DR. B. DOLFIJN: 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.
DR. B. DOLFIJN
Largest movements
- Tangible fixed assets +€159,134
up €159,134 (+8.8%), from €1.8m to €2.0m
of which Land and buildings: +€188,563
- Cash +€52,559
up €52,559 (+137%), from €38,495 to €91,054
mainly Net result for the year (+€471,123) and Depreciation (+€138,322)
- Receivables within one year -€37,531
down €37,531 (-30.4%), from €123,260 to €85,729
- Reserves +€252,483
up €252,483 (+10.8%), from €2.3m to €2.6m
- Debts after one year -€158,589
no longer reported in 2025 (was €158,589)
- Other debts +€62,685
up €62,685 (+173%), from €36,154 to €98,839
- Depreciation +€30,258
up €30,258 (+28.0%), from €108,064 to €138,322
- Gross operating margin -€12,857
down €12,857 (-1.5%), from €871,114 to €858,257
- Financial charges -€10,587
down €10,587 (-39.3%), from €26,939 to €16,352
- Taxes -€8,728
down €8,728 (-3.8%), from €232,070 to €223,342
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 | €2,997,082 | €3,185,419 | +€188,338 | +6.3% |
| Fixed assets | 21/28 | €2,493,159 | €2,652,293 | +€159,134 | +6.4% |
| Tangible fixed assets | 22/27 | €1,818,159 | €1,977,293 | +€159,134 | +8.8% |
| Land and buildings | 22 | €1,451,053 | €1,639,616 | +€188,563 | +13.0% |
| Plant, machinery and equipment | 23 | €28,309 | €26,528 | -€1,781 | -6.3% |
| Furniture and vehicles | 24 | €109,615 | €72,200 | -€37,415 | -34.1% |
| Other tangible fixed assets | 26 | €229,182 | €238,949 | +€9,767 | +4.3% |
| Financial fixed assets | 28 | €675,000 | €675,000 | = | 0.0% |
| Current assets | 29/58 | €503,923 | €533,127 | +€29,204 | +5.8% |
| Amounts receivable within one year | 40/41 | €123,260 | €85,729 | -€37,531 | -30.4% |
| Other amounts receivable | 41 | €123,260 | €85,729 | -€37,531 | -30.4% |
| Current investments | 50/53 | €62 | €66 | +€5 | +7.4% |
| Cash at bank and in hand | 54/58 | €38,495 | €91,054 | +€52,559 | +137% |
| Deferred charges and accrued income | 490/1 | €342,106 | €356,277 | +€14,171 | +4.1% |
| Total equity and liabilities | 10/49 | €2,997,082 | €3,185,419 | +€188,338 | +6.3% |
| Equity | 10/15 | €2,354,821 | €2,607,304 | +€252,483 | +10.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,342,421 | €2,594,904 | +€252,483 | +10.8% |
| Distributable reserves | 133 | €2,342,421 | €2,594,904 | +€252,483 | +10.8% |
| Amounts payable | 17/49 | €642,261 | €578,115 | -€64,146 | -10.0% |
| Amounts payable after more than one year | 17 | €158,589 | - | -€158,589 | |
| Financial debts | 170/4 | €158,589 | - | -€158,589 | |
| Amounts payable within one year | 42/48 | €483,672 | €578,115 | +€94,443 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €263,850 | €279,625 | +€15,776 | +6.0% |
| Financial debts | 43 | €3,718 | - | -€3,718 | |
| Credit institutions | 430/8 | €3,718 | - | -€3,718 | |
| Trade debts | 44 | €6,607 | €19,240 | +€12,633 | +191% |
| Suppliers | 440/4 | €6,607 | €19,240 | +€12,633 | +191% |
| Taxes, remuneration and social security | 45 | €173,344 | €180,411 | +€7,066 | +4.1% |
| Taxes | 450/3 | €172,564 | €180,411 | +€7,846 | +4.5% |
| Remuneration and social security | 454/9 | €780 | - | -€780 | |
| Other amounts payable | 47/48 | €36,154 | €98,839 | +€62,685 | +173% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,064 | €138,322 | +€30,258 | +28.0% |
| Other operating charges | 640/8 | €6,127 | €13,355 | +€7,228 | +118% |
| Gross operating margin | 9900 | €871,114 | €858,257 | -€12,857 | -1.5% |
| Operating profit (loss) | 9901 | €756,923 | €706,579 | -€50,344 | -6.7% |
| Financial income | 75/76B | €9,787 | €4,238 | -€5,549 | -56.7% |
| Recurring financial income | 75 | €9,787 | €4,238 | -€5,549 | -56.7% |
| Financial charges | 65/66B | €26,939 | €16,352 | -€10,587 | -39.3% |
| Recurring financial charges | 65 | €26,939 | €16,352 | -€10,587 | -39.3% |
| Profit (loss) for the period before taxes | 9903 | €739,771 | €694,465 | -€45,306 | -6.1% |
| Income taxes | 67/77 | €232,070 | €223,342 | -€8,728 | -3.8% |
| Profit (loss) for the period | 9904 | €507,701 | €471,123 | -€36,578 | -7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €507,701 | €471,123 | -€36,578 | -7.2% |
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 26 October 2026 via checked.be.