DEN ENGEL: 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 ENGEL
Largest movements
- Tangible fixed assets -€77,885
down €77,885 (-9.6%), from €807,650 to €729,764
of which Land and buildings: -€82,277
- Receivables within one year +€45,537
up €45,537 (+1.8%), from €2.5m to €2.6m
of which Other amounts receivable: +€34,017
- Reserves +€90,769
up €90,769 (+8.5%), from €1.1m to €1.2m
- Trade debts -€73,497
down €73,497 (-81.2%), from €90,462 to €16,965
- Debts after one year -€40,151
down €40,151 (-9.0%), from €447,076 to €406,925
of which Financial debts: -€50,000
- Financial charges -€28,889
down €28,889 (-25.2%), from €114,845 to €85,955
- Taxes +€24,373
up €24,373 (+291%), from €8,385 to €32,758
- Depreciation -€16,454
down €16,454 (-16.7%), from €98,731 to €82,277
- Write-downs +€8,844
up €8,844 (+52.5%), from €16,850 to €25,695
- Other operating charges -€4,181
down €4,181 (-6.0%), from €69,975 to €65,794
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 | €3,445,495 | €3,422,247 | -€23,249 | -0.7% |
| Fixed assets | 21/28 | €807,650 | €729,764 | -€77,885 | -9.6% |
| Tangible fixed assets | 22/27 | €807,650 | €729,764 | -€77,885 | -9.6% |
| Land and buildings | 22 | €807,650 | €725,372 | -€82,277 | -10.2% |
| Assets under construction and advance payments | 27 | - | €4,392 | +€4,392 | |
| Current assets | 29/58 | €2,637,846 | €2,692,483 | +€54,637 | +2.1% |
| Stocks and contracts in progress | 3 | €79,813 | €79,813 | = | 0.0% |
| Stocks | 30/36 | €79,813 | €79,813 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,527,762 | €2,573,299 | +€45,537 | +1.8% |
| Trade receivables | 40 | €9,978 | €21,498 | +€11,520 | +115% |
| Other amounts receivable | 41 | €2,517,784 | €2,551,801 | +€34,017 | +1.4% |
| Cash at bank and in hand | 54/58 | €21,212 | €30,525 | +€9,313 | +43.9% |
| Deferred charges and accrued income | 490/1 | €9,059 | €8,846 | -€213 | -2.4% |
| Total equity and liabilities | 10/49 | €3,445,495 | €3,422,247 | -€23,249 | -0.7% |
| Equity | 10/15 | €1,324,083 | €1,414,852 | +€90,769 | +6.9% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,074,083 | €1,164,852 | +€90,769 | +8.5% |
| Distributable reserves | 133 | €1,074,083 | €1,164,852 | +€90,769 | +8.5% |
| Amounts payable | 17/49 | €2,121,412 | €2,007,395 | -€114,017 | -5.4% |
| Amounts payable after more than one year | 17 | €447,076 | €406,925 | -€40,151 | -9.0% |
| Financial debts | 170/4 | €429,167 | €379,167 | -€50,000 | -11.7% |
| Other amounts payable | 178/9 | €17,909 | €27,758 | +€9,849 | +55.0% |
| Amounts payable within one year | 42/48 | €1,671,872 | €1,599,525 | -€72,347 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €50,000 | €50,000 | = | 0.0% |
| Financial debts | 43 | €1,500,000 | €1,500,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,500,000 | €1,500,000 | = | 0.0% |
| Trade debts | 44 | €90,462 | €16,965 | -€73,497 | -81.2% |
| Suppliers | 440/4 | €90,462 | €16,965 | -€73,497 | -81.2% |
| Advances received on contracts in progress | 46 | €31,410 | €9,803 | -€21,607 | -68.8% |
| Taxes, remuneration and social security | 45 | - | €22,758 | +€22,758 | |
| Taxes | 450/3 | - | €22,758 | +€22,758 | |
| Accrued charges and deferred income | 492/3 | €2,464 | €945 | -€1,519 | -61.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,731 | €82,277 | -€16,454 | -16.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €16,850 | €25,695 | +€8,844 | +52.5% |
| Other operating charges | 640/8 | €69,975 | €65,794 | -€4,181 | -6.0% |
| Gross operating margin | 9900 | €296,151 | €292,517 | -€3,634 | -1.2% |
| Operating profit (loss) | 9901 | €110,594 | €118,751 | +€8,157 | +7.4% |
| Financial income | 75/76B | €87,313 | €90,730 | +€3,418 | +3.9% |
| Recurring financial income | 75 | €87,313 | €90,730 | +€3,418 | +3.9% |
| Financial charges | 65/66B | €114,845 | €85,955 | -€28,889 | -25.2% |
| Recurring financial charges | 65 | €114,845 | €85,955 | -€28,889 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €83,062 | €123,526 | +€40,464 | +48.7% |
| Income taxes | 67/77 | €8,385 | €32,758 | +€24,373 | +291% |
| Profit (loss) for the period | 9904 | €74,677 | €90,769 | +€16,092 | +21.5% |
| Profit (loss) for the period to be appropriated | 9905 | €74,677 | €90,769 | +€16,092 | +21.5% |
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 18 October 2026 via checked.be.