DENADO: 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.
DENADO
Largest movements
- Cash -€50,545
down €50,545 (-36.0%), from €140,572 to €90,027
mainly Investment in fixed assets (net) (-€109,590) and Contributions, distributions and other (-€80,631)
- Receivables within one year +€12,130
up €12,130 (+1591.3%), from €762 to €12,892
of which Other amounts receivable: +€11,580
- Tangible fixed assets -€11,698
down €11,698 (-3.0%), from €389,608 to €377,910
of which Land and buildings: -€46,981
- Deferred charges and accrued income -€5,713
down €5,713 (-74.8%), from €7,639 to €1,926
- Debts after one year -€55,608
down €55,608 (-33.3%), from €166,812 to €111,203
- Reserves +€17,423
up €17,423 (+69.3%), from €25,128 to €42,551
- Tax, wage and social debts -€14,913
down €14,913 (-18.6%), from €80,389 to €65,476
of which Taxes: -€13,983
- Other debts -€11,090
down €11,090 (-9.4%), from €117,457 to €106,367
- Accrued charges and deferred income +€8,562
up €8,562 (+27.1%), from €31,606 to €40,168
- Gross operating margin +€34,797
up €34,797 (+10.9%), from €318,538 to €353,334
- Depreciation +€22,991
up €22,991 (+23.4%), from €98,296 to €121,288
- Taxes +€4,115
up €4,115 (+12.8%), from €32,093 to €36,208
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 | €538,581 | €482,755 | -€55,826 | -10.4% |
| Fixed assets | 21/28 | €389,608 | €377,910 | -€11,698 | -3.0% |
| Tangible fixed assets | 22/27 | €389,608 | €377,910 | -€11,698 | -3.0% |
| Land and buildings | 22 | €303,945 | €256,964 | -€46,981 | -15.5% |
| Plant, machinery and equipment | 23 | €85,663 | €120,946 | +€35,283 | +41.2% |
| Current assets | 29/58 | €148,973 | €104,845 | -€44,128 | -29.6% |
| Amounts receivable within one year | 40/41 | €762 | €12,892 | +€12,130 | +1591.3% |
| Trade receivables | 40 | €762 | €1,313 | +€551 | +72.2% |
| Other amounts receivable | 41 | €0 | €11,580 | +€11,580 | |
| Cash at bank and in hand | 54/58 | €140,572 | €90,027 | -€50,545 | -36.0% |
| Deferred charges and accrued income | 490/1 | €7,639 | €1,926 | -€5,713 | -74.8% |
| Total equity and liabilities | 10/49 | €538,581 | €482,755 | -€55,826 | -10.4% |
| Equity | 10/15 | €82,215 | €99,638 | +€17,423 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,128 | €42,551 | +€17,423 | +69.3% |
| Distributable reserves | 133 | €25,128 | €42,551 | +€17,423 | +69.3% |
| Profit (loss) carried forward | 14 | €38,487 | €38,487 | = | 0.0% |
| Amounts payable | 17/49 | €456,366 | €383,117 | -€73,249 | -16.1% |
| Amounts payable after more than one year | 17 | €166,812 | €111,203 | -€55,608 | -33.3% |
| Financial debts | 170/4 | €166,812 | €111,203 | -€55,608 | -33.3% |
| Amounts payable within one year | 42/48 | €257,949 | €231,745 | -€26,203 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €56,734 | €55,608 | -€1,126 | -2.0% |
| Trade debts | 44 | €3,368 | €4,294 | +€926 | +27.5% |
| Suppliers | 440/4 | €3,368 | €4,294 | +€926 | +27.5% |
| Taxes, remuneration and social security | 45 | €80,389 | €65,476 | -€14,913 | -18.6% |
| Taxes | 450/3 | €67,349 | €53,365 | -€13,983 | -20.8% |
| Remuneration and social security | 454/9 | €13,040 | €12,111 | -€930 | -7.1% |
| Other amounts payable | 47/48 | €117,457 | €106,367 | -€11,090 | -9.4% |
| Accrued charges and deferred income | 492/3 | €31,606 | €40,168 | +€8,562 | +27.1% |
| Remuneration, social security and pensions | 62 | €93,300 | €92,820 | -€479 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,296 | €121,288 | +€22,991 | +23.4% |
| Other operating charges | 640/8 | €2,308 | €2,507 | +€199 | +8.6% |
| Gross operating margin | 9900 | €318,538 | €353,334 | +€34,797 | +10.9% |
| Operating profit (loss) | 9901 | €124,634 | €136,719 | +€12,085 | +9.7% |
| Financial income | 75/76B | €941 | €1,147 | +€206 | +21.9% |
| Recurring financial income | 75 | €941 | €1,147 | +€206 | +21.9% |
| Financial charges | 65/66B | €5,467 | €3,604 | -€1,863 | -34.1% |
| Recurring financial charges | 65 | €5,467 | €3,604 | -€1,863 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | €120,108 | €134,262 | +€14,154 | +11.8% |
| Income taxes | 67/77 | €32,093 | €36,208 | +€4,115 | +12.8% |
| Profit (loss) for the period | 9904 | €88,015 | €98,054 | +€10,039 | +11.4% |
| Profit (loss) for the period to be appropriated | 9905 | €88,015 | €98,054 | +€10,039 | +11.4% |
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 2 October 2026 via checked.be.