DEN AST: 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.
DEN AST
Largest movements
- Receivables within one year -€206,830
down €206,830 (-55.0%), from €376,083 to €169,253
of which Other amounts receivable: -€239,694
- Cash +€128,436
up €128,436 (+564%), from €22,776 to €151,212
mainly Receivables within one year (+€206,830) and Trade debts (+€90,365)
- Tangible fixed assets -€29,375
down €29,375 (-24.3%), from €120,690 to €91,315
of which Plant, machinery and equipment: -€20,009
- Other debts -€221,229
down €221,229 (-99.2%), from €223,078 to €1,849
- Trade debts +€90,365
up €90,365 (+857%), from €10,545 to €100,911
- Profit (loss) carried forward +€10,265
up €10,265 (+106%), from €9,715 to €19,980
- Gross operating margin -€67,856
down €67,856 (-31.0%), from €219,176 to €151,319
- Staff costs -€40,698
down €40,698 (-30.2%), from €134,691 to €93,992
- Depreciation +€5,038
up €5,038 (+20.6%), from €24,416 to €29,455
- Taxes +€2,319
up €2,319 (+126%), from €1,847 to €4,166
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 | €611,507 | €501,668 | -€109,839 | -18.0% |
| Fixed assets | 21/28 | €203,547 | €174,092 | -€29,455 | -14.5% |
| Intangible fixed assets | 21 | €120 | €40 | -€80 | -66.7% |
| Tangible fixed assets | 22/27 | €120,690 | €91,315 | -€29,375 | -24.3% |
| Plant, machinery and equipment | 23 | €90,934 | €70,925 | -€20,009 | -22.0% |
| Furniture and vehicles | 24 | €7,388 | €6,085 | -€1,303 | -17.6% |
| Other tangible fixed assets | 26 | €22,368 | €14,305 | -€8,063 | -36.0% |
| Financial fixed assets | 28 | €82,737 | €82,737 | = | 0.0% |
| Current assets | 29/58 | €407,959 | €327,575 | -€80,384 | -19.7% |
| Stocks and contracts in progress | 3 | €9,101 | €7,111 | -€1,990 | -21.9% |
| Stocks | 30/36 | €9,101 | €7,111 | -€1,990 | -21.9% |
| Amounts receivable within one year | 40/41 | €376,083 | €169,253 | -€206,830 | -55.0% |
| Trade receivables | 40 | €25,568 | €58,431 | +€32,864 | +129% |
| Other amounts receivable | 41 | €350,515 | €110,821 | -€239,694 | -68.4% |
| Cash at bank and in hand | 54/58 | €22,776 | €151,212 | +€128,436 | +564% |
| Total equity and liabilities | 10/49 | €611,507 | €501,668 | -€109,839 | -18.0% |
| Equity | 10/15 | €105,154 | €115,419 | +€10,265 | +9.8% |
| Contributions | 10/11 | €86,763 | €86,763 | = | 0.0% |
| Capital | 10 | €86,763 | €86,763 | = | 0.0% |
| Issued capital | 100 | €86,763 | €86,763 | = | 0.0% |
| Reserves | 13 | €8,676 | €8,676 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,676 | €8,676 | = | 0.0% |
| Legal reserve | 130 | €8,676 | €8,676 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,715 | €19,980 | +€10,265 | +106% |
| Amounts payable | 17/49 | €506,353 | €386,249 | -€120,104 | -23.7% |
| Amounts payable after more than one year | 17 | €116,721 | €116,721 | = | 0.0% |
| Financial debts | 170/4 | €116,721 | €116,721 | = | 0.0% |
| Amounts payable within one year | 42/48 | €282,724 | €156,993 | -€125,731 | -44.5% |
| Trade debts | 44 | €10,545 | €100,911 | +€90,365 | +857% |
| Suppliers | 440/4 | €10,545 | €100,911 | +€90,365 | +857% |
| Taxes, remuneration and social security | 45 | €49,101 | €54,233 | +€5,132 | +10.5% |
| Taxes | 450/3 | €5,748 | €20,224 | +€14,476 | +252% |
| Remuneration and social security | 454/9 | €43,353 | €34,009 | -€9,344 | -21.6% |
| Other amounts payable | 47/48 | €223,078 | €1,849 | -€221,229 | -99.2% |
| Accrued charges and deferred income | 492/3 | €106,908 | €112,535 | +€5,627 | +5.3% |
| Remuneration, social security and pensions | 62 | €134,691 | €93,992 | -€40,698 | -30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,416 | €29,455 | +€5,038 | +20.6% |
| Other operating charges | 640/8 | €3,241 | €4,235 | +€994 | +30.7% |
| Gross operating margin | 9900 | €219,176 | €151,319 | -€67,856 | -31.0% |
| Operating profit (loss) | 9901 | €56,828 | €23,637 | -€33,191 | -58.4% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €8,755 | €9,206 | +€452 | +5.2% |
| Recurring financial charges | 65 | €8,755 | €9,206 | +€452 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €48,073 | €14,431 | -€33,642 | -70.0% |
| Income taxes | 67/77 | €1,847 | €4,166 | +€2,319 | +126% |
| Profit (loss) for the period | 9904 | €46,226 | €10,265 | -€35,961 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €46,226 | €10,265 | -€35,961 | -77.8% |
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.