MADE BY DOLCE: 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.
What changed
MADE BY DOLCE
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,095
2024 · €852+€1,243
Equity
€1.2m
2024 · €1.2m+€2,095
Cash
€30,533
2024 · €10,217+€20,316
Balance sheet total
€4.5m
2024 · €4.6m-€17,646
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€11,754
up €11,754 (+13.2%), from €88,988 to €100,742
- Depreciation +€10,438
up €10,438 (+63.7%), from €16,395 to €26,834
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.
Result 2024
€852
Gross operating margin
+€11,754
Depreciation
-€10,438
Other operating charges
+€471
Financial income
+€200
Financial charges
-€815
Taxes
+€71
Result 2025
€2,095
raises the resultlowers the result
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.
From operations
+€40,505
Investment
-€1,233
Financing
-€18,955
Cash 2024
€10,217
From operations (derived)
+€40,505
Net result for the year
+€2,095
Depreciation
+€26,834
Receivables within one year
+€12,806
Deferred charges and accrued income
-€444
Trade debts
-€6,028
Tax, wage and social debts
-€3,739
Other debts
+€8,882
Accrued charges and deferred income
+€100
Investment (derived)
-€1,233
Investment in fixed assets (net)
-€1,233
Financing
-€18,955
Debts after one year
-€21,588
Current portion of long-term debt
+€2,632
Cash 2025
€30,533
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,558,503 | €4,540,857 | -€17,646 | -0.4% |
| Fixed assets | 21/28 | €4,332,436 | €4,306,836 | -€25,600 | -0.6% |
| Tangible fixed assets | 22/27 | €121,336 | €95,736 | -€25,600 | -21.1% |
| Furniture and vehicles | 24 | €115,136 | €89,536 | -€25,600 | -22.2% |
| Other tangible fixed assets | 26 | €6,200 | €6,200 | = | 0.0% |
| Financial fixed assets | 28 | €4,211,100 | €4,211,100 | = | 0.0% |
| Current assets | 29/58 | €226,067 | €234,021 | +€7,954 | +3.5% |
| Amounts receivable after more than one year | 29 | €172,234 | €172,234 | = | 0.0% |
| Other amounts receivable | 291 | €172,234 | €172,234 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €42,537 | €29,731 | -€12,806 | -30.1% |
| Trade receivables | 40 | €36,948 | €18,282 | -€18,665 | -50.5% |
| Other amounts receivable | 41 | €5,589 | €11,449 | +€5,860 | +105% |
| Cash at bank and in hand | 54/58 | €10,217 | €30,533 | +€20,316 | +199% |
| Deferred charges and accrued income | 490/1 | €1,079 | €1,523 | +€444 | +41.1% |
| Total equity and liabilities | 10/49 | €4,558,503 | €4,540,857 | -€17,646 | -0.4% |
| Equity | 10/15 | €1,211,374 | €1,213,469 | +€2,095 | +0.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €375 | €375 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €375 | €375 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,110,999 | €1,113,094 | +€2,095 | +0.2% |
| Amounts payable | 17/49 | €3,347,130 | €3,327,389 | -€19,741 | -0.6% |
| Amounts payable after more than one year | 17 | €3,283,666 | €3,262,078 | -€21,588 | -0.7% |
| Financial debts | 170/4 | €3,283,666 | €3,262,078 | -€21,588 | -0.7% |
| Amounts payable within one year | 42/48 | €61,941 | €63,688 | +€1,747 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €20,715 | €23,347 | +€2,632 | +12.7% |
| Trade debts | 44 | €7,414 | €1,386 | -€6,028 | -81.3% |
| Suppliers | 440/4 | €7,414 | €1,386 | -€6,028 | -81.3% |
| Taxes, remuneration and social security | 45 | €33,812 | €30,073 | -€3,739 | -11.1% |
| Taxes | 450/3 | €33,812 | €30,073 | -€3,739 | -11.1% |
| Other amounts payable | 47/48 | - | €8,882 | +€8,882 | |
| Accrued charges and deferred income | 492/3 | €1,523 | €1,623 | +€100 | +6.6% |
| Non-recurring operating income | 76A | €2,766 | €0 | -€2,766 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,395 | €26,834 | +€10,438 | +63.7% |
| Other operating charges | 640/8 | €4,158 | €3,687 | -€471 | -11.3% |
| Gross operating margin | 9900 | €88,988 | €100,742 | +€11,754 | +13.2% |
| Operating profit (loss) | 9901 | €68,435 | €70,222 | +€1,787 | +2.6% |
| Financial income | 75/76B | - | €200 | +€200 | |
| Recurring financial income | 75 | - | €200 | +€200 | |
| Financial charges | 65/66B | €63,549 | €64,364 | +€815 | +1.3% |
| Recurring financial charges | 65 | €63,549 | €64,364 | +€815 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €4,886 | €6,057 | +€1,172 | +24.0% |
| Income taxes | 67/77 | €4,034 | €3,963 | -€71 | -1.8% |
| Profit (loss) for the period | 9904 | €852 | €2,095 | +€1,243 | +146% |
| Profit (loss) for the period to be appropriated | 9905 | €852 | €2,095 | +€1,243 | +146% |
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 19 October 2026 via checked.be.