DOLPHENS: 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.
DOLPHENS
Largest movements
- Tangible fixed assets -€100,970
down €100,970 (-12.4%), from €812,477 to €711,507
of which Land and buildings: -€64,708
- Receivables within one year -€26,427
down €26,427 (-2.9%), from €899,648 to €873,221
of which Trade receivables: -€41,002
- Other debts +€85,807
up €85,807 (+44.3%), from €193,543 to €279,350
- Reserves -€68,000
no longer reported in 2025 (was €68,000)
- Debts after one year -€63,750
down €63,750 (-10.0%), from €637,500 to €573,750
- Current portion of long-term debt -€46,951
down €46,951 (-27.4%), from €171,665 to €124,714
- Advances received -€24,520
down €24,520 (-18.8%), from €130,432 to €105,912
- Gross operating margin -€67,209
down €67,209 (-53.0%), from €126,820 to €59,611
- Financial charges +€13,723
up €13,723 (+50.6%), from €27,140 to €40,863
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 | €1,712,829 | €1,585,568 | -€127,261 | -7.4% |
| Fixed assets | 21/28 | €812,477 | €711,507 | -€100,970 | -12.4% |
| Tangible fixed assets | 22/27 | €812,477 | €711,507 | -€100,970 | -12.4% |
| Land and buildings | 22 | €735,949 | €671,241 | -€64,708 | -8.8% |
| Plant, machinery and equipment | 23 | €69,319 | €40,266 | -€29,053 | -41.9% |
| Leasing and similar rights | 25 | €7,209 | - | -€7,209 | |
| Current assets | 29/58 | €900,352 | €874,061 | -€26,290 | -2.9% |
| Stocks and contracts in progress | 3 | €704 | €704 | = | 0.0% |
| Stocks | 30/36 | €704 | €704 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €899,648 | €873,221 | -€26,427 | -2.9% |
| Trade receivables | 40 | €229,608 | €188,606 | -€41,002 | -17.9% |
| Other amounts receivable | 41 | €670,040 | €684,615 | +€14,575 | +2.2% |
| Cash at bank and in hand | 54/58 | - | €137 | +€137 | |
| Total equity and liabilities | 10/49 | €1,712,829 | €1,585,568 | -€127,261 | -7.4% |
| Equity | 10/15 | €217,535 | €116,912 | -€100,623 | -46.3% |
| Contributions | 10/11 | €45,460 | €45,460 | = | 0.0% |
| Reserves | 13 | €68,000 | - | -€68,000 | |
| Distributable reserves | 133 | €68,000 | - | -€68,000 | |
| Profit (loss) carried forward | 14 | €362 | -€14,829 | -€15,191 | |
| Investment grants | 15 | €103,714 | €86,281 | -€17,433 | -16.8% |
| Amounts payable | 17/49 | €1,495,293 | €1,468,656 | -€26,637 | -1.8% |
| Amounts payable after more than one year | 17 | €637,500 | €573,750 | -€63,750 | -10.0% |
| Financial debts | 170/4 | €637,500 | €573,750 | -€63,750 | -10.0% |
| Amounts payable within one year | 42/48 | €857,793 | €894,906 | +€37,113 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €171,665 | €124,714 | -€46,951 | -27.4% |
| Financial debts | 43 | €360,014 | €360,000 | -€14 | 0.0% |
| Credit institutions | 430/8 | €14 | - | -€14 | |
| Other loans | 439 | €360,000 | €360,000 | = | 0.0% |
| Trade debts | 44 | €2,140 | €24,931 | +€22,791 | +1,065% |
| Suppliers | 440/4 | €2,140 | €24,931 | +€22,791 | +1,065% |
| Advances received on contracts in progress | 46 | €130,432 | €105,912 | -€24,520 | -18.8% |
| Other amounts payable | 47/48 | €193,543 | €279,350 | +€85,807 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,650 | €100,970 | -€680 | -0.7% |
| Other operating charges | 640/8 | - | €968 | +€968 | |
| Gross operating margin | 9900 | €126,820 | €59,611 | -€67,209 | -53.0% |
| Operating profit (loss) | 9901 | €25,170 | -€42,327 | -€67,497 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +400% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400% |
| Financial charges | 65/66B | €27,140 | €40,863 | +€13,723 | +50.6% |
| Recurring financial charges | 65 | €27,140 | €40,863 | +€13,723 | +50.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,971 | -€83,191 | -€81,220 | -4,122% |
| Profit (loss) for the period | 9904 | -€1,971 | -€83,191 | -€81,220 | -4,122% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,971 | -€83,191 | -€81,220 | -4,122% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.