DORSCA: 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.
DORSCA
Largest movements
- Cash +€1.0m
up €1.0m (+3929.8%), from €25,511 to €1.0m
mainly Current investments (+€780,245) and Net result for the year (+€397,940)
- Current investments -€780,245
down €780,245 (-96.4%), from €809,437 to €29,192
- Tangible fixed assets +€342,353
up €342,353 (+49.3%), from €694,594 to €1.0m
of which Land and buildings: +€339,565
- Receivables within one year -€59,226
down €59,226 (-5.0%), from €1.2m to €1.1m
of which Trade receivables: -€234,536
- Reserves +€316,245
up €316,245 (+13.2%), from €2.4m to €2.7m
of which Distributable reserves: +€442,545
- Tax, wage and social debts +€81,995
up €81,995 (+88.8%), from €92,335 to €174,329
- Other debts +€75,003
up €75,003 (+25.0%), from €299,787 to €374,790
- Trade debts +€63,229
up €63,229 (+1172.7%), from €5,392 to €68,620
- Current portion of long-term debt -€58,733
down €58,733 (-55.5%), from €105,822 to €47,088
- Gross operating margin +€70,035
up €70,035 (+10.1%), from €693,573 to €763,608
- Financial income +€34,956
up €34,956 (+137.4%), from €25,443 to €60,399
- Financial charges +€31,613
up €31,613 (+28.5%), from €110,944 to €142,557
- Taxes +€8,482
up €8,482 (+5.0%), from €171,077 to €179,559
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 | €5,000,769 | €5,466,041 | +€465,272 | +9.3% |
| Fixed assets | 21/28 | €2,670,475 | €3,009,447 | +€338,972 | +12.7% |
| Intangible fixed assets | 21 | €3,381 | €0 | -€3,381 | -100.0% |
| Tangible fixed assets | 22/27 | €694,594 | €1,036,947 | +€342,353 | +49.3% |
| Land and buildings | 22 | €604,273 | €943,839 | +€339,565 | +56.2% |
| Plant, machinery and equipment | 23 | €3,973 | €14,018 | +€10,045 | +252.9% |
| Furniture and vehicles | 24 | €71 | €0 | -€71 | -100.0% |
| Leasing and similar rights | 25 | €1,821 | €1,420 | -€401 | -22.0% |
| Other tangible fixed assets | 26 | €84,457 | €77,670 | -€6,786 | -8.0% |
| Financial fixed assets | 28 | €1,972,500 | €1,972,500 | = | 0.0% |
| Current assets | 29/58 | €2,330,294 | €2,456,594 | +€126,301 | +5.4% |
| Amounts receivable within one year | 40/41 | €1,180,940 | €1,121,714 | -€59,226 | -5.0% |
| Trade receivables | 40 | €358,824 | €124,288 | -€234,536 | -65.4% |
| Other amounts receivable | 41 | €822,116 | €997,426 | +€175,310 | +21.3% |
| Current investments | 50/53 | €809,437 | €29,192 | -€780,245 | -96.4% |
| Cash at bank and in hand | 54/58 | €25,511 | €1,028,064 | +€1.0m | +3929.8% |
| Deferred charges and accrued income | 490/1 | €314,406 | €277,625 | -€36,781 | -11.7% |
| Total equity and liabilities | 10/49 | €5,000,769 | €5,466,041 | +€465,272 | +9.3% |
| Equity | 10/15 | €4,447,307 | €4,763,552 | +€316,245 | +7.1% |
| Contributions | 10/11 | €2,054,340 | €2,054,340 | = | 0.0% |
| Reserves | 13 | €2,392,967 | €2,709,212 | +€316,245 | +13.2% |
| Tax-exempt reserves | 132 | €610,450 | €484,150 | -€126,300 | -20.7% |
| Distributable reserves | 133 | €1,782,517 | €2,225,062 | +€442,545 | +24.8% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €553,462 | €702,490 | +€149,028 | +26.9% |
| Amounts payable after more than one year | 17 | €34,617 | €28,462 | -€6,154 | -17.8% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €34,617 | €28,462 | -€6,154 | -17.8% |
| Amounts payable within one year | 42/48 | €503,335 | €664,828 | +€161,493 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €105,822 | €47,088 | -€58,733 | -55.5% |
| Trade debts | 44 | €5,392 | €68,620 | +€63,229 | +1172.7% |
| Suppliers | 440/4 | €5,392 | €68,620 | +€63,229 | +1172.7% |
| Taxes, remuneration and social security | 45 | €92,335 | €174,329 | +€81,995 | +88.8% |
| Taxes | 450/3 | €92,335 | €174,329 | +€81,995 | +88.8% |
| Other amounts payable | 47/48 | €299,787 | €374,790 | +€75,003 | +25.0% |
| Accrued charges and deferred income | 492/3 | €15,511 | €9,200 | -€6,311 | -40.7% |
| Non-recurring operating income | 76A | €25,183 | €0 | -€25,183 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,265 | €68,276 | +€1,011 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,178 | +€6,178 | |
| Other operating charges | 640/8 | €36,847 | €29,498 | -€7,349 | -19.9% |
| Gross operating margin | 9900 | €693,573 | €763,608 | +€70,035 | +10.1% |
| Operating profit (loss) | 9901 | €589,461 | €659,657 | +€70,196 | +11.9% |
| Financial income | 75/76B | €25,443 | €60,399 | +€34,956 | +137.4% |
| Recurring financial income | 75 | €25,443 | €60,399 | +€34,956 | +137.4% |
| Financial charges | 65/66B | €110,944 | €142,557 | +€31,613 | +28.5% |
| Recurring financial charges | 65 | €110,944 | €142,557 | +€31,613 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €503,960 | €577,499 | +€73,539 | +14.6% |
| Income taxes | 67/77 | €171,077 | €179,559 | +€8,482 | +5.0% |
| Profit (loss) for the period | 9904 | €332,883 | €397,940 | +€65,057 | +19.5% |
| Transfer from tax-exempt reserves | 789 | €378,900 | €252,600 | -€126,300 | -33.3% |
| Transfer to tax-exempt reserves | 689 | €147,350 | €126,300 | -€21,050 | -14.3% |
| Profit (loss) for the period to be appropriated | 9905 | €564,433 | €524,240 | -€40,193 | -7.1% |
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 8 October 2026 via checked.be.