DAO: what changed
What changed
DAO
NACE 43.222, Installation of electric heating, air conditioning, cooling and ventilation
filed annual accounts (NBB)
Net result for the year
-€1.3m
2024 · -€819,484-€489,944
Equity
€5.1m
2024 · €6.4m-€1.3m
Cash
€183,600
2024 · €166,304+€17,296
Balance sheet total
€10.5m
2024 · €14.5m-€4.0m
Largest movements
Assets
- Receivables within one year -€1.8m
down €1.8m (-24.9%), from €7.2m to €5.4m
of which Other amounts receivable: -€1.7m
- Receivables after one year -€1.3m
down €1.3m (-93.1%), from €1.4m to €95,228
of which Trade receivables: -€1.3m
- Stocks and contracts -€830,298
down €830,298 (-20.3%), from €4.1m to €3.3m
Equity and liabilities
- Other debts -€2.6m
down €2.6m (-97.7%), from €2.7m to €62,144
- Profit (loss) carried forward -€1.3m
down €1.3m (-160%), from -€819,484 to -€2.1m
Income statement
- Write-downs +€1.3m
new in 2025: €1.3m
- Gross operating margin +€702,310
up €702,310 (+91.6%), from -€767,026 to -€64,715
- Financial income -€196,398
down €196,398 (-42.6%), from €460,811 to €264,413
- Other operating charges -€115,694
down €115,694 (-72.9%), from €158,690 to €42,996
- Financial charges -€90,353
down €90,353 (-49.2%), from €183,792 to €93,439
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.
Result 2024
-€819,484
Gross operating margin
+€702,310
Depreciation
+€65,021
Write-downs
-€1.3m
Other operating charges
+€115,694
Financial income
-€196,398
Financial charges
+€90,353
Taxes
-€199
Result 2025
-€1.3m
raises the resultlowers the result
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.
From operations
+€152,141
Investment
+€16,517
Financing
-€151,362
Cash 2024
€166,304
From operations (derived)
+€152,141
Net result for the year
-€1.3m
Depreciation
+€105,965
Receivables after one year
+€1.3m
Stocks and contracts
+€830,298
Receivables within one year
+€1.8m
Deferred charges and accrued income
+€50,491
Trade debts
+€26,121
Tax, wage and social debts
+€7,337
Other debts
-€2.6m
Accrued charges and deferred income
+€5,955
Investment (derived)
+€16,517
Investment in fixed assets (net)
+€10,931
Current investments
+€5,586
Financing
-€151,362
Debts after one year
-€141,613
Current portion of long-term debt
-€8,229
Contributions, distributions and other
-€1,520
Cash 2025
€183,600
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,509,493 | €10,464,734 | -€4.0m | -27.9% |
| Fixed assets | 21/28 | €1,472,271 | €1,355,375 | -€116,896 | -7.9% |
| Tangible fixed assets | 22/27 | €1,065,435 | €1,000,048 | -€65,386 | -6.1% |
| Land and buildings | 22 | €132,887 | €153,393 | +€20,505 | +15.4% |
| Plant, machinery and equipment | 23 | €15,042 | €9,954 | -€5,088 | -33.8% |
| Furniture and vehicles | 24 | €1,045 | €819 | -€226 | -21.6% |
| Leasing and similar rights | 25 | €571,570 | €498,841 | -€72,729 | -12.7% |
| Other tangible fixed assets | 26 | €344,891 | €337,042 | -€7,849 | -2.3% |
| Financial fixed assets | 28 | €406,836 | €355,326 | -€51,510 | -12.7% |
| Current assets | 29/58 | €13,037,222 | €9,109,360 | -€3.9m | -30.1% |
| Amounts receivable after more than one year | 29 | €1,371,556 | €95,228 | -€1.3m | -93.1% |
| Trade receivables | 290 | €1,365,408 | €89,080 | -€1.3m | -93.5% |
| Other amounts receivable | 291 | €6,148 | €6,148 | = | 0.0% |
| Stocks and contracts in progress | 3 | €4,090,402 | €3,260,104 | -€830,298 | -20.3% |
| Contracts in progress | 37 | €4,090,402 | €3,260,104 | -€830,298 | -20.3% |
| Amounts receivable within one year | 40/41 | €7,171,227 | €5,388,771 | -€1.8m | -24.9% |
| Trade receivables | 40 | €503,618 | €389,943 | -€113,675 | -22.6% |
| Other amounts receivable | 41 | €6,667,608 | €4,998,828 | -€1.7m | -25.0% |
| Current investments | 50/53 | €5,586 | - | -€5,586 | |
| Cash at bank and in hand | 54/58 | €166,304 | €183,600 | +€17,296 | +10.4% |
| Deferred charges and accrued income | 490/1 | €232,149 | €181,657 | -€50,491 | -21.7% |
| Total equity and liabilities | 10/49 | €14,509,493 | €10,464,734 | -€4.0m | -27.9% |
| Equity | 10/15 | €6,402,394 | €5,091,446 | -€1.3m | -20.5% |
| Contributions | 10/11 | €6,826,863 | €6,826,863 | = | 0.0% |
| Capital | 10 | €6,826,863 | €6,826,863 | = | 0.0% |
| Issued capital | 100 | €6,826,863 | €6,826,863 | = | 0.0% |
| Reserves | 13 | €393,494 | €393,494 | = | 0.0% |
| Non-distributable reserves | 130/1 | €337,241 | €337,241 | = | 0.0% |
| Legal reserve | 130 | €337,241 | €337,241 | = | 0.0% |
| Tax-exempt reserves | 132 | €56,253 | €56,253 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€819,484 | -€2,128,912 | -€1.3m | -160% |
| Investment grants | 15 | €1,520 | - | -€1,520 | |
| Provisions and deferred taxes | 16 | €3,857,341 | €3,857,341 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €3,857,341 | €3,857,341 | = | 0.0% |
| Environmental obligations | 163 | €3,857,341 | €3,857,341 | = | 0.0% |
| Amounts payable | 17/49 | €4,249,759 | €1,515,948 | -€2.7m | -64.3% |
| Amounts payable after more than one year | 17 | €560,505 | €418,891 | -€141,613 | -25.3% |
| Financial debts | 170/4 | €560,505 | €418,891 | -€141,613 | -25.3% |
| Amounts payable within one year | 42/48 | €3,689,003 | €1,090,851 | -€2.6m | -70.4% |
| Current portion of amounts payable after more than one year | 42 | €154,336 | €146,108 | -€8,229 | -5.3% |
| Trade debts | 44 | €849,140 | €875,261 | +€26,121 | +3.1% |
| Suppliers | 440/4 | €849,140 | €875,261 | +€26,121 | +3.1% |
| Taxes, remuneration and social security | 45 | - | €7,337 | +€7,337 | |
| Taxes | 450/3 | - | €7,337 | +€7,337 | |
| Other amounts payable | 47/48 | €2,685,527 | €62,144 | -€2.6m | -97.7% |
| Accrued charges and deferred income | 492/3 | €251 | €6,206 | +€5,955 | +2,369% |
| Non-recurring operating income | 76A | €534 | €9,925 | +€9,391 | +1,757% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,986 | €105,965 | -€65,021 | -38.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,266,725 | +€1.3m | |
| Other operating charges | 640/8 | €158,690 | €42,996 | -€115,694 | -72.9% |
| Gross operating margin | 9900 | -€767,026 | -€64,715 | +€702,310 | +91.6% |
| Operating profit (loss) | 9901 | -€1,096,702 | -€1,480,402 | -€383,700 | -35.0% |
| Financial income | 75/76B | €460,811 | €264,413 | -€196,398 | -42.6% |
| Recurring financial income | 75 | €460,811 | €264,413 | -€196,398 | -42.6% |
| Financial charges | 65/66B | €183,792 | €93,439 | -€90,353 | -49.2% |
| Recurring financial charges | 65 | €183,792 | €93,439 | -€90,353 | -49.2% |
| Profit (loss) for the period before taxes | 9903 | -€819,683 | -€1,309,428 | -€489,745 | -59.7% |
| Income taxes | 67/77 | -€199 | - | +€199 | |
| Profit (loss) for the period | 9904 | -€819,484 | -€1,309,428 | -€489,944 | -59.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€819,484 | -€1,309,428 | -€489,944 | -59.8% |
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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.