DE DEN: what changed
Two fiscal 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.
DE DEN
Largest movements
- Current investments -€2.0m
down €2.0m (-3.3%), from €58.5m to €56.6m
- Cash +€789,595
up €789,595 (+34.1%), from €2.3m to €3.1m
mainly Net result for the year (+€3.2m) and Current investments (+€2.0m)
- Accrued charges and deferred income -€2.0m
down €2.0m (-22.9%), from €8.9m to €6.8m
- Reserves +€1.9m
up €1.9m (+17.2%), from €10.9m to €12.8m
of which Distributable reserves: +€1.9m
- Other debts -€1.2m
down €1.2m (-42.6%), from €2.8m to €1.6m
- Financial income -€830,214
down €830,214 (-13.4%), from €6.2m to €5.4m
- Financial charges +€796,979
up €796,979 (+159.1%), from €500,777 to €1.3m
- Taxes -€517,815
down €517,815 (-42.2%), from €1.2m to €709,091
- Other operating charges -€6,575
down €6,575 (-7.3%), from €90,622 to €84,047
- Gross operating margin -€659
down €659 (-1.6%), from -€40,384 to -€41,043
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 | €77,712,522 | €76,503,606 | -€1.2m | -1.6% |
| Fixed assets | 21/28 | €13,705,575 | €13,705,575 | = | 0.0% |
| Tangible fixed assets | 22/27 | €396,630 | €396,630 | = | 0.0% |
| Furniture and vehicles | 24 | €396,630 | €396,630 | = | 0.0% |
| Financial fixed assets | 28 | €13,308,946 | €13,308,946 | = | 0.0% |
| Current assets | 29/58 | €64,006,947 | €62,798,031 | -€1.2m | -1.9% |
| Amounts receivable after more than one year | 29 | €1,850,000 | €1,600,000 | -€250,000 | -13.5% |
| Other amounts receivable | 291 | €1,850,000 | €1,600,000 | -€250,000 | -13.5% |
| Amounts receivable within one year | 40/41 | €1,009,583 | €1,210,467 | +€200,884 | +19.9% |
| Other amounts receivable | 41 | €1,009,583 | €1,210,467 | +€200,884 | +19.9% |
| Current investments | 50/53 | €58,533,970 | €56,574,698 | -€2.0m | -3.3% |
| Cash at bank and in hand | 54/58 | €2,314,007 | €3,103,602 | +€789,595 | +34.1% |
| Deferred charges and accrued income | 490/1 | €299,388 | €309,264 | +€9,876 | +3.3% |
| Total equity and liabilities | 10/49 | €77,712,522 | €76,503,606 | -€1.2m | -1.6% |
| Equity | 10/15 | €65,717,465 | €67,595,770 | +€1.9m | +2.9% |
| Contributions | 10/11 | €25,294,027 | €25,294,027 | = | 0.0% |
| Capital | 10 | €25,294,027 | €25,294,027 | = | 0.0% |
| Issued capital | 100 | €25,294,027 | €25,294,027 | = | 0.0% |
| Reserves | 13 | €10,894,474 | €12,772,779 | +€1.9m | +17.2% |
| Non-distributable reserves | 130/1 | €2,990,302 | €2,990,302 | = | 0.0% |
| Legal reserve | 130 | €2,990,302 | €2,990,302 | = | 0.0% |
| Distributable reserves | 133 | €7,904,173 | €9,782,477 | +€1.9m | +23.8% |
| Profit (loss) carried forward | 14 | €29,528,964 | €29,528,964 | = | 0.0% |
| Amounts payable | 17/49 | €11,995,057 | €8,907,836 | -€3.1m | -25.7% |
| Amounts payable within one year | 42/48 | €3,113,588 | €2,062,364 | -€1.1m | -33.8% |
| Trade debts | 44 | €339 | €5,198 | +€4,859 | +1434.2% |
| Suppliers | 440/4 | €339 | €5,198 | +€4,859 | +1434.2% |
| Taxes, remuneration and social security | 45 | €305,080 | €446,068 | +€140,988 | +46.2% |
| Taxes | 450/3 | €305,080 | €446,068 | +€140,988 | +46.2% |
| Other amounts payable | 47/48 | €2,808,169 | €1,611,098 | -€1.2m | -42.6% |
| Accrued charges and deferred income | 492/3 | €8,881,470 | €6,845,472 | -€2.0m | -22.9% |
| Other operating charges | 640/8 | €90,622 | €84,047 | -€6,575 | -7.3% |
| Gross operating margin | 9900 | -€40,384 | -€41,043 | -€659 | -1.6% |
| Operating profit (loss) | 9901 | -€131,005 | -€125,090 | +€5,916 | +4.5% |
| Financial income | 75/76B | €6,193,612 | €5,363,398 | -€830,214 | -13.4% |
| Recurring financial income | 75 | €6,193,612 | €5,363,398 | -€830,214 | -13.4% |
| Financial charges | 65/66B | €500,777 | €1,297,756 | +€796,979 | +159.1% |
| Recurring financial charges | 65 | €500,777 | €1,297,756 | +€796,979 | +159.1% |
| Profit (loss) for the period before taxes | 9903 | €5,561,830 | €3,940,553 | -€1.6m | -29.2% |
| Income taxes | 67/77 | €1,226,905 | €709,091 | -€517,815 | -42.2% |
| Profit (loss) for the period | 9904 | €4,334,924 | €3,231,462 | -€1.1m | -25.5% |
| Profit (loss) for the period to be appropriated | 9905 | €4,334,924 | €3,231,462 | -€1.1m | -25.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.