DEN ELS: 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 ELS
Largest movements
- Tangible fixed assets -€37,296
down €37,296 (-25.1%), from €148,595 to €111,299
- Debts after one year -€57,594
down €57,594 (-17.9%), from €321,974 to €264,380
- Profit (loss) carried forward +€19,142
up €19,142 (+27.7%), from -€69,021 to -€49,879
- Gross operating margin +€2,953
up €2,953 (+4.8%), from €61,466 to €64,419
- Financial charges -€826
down €826 (-13.2%), from €6,273 to €5,446
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 | €328,536 | €290,695 | -€37,841 | -11.5% |
| Fixed assets | 21/28 | €148,595 | €111,299 | -€37,296 | -25.1% |
| Tangible fixed assets | 22/27 | €148,595 | €111,299 | -€37,296 | -25.1% |
| Land and buildings | 22 | €148,595 | €111,299 | -€37,296 | -25.1% |
| Current assets | 29/58 | €179,941 | €179,396 | -€545 | -0.3% |
| Amounts receivable within one year | 40/41 | €9,093 | €9,093 | = | 0.0% |
| Trade receivables | 40 | €9,093 | €9,093 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €170,849 | €170,304 | -€545 | -0.3% |
| Total equity and liabilities | 10/49 | €328,536 | €290,695 | -€37,841 | -11.5% |
| Equity | 10/15 | -€50,421 | -€31,279 | +€19,142 | +38.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€69,021 | -€49,879 | +€19,142 | +27.7% |
| Amounts payable | 17/49 | €378,957 | €321,974 | -€56,983 | -15.0% |
| Amounts payable after more than one year | 17 | €321,974 | €264,380 | -€57,594 | -17.9% |
| Financial debts | 170/4 | €321,974 | €264,380 | -€57,594 | -17.9% |
| Amounts payable within one year | 42/48 | €56,983 | €57,594 | +€612 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €56,783 | €57,594 | +€811 | +1.4% |
| Trade debts | 44 | €200 | €0 | -€200 | -100.0% |
| Suppliers | 440/4 | €200 | €0 | -€200 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,296 | €37,296 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,560 | €2,534 | -€26 | -1.0% |
| Gross operating margin | 9900 | €61,466 | €64,419 | +€2,953 | +4.8% |
| Operating profit (loss) | 9901 | €21,610 | €24,589 | +€2,978 | +13.8% |
| Financial charges | 65/66B | €6,273 | €5,446 | -€826 | -13.2% |
| Recurring financial charges | 65 | €6,273 | €5,446 | -€826 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €15,338 | €19,142 | +€3,805 | +24.8% |
| Profit (loss) for the period | 9904 | €15,338 | €19,142 | +€3,805 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,338 | €19,142 | +€3,805 | +24.8% |
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 28 September 2026 via checked.be.