DEN BOARD: 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 BOARD
Largest movements
- Tangible fixed assets -€4,997
down €4,997 (-22.9%), from €21,832 to €16,835
of which Plant, machinery and equipment: -€3,900
- Formation expenses -€1,000
down €1,000 (-100.0%), from €1,000 to €0
- Receivables within one year +€273
up €273 (+55.2%), from €494 to €767
- Profit (loss) carried forward -€7,294
down €7,294 (-7.2%), from -€100,879 to -€108,173
- Trade debts +€1,571
up €1,571 (+64.3%), from €2,444 to €4,015
- Gross operating margin +€1,044
up €1,044 (+44.6%), from -€2,342 to -€1,298
- Depreciation +€729
up €729 (+13.8%), from €5,267 to €5,996
- Other operating charges -€85
down €85 (-100.0%), from €85 to €0
- Financial charges -€37
down €37 (-100.0%), from €37 to €0
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 | €23,863 | €18,140 | -€5,724 | -24.0% |
| Formation expenses | 20 | €1,000 | €0 | -€1,000 | -100.0% |
| Fixed assets | 21/28 | €21,992 | €16,995 | -€4,997 | -22.7% |
| Tangible fixed assets | 22/27 | €21,832 | €16,835 | -€4,997 | -22.9% |
| Land and buildings | 22 | €534 | €437 | -€97 | -18.1% |
| Plant, machinery and equipment | 23 | €16,122 | €12,222 | -€3,900 | -24.2% |
| Furniture and vehicles | 24 | €5,175 | €4,175 | -€1,000 | -19.3% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €872 | €1,145 | +€273 | +31.3% |
| Amounts receivable within one year | 40/41 | €494 | €767 | +€273 | +55.2% |
| Other amounts receivable | 41 | €494 | €767 | +€273 | +55.2% |
| Cash at bank and in hand | 54/58 | €378 | €378 | = | 0.0% |
| Total equity and liabilities | 10/49 | €23,863 | €18,140 | -€5,724 | -24.0% |
| Equity | 10/15 | -€98,379 | -€105,673 | -€7,294 | -7.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,879 | -€108,173 | -€7,294 | -7.2% |
| Amounts payable | 17/49 | €122,242 | €123,813 | +€1,571 | +1.3% |
| Amounts payable within one year | 42/48 | €122,242 | €123,813 | +€1,571 | +1.3% |
| Trade debts | 44 | €2,444 | €4,015 | +€1,571 | +64.3% |
| Suppliers | 440/4 | €2,444 | €4,015 | +€1,571 | +64.3% |
| Other amounts payable | 47/48 | €119,798 | €119,798 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,267 | €5,996 | +€729 | +13.8% |
| Other operating charges | 640/8 | €85 | €0 | -€85 | -100.0% |
| Gross operating margin | 9900 | -€2,342 | -€1,298 | +€1,044 | +44.6% |
| Operating profit (loss) | 9901 | -€7,694 | -€7,294 | +€400 | +5.2% |
| Financial charges | 65/66B | €37 | €0 | -€37 | -100.0% |
| Recurring financial charges | 65 | €37 | €0 | -€37 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,731 | -€7,294 | +€437 | +5.7% |
| Profit (loss) for the period | 9904 | -€7,731 | -€7,294 | +€437 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,731 | -€7,294 | +€437 | +5.7% |
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.