Danny Naenen: 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.
Danny Naenen
Largest movements
- Cash -€182,162
down €182,162 (-72.5%), from €251,145 to €68,983
mainly Contributions, distributions and other (-€101,848) and Other debts (-€84,906)
- Receivables within one year +€12,873
up €12,873 (+2,895%), from €445 to €13,318
of which Other amounts receivable: +€8,193
- Current investments +€12,600
up €12,600 (+8.4%), from €150,000 to €162,600
- Other debts -€84,906
down €84,906 (-97.4%), from €87,152 to €2,246
- Reserves -€73,335
down €73,335 (-26.1%), from €281,235 to €207,900
of which Distributable reserves: -€73,335
- Gross operating margin +€25,459
up €25,459 (+180%), from €14,106 to €39,565
- Taxes +€9,152
up €9,152 (+220%), from €4,164 to €13,316
- Other operating charges +€2,275
up €2,275 (+332%), from €686 to €2,960
- Financial income +€2,139
up €2,139 (+67.5%), from €3,169 to €5,309
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 | €401,589 | €244,900 | -€156,689 | -39.0% |
| Current assets | 29/58 | €401,589 | €244,900 | -€156,689 | -39.0% |
| Amounts receivable within one year | 40/41 | €445 | €13,318 | +€12,873 | +2,895% |
| Trade receivables | 40 | €445 | €5,125 | +€4,680 | +1,052% |
| Other amounts receivable | 41 | €0 | €8,193 | +€8,193 | |
| Current investments | 50/53 | €150,000 | €162,600 | +€12,600 | +8.4% |
| Cash at bank and in hand | 54/58 | €251,145 | €68,983 | -€182,162 | -72.5% |
| Total equity and liabilities | 10/49 | €401,589 | €244,900 | -€156,689 | -39.0% |
| Equity | 10/15 | €309,236 | €235,901 | -€73,335 | -23.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €281,235 | €207,900 | -€73,335 | -26.1% |
| 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 | €279,375 | €206,040 | -€73,335 | -26.2% |
| Profit (loss) carried forward | 14 | €9,400 | €9,400 | = | 0.0% |
| Amounts payable | 17/49 | €92,354 | €8,999 | -€83,354 | -90.3% |
| Amounts payable within one year | 42/48 | €92,354 | €8,999 | -€83,354 | -90.3% |
| Trade debts | 44 | - | €2,440 | +€2,440 | |
| Suppliers | 440/4 | - | €2,440 | +€2,440 | |
| Taxes, remuneration and social security | 45 | €5,202 | €4,313 | -€888 | -17.1% |
| Taxes | 450/3 | €5,202 | €4,313 | -€888 | -17.1% |
| Other amounts payable | 47/48 | €87,152 | €2,246 | -€84,906 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €686 | €2,960 | +€2,275 | +332% |
| Gross operating margin | 9900 | €14,106 | €39,565 | +€25,459 | +180% |
| Operating profit (loss) | 9901 | €13,421 | €36,605 | +€23,184 | +173% |
| Financial income | 75/76B | €3,169 | €5,309 | +€2,139 | +67.5% |
| Recurring financial income | 75 | €3,169 | €5,309 | +€2,139 | +67.5% |
| Financial charges | 65/66B | €90 | €84 | -€5 | -6.1% |
| Recurring financial charges | 65 | €90 | €84 | -€5 | -6.1% |
| Profit (loss) for the period before taxes | 9903 | €16,500 | €41,829 | +€25,329 | +154% |
| Income taxes | 67/77 | €4,164 | €13,316 | +€9,152 | +220% |
| Profit (loss) for the period | 9904 | €12,336 | €28,513 | +€16,177 | +131% |
| Profit (loss) for the period to be appropriated | 9905 | €12,336 | €28,513 | +€16,177 | +131% |
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.