DEN 12: 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.
DEN 12
Largest movements
- Receivables within one year +€9,392
new in 2025: €9,392
- Debts after one year -€25,092
down €25,092 (-5.8%), from €433,676 to €408,584
- Investment grants +€17,997
new in 2025: €17,997
- Profit (loss) carried forward +€9,066
up €9,066 (+27.8%), from -€32,599 to -€23,533
- Gross operating margin +€1,394
up €1,394 (+4.3%), from €32,062 to €33,456
- Financial income +€1,239
new in 2025: €1,239
- Financial charges -€522
down €522 (-5.3%), from €9,787 to €9,265
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 | €507,534 | €510,692 | +€3,158 | +0.6% |
| Fixed assets | 21/28 | €500,682 | €498,680 | -€2,003 | -0.4% |
| Tangible fixed assets | 22/27 | €500,682 | €498,680 | -€2,003 | -0.4% |
| Land and buildings | 22 | €499,828 | €498,039 | -€1,789 | -0.4% |
| Plant, machinery and equipment | 23 | €854 | €641 | -€214 | -25.0% |
| Current assets | 29/58 | €6,852 | €12,012 | +€5,161 | +75.3% |
| Amounts receivable within one year | 40/41 | - | €9,392 | +€9,392 | |
| Other amounts receivable | 41 | - | €9,392 | +€9,392 | |
| Cash at bank and in hand | 54/58 | €3,437 | €941 | -€2,496 | -72.6% |
| Deferred charges and accrued income | 490/1 | €3,415 | €1,680 | -€1,735 | -50.8% |
| Total equity and liabilities | 10/49 | €507,534 | €510,692 | +€3,158 | +0.6% |
| Equity | 10/15 | €43,492 | €70,555 | +€27,063 | +62.2% |
| Contributions | 10/11 | €59,774 | €59,774 | = | 0.0% |
| Reserves | 13 | €16,317 | €16,317 | = | 0.0% |
| Distributable reserves | 133 | €16,317 | €16,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,599 | -€23,533 | +€9,066 | +27.8% |
| Investment grants | 15 | - | €17,997 | +€17,997 | |
| Amounts payable | 17/49 | €464,042 | €440,137 | -€23,905 | -5.2% |
| Amounts payable after more than one year | 17 | €433,676 | €408,584 | -€25,092 | -5.8% |
| Financial debts | 170/4 | €433,676 | €408,584 | -€25,092 | -5.8% |
| Amounts payable within one year | 42/48 | €12,159 | €9,709 | -€2,449 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €8,771 | €9,092 | +€321 | +3.7% |
| Other amounts payable | 47/48 | €3,388 | €617 | -€2,770 | -81.8% |
| Accrued charges and deferred income | 492/3 | €18,208 | €21,844 | +€3,636 | +20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,753 | €13,906 | +€154 | +1.1% |
| Other operating charges | 640/8 | €2,126 | €2,459 | +€333 | +15.7% |
| Gross operating margin | 9900 | €32,062 | €33,456 | +€1,394 | +4.3% |
| Operating profit (loss) | 9901 | €16,184 | €17,091 | +€908 | +5.6% |
| Financial income | 75/76B | - | €1,239 | +€1,239 | |
| Recurring financial income | 75 | - | €1,239 | +€1,239 | |
| Financial charges | 65/66B | €9,787 | €9,265 | -€522 | -5.3% |
| Recurring financial charges | 65 | €9,787 | €9,265 | -€522 | -5.3% |
| Profit (loss) for the period before taxes | 9903 | €6,397 | €9,066 | +€2,669 | +41.7% |
| Profit (loss) for the period | 9904 | €6,397 | €9,066 | +€2,669 | +41.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,397 | €9,066 | +€2,669 | +41.7% |
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 6 October 2026 via checked.be.