DOLFIN: 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.
What changed
DOLFIN
NACE 10.820, Manufacture of cocoa, chocolate and sugar confectionery
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€257,819
2024 · €223,179+€34,640
Equity
€3.0m
2024 · €2.9m+€175,954
Cash
€671,336
2024 · €364,300+€307,036
Balance sheet total
€8.0m
2024 · €7.2m+€750,327
Largest movements
Assets
- Stocks and contracts +€437,756
up €437,756 (+33.3%), from €1.3m to €1.8m
- Cash +€307,036
up €307,036 (+84.3%), from €364,300 to €671,336
mainly Trade debts (+€561,978) and Depreciation (+€425,037)
- Receivables within one year +€293,892
up €293,892 (+24.8%), from €1.2m to €1.5m
of which Trade receivables: +€304,861
- Tangible fixed assets -€288,845
down €288,845 (-7.8%), from €3.7m to €3.4m
of which Plant, machinery and equipment: -€240,086
Equity and liabilities
- Trade debts +€561,978
up €561,978 (+61.2%), from €917,549 to €1.5m
- Debts after one year -€338,535
down €338,535 (-13.4%), from €2.5m to €2.2m
- Short-term financial debts +€275,000
up €275,000 (+220.0%), from €125,000 to €400,000
- Profit (loss) carried forward +€157,819
up €157,819 (+7.6%), from €2.1m to €2.2m
Income statement
- Gross operating margin +€186,611
up €186,611 (+6.9%), from €2.7m to €2.9m
- Staff costs +€98,911
up €98,911 (+5.2%), from €1.9m to €2.0m
- Other operating charges +€33,548
up €33,548 (+187.3%), from €17,914 to €51,461
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.
Result 2024
€223,179
Gross operating margin
+€186,611
Staff costs
-€98,911
Depreciation
-€17,361
Write-downs
+€12,303
Other operating charges
-€33,548
Financial income
+€7,071
Financial charges
-€16,108
Taxes
-€5,417
Result 2025
€257,819
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.
From operations
+€534,075
Investment
-€136,416
Financing
-€90,623
Cash 2024
€364,300
From operations (derived)
+€534,075
Net result for the year
+€257,819
Depreciation
+€425,037
Stocks and contracts
-€437,756
Receivables within one year
-€293,892
Smaller working-capital items
-€1,102
Trade debts
+€561,978
Other debts
+€21,992
Investment (derived)
-€136,416
Investment in fixed assets (net)
-€136,376
Current investments
-€40
Financing
-€90,623
Debts after one year
-€338,535
Current portion of long-term debt
+€54,777
Short-term financial debts
+€275,000
Contributions, distributions and other
-€81,865
Cash 2025
€671,336
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,217,219 | €7,967,546 | +€750,327 | +10.4% |
| Fixed assets | 21/28 | €4,317,871 | €4,029,210 | -€288,661 | -6.7% |
| Intangible fixed assets | 21 | €7,483 | €7,667 | +€184 | +2.5% |
| Tangible fixed assets | 22/27 | €3,690,960 | €3,402,115 | -€288,845 | -7.8% |
| Land and buildings | 22 | €2,490,036 | €2,395,061 | -€94,975 | -3.8% |
| Plant, machinery and equipment | 23 | €1,166,193 | €926,107 | -€240,086 | -20.6% |
| Furniture and vehicles | 24 | €34,731 | €80,947 | +€46,216 | +133.1% |
| Financial fixed assets | 28 | €619,427 | €619,427 | = | 0.0% |
| Current assets | 29/58 | €2,899,349 | €3,938,336 | +€1.0m | +35.8% |
| Stocks and contracts in progress | 3 | €1,314,537 | €1,752,293 | +€437,756 | +33.3% |
| Stocks | 30/36 | €1,314,537 | €1,752,293 | +€437,756 | +33.3% |
| Amounts receivable within one year | 40/41 | €1,183,288 | €1,477,180 | +€293,892 | +24.8% |
| Trade receivables | 40 | €1,093,973 | €1,398,833 | +€304,861 | +27.9% |
| Other amounts receivable | 41 | €89,315 | €78,347 | -€10,969 | -12.3% |
| Current investments | 50/53 | €3,530 | €3,570 | +€40 | +1.1% |
| Cash at bank and in hand | 54/58 | €364,300 | €671,336 | +€307,036 | +84.3% |
| Deferred charges and accrued income | 490/1 | €33,693 | €33,957 | +€264 | +0.8% |
| Total equity and liabilities | 10/49 | €7,217,219 | €7,967,546 | +€750,327 | +10.4% |
| Equity | 10/15 | €2,850,865 | €3,026,818 | +€175,954 | +6.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €196,021 | €196,021 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €171,021 | €171,021 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,079,803 | €2,237,621 | +€157,819 | +7.6% |
| Investment grants | 15 | €325,040 | €343,175 | +€18,135 | +5.6% |
| Amounts payable | 17/49 | €4,366,355 | €4,940,728 | +€574,373 | +13.2% |
| Amounts payable after more than one year | 17 | €2,523,253 | €2,184,718 | -€338,535 | -13.4% |
| Financial debts | 170/4 | €2,523,253 | €2,184,718 | -€338,535 | -13.4% |
| Amounts payable within one year | 42/48 | €1,822,997 | €2,737,116 | +€914,119 | +50.1% |
| Current portion of amounts payable after more than one year | 42 | €549,803 | €604,580 | +€54,777 | +10.0% |
| Financial debts | 43 | €125,000 | €400,000 | +€275,000 | +220.0% |
| Credit institutions | 430/8 | €125,000 | €400,000 | +€275,000 | +220.0% |
| Trade debts | 44 | €917,549 | €1,479,527 | +€561,978 | +61.2% |
| Suppliers | 440/4 | €917,549 | €1,479,527 | +€561,978 | +61.2% |
| Taxes, remuneration and social security | 45 | €150,644 | €151,017 | +€372 | +0.2% |
| Taxes | 450/3 | €27,215 | €13,378 | -€13,837 | -50.8% |
| Remuneration and social security | 454/9 | €123,429 | €137,639 | +€14,209 | +11.5% |
| Other amounts payable | 47/48 | €80,000 | €101,992 | +€21,992 | +27.5% |
| Accrued charges and deferred income | 492/3 | €20,105 | €18,894 | -€1,211 | -6.0% |
| Remuneration, social security and pensions | 62 | €1,887,735 | €1,986,646 | +€98,911 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €407,676 | €425,037 | +€17,361 | +4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,303 | - | -€12,303 | |
| Other operating charges | 640/8 | €17,914 | €51,461 | +€33,548 | +187.3% |
| Gross operating margin | 9900 | €2,708,755 | €2,895,365 | +€186,611 | +6.9% |
| Operating profit (loss) | 9901 | €383,128 | €432,222 | +€49,094 | +12.8% |
| Financial income | 75/76B | €15,249 | €22,320 | +€7,071 | +46.4% |
| Recurring financial income | 75 | €15,249 | €22,320 | +€7,071 | +46.4% |
| Financial charges | 65/66B | €87,222 | €103,330 | +€16,108 | +18.5% |
| Recurring financial charges | 65 | €87,222 | €98,886 | +€11,664 | +13.4% |
| Non-recurring financial charges | 66B | - | €4,445 | +€4,445 | |
| Profit (loss) for the period before taxes | 9903 | €311,155 | €351,212 | +€40,057 | +12.9% |
| Income taxes | 67/77 | €87,976 | €93,393 | +€5,417 | +6.2% |
| Profit (loss) for the period | 9904 | €223,179 | €257,819 | +€34,640 | +15.5% |
| Transfer to tax-exempt reserves | 689 | €12,630 | - | -€12,630 | |
| Profit (loss) for the period to be appropriated | 9905 | €210,549 | €257,819 | +€47,270 | +22.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.