DSB: what changed
DSB
Largest movements
- Tangible fixed assets +€149,414
up €149,414 (+43.9%), from €340,251 to €489,665
of which Assets under construction and advance payments: +€150,234
- Cash +€26,779
up €26,779 (+17.1%), from €156,938 to €183,717
mainly Current portion of long-term debt (+€246,406) and Net result for the year (+€34,621)
- Current portion of long-term debt +€246,406
up €246,406 (+115%), from €213,594 to €460,000
- Trade debts -€92,721
down €92,721 (-89.3%), from €103,888 to €11,167
- Profit (loss) carried forward +€34,621
up €34,621 (+20.1%), from €171,900 to €206,521
- Gross operating margin +€36,356
up €36,356 (+169%), from €21,483 to €57,840
- Financial charges +€14,448
up €14,448 (+295%), from €4,900 to €19,348
- Taxes +€3,639
up €3,639, from -€439 to €3,199
- Financial income -€2,019
down €2,019 (-63.4%), from €3,185 to €1,166
- Depreciation -€613
down €613 (-42.8%), from €1,434 to €820
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €590,965 | €774,394 | +€183,429 | +31.0% |
| Fixed assets | 21/28 | €341,381 | €490,795 | +€149,414 | +43.8% |
| Tangible fixed assets | 22/27 | €340,251 | €489,665 | +€149,414 | +43.9% |
| Furniture and vehicles | 24 | €3,535 | €2,715 | -€820 | -23.2% |
| Assets under construction and advance payments | 27 | €336,716 | €486,950 | +€150,234 | +44.6% |
| Financial fixed assets | 28 | €1,130 | €1,130 | = | 0.0% |
| Current assets | 29/58 | €249,584 | €283,599 | +€34,015 | +13.6% |
| Amounts receivable after more than one year | 29 | €60,000 | €60,000 | = | 0.0% |
| Other amounts receivable | 291 | €60,000 | €60,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,646 | €32,882 | +€5,236 | +18.9% |
| Other amounts receivable | 41 | €27,646 | €32,882 | +€5,236 | +18.9% |
| Cash at bank and in hand | 54/58 | €156,938 | €183,717 | +€26,779 | +17.1% |
| Deferred charges and accrued income | 490/1 | €5,000 | €7,000 | +€2,000 | +40.0% |
| Total equity and liabilities | 10/49 | €590,965 | €774,394 | +€183,429 | +31.0% |
| Equity | 10/15 | €266,900 | €301,521 | +€34,621 | +13.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €75,000 | €75,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,900 | €206,521 | +€34,621 | +20.1% |
| Amounts payable | 17/49 | €324,064 | €472,873 | +€148,808 | +45.9% |
| Amounts payable within one year | 42/48 | €324,064 | €471,216 | +€147,152 | +45.4% |
| Current portion of amounts payable after more than one year | 42 | €213,594 | €460,000 | +€246,406 | +115% |
| Trade debts | 44 | €103,888 | €11,167 | -€92,721 | -89.3% |
| Suppliers | 440/4 | €103,888 | €11,167 | -€92,721 | -89.3% |
| Taxes, remuneration and social security | 45 | €6,582 | - | -€6,582 | |
| Taxes | 450/3 | €6,582 | - | -€6,582 | |
| Other amounts payable | 47/48 | - | €49 | +€49 | |
| Accrued charges and deferred income | 492/3 | - | €1,657 | +€1,657 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,434 | €820 | -€613 | -42.8% |
| Other operating charges | 640/8 | €1,422 | €1,017 | -€405 | -28.5% |
| Gross operating margin | 9900 | €21,483 | €57,840 | +€36,356 | +169% |
| Operating profit (loss) | 9901 | €18,627 | €56,002 | +€37,375 | +201% |
| Financial income | 75/76B | €3,185 | €1,166 | -€2,019 | -63.4% |
| Recurring financial income | 75 | €3,185 | €1,166 | -€2,019 | -63.4% |
| Financial charges | 65/66B | €4,900 | €19,348 | +€14,448 | +295% |
| Recurring financial charges | 65 | €4,900 | €19,348 | +€14,448 | +295% |
| Profit (loss) for the period before taxes | 9903 | €16,912 | €37,820 | +€20,907 | +124% |
| Income taxes | 67/77 | -€439 | €3,199 | +€3,639 | |
| Profit (loss) for the period | 9904 | €17,352 | €34,621 | +€17,269 | +99.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,352 | €34,621 | +€17,269 | +99.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.