Dao Systems: 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 Systems
Largest movements
- Receivables within one year -€409,686
down €409,686 (-45.4%), from €901,993 to €492,307
of which Trade receivables: -€392,367
- Tangible fixed assets -€194,508
down €194,508 (-22.9%), from €849,908 to €655,400
of which Land and buildings: -€127,997
- Stocks and contracts +€79,277
up €79,277 (+6.7%), from €1.2m to €1.3m
of which Stocks: +€145,384
- Cash -€38,320
down €38,320 (-67.2%), from €56,988 to €18,668
mainly Trade debts (-€304,473) and Debts after one year (-€179,900)
- Trade debts -€304,473
down €304,473 (-56.0%), from €543,734 to €239,261
- Debts after one year -€179,900
down €179,900 (-29.3%), from €613,404 to €433,504
- Current portion of long-term debt -€67,459
down €67,459 (-35.3%), from €190,873 to €123,414
- Short-term financial debts -€50,000
down €50,000 (-20.0%), from €250,000 to €200,000
- Other debts +€35,467
up €35,467 (+6.4%), from €556,967 to €592,434
- Gross operating margin -€107,701
down €107,701 (-14.3%), from €755,365 to €647,664
- Staff costs -€39,274
down €39,274 (-8.4%), from €466,852 to €427,578
- Depreciation -€30,640
down €30,640 (-18.6%), from €164,709 to €134,069
- Financial charges -€19,646
down €19,646 (-28.4%), from €69,147 to €49,502
- Other operating charges -€10,813
down €10,813 (-36.6%), from €29,570 to €18,757
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.
Derived cash bridge
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 | €3,090,488 | €2,522,582 | -€567,906 | -18.4% |
| Fixed assets | 21/28 | €858,076 | €663,035 | -€195,041 | -22.7% |
| Intangible fixed assets | 21 | €1,068 | €535 | -€533 | -49.9% |
| Tangible fixed assets | 22/27 | €849,908 | €655,400 | -€194,508 | -22.9% |
| Land and buildings | 22 | €625,165 | €497,168 | -€127,997 | -20.5% |
| Plant, machinery and equipment | 23 | €15,534 | €7,729 | -€7,805 | -50.2% |
| Furniture and vehicles | 24 | €162,119 | €112,836 | -€49,283 | -30.4% |
| Other tangible fixed assets | 26 | €47,090 | €37,667 | -€9,423 | -20.0% |
| Financial fixed assets | 28 | €7,100 | €7,100 | = | 0.0% |
| Current assets | 29/58 | €2,232,412 | €1,859,547 | -€372,865 | -16.7% |
| Stocks and contracts in progress | 3 | €1,177,114 | €1,256,391 | +€79,277 | +6.7% |
| Stocks | 30/36 | €1,111,006 | €1,256,391 | +€145,384 | +13.1% |
| Contracts in progress | 37 | €66,107 | €0 | -€66,107 | -100% |
| Amounts receivable within one year | 40/41 | €901,993 | €492,307 | -€409,686 | -45.4% |
| Trade receivables | 40 | €873,943 | €481,576 | -€392,367 | -44.9% |
| Other amounts receivable | 41 | €28,050 | €10,731 | -€17,319 | -61.7% |
| Current investments | 50/53 | €1,250 | €1,250 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €56,988 | €18,668 | -€38,320 | -67.2% |
| Deferred charges and accrued income | 490/1 | €95,068 | €90,932 | -€4,136 | -4.4% |
| Total equity and liabilities | 10/49 | €3,090,488 | €2,522,582 | -€567,906 | -18.4% |
| Equity | 10/15 | €738,713 | €739,529 | +€816 | +0.1% |
| Contributions | 10/11 | €22,320 | €22,320 | = | 0.0% |
| Reserves | 13 | €143,919 | €143,919 | = | 0.0% |
| Tax-exempt reserves | 132 | €54,176 | €54,176 | = | 0.0% |
| Distributable reserves | 133 | €89,743 | €89,743 | = | 0.0% |
| Profit (loss) carried forward | 14 | €564,745 | €566,263 | +€1,518 | +0.3% |
| Investment grants | 15 | €7,729 | €7,026 | -€703 | -9.1% |
| Provisions and deferred taxes | 16 | €60,015 | €61,919 | +€1,904 | +3.2% |
| Provisions for liabilities and charges | 160/5 | €60,015 | €61,919 | +€1,904 | +3.2% |
| Environmental obligations | 163 | €60,015 | €61,919 | +€1,904 | +3.2% |
| Amounts payable | 17/49 | €2,291,761 | €1,721,135 | -€570,626 | -24.9% |
| Amounts payable after more than one year | 17 | €613,404 | €433,504 | -€179,900 | -29.3% |
| Financial debts | 170/4 | €613,404 | €433,504 | -€179,900 | -29.3% |
| Amounts payable within one year | 42/48 | €1,678,113 | €1,287,605 | -€390,508 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €190,873 | €123,414 | -€67,459 | -35.3% |
| Financial debts | 43 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Credit institutions | 430/8 | €250,000 | €200,000 | -€50,000 | -20.0% |
| Trade debts | 44 | €543,734 | €239,261 | -€304,473 | -56.0% |
| Suppliers | 440/4 | €543,734 | €239,261 | -€304,473 | -56.0% |
| Advances received on contracts in progress | 46 | €4,452 | €17,088 | +€12,636 | +284% |
| Taxes, remuneration and social security | 45 | €132,087 | €115,409 | -€16,678 | -12.6% |
| Taxes | 450/3 | €48,007 | €62,204 | +€14,197 | +29.6% |
| Remuneration and social security | 454/9 | €84,080 | €53,205 | -€30,875 | -36.7% |
| Other amounts payable | 47/48 | €556,967 | €592,434 | +€35,467 | +6.4% |
| Accrued charges and deferred income | 492/3 | €243 | €25 | -€218 | -89.6% |
| Remuneration, social security and pensions | 62 | €466,852 | €427,578 | -€39,274 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,709 | €134,069 | -€30,640 | -18.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,001 | +€1,001 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €634 | €1,904 | +€1,270 | +201% |
| Other operating charges | 640/8 | €29,570 | €18,757 | -€10,813 | -36.6% |
| Non-recurring operating charges | 66A | €184 | €0 | -€184 | -100% |
| Gross operating margin | 9900 | €755,365 | €647,664 | -€107,701 | -14.3% |
| Operating profit (loss) | 9901 | €93,417 | €64,356 | -€29,061 | -31.1% |
| Financial income | 75/76B | €5,567 | €2,750 | -€2,816 | -50.6% |
| Recurring financial income | 75 | €5,567 | €2,750 | -€2,816 | -50.6% |
| Financial charges | 65/66B | €69,147 | €49,502 | -€19,646 | -28.4% |
| Recurring financial charges | 65 | €69,147 | €49,502 | -€19,646 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €29,836 | €17,604 | -€12,232 | -41.0% |
| Income taxes | 67/77 | €20,777 | €16,086 | -€4,691 | -22.6% |
| Profit (loss) for the period | 9904 | €9,060 | €1,518 | -€7,541 | -83.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,060 | €1,518 | -€7,541 | -83.2% |
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 23 October 2026 via checked.be.