DADO: 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.
DADO
Largest movements
- Tangible fixed assets +€6.9m
up €6.9m (+68.8%), from €10.1m to €17.0m
of which Land and buildings: +€9.0m
- Current investments +€4.5m
up €4.5m (+90.4%), from €5.0m to €9.5m
- Cash -€2.2m
down €2.2m (-42.7%), from €5.2m to €3.0m
mainly Investment in fixed assets (net) (-€8.2m) and Current investments (-€4.5m)
- Receivables after one year +€551,277
new in 2025: €551,277
- Financial fixed assets +€471,768
up €471,768 (+5.3%), from €8.9m to €9.4m
- Reserves +€6.0m
up €6.0m (+22.1%), from €27.3m to €33.3m
of which Distributable reserves: +€6.0m
- Contributions +€4.4m
up €4.4m (+4377.2%), from €100,000 to €4.5m
- Financial income +€4.0m
up €4.0m (+224.3%), from €1.8m to €5.7m
- Gross operating margin -€458,793
down €458,793 (-12.4%), from €3.7m to €3.2m
- Depreciation +€229,081
up €229,081 (+38.3%), from €597,608 to €826,689
- Taxes -€225,066
down €225,066 (-52.0%), from €432,809 to €207,743
- Staff costs +€167,629
up €167,629 (+12.7%), from €1.3m to €1.5m
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 | €29,611,940 | €40,098,522 | +€10.5m | +35.4% |
| Fixed assets | 21/28 | €18,966,150 | €26,369,609 | +€7.4m | +39.0% |
| Tangible fixed assets | 22/27 | €10,073,612 | €17,005,303 | +€6.9m | +68.8% |
| Land and buildings | 22 | €6,686,974 | €15,683,777 | +€9.0m | +134.5% |
| Plant, machinery and equipment | 23 | - | €535,102 | +€535,102 | |
| Furniture and vehicles | 24 | €50,598 | €42,624 | -€7,974 | -15.8% |
| Other tangible fixed assets | 26 | €3,336,040 | €743,801 | -€2.6m | -77.7% |
| Financial fixed assets | 28 | €8,892,538 | €9,364,306 | +€471,768 | +5.3% |
| Current assets | 29/58 | €10,645,790 | €13,728,913 | +€3.1m | +29.0% |
| Amounts receivable after more than one year | 29 | - | €551,277 | +€551,277 | |
| Other amounts receivable | 291 | - | €551,277 | +€551,277 | |
| Amounts receivable within one year | 40/41 | €411,496 | €661,388 | +€249,891 | +60.7% |
| Trade receivables | 40 | €264,525 | €78,883 | -€185,642 | -70.2% |
| Other amounts receivable | 41 | €146,971 | €582,504 | +€435,533 | +296.3% |
| Current investments | 50/53 | €4,980,612 | €9,482,849 | +€4.5m | +90.4% |
| Cash at bank and in hand | 54/58 | €5,232,971 | €2,999,592 | -€2.2m | -42.7% |
| Deferred charges and accrued income | 490/1 | €20,711 | €33,807 | +€13,096 | +63.2% |
| Total equity and liabilities | 10/49 | €29,611,940 | €40,098,522 | +€10.5m | +35.4% |
| Equity | 10/15 | €27,385,269 | €37,802,057 | +€10.4m | +38.0% |
| Contributions | 10/11 | €100,000 | €4,477,210 | +€4.4m | +4377.2% |
| Reserves | 13 | €27,285,269 | €33,324,847 | +€6.0m | +22.1% |
| Non-distributable reserves | 130/1 | €10,000 | €0 | -€10,000 | -100.0% |
| Reserves not available under the articles | 1311 | €10,000 | €0 | -€10,000 | -100.0% |
| Distributable reserves | 133 | €27,275,269 | €33,324,847 | +€6.0m | +22.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €2,226,671 | €2,296,465 | +€69,794 | +3.1% |
| Amounts payable after more than one year | 17 | €1,597,222 | €1,430,555 | -€166,667 | -10.4% |
| Financial debts | 170/4 | €1,597,222 | €1,430,555 | -€166,667 | -10.4% |
| Amounts payable within one year | 42/48 | €629,449 | €863,070 | +€233,621 | +37.1% |
| Current portion of amounts payable after more than one year | 42 | €175,000 | €175,000 | = | 0.0% |
| Trade debts | 44 | €133,269 | €318,013 | +€184,744 | +138.6% |
| Suppliers | 440/4 | €133,269 | €318,013 | +€184,744 | +138.6% |
| Taxes, remuneration and social security | 45 | €318,547 | €369,905 | +€51,359 | +16.1% |
| Taxes | 450/3 | €46,215 | €84,807 | +€38,592 | +83.5% |
| Remuneration and social security | 454/9 | €272,332 | €285,098 | +€12,767 | +4.7% |
| Other amounts payable | 47/48 | €2,633 | €151 | -€2,482 | -94.3% |
| Accrued charges and deferred income | 492/3 | - | €2,840 | +€2,840 | |
| Non-recurring operating income | 76A | - | €905 | +€905 | |
| Remuneration, social security and pensions | 62 | €1,324,960 | €1,492,589 | +€167,629 | +12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €597,608 | €826,689 | +€229,081 | +38.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €191,658 | €276,049 | +€84,391 | +44.0% |
| Non-recurring operating charges | 66A | - | €53,232 | +€53,232 | |
| Gross operating margin | 9900 | €3,704,807 | €3,246,014 | -€458,793 | -12.4% |
| Operating profit (loss) | 9901 | €1,590,582 | €597,456 | -€993,126 | -62.4% |
| Financial income | 75/76B | €1,771,360 | €5,744,657 | +€4.0m | +224.3% |
| Recurring financial income | 75 | €1,771,360 | €5,744,657 | +€4.0m | +224.3% |
| Financial charges | 65/66B | €45,354 | €94,792 | +€49,438 | +109.0% |
| Recurring financial charges | 65 | €45,354 | €94,792 | +€49,438 | +109.0% |
| Profit (loss) for the period before taxes | 9903 | €3,316,588 | €6,247,321 | +€2.9m | +88.4% |
| Income taxes | 67/77 | €432,809 | €207,743 | -€225,066 | -52.0% |
| Profit (loss) for the period | 9904 | €2,883,778 | €6,039,578 | +€3.2m | +109.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,883,778 | €6,039,578 | +€3.2m | +109.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 December 2024 and 30 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.