DORSAGO: 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.
DORSAGO
Largest movements
- Tangible fixed assets +€31,782
up €31,782 (+53.9%), from €58,919 to €90,701
of which Land and buildings: +€40,591
- Cash +€18,815
up €18,815 (+86.6%), from €21,716 to €40,531
mainly Debts after one year (+€30,625) and Depreciation (+€18,730)
- Receivables within one year -€1,382
down €1,382 (-32.1%), from €4,306 to €2,923
- Debts after one year +€30,625
up €30,625 (+997.5%), from €3,070 to €33,696
- Accrued charges and deferred income +€11,823
up €11,823, from €0 to €11,823
- Reserves +€2,157
up €2,157 (+12.7%), from €16,940 to €19,097
of which Distributable reserves: +€2,157
- Current portion of long-term debt +€1,643
up €1,643 (+44.5%), from €3,693 to €5,336
- Trade debts +€1,430
up €1,430 (+167.2%), from €855 to €2,285
- Gross operating margin +€8,016
up €8,016 (+46.0%), from €17,437 to €25,453
- Depreciation +€2,774
up €2,774 (+17.4%), from €15,956 to €18,730
- Other operating charges +€466
up €466 (+21.7%), from €2,149 to €2,614
- Taxes -€388
down €388 (-27.5%), from €1,413 to €1,025
- Financial charges +€324
up €324 (+49.0%), from €663 to €987
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 | €86,335 | €134,229 | +€47,894 | +55.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €58,993 | €90,775 | +€31,782 | +53.9% |
| Tangible fixed assets | 22/27 | €58,919 | €90,701 | +€31,782 | +53.9% |
| Land and buildings | 22 | €39,055 | €79,646 | +€40,591 | +103.9% |
| Plant, machinery and equipment | 23 | €1,441 | €992 | -€448 | -31.1% |
| Furniture and vehicles | 24 | €18,424 | €10,063 | -€8,361 | -45.4% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €27,342 | €43,454 | +€16,112 | +58.9% |
| Amounts receivable within one year | 40/41 | €4,306 | €2,923 | -€1,382 | -32.1% |
| Other amounts receivable | 41 | €4,306 | €2,923 | -€1,382 | -32.1% |
| Cash at bank and in hand | 54/58 | €21,716 | €40,531 | +€18,815 | +86.6% |
| Deferred charges and accrued income | 490/1 | €1,320 | €0 | -€1,320 | -100.0% |
| Total equity and liabilities | 10/49 | €86,335 | €134,229 | +€47,894 | +55.5% |
| Equity | 10/15 | €78,717 | €80,874 | +€2,157 | +2.7% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €16,940 | €19,097 | +€2,157 | +12.7% |
| Tax-exempt reserves | 132 | €4,000 | €4,000 | = | 0.0% |
| Distributable reserves | 133 | €12,940 | €15,097 | +€2,157 | +16.7% |
| Profit (loss) carried forward | 14 | €55,580 | €55,580 | = | 0.0% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €7,618 | €53,355 | +€45,737 | +600.4% |
| Amounts payable after more than one year | 17 | €3,070 | €33,696 | +€30,625 | +997.5% |
| Financial debts | 170/4 | €3,070 | €33,696 | +€30,625 | +997.5% |
| Amounts payable within one year | 42/48 | €4,548 | €7,836 | +€3,289 | +72.3% |
| Current portion of amounts payable after more than one year | 42 | €3,693 | €5,336 | +€1,643 | +44.5% |
| Trade debts | 44 | €855 | €2,285 | +€1,430 | +167.2% |
| Suppliers | 440/4 | €855 | €2,285 | +€1,430 | +167.2% |
| Taxes, remuneration and social security | 45 | €0 | €216 | +€216 | |
| Taxes | 450/3 | €0 | €216 | +€216 | |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €0 | €0 | = | |
| Accrued charges and deferred income | 492/3 | €0 | €11,823 | +€11,823 | |
| Turnover | 70 | €0 | €0 | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,956 | €18,730 | +€2,774 | +17.4% |
| Other operating charges | 640/8 | €2,149 | €2,614 | +€466 | +21.7% |
| Gross operating margin | 9900 | €17,437 | €25,453 | +€8,016 | +46.0% |
| Operating profit (loss) | 9901 | -€669 | €4,108 | +€4,777 | |
| Financial income | 75/76B | €2 | €61 | +€59 | +3866.7% |
| Recurring financial income | 75 | €2 | €61 | +€59 | +3866.7% |
| Financial charges | 65/66B | €663 | €987 | +€324 | +49.0% |
| Recurring financial charges | 65 | €663 | €987 | +€324 | +49.0% |
| Profit (loss) for the period before taxes | 9903 | -€1,330 | €3,182 | +€4,511 | |
| Transfer from deferred taxes | 780 | €400 | - | -€400 | |
| Income taxes | 67/77 | €1,413 | €1,025 | -€388 | -27.5% |
| Profit (loss) for the period | 9904 | -€2,343 | €2,157 | +€4,500 | |
| Transfer from tax-exempt reserves | 789 | €1,600 | - | -€1,600 | |
| Profit (loss) for the period to be appropriated | 9905 | -€743 | €2,157 | +€2,900 |
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 2 October 2026 via checked.be.