DSW +: what changed
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 (+1,531%), from €606 to €9,891
- Reserves +€312,702
up €312,702 (+16,812%), 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
Change in the result, 2023 to 2024
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 2023 and 2024 balance sheets and the 2024 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 | 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% |
| 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 | +1,531% |
| 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 | +16,812% |
| Distributable reserves | 133 | €1,860 | €314,562 | +€312,702 | +16,812% |
| 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% |
| 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% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.