DAO Project: what changed
Two financial 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.
DAO Project
Largest movements
- Cash -€645,504
down €645,504 (-85.2%), from €757,515 to €112,011
mainly Current investments (-€605,070) and Contributions, distributions and other (-€234,453)
- Current investments +€605,070
new in 2025: €605,070
- Receivables after one year +€79,140
new in 2025: €79,140
- Tangible fixed assets +€47,330
up €47,330 (+320.0%), from €14,792 to €62,122
of which Furniture and vehicles: +€49,881
- Receivables within one year +€46,149
up €46,149 (+107.6%), from €42,873 to €89,021
of which Other amounts receivable: +€49,658
- Other debts +€234,453
new in 2025: €234,453
- Reserves -€108,823
down €108,823 (-14.5%), from €752,088 to €643,265
of which Distributable reserves: -€108,823
- Gross operating margin -€203,655
down €203,655 (-72.4%), from €281,129 to €77,475
- Taxes -€25,149
down €25,149 (-66.4%), from €37,877 to €12,728
- Financial income -€24,636
down €24,636 (-24.2%), from €101,962 to €77,326
- Depreciation +€9,464
up €9,464 (+151.7%), from €6,238 to €15,702
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €816,679 | €950,659 | +€133,980 | +16.4% |
| Fixed assets | 21/28 | €16,292 | €63,622 | +€47,330 | +290.5% |
| Tangible fixed assets | 22/27 | €14,792 | €62,122 | +€47,330 | +320.0% |
| Plant, machinery and equipment | 23 | €7,428 | €4,877 | -€2,550 | -34.3% |
| Furniture and vehicles | 24 | €7,364 | €57,245 | +€49,881 | +677.4% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €800,387 | €887,037 | +€86,649 | +10.8% |
| Amounts receivable after more than one year | 29 | - | €79,140 | +€79,140 | |
| Trade receivables | 290 | - | €79,140 | +€79,140 | |
| Amounts receivable within one year | 40/41 | €42,873 | €89,021 | +€46,149 | +107.6% |
| Trade receivables | 40 | €6,050 | €2,541 | -€3,509 | -58.0% |
| Other amounts receivable | 41 | €36,823 | €86,480 | +€49,658 | +134.9% |
| Current investments | 50/53 | - | €605,070 | +€605,070 | |
| Cash at bank and in hand | 54/58 | €757,515 | €112,011 | -€645,504 | -85.2% |
| Deferred charges and accrued income | 490/1 | - | €1,794 | +€1,794 | |
| Total equity and liabilities | 10/49 | €816,679 | €950,659 | +€133,980 | +16.4% |
| Equity | 10/15 | €777,088 | €668,265 | -€108,823 | -14.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €752,088 | €643,265 | -€108,823 | -14.5% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €749,588 | €640,765 | -€108,823 | -14.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €39,591 | €282,394 | +€242,803 | +613.3% |
| Amounts payable within one year | 42/48 | €39,591 | €282,394 | +€242,803 | +613.3% |
| Trade debts | 44 | €1,203 | €848 | -€355 | -29.5% |
| Suppliers | 440/4 | €1,203 | €848 | -€355 | -29.5% |
| Taxes, remuneration and social security | 45 | €38,388 | €47,093 | +€8,705 | +22.7% |
| Taxes | 450/3 | €38,388 | €43,343 | +€4,955 | +12.9% |
| Remuneration and social security | 454/9 | - | €3,750 | +€3,750 | |
| Other amounts payable | 47/48 | - | €234,453 | +€234,453 | |
| Non-recurring operating income | 76A | €255,000 | €100,000 | -€155,000 | -60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,238 | €15,702 | +€9,464 | +151.7% |
| Other operating charges | 640/8 | €496 | €654 | +€157 | +31.7% |
| Gross operating margin | 9900 | €281,129 | €77,475 | -€203,655 | -72.4% |
| Operating profit (loss) | 9901 | €274,395 | €61,119 | -€213,276 | -77.7% |
| Financial income | 75/76B | €101,962 | €77,326 | -€24,636 | -24.2% |
| Recurring financial income | 75 | €101,962 | €77,326 | -€24,636 | -24.2% |
| Financial charges | 65/66B | €2,474 | €87 | -€2,387 | -96.5% |
| Recurring financial charges | 65 | €2,474 | €87 | -€2,387 | -96.5% |
| Profit (loss) for the period before taxes | 9903 | €373,883 | €138,358 | -€235,525 | -63.0% |
| Income taxes | 67/77 | €37,877 | €12,728 | -€25,149 | -66.4% |
| Profit (loss) for the period | 9904 | €336,006 | €125,630 | -€210,376 | -62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €336,006 | €125,630 | -€210,376 | -62.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.