DORADEM: 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.
DORADEM
Largest movements
- Cash +€3.3m
up €3.3m (+232.3%), from €1.4m to €4.8m
mainly Net result for the year (+€5.1m) and Other debts (+€2.0m)
- Receivables after one year -€1.8m
down €1.8m (-7.0%), from €25.3m to €23.5m
- Current investments +€1.3m
up €1.3m (+6.0%), from €21.4m to €22.6m
- Financial fixed assets +€1.0m
up €1.0m (+6.7%), from €15.4m to €16.5m
- Profit (loss) carried forward +€5.1m
up €5.1m (+15.7%), from -€32.5m to -€27.4m
- Debts after one year -€2.5m
down €2.5m (-81.0%), from €3.1m to €591,077
- Other debts +€2.0m
up €2.0m (+2.8%), from €70.9m to €72.9m
- Financial income +€4.9m
up €4.9m (+251.1%), from €1.9m to €6.8m
of which Non-recurring financial income: +€4.6m
- Financial charges -€4.1m
down €4.1m (-78.7%), from €5.2m to €1.1m
of which Non-recurring financial charges: -€4.6m
- Taxes +€99,225
up €99,225 (+27.8%), from €356,404 to €455,629
- Gross operating margin -€51,140
down €51,140 (-47.9%), from -€106,699 to -€157,839
- Other operating charges -€14,334
down €14,334 (-91.8%), from €15,609 to €1,275
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 | €65,192,957 | €69,636,148 | +€4.4m | +6.8% |
| Formation expenses | 20 | €8,330 | €0 | -€8,330 | -100.0% |
| Fixed assets | 21/28 | €16,776,419 | €17,814,523 | +€1.0m | +6.2% |
| Tangible fixed assets | 22/27 | €1,346,242 | €1,349,920 | +€3,678 | +0.3% |
| Land and buildings | 22 | €1,345,399 | €1,349,077 | +€3,678 | +0.3% |
| Plant, machinery and equipment | 23 | €843 | €843 | = | 0.0% |
| Financial fixed assets | 28 | €15,430,177 | €16,464,603 | +€1.0m | +6.7% |
| Current assets | 29/58 | €48,408,208 | €51,821,625 | +€3.4m | +7.1% |
| Amounts receivable after more than one year | 29 | €25,259,400 | €23,484,680 | -€1.8m | -7.0% |
| Other amounts receivable | 291 | €25,259,400 | €23,484,680 | -€1.8m | -7.0% |
| Amounts receivable within one year | 40/41 | €18,363 | €448,704 | +€430,340 | +2343.5% |
| Trade receivables | 40 | €6,636 | €117,867 | +€111,231 | +1676.0% |
| Other amounts receivable | 41 | €11,727 | €330,836 | +€319,110 | +2721.2% |
| Current investments | 50/53 | €21,356,064 | €22,645,494 | +€1.3m | +6.0% |
| Cash at bank and in hand | 54/58 | €1,436,302 | €4,773,069 | +€3.3m | +232.3% |
| Deferred charges and accrued income | 490/1 | €338,079 | €469,678 | +€131,598 | +38.9% |
| Total equity and liabilities | 10/49 | €65,192,957 | €69,636,148 | +€4.4m | +6.8% |
| Equity | 10/15 | -€9,447,396 | -€4,362,229 | +€5.1m | +53.8% |
| Contributions | 10/11 | €22,780,099 | €22,780,099 | = | 0.0% |
| Revaluation surpluses | 12 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €57,268 | €57,268 | = | 0.0% |
| Non-distributable reserves | 130/1 | €53,918 | €53,918 | = | 0.0% |
| Reserves not available under the articles | 1311 | €53,918 | €53,918 | = | 0.0% |
| Distributable reserves | 133 | €3,350 | €3,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,484,763 | -€27,399,596 | +€5.1m | +15.7% |
| Provisions and deferred taxes | 16 | €239,099 | €445,262 | +€206,163 | +86.2% |
| Provisions for liabilities and charges | 160/5 | €239,099 | €445,262 | +€206,163 | +86.2% |
| Other liabilities and charges | 164/5 | €239,099 | €445,262 | +€206,163 | +86.2% |
| Amounts payable | 17/49 | €74,401,254 | €73,553,115 | -€848,139 | -1.1% |
| Amounts payable after more than one year | 17 | €3,102,861 | €591,077 | -€2.5m | -81.0% |
| Financial debts | 170/4 | €3,102,861 | €591,077 | -€2.5m | -81.0% |
| Amounts payable within one year | 42/48 | €71,296,455 | €72,960,352 | +€1.7m | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €3,104 | €12,601 | +€9,496 | +305.9% |
| Trade debts | 44 | €37,639 | €26,808 | -€10,831 | -28.8% |
| Suppliers | 440/4 | €37,639 | €26,808 | -€10,831 | -28.8% |
| Taxes, remuneration and social security | 45 | €357,086 | €14,860 | -€342,226 | -95.8% |
| Taxes | 450/3 | €357,086 | €14,860 | -€342,226 | -95.8% |
| Other amounts payable | 47/48 | €70,898,625 | €72,906,083 | +€2.0m | +2.8% |
| Accrued charges and deferred income | 492/3 | €1,938 | €1,686 | -€252 | -13.0% |
| Non-recurring operating income | 76A | €25,041 | €15,534 | -€9,507 | -38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,581 | €21,101 | -€7,480 | -26.2% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €15,609 | €1,275 | -€14,334 | -91.8% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€106,699 | -€157,839 | -€51,140 | -47.9% |
| Operating profit (loss) | 9901 | -€150,889 | -€180,215 | -€29,326 | -19.4% |
| Financial income | 75/76B | €1,946,192 | €6,832,430 | +€4.9m | +251.1% |
| Recurring financial income | 75 | €1,946,192 | €2,279,994 | +€333,802 | +17.2% |
| Non-recurring financial income | 76B | €0 | €4,552,436 | +€4.6m | |
| Financial charges | 65/66B | €5,208,257 | €1,111,421 | -€4.1m | -78.7% |
| Recurring financial charges | 65 | €280,066 | €777,275 | +€497,209 | +177.5% |
| Non-recurring financial charges | 66B | €4,928,192 | €334,146 | -€4.6m | -93.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,412,954 | €5,540,795 | +€9.0m | |
| Income taxes | 67/77 | €356,404 | €455,629 | +€99,225 | +27.8% |
| Profit (loss) for the period | 9904 | -€3,769,358 | €5,085,167 | +€8.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,769,358 | €5,085,167 | +€8.9m |
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 12 October 2026 via checked.be.