DHARMA: 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.
DHARMA
Largest movements
- Receivables within one year +€44,372
up €44,372 (+265.3%), from €16,728 to €61,100
of which Trade receivables: +€46,622
- Cash -€19,243
down €19,243 (-27.3%), from €70,471 to €51,228
mainly Receivables within one year (-€44,372) and Other debts (-€4,721)
- Tangible fixed assets -€6,269
down €6,269 (-19.5%), from €32,159 to €25,890
of which Plant, machinery and equipment: -€4,135
- Deferred charges and accrued income -€3,772
down €3,772 (-70.4%), from €5,359 to €1,587
- Profit (loss) carried forward +€18,280
up €18,280 (+69.5%), from -€26,294 to -€8,014
- Tax, wage and social debts +€6,010
up €6,010 (+75.5%), from €7,959 to €13,968
- Other debts -€4,721
down €4,721 (-7.4%), from €63,895 to €59,174
- Short-term financial debts -€3,600
down €3,600 (-94.3%), from €3,816 to €216
- Gross operating margin +€16,039
up €16,039 (+84.2%), from €19,043 to €35,082
- Taxes +€2,212
up €2,212 (+42.9%), from €5,154 to €7,365
- Depreciation +€1,501
up €1,501 (+23.3%), from €6,439 to €7,940
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 | €124,717 | €139,805 | +€15,088 | +12.1% |
| Fixed assets | 21/28 | €32,159 | €25,890 | -€6,269 | -19.5% |
| Tangible fixed assets | 22/27 | €32,159 | €25,890 | -€6,269 | -19.5% |
| Plant, machinery and equipment | 23 | €16,552 | €12,417 | -€4,135 | -25.0% |
| Furniture and vehicles | 24 | €13,303 | €11,519 | -€1,784 | -13.4% |
| Other tangible fixed assets | 26 | €2,304 | €1,954 | -€350 | -15.2% |
| Current assets | 29/58 | €92,558 | €113,915 | +€21,357 | +23.1% |
| Amounts receivable within one year | 40/41 | €16,728 | €61,100 | +€44,372 | +265.3% |
| Trade receivables | 40 | €13,878 | €60,500 | +€46,622 | +335.9% |
| Other amounts receivable | 41 | €2,850 | €600 | -€2,250 | -78.9% |
| Cash at bank and in hand | 54/58 | €70,471 | €51,228 | -€19,243 | -27.3% |
| Deferred charges and accrued income | 490/1 | €5,359 | €1,587 | -€3,772 | -70.4% |
| Total equity and liabilities | 10/49 | €124,717 | €139,805 | +€15,088 | +12.1% |
| Equity | 10/15 | €45,863 | €64,143 | +€18,280 | +39.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €65,957 | €65,957 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Tax-exempt reserves | 132 | €14,460 | €14,460 | = | 0.0% |
| Distributable reserves | 133 | €49,637 | €51,497 | +€1,860 | +3.7% |
| Profit (loss) carried forward | 14 | -€26,294 | -€8,014 | +€18,280 | +69.5% |
| Amounts payable | 17/49 | €78,854 | €75,662 | -€3,192 | -4.0% |
| Amounts payable within one year | 42/48 | €78,831 | €75,585 | -€3,246 | -4.1% |
| Financial debts | 43 | €3,816 | €216 | -€3,600 | -94.3% |
| Credit institutions | 430/8 | €3,816 | €216 | -€3,600 | -94.3% |
| Trade debts | 44 | €3,161 | €2,226 | -€935 | -29.6% |
| Suppliers | 440/4 | €3,161 | €2,226 | -€935 | -29.6% |
| Taxes, remuneration and social security | 45 | €7,959 | €13,968 | +€6,010 | +75.5% |
| Taxes | 450/3 | €7,959 | €13,968 | +€6,010 | +75.5% |
| Other amounts payable | 47/48 | €63,895 | €59,174 | -€4,721 | -7.4% |
| Accrued charges and deferred income | 492/3 | €23 | €77 | +€54 | +236.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,439 | €7,940 | +€1,501 | +23.3% |
| Other operating charges | 640/8 | €903 | €1,248 | +€344 | +38.1% |
| Gross operating margin | 9900 | €19,043 | €35,082 | +€16,039 | +84.2% |
| Operating profit (loss) | 9901 | €11,701 | €25,894 | +€14,194 | +121.3% |
| Financial charges | 65/66B | €462 | €249 | -€213 | -46.1% |
| Recurring financial charges | 65 | €462 | €249 | -€213 | -46.1% |
| Profit (loss) for the period before taxes | 9903 | €11,239 | €25,645 | +€14,407 | +128.2% |
| Income taxes | 67/77 | €5,154 | €7,365 | +€2,212 | +42.9% |
| Profit (loss) for the period | 9904 | €6,085 | €18,280 | +€12,195 | +200.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,085 | €18,280 | +€12,195 | +200.4% |
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 8 October 2026 via checked.be.