Den Board: 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 Board
Largest movements
- Cash +€15,455
up €15,455 (+45.5%), from €33,985 to €49,439
mainly Net result for the year (+€22,429) and Depreciation (+€13,782)
- Receivables within one year +€3,783
up €3,783 (+54.9%), from €6,885 to €10,668
of which Trade receivables: +€2,366
- Reserves +€21,596
up €21,596 (+50.7%), from €42,578 to €64,175
- Trade debts +€9,635
up €9,635 (+237%), from €4,071 to €13,706
- Tax, wage and social debts -€8,387
down €8,387 (-98.8%), from €8,492 to €105
- Debts after one year -€5,552
down €5,552 (-55.7%), from €9,963 to €4,411
- Gross operating margin -€14,765
down €14,765 (-24.7%), from €59,838 to €45,073
- Taxes -€5,387
down €5,387 (-46.9%), from €11,492 to €6,105
- Depreciation +€2,604
up €2,604 (+23.3%), from €11,178 to €13,782
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 | €80,780 | €98,957 | +€18,177 | +22.5% |
| Fixed assets | 21/28 | €38,036 | €37,721 | -€315 | -0.8% |
| Tangible fixed assets | 22/27 | €38,031 | €37,716 | -€315 | -0.8% |
| Land and buildings | 22 | €3,336 | €2,978 | -€357 | -10.7% |
| Plant, machinery and equipment | 23 | €9,101 | €15,101 | +€6,000 | +65.9% |
| Furniture and vehicles | 24 | €10,186 | €9,364 | -€822 | -8.1% |
| Leasing and similar rights | 25 | €15,407 | €10,272 | -€5,136 | -33.3% |
| Financial fixed assets | 28 | €5 | €5 | = | 0.0% |
| Current assets | 29/58 | €42,744 | €61,236 | +€18,492 | +43.3% |
| Amounts receivable within one year | 40/41 | €6,885 | €10,668 | +€3,783 | +54.9% |
| Trade receivables | 40 | €4,123 | €6,489 | +€2,366 | +57.4% |
| Other amounts receivable | 41 | €2,762 | €4,179 | +€1,417 | +51.3% |
| Cash at bank and in hand | 54/58 | €33,985 | €49,439 | +€15,455 | +45.5% |
| Deferred charges and accrued income | 490/1 | €1,875 | €1,129 | -€746 | -39.8% |
| Total equity and liabilities | 10/49 | €80,780 | €98,957 | +€18,177 | +22.5% |
| Equity | 10/15 | €52,578 | €74,175 | +€21,596 | +41.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €42,578 | €64,175 | +€21,596 | +50.7% |
| Distributable reserves | 133 | €42,578 | €64,175 | +€21,596 | +50.7% |
| Amounts payable | 17/49 | €28,201 | €24,782 | -€3,419 | -12.1% |
| Amounts payable after more than one year | 17 | €9,963 | €4,411 | -€5,552 | -55.7% |
| Financial debts | 170/4 | €9,963 | €4,411 | -€5,552 | -55.7% |
| Amounts payable within one year | 42/48 | €18,238 | €20,371 | +€2,133 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €5,468 | €5,552 | +€85 | +1.5% |
| Trade debts | 44 | €4,071 | €13,706 | +€9,635 | +237% |
| Suppliers | 440/4 | €4,071 | €13,706 | +€9,635 | +237% |
| Taxes, remuneration and social security | 45 | €8,492 | €105 | -€8,387 | -98.8% |
| Taxes | 450/3 | €8,492 | €105 | -€8,387 | -98.8% |
| Other amounts payable | 47/48 | €207 | €1,008 | +€800 | +386% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,178 | €13,782 | +€2,604 | +23.3% |
| Other operating charges | 640/8 | €948 | €1,085 | +€137 | +14.5% |
| Non-recurring operating charges | 66A | €5,117 | - | -€5,117 | |
| Gross operating margin | 9900 | €59,838 | €45,073 | -€14,765 | -24.7% |
| Operating profit (loss) | 9901 | €42,595 | €30,206 | -€12,389 | -29.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,988 | €1,672 | -€316 | -15.9% |
| Recurring financial charges | 65 | €1,988 | €1,672 | -€316 | -15.9% |
| Profit (loss) for the period before taxes | 9903 | €40,608 | €28,534 | -€12,074 | -29.7% |
| Income taxes | 67/77 | €11,492 | €6,105 | -€5,387 | -46.9% |
| Profit (loss) for the period | 9904 | €29,116 | €22,429 | -€6,687 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,116 | €22,429 | -€6,687 | -23.0% |
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 14 October 2026 via checked.be.