DULCO: 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.
DULCO
Largest movements
- Tangible fixed assets -€17,490
down €17,490 (-21.8%), from €80,178 to €62,688
of which Plant, machinery and equipment: -€19,388
- Cash +€7,657
up €7,657 (+119.8%), from €6,389 to €14,046
mainly Depreciation (+€22,550) and Deferred charges and accrued income (+€4,380)
- Deferred charges and accrued income -€4,380
down €4,380 (-34.2%), from €12,801 to €8,420
- Receivables within one year +€2,216
up €2,216 (+7.9%), from €28,135 to €30,351
of which Trade receivables: +€2,916
- Tax, wage and social debts -€5,681
no longer reported in 2025 (was €5,681)
- Profit (loss) carried forward -€5,211
down €5,211 (-37.0%), from -€14,073 to -€19,284
- Gross operating margin +€6,777
up €6,777 (+48.1%), from €14,094 to €20,871
- Depreciation -€1,527
down €1,527 (-6.3%), from €24,076 to €22,550
- Financial charges -€537
down €537 (-14.6%), from €3,682 to €3,145
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 | €127,503 | €115,506 | -€11,997 | -9.4% |
| Fixed assets | 21/28 | €80,178 | €62,688 | -€17,490 | -21.8% |
| Tangible fixed assets | 22/27 | €80,178 | €62,688 | -€17,490 | -21.8% |
| Land and buildings | 22 | €8,871 | €8,334 | -€537 | -6.1% |
| Plant, machinery and equipment | 23 | €69,558 | €50,170 | -€19,388 | -27.9% |
| Furniture and vehicles | 24 | €1,749 | €4,184 | +€2,435 | +139.2% |
| Current assets | 29/58 | €47,325 | €52,818 | +€5,493 | +11.6% |
| Amounts receivable within one year | 40/41 | €28,135 | €30,351 | +€2,216 | +7.9% |
| Trade receivables | 40 | €23,621 | €26,536 | +€2,916 | +12.3% |
| Other amounts receivable | 41 | €4,514 | €3,815 | -€699 | -15.5% |
| Cash at bank and in hand | 54/58 | €6,389 | €14,046 | +€7,657 | +119.8% |
| Deferred charges and accrued income | 490/1 | €12,801 | €8,420 | -€4,380 | -34.2% |
| Total equity and liabilities | 10/49 | €127,503 | €115,506 | -€11,997 | -9.4% |
| Equity | 10/15 | €114,362 | €109,151 | -€5,211 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €109,834 | €109,834 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €107,974 | €107,974 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,073 | -€19,284 | -€5,211 | -37.0% |
| Amounts payable | 17/49 | €13,141 | €6,356 | -€6,785 | -51.6% |
| Amounts payable within one year | 42/48 | €13,141 | €6,356 | -€6,785 | -51.6% |
| Financial debts | 43 | - | €667 | +€667 | |
| Credit institutions | 430/8 | - | €667 | +€667 | |
| Trade debts | 44 | €1,135 | €536 | -€599 | -52.8% |
| Suppliers | 440/4 | €1,135 | €536 | -€599 | -52.8% |
| Taxes, remuneration and social security | 45 | €5,681 | - | -€5,681 | |
| Remuneration and social security | 454/9 | €5,681 | - | -€5,681 | |
| Other amounts payable | 47/48 | €6,325 | €5,153 | -€1,172 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,076 | €22,550 | -€1,527 | -6.3% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €14,094 | €20,871 | +€6,777 | +48.1% |
| Operating profit (loss) | 9901 | -€10,044 | -€1,741 | +€8,303 | +82.7% |
| Financial charges | 65/66B | €3,682 | €3,145 | -€537 | -14.6% |
| Recurring financial charges | 65 | €3,682 | €3,145 | -€537 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€13,726 | -€4,886 | +€8,840 | +64.4% |
| Income taxes | 67/77 | €347 | €325 | -€21 | -6.2% |
| Profit (loss) for the period | 9904 | -€14,073 | -€5,211 | +€8,861 | +63.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,073 | -€5,211 | +€8,861 | +63.0% |
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.