DORA: 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.
DORA
Largest movements
- Tangible fixed assets +€188,959
up €188,959 (+180%), from €105,072 to €294,032
of which Land and buildings: +€259,057
- Current investments +€172,052
new in 2025: €172,052
- Financial fixed assets +€37,823
up €37,823 (+14.1%), from €268,059 to €305,881
- Cash -€25,069
down €25,069 (-13.0%), from €192,365 to €167,296
mainly Investment in fixed assets (net) (-€239,207) and Other debts (-€196,112)
- Receivables within one year -€13,702
down €13,702 (-34.9%), from €39,260 to €25,558
of which Other amounts receivable: -€21,584
- Profit (loss) carried forward +€232,479
up €232,479, from €0 to €232,479
- Other debts -€196,112
down €196,112 (-36.8%), from €533,010 to €336,899
- Short-term financial debts +€164,494
up €164,494 (+3,209%), from €5,127 to €169,621
- Debts after one year +€130,891
up €130,891, from €0 to €130,891
- Trade debts +€44,946
up €44,946 (+1,742%), from €2,581 to €47,527
- Financial income -€174,973
down €174,973 (-33.6%), from €520,974 to €346,001
of which Non-recurring financial income: -€221,518
- Gross operating margin +€29,947
up €29,947 (+62.6%), from -€47,816 to -€17,869
- Financial charges +€15,199
up €15,199 (+270%), from €5,624 to €20,823
- Taxes +€13,360
up €13,360, from -€13,088 to €272
- Depreciation +€4,516
up €4,516 (+57.1%), from €7,909 to €12,425
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 | €607,461 | €967,780 | +€360,320 | +59.3% |
| Fixed assets | 21/28 | €373,131 | €599,913 | +€226,782 | +60.8% |
| Tangible fixed assets | 22/27 | €105,072 | €294,032 | +€188,959 | +180% |
| Land and buildings | 22 | - | €259,057 | +€259,057 | |
| Furniture and vehicles | 24 | €208 | €71 | -€137 | -65.8% |
| Other tangible fixed assets | 26 | €104,864 | €34,904 | -€69,960 | -66.7% |
| Financial fixed assets | 28 | €268,059 | €305,881 | +€37,823 | +14.1% |
| Current assets | 29/58 | €234,330 | €367,868 | +€133,538 | +57.0% |
| Amounts receivable within one year | 40/41 | €39,260 | €25,558 | -€13,702 | -34.9% |
| Trade receivables | 40 | €0 | €7,882 | +€7,882 | |
| Other amounts receivable | 41 | €39,260 | €17,676 | -€21,584 | -55.0% |
| Current investments | 50/53 | - | €172,052 | +€172,052 | |
| Cash at bank and in hand | 54/58 | €192,365 | €167,296 | -€25,069 | -13.0% |
| Deferred charges and accrued income | 490/1 | €2,705 | €2,962 | +€257 | +9.5% |
| Total equity and liabilities | 10/49 | €607,461 | €967,780 | +€360,320 | +59.3% |
| Equity | 10/15 | €18,600 | €251,079 | +€232,479 | +1,250% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €232,479 | +€232,479 | |
| Amounts payable | 17/49 | €588,861 | €716,701 | +€127,840 | +21.7% |
| Amounts payable after more than one year | 17 | €0 | €130,891 | +€130,891 | |
| Financial debts | 170/4 | €0 | €130,891 | +€130,891 | |
| Amounts payable within one year | 42/48 | €568,114 | €585,810 | +€17,697 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €11,452 | €9,361 | -€2,091 | -18.3% |
| Financial debts | 43 | €5,127 | €169,621 | +€164,494 | +3,209% |
| Credit institutions | 430/8 | €5,127 | €169,621 | +€164,494 | +3,209% |
| Trade debts | 44 | €2,581 | €47,527 | +€44,946 | +1,742% |
| Suppliers | 440/4 | €2,581 | €47,527 | +€44,946 | +1,742% |
| Advances received on contracts in progress | 46 | €12,100 | €18,559 | +€6,459 | +53.4% |
| Taxes, remuneration and social security | 45 | €3,844 | €3,844 | = | 0.0% |
| Taxes | 450/3 | €3,844 | €3,844 | = | 0.0% |
| Other amounts payable | 47/48 | €533,010 | €336,899 | -€196,112 | -36.8% |
| Accrued charges and deferred income | 492/3 | €20,747 | €0 | -€20,747 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,909 | €12,425 | +€4,516 | +57.1% |
| Other operating charges | 640/8 | €2,159 | €3,200 | +€1,042 | +48.3% |
| Non-recurring operating charges | 66A | - | €58,932 | +€58,932 | |
| Gross operating margin | 9900 | -€47,816 | -€17,869 | +€29,947 | +62.6% |
| Operating profit (loss) | 9901 | -€57,884 | -€92,426 | -€34,542 | -59.7% |
| Financial income | 75/76B | €520,974 | €346,001 | -€174,973 | -33.6% |
| Recurring financial income | 75 | €81,387 | €127,932 | +€46,545 | +57.2% |
| Non-recurring financial income | 76B | €439,587 | €218,069 | -€221,518 | -50.4% |
| Financial charges | 65/66B | €5,624 | €20,823 | +€15,199 | +270% |
| Recurring financial charges | 65 | €5,624 | €20,823 | +€15,199 | +270% |
| Profit (loss) for the period before taxes | 9903 | €457,466 | €232,751 | -€224,714 | -49.1% |
| Income taxes | 67/77 | -€13,088 | €272 | +€13,360 | |
| Profit (loss) for the period | 9904 | €470,554 | €232,479 | -€238,074 | -50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €470,554 | €232,479 | -€238,074 | -50.6% |
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 29 October 2026 via checked.be.