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
- Receivables within one year +€33,059
up €33,059 (+150%), from €22,042 to €55,101
of which Trade receivables: +€36,147
- Cash -€19,902
down €19,902 (-28.5%), from €69,827 to €49,925
mainly Receivables within one year (-€33,059) and Current portion of long-term debt (-€16,219)
- Tangible fixed assets -€15,277
down €15,277 (-9.6%), from €159,045 to €143,768
of which Furniture and vehicles: -€10,547
- Stocks and contracts +€12,012
up €12,012 (+65.3%), from €18,400 to €30,412
- Reserves +€19,678
up €19,678 (+16.8%), from €116,957 to €136,634
of which Distributable reserves: +€19,678
- Current portion of long-term debt -€16,219
down €16,219 (-52.2%), from €31,048 to €14,829
- Tax, wage and social debts +€11,221
up €11,221 (+38.3%), from €29,305 to €40,526
of which Remuneration and social security: +€16,964
- Debts after one year -€7,177
down €7,177 (-64.1%), from €11,200 to €4,023
- Trade debts +€5,365
up €5,365 (+11.1%), from €48,456 to €53,821
- Gross operating margin +€133,696
up €133,696 (+31.8%), from €420,067 to €553,763
- Staff costs +€104,764
up €104,764 (+27.5%), from €381,293 to €486,057
- Taxes +€7,942
up €7,942 (+463%), from €1,715 to €9,657
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 | €271,988 | €283,823 | +€11,835 | +4.4% |
| Fixed assets | 21/28 | €159,545 | €144,268 | -€15,277 | -9.6% |
| Tangible fixed assets | 22/27 | €159,045 | €143,768 | -€15,277 | -9.6% |
| Land and buildings | 22 | €115,931 | €114,301 | -€1,630 | -1.4% |
| Plant, machinery and equipment | 23 | €7,438 | €4,922 | -€2,516 | -33.8% |
| Furniture and vehicles | 24 | €34,349 | €23,802 | -€10,547 | -30.7% |
| Other tangible fixed assets | 26 | €1,326 | €743 | -€583 | -44.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €112,444 | €139,556 | +€27,112 | +24.1% |
| Stocks and contracts in progress | 3 | €18,400 | €30,412 | +€12,012 | +65.3% |
| Stocks | 30/36 | €18,400 | €30,412 | +€12,012 | +65.3% |
| Amounts receivable within one year | 40/41 | €22,042 | €55,101 | +€33,059 | +150% |
| Trade receivables | 40 | €516 | €36,663 | +€36,147 | +7,003% |
| Other amounts receivable | 41 | €21,526 | €18,437 | -€3,088 | -14.3% |
| Cash at bank and in hand | 54/58 | €69,827 | €49,925 | -€19,902 | -28.5% |
| Deferred charges and accrued income | 490/1 | €2,175 | €4,118 | +€1,943 | +89.3% |
| Total equity and liabilities | 10/49 | €271,988 | €283,823 | +€11,835 | +4.4% |
| Equity | 10/15 | €123,157 | €142,834 | +€19,678 | +16.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €116,957 | €136,634 | +€19,678 | +16.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €116,957 | €136,634 | +€19,678 | +16.8% |
| Amounts payable | 17/49 | €148,831 | €140,989 | -€7,842 | -5.3% |
| Amounts payable after more than one year | 17 | €11,200 | €4,023 | -€7,177 | -64.1% |
| Financial debts | 170/4 | €11,200 | €4,023 | -€7,177 | -64.1% |
| Amounts payable within one year | 42/48 | €137,631 | €136,966 | -€665 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €31,048 | €14,829 | -€16,219 | -52.2% |
| Financial debts | 43 | €27,732 | €25,117 | -€2,615 | -9.4% |
| Credit institutions | 430/8 | €27,732 | €25,117 | -€2,615 | -9.4% |
| Trade debts | 44 | €48,456 | €53,821 | +€5,365 | +11.1% |
| Suppliers | 440/4 | €48,456 | €53,821 | +€5,365 | +11.1% |
| Taxes, remuneration and social security | 45 | €29,305 | €40,526 | +€11,221 | +38.3% |
| Taxes | 450/3 | €29,305 | €23,562 | -€5,744 | -19.6% |
| Remuneration and social security | 454/9 | €0 | €16,964 | +€16,964 | |
| Other amounts payable | 47/48 | €1,090 | €2,673 | +€1,582 | +145% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €381,293 | €486,057 | +€104,764 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,473 | €22,463 | +€3,990 | +21.6% |
| Other operating charges | 640/8 | €8,473 | €8,110 | -€363 | -4.3% |
| Gross operating margin | 9900 | €420,067 | €553,763 | +€133,696 | +31.8% |
| Operating profit (loss) | 9901 | €11,828 | €37,133 | +€25,305 | +214% |
| Financial income | 75/76B | €15 | €2 | -€13 | -87.9% |
| Recurring financial income | 75 | €15 | €2 | -€13 | -87.9% |
| Financial charges | 65/66B | €8,694 | €7,800 | -€894 | -10.3% |
| Recurring financial charges | 65 | €8,694 | €7,800 | -€894 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €3,149 | €29,335 | +€26,186 | +832% |
| Income taxes | 67/77 | €1,715 | €9,657 | +€7,942 | +463% |
| Profit (loss) for the period | 9904 | €1,433 | €19,678 | +€18,244 | +1,273% |
| Profit (loss) for the period to be appropriated | 9905 | €1,433 | €19,678 | +€18,244 | +1,273% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.