Den Turf: 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 Turf
Largest movements
- Cash +€14,083
up €14,083 (+163%), from €8,650 to €22,732
mainly Net result for the year (+€19,584) and Debts after one year (+€11,129)
- Receivables within one year +€6,884
up €6,884 (+44.1%), from €15,610 to €22,495
of which Other amounts receivable: +€6,720
- Tangible fixed assets +€6,154
up €6,154 (+20.2%), from €30,447 to €36,601
of which Plant, machinery and equipment: +€12,276
- Intangible fixed assets +€1,040
up €1,040 (+81.2%), from €1,281 to €2,322
- Deferred charges and accrued income +€961
up €961 (+86.6%), from €1,109 to €2,070
- Reserves +€19,584
up €19,584 (+19,584%), from €100 to €19,684
of which Distributable reserves: +€19,584
- Debts after one year +€11,129
up €11,129 (+43.6%), from €25,550 to €36,679
- Trade debts -€5,808
down €5,808 (-50.3%), from €11,553 to €5,745
- Current portion of long-term debt +€5,234
up €5,234 (+56.5%), from €9,269 to €14,503
- Gross operating margin +€23,602
up €23,602 (+125%), from €18,862 to €42,464
- Depreciation +€6,400
up €6,400 (+162%), from €3,945 to €10,345
- Taxes +€4,595
up €4,595 (+144%), from €3,196 to €7,791
- Financial charges -€1,045
down €1,045 (-22.1%), from €4,723 to €3,679
of which Financial charges: -€1,015
- Other operating charges +€922
up €922 (+160%), from €577 to €1,499
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 | €64,880 | €94,590 | +€29,710 | +45.8% |
| Fixed assets | 21/28 | €31,729 | €38,923 | +€7,194 | +22.7% |
| Intangible fixed assets | 21 | €1,281 | €2,322 | +€1,040 | +81.2% |
| Tangible fixed assets | 22/27 | €30,447 | €36,601 | +€6,154 | +20.2% |
| Plant, machinery and equipment | 23 | €9,569 | €21,845 | +€12,276 | +128% |
| Furniture and vehicles | 24 | €18,160 | €13,090 | -€5,070 | -27.9% |
| Other tangible fixed assets | 26 | €2,719 | €1,666 | -€1,053 | -38.7% |
| Current assets | 29/58 | €33,151 | €55,667 | +€22,516 | +67.9% |
| Stocks and contracts in progress | 3 | €7,782 | €8,370 | +€589 | +7.6% |
| Stocks | 30/36 | €7,782 | €8,370 | +€589 | +7.6% |
| Amounts receivable within one year | 40/41 | €15,610 | €22,495 | +€6,884 | +44.1% |
| Trade receivables | 40 | €3,552 | €3,717 | +€165 | +4.6% |
| Other amounts receivable | 41 | €12,058 | €18,778 | +€6,720 | +55.7% |
| Cash at bank and in hand | 54/58 | €8,650 | €22,732 | +€14,083 | +163% |
| Deferred charges and accrued income | 490/1 | €1,109 | €2,070 | +€961 | +86.6% |
| Total equity and liabilities | 10/49 | €64,880 | €94,590 | +€29,710 | +45.8% |
| Equity | 10/15 | €9,807 | €29,390 | +€19,584 | +200% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €100 | €19,684 | +€19,584 | +19,584% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | - | €19,584 | +€19,584 | |
| Profit (loss) carried forward | 14 | €8,707 | €8,707 | = | 0.0% |
| Amounts payable | 17/49 | €55,073 | €65,200 | +€10,127 | +18.4% |
| Amounts payable after more than one year | 17 | €25,550 | €36,679 | +€11,129 | +43.6% |
| Financial debts | 170/4 | €25,550 | €36,679 | +€11,129 | +43.6% |
| Amounts payable within one year | 42/48 | €29,523 | €28,521 | -€1,002 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €9,269 | €14,503 | +€5,234 | +56.5% |
| Trade debts | 44 | €11,553 | €5,745 | -€5,808 | -50.3% |
| Suppliers | 440/4 | €11,553 | €5,745 | -€5,808 | -50.3% |
| Taxes, remuneration and social security | 45 | €8,187 | €8,145 | -€42 | -0.5% |
| Taxes | 450/3 | €8,187 | €8,145 | -€42 | -0.5% |
| Other amounts payable | 47/48 | €514 | €129 | -€386 | -75.0% |
| Non-recurring operating income | 76A | €7 | - | -€7 | |
| Remuneration, social security and pensions | 62 | - | €490 | +€490 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,945 | €10,345 | +€6,400 | +162% |
| Other operating charges | 640/8 | €577 | €1,499 | +€922 | +160% |
| Gross operating margin | 9900 | €18,862 | €42,464 | +€23,602 | +125% |
| Operating profit (loss) | 9901 | €14,340 | €30,131 | +€15,791 | +110% |
| Financial income | 75/76B | €671 | €923 | +€252 | +37.6% |
| Recurring financial income | 75 | €671 | €923 | +€252 | +37.6% |
| Financial charges | 65/66B | €4,723 | €3,679 | -€1,045 | -22.1% |
| Recurring financial charges | 65 | €4,693 | €3,679 | -€1,015 | -21.6% |
| Non-recurring financial charges | 66B | €30 | - | -€30 | |
| Profit (loss) for the period before taxes | 9903 | €10,287 | €27,375 | +€17,087 | +166% |
| Income taxes | 67/77 | €3,196 | €7,791 | +€4,595 | +144% |
| Profit (loss) for the period | 9904 | €7,091 | €19,584 | +€12,492 | +176% |
| Profit (loss) for the period to be appropriated | 9905 | €7,091 | €19,584 | +€12,492 | +176% |
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 23 October 2026 via checked.be.