dão: 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.
dão
Largest movements
- Current investments +€11,875
up €11,875 (+38.0%), from €31,256 to €43,132
- Receivables within one year -€8,113
down €8,113 (-35.9%), from €22,566 to €14,454
of which Trade receivables: -€7,302
- Stocks and contracts -€7,423
down €7,423 (-12.3%), from €60,549 to €53,126
- Cash +€7,287
up €7,287 (+142.8%), from €5,105 to €12,392
mainly Debts after one year (+€61,858) and Net result for the year (+€31,930)
- Tangible fixed assets +€1,976
up €1,976 (+120.4%), from €1,641 to €3,617
of which Land and buildings: +€2,210
- Short-term financial debts -€73,344
down €73,344 (-97.8%), from €75,000 to €1,656
- Debts after one year +€61,858
up €61,858 (+123.7%), from €50,000 to €111,858
- Profit (loss) carried forward +€31,930
up €31,930 (+37.1%), from -€86,025 to -€54,095
- Trade debts -€30,223
down €30,223 (-57.5%), from €52,598 to €22,374
- Current portion of long-term debt +€13,142
new in 2025: €13,142
- Gross operating margin +€76,784
up €76,784 (+814.6%), from €9,426 to €86,210
- Staff costs -€8,503
down €8,503 (-17.3%), from €49,092 to €40,588
- Depreciation -€1,737
down €1,737 (-87.7%), from €1,981 to €244
- Financial income -€1,246
down €1,246 (-83.2%), from €1,498 to €252
- Financial charges +€1,196
up €1,196 (+11.0%), from €10,875 to €12,071
of which Financial charges: +€1,307
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 | €122,234 | €128,294 | +€6,060 | +5.0% |
| Fixed assets | 21/28 | €1,641 | €3,617 | +€1,976 | +120.4% |
| Tangible fixed assets | 22/27 | €1,641 | €3,617 | +€1,976 | +120.4% |
| Land and buildings | 22 | - | €2,210 | +€2,210 | |
| Plant, machinery and equipment | 23 | €1,641 | €1,406 | -€235 | -14.3% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €120,594 | €124,678 | +€4,084 | +3.4% |
| Stocks and contracts in progress | 3 | €60,549 | €53,126 | -€7,423 | -12.3% |
| Stocks | 30/36 | €60,549 | €53,126 | -€7,423 | -12.3% |
| Amounts receivable within one year | 40/41 | €22,566 | €14,454 | -€8,113 | -35.9% |
| Trade receivables | 40 | €13,719 | €6,417 | -€7,302 | -53.2% |
| Other amounts receivable | 41 | €8,847 | €8,037 | -€810 | -9.2% |
| Current investments | 50/53 | €31,256 | €43,132 | +€11,875 | +38.0% |
| Cash at bank and in hand | 54/58 | €5,105 | €12,392 | +€7,287 | +142.8% |
| Deferred charges and accrued income | 490/1 | €1,118 | €1,575 | +€457 | +40.9% |
| Total equity and liabilities | 10/49 | €122,234 | €128,294 | +€6,060 | +5.0% |
| Equity | 10/15 | -€77,805 | -€45,875 | +€31,930 | +41.0% |
| Contributions | 10/11 | €7,720 | €7,720 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,025 | -€54,095 | +€31,930 | +37.1% |
| Amounts payable | 17/49 | €200,040 | €174,170 | -€25,870 | -12.9% |
| Amounts payable after more than one year | 17 | €50,000 | €111,858 | +€61,858 | +123.7% |
| Financial debts | 170/4 | €50,000 | €111,858 | +€61,858 | +123.7% |
| Amounts payable within one year | 42/48 | €145,024 | €62,312 | -€82,712 | -57.0% |
| Current portion of amounts payable after more than one year | 42 | - | €13,142 | +€13,142 | |
| Financial debts | 43 | €75,000 | €1,656 | -€73,344 | -97.8% |
| Credit institutions | 430/8 | €75,000 | €1,656 | -€73,344 | -97.8% |
| Trade debts | 44 | €52,598 | €22,374 | -€30,223 | -57.5% |
| Suppliers | 440/4 | €52,598 | €22,374 | -€30,223 | -57.5% |
| Taxes, remuneration and social security | 45 | €17,426 | €25,139 | +€7,713 | +44.3% |
| Taxes | 450/3 | €12,750 | €20,994 | +€8,244 | +64.7% |
| Remuneration and social security | 454/9 | €4,676 | €4,145 | -€531 | -11.4% |
| Accrued charges and deferred income | 492/3 | €5,016 | €0 | -€5,016 | -100.0% |
| Remuneration, social security and pensions | 62 | €49,092 | €40,588 | -€8,503 | -17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,981 | €244 | -€1,737 | -87.7% |
| Other operating charges | 640/8 | €928 | €1,374 | +€446 | +48.1% |
| Gross operating margin | 9900 | €9,426 | €86,210 | +€76,784 | +814.6% |
| Operating profit (loss) | 9901 | -€42,574 | €44,004 | +€86,578 | |
| Financial income | 75/76B | €1,498 | €252 | -€1,246 | -83.2% |
| Recurring financial income | 75 | €1,498 | €252 | -€1,246 | -83.2% |
| Financial charges | 65/66B | €10,875 | €12,071 | +€1,196 | +11.0% |
| Recurring financial charges | 65 | €10,764 | €12,071 | +€1,307 | +12.1% |
| Non-recurring financial charges | 66B | €111 | €0 | -€111 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€51,952 | €32,185 | +€84,136 | |
| Income taxes | 67/77 | €275 | €255 | -€21 | -7.5% |
| Profit (loss) for the period | 9904 | -€52,227 | €31,930 | +€84,157 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,227 | €31,930 | +€84,157 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.