DENAKO: 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.
DENAKO
Largest movements
- Cash -€29,557
down €29,557 (-45.4%), from €65,063 to €35,506
mainly Receivables within one year (-€25,114) and Contributions, distributions and other (-€12,500)
- Receivables within one year +€25,114
up €25,114 (+113.7%), from €22,085 to €47,199
of which Trade receivables: +€21,453
- Deferred charges and accrued income +€1,100
up €1,100 (+223.8%), from €492 to €1,592
- Profit (loss) carried forward -€12,500
down €12,500 (-18.0%), from €69,274 to €56,774
- Reserves +€10,491
up €10,491 (+107.9%), from €9,721 to €20,212
- Trade debts -€1,164
down €1,164 (-68.9%), from €1,690 to €526
- Depreciation -€1,186
down €1,186 (-64.9%), from €1,829 to €643
- Write-downs -€857
no longer reported in 2025 (was €857)
- Gross operating margin -€758
down €758 (-4.5%), from €16,984 to €16,226
- Taxes +€442
up €442 (+15.8%), from €2,803 to €3,244
- Financial charges +€355
up €355 (+21.9%), from €1,622 to €1,977
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 | €89,019 | €86,073 | -€2,945 | -3.3% |
| Fixed assets | 21/28 | €1,379 | €1,777 | +€398 | +28.8% |
| Tangible fixed assets | 22/27 | €1,379 | €1,777 | +€398 | +28.8% |
| Plant, machinery and equipment | 23 | €1,379 | €1,777 | +€398 | +28.8% |
| Current assets | 29/58 | €87,639 | €84,296 | -€3,343 | -3.8% |
| Amounts receivable within one year | 40/41 | €22,085 | €47,199 | +€25,114 | +113.7% |
| Trade receivables | 40 | €2,904 | €24,357 | +€21,453 | +738.8% |
| Other amounts receivable | 41 | €19,181 | €22,841 | +€3,660 | +19.1% |
| Cash at bank and in hand | 54/58 | €65,063 | €35,506 | -€29,557 | -45.4% |
| Deferred charges and accrued income | 490/1 | €492 | €1,592 | +€1,100 | +223.8% |
| Total equity and liabilities | 10/49 | €89,019 | €86,073 | -€2,945 | -3.3% |
| Equity | 10/15 | €81,995 | €79,986 | -€2,009 | -2.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €9,721 | €20,212 | +€10,491 | +107.9% |
| Distributable reserves | 133 | €9,721 | €20,212 | +€10,491 | +107.9% |
| Profit (loss) carried forward | 14 | €69,274 | €56,774 | -€12,500 | -18.0% |
| Amounts payable | 17/49 | €7,024 | €6,088 | -€936 | -13.3% |
| Amounts payable within one year | 42/48 | €7,024 | €6,088 | -€936 | -13.3% |
| Trade debts | 44 | €1,690 | €526 | -€1,164 | -68.9% |
| Suppliers | 440/4 | €1,690 | €526 | -€1,164 | -68.9% |
| Taxes, remuneration and social security | 45 | €5,251 | €5,562 | +€311 | +5.9% |
| Taxes | 450/3 | €5,251 | €5,562 | +€311 | +5.9% |
| Other amounts payable | 47/48 | €83 | - | -€83 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,829 | €643 | -€1,186 | -64.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €857 | - | -€857 | |
| Other operating charges | 640/8 | €356 | €271 | -€85 | -23.9% |
| Gross operating margin | 9900 | €16,984 | €16,226 | -€758 | -4.5% |
| Operating profit (loss) | 9901 | €13,941 | €15,312 | +€1,370 | +9.8% |
| Financial income | 75/76B | €204 | €400 | +€196 | +96.2% |
| Recurring financial income | 75 | €204 | €400 | +€196 | +96.2% |
| Financial charges | 65/66B | €1,622 | €1,977 | +€355 | +21.9% |
| Recurring financial charges | 65 | €1,622 | €1,977 | +€355 | +21.9% |
| Profit (loss) for the period before taxes | 9903 | €12,524 | €13,735 | +€1,212 | +9.7% |
| Income taxes | 67/77 | €2,803 | €3,244 | +€442 | +15.8% |
| Profit (loss) for the period | 9904 | €9,721 | €10,491 | +€770 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €9,721 | €10,491 | +€770 | +7.9% |
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 8 October 2026 via checked.be.