 to €210,660
- Other debts +€38,091
up €38,091 (+448.2%), from €8,498 to €46,589
- Gross operating margin +€175,174
up €175,174 (+132.2%), from €132,490 to €307,664
- Staff costs +€41,552
up €41,552 (+121.4%), from €34,231 to €75,783
- Depreciation +€32,518
up €32,518 (+55.4%), from €58,698 to €91,216
- Taxes +€25,303
up €25,303 (+653.5%), from €3,872 to €29,175
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 | €602,494 | €991,032 | +€388,538 | +64.5% |
| Fixed assets | 21/28 | €387,002 | €442,339 | +€55,337 | +14.3% |
| Intangible fixed assets | 21 | - | €2,850 | +€2,850 | |
| Tangible fixed assets | 22/27 | €387,002 | €439,489 | +€52,487 | +13.6% |
| Land and buildings | 22 | €216,444 | €206,928 | -€9,516 | -4.4% |
| Plant, machinery and equipment | 23 | €154,799 | €176,520 | +€21,721 | +14.0% |
| Furniture and vehicles | 24 | €15,759 | €56,040 | +€40,281 | +255.6% |
| Current assets | 29/58 | €215,492 | €548,694 | +€333,202 | +154.6% |
| Amounts receivable within one year | 40/41 | €210,179 | €500,331 | +€290,152 | +138.0% |
| Trade receivables | 40 | €207,860 | €497,658 | +€289,798 | +139.4% |
| Other amounts receivable | 41 | €2,319 | €2,673 | +€354 | +15.2% |
| Cash at bank and in hand | 54/58 | €5,313 | €48,363 | +€43,050 | +810.3% |
| Total equity and liabilities | 10/49 | €602,494 | €991,032 | +€388,538 | +64.5% |
| Equity | 10/15 | €125,799 | €189,871 | +€64,072 | +50.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €65,411 | €129,483 | +€64,072 | +98.0% |
| 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 | €63,551 | €127,623 | +€64,072 | +100.8% |
| Profit (loss) carried forward | 14 | €47,988 | €47,988 | +€0 | 0.0% |
| Amounts payable | 17/49 | €476,695 | €801,161 | +€324,466 | +68.1% |
| Amounts payable after more than one year | 17 | €269,725 | €210,660 | -€59,065 | -21.9% |
| Financial debts | 170/4 | €269,725 | €210,660 | -€59,065 | -21.9% |
| Amounts payable within one year | 42/48 | €192,820 | €576,351 | +€383,531 | +198.9% |
| Current portion of amounts payable after more than one year | 42 | €76,837 | €61,881 | -€14,956 | -19.5% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €62,563 | €346,928 | +€284,365 | +454.5% |
| Suppliers | 440/4 | €62,563 | €346,928 | +€284,365 | +454.5% |
| Taxes, remuneration and social security | 45 | €19,922 | €95,953 | +€76,031 | +381.6% |
| Taxes | 450/3 | €19,314 | €74,598 | +€55,284 | +286.2% |
| Remuneration and social security | 454/9 | €608 | €21,355 | +€20,747 | +3412.3% |
| Other amounts payable | 47/48 | €8,498 | €46,589 | +€38,091 | +448.2% |
| Accrued charges and deferred income | 492/3 | €14,150 | €14,150 | +€0 | 0.0% |
| Remuneration, social security and pensions | 62 | €34,231 | €75,783 | +€41,552 | +121.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,698 | €91,216 | +€32,518 | +55.4% |
| Other operating charges | 640/8 | €5,065 | €4,960 | -€105 | -2.1% |
| Gross operating margin | 9900 | €132,490 | €307,664 | +€175,174 | +132.2% |
| Operating profit (loss) | 9901 | €34,496 | €135,706 | +€101,210 | +293.4% |
| Financial income | 75/76B | - | €264 | +€264 | |
| Recurring financial income | 75 | - | €264 | +€264 | |
| Financial charges | 65/66B | €10,509 | €11,889 | +€1,380 | +13.1% |
| Recurring financial charges | 65 | €10,509 | €11,889 | +€1,380 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €23,987 | €124,081 | +€100,094 | +417.3% |
| Income taxes | 67/77 | €3,872 | €29,175 | +€25,303 | +653.5% |
| Profit (loss) for the period | 9904 | €20,115 | €94,905 | +€74,790 | +371.8% |
| Profit (loss) for the period to be appropriated | 9905 | €20,115 | €94,905 | +€74,790 | +371.8% |
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.