DOLCEAMARO: 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.
DOLCEAMARO
Largest movements
- Current investments +€499,845
new in 2025: €499,845
- Receivables within one year -€284,321
down €284,321 (-33.0%), from €860,393 to €576,072
of which Other amounts receivable: -€280,081
- Cash -€273,294
down €273,294 (-44.5%), from €613,631 to €340,337
mainly Contributions, distributions and other (-€750,000) and Current investments (-€499,845)
- Tangible fixed assets -€53,592
down €53,592 (-8.6%), from €625,368 to €571,776
of which Plant, machinery and equipment: -€35,602
- Other debts +€747,715
up €747,715 (+10,554%), from €7,084 to €754,800
- Profit (loss) carried forward -€746,230
down €746,230 (-62.9%), from €1.2m to €441,086
- Debts after one year -€113,616
down €113,616 (-21.9%), from €517,888 to €404,272
- Current portion of long-term debt +€31,503
up €31,503 (+38.4%), from €82,112 to €113,616
- Trade debts -€31,144
down €31,144 (-40.2%), from €77,504 to €46,360
- Gross operating margin -€172,748
down €172,748 (-19.6%), from €881,738 to €708,990
- Staff costs +€147,085
up €147,085 (+32.0%), from €460,206 to €607,292
- Taxes -€74,923
down €74,923 (-96.4%), from €77,742 to €2,819
- Other operating charges -€23,548
down €23,548 (-95.0%), from €24,796 to €1,248
- Financial income -€17,223
down €17,223 (-88.9%), from €19,384 to €2,161
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 | €2,136,567 | €2,044,487 | -€92,080 | -4.3% |
| Fixed assets | 21/28 | €625,368 | €586,244 | -€39,124 | -6.3% |
| Tangible fixed assets | 22/27 | €625,368 | €571,776 | -€53,592 | -8.6% |
| Land and buildings | 22 | €537,773 | €515,931 | -€21,843 | -4.1% |
| Plant, machinery and equipment | 23 | €74,296 | €38,694 | -€35,602 | -47.9% |
| Furniture and vehicles | 24 | €4,629 | €11,372 | +€6,742 | +146% |
| Other tangible fixed assets | 26 | €8,670 | €5,780 | -€2,890 | -33.3% |
| Financial fixed assets | 28 | - | €14,468 | +€14,468 | |
| Current assets | 29/58 | €1,511,199 | €1,458,243 | -€52,956 | -3.5% |
| Stocks and contracts in progress | 3 | €37,175 | €40,195 | +€3,020 | +8.1% |
| Stocks | 30/36 | €37,175 | €40,195 | +€3,020 | +8.1% |
| Amounts receivable within one year | 40/41 | €860,393 | €576,072 | -€284,321 | -33.0% |
| Trade receivables | 40 | €5,000 | €760 | -€4,240 | -84.8% |
| Other amounts receivable | 41 | €855,393 | €575,312 | -€280,081 | -32.7% |
| Current investments | 50/53 | - | €499,845 | +€499,845 | |
| Cash at bank and in hand | 54/58 | €613,631 | €340,337 | -€273,294 | -44.5% |
| Deferred charges and accrued income | 490/1 | - | €1,793 | +€1,793 | |
| Total equity and liabilities | 10/49 | €2,136,567 | €2,044,487 | -€92,080 | -4.3% |
| Equity | 10/15 | €1,377,861 | €631,631 | -€746,230 | -54.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,945 | €171,945 | = | 0.0% |
| Distributable reserves | 133 | €171,945 | €171,945 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,187,316 | €441,086 | -€746,230 | -62.9% |
| Amounts payable | 17/49 | €758,706 | €1,412,856 | +€654,150 | +86.2% |
| Amounts payable after more than one year | 17 | €517,888 | €404,272 | -€113,616 | -21.9% |
| Financial debts | 170/4 | €517,888 | €404,272 | -€113,616 | -21.9% |
| Amounts payable within one year | 42/48 | €240,818 | €1,008,584 | +€767,766 | +319% |
| Current portion of amounts payable after more than one year | 42 | €82,112 | €113,616 | +€31,503 | +38.4% |
| Trade debts | 44 | €77,504 | €46,360 | -€31,144 | -40.2% |
| Suppliers | 440/4 | €77,504 | €46,360 | -€31,144 | -40.2% |
| Taxes, remuneration and social security | 45 | €74,117 | €93,809 | +€19,691 | +26.6% |
| Taxes | 450/3 | €45,111 | €37,129 | -€7,982 | -17.7% |
| Remuneration and social security | 454/9 | €29,007 | €56,679 | +€27,673 | +95.4% |
| Other amounts payable | 47/48 | €7,084 | €754,800 | +€747,715 | +10,554% |
| Remuneration, social security and pensions | 62 | €460,206 | €607,292 | +€147,085 | +32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,259 | €70,546 | -€14,712 | -17.3% |
| Other operating charges | 640/8 | €24,796 | €1,248 | -€23,548 | -95.0% |
| Gross operating margin | 9900 | €881,738 | €708,990 | -€172,748 | -19.6% |
| Operating profit (loss) | 9901 | €311,477 | €29,903 | -€281,573 | -90.4% |
| Financial income | 75/76B | €19,384 | €2,161 | -€17,223 | -88.9% |
| Recurring financial income | 75 | €19,384 | €2,161 | -€17,223 | -88.9% |
| Financial charges | 65/66B | €27,362 | €25,476 | -€1,886 | -6.9% |
| Recurring financial charges | 65 | €27,362 | €25,476 | -€1,886 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €303,499 | €6,588 | -€296,911 | -97.8% |
| Income taxes | 67/77 | €77,742 | €2,819 | -€74,923 | -96.4% |
| Profit (loss) for the period | 9904 | €225,757 | €3,770 | -€221,988 | -98.3% |
| Profit (loss) for the period to be appropriated | 9905 | €225,757 | €3,770 | -€221,988 | -98.3% |
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 15 October 2026 via checked.be.