THE DRAGON: 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.
THE DRAGON
Largest movements
- Receivables within one year -€23,518
down €23,518 (-57.9%), from €40,653 to €17,135
of which Trade receivables: -€13,979
- Tangible fixed assets -€7,703
down €7,703 (-52.8%), from €14,586 to €6,883
of which Furniture and vehicles: -€7,282
- Cash -€1,251
down €1,251 (-2.8%), from €44,454 to €43,203
mainly Other debts (-€17,147) and Trade debts (-€11,195)
- Other debts -€17,147
down €17,147 (-21.1%), from €81,246 to €64,099
- Trade debts -€11,195
down €11,195 (-60.7%), from €18,433 to €7,238
- Tax, wage and social debts -€6,430
down €6,430 (-67.4%), from €9,537 to €3,107
of which Taxes: -€7,016
- Profit (loss) carried forward +€1,677
up €1,677 (+3.5%), from -€48,255 to -€46,578
- Gross operating margin +€16,478
up €16,478 (+96.3%), from €17,104 to €33,582
- Staff costs +€7,694
up €7,694 (+52.6%), from €14,617 to €22,311
- Other operating charges -€889
down €889 (-35.3%), from €2,517 to €1,628
- Financial charges -€873
down €873 (-76.8%), from €1,136 to €263
- Depreciation +€428
up €428 (+5.9%), from €7,275 to €7,703
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 | €106,561 | €73,466 | -€33,095 | -31.1% |
| Fixed assets | 21/28 | €16,364 | €8,661 | -€7,703 | -47.1% |
| Tangible fixed assets | 22/27 | €14,586 | €6,883 | -€7,703 | -52.8% |
| Plant, machinery and equipment | 23 | €434 | €13 | -€421 | -97.0% |
| Furniture and vehicles | 24 | €14,152 | €6,870 | -€7,282 | -51.5% |
| Financial fixed assets | 28 | €1,778 | €1,778 | = | 0.0% |
| Current assets | 29/58 | €90,197 | €64,805 | -€25,392 | -28.2% |
| Stocks and contracts in progress | 3 | €4,896 | €4,372 | -€524 | -10.7% |
| Stocks | 30/36 | €4,896 | €4,372 | -€524 | -10.7% |
| Amounts receivable within one year | 40/41 | €40,653 | €17,135 | -€23,518 | -57.9% |
| Trade receivables | 40 | €31,114 | €17,135 | -€13,979 | -44.9% |
| Other amounts receivable | 41 | €9,539 | - | -€9,539 | |
| Cash at bank and in hand | 54/58 | €44,454 | €43,203 | -€1,251 | -2.8% |
| Deferred charges and accrued income | 490/1 | €194 | €95 | -€99 | -51.0% |
| Total equity and liabilities | 10/49 | €106,561 | €73,466 | -€33,095 | -31.1% |
| Equity | 10/15 | -€29,655 | -€27,978 | +€1,677 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,255 | -€46,578 | +€1,677 | +3.5% |
| Amounts payable | 17/49 | €136,216 | €101,444 | -€34,772 | -25.5% |
| Amounts payable after more than one year | 17 | €27,000 | €27,000 | = | 0.0% |
| Financial debts | 170/4 | €27,000 | €27,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €109,216 | €74,444 | -€34,772 | -31.8% |
| Trade debts | 44 | €18,433 | €7,238 | -€11,195 | -60.7% |
| Suppliers | 440/4 | €18,433 | €7,238 | -€11,195 | -60.7% |
| Taxes, remuneration and social security | 45 | €9,537 | €3,107 | -€6,430 | -67.4% |
| Taxes | 450/3 | €9,381 | €2,365 | -€7,016 | -74.8% |
| Remuneration and social security | 454/9 | €156 | €742 | +€586 | +376% |
| Other amounts payable | 47/48 | €81,246 | €64,099 | -€17,147 | -21.1% |
| Remuneration, social security and pensions | 62 | €14,617 | €22,311 | +€7,694 | +52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,275 | €7,703 | +€428 | +5.9% |
| Other operating charges | 640/8 | €2,517 | €1,628 | -€889 | -35.3% |
| Gross operating margin | 9900 | €17,104 | €33,582 | +€16,478 | +96.3% |
| Operating profit (loss) | 9901 | -€7,305 | €1,940 | +€9,245 | |
| Financial income | 75/76B | €271 | - | -€271 | |
| Recurring financial income | 75 | €271 | - | -€271 | |
| Financial charges | 65/66B | €1,136 | €263 | -€873 | -76.8% |
| Recurring financial charges | 65 | €1,136 | €263 | -€873 | -76.8% |
| Profit (loss) for the period before taxes | 9903 | -€8,170 | €1,677 | +€9,847 | |
| Profit (loss) for the period | 9904 | -€8,170 | €1,677 | +€9,847 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,170 | €1,677 | +€9,847 |
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 17 October 2026 via checked.be.