DENAL: 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.
DENAL
Largest movements
- Cash -€11,899
down €11,899 (-25.3%), from €47,068 to €35,169
mainly Other debts (-€9,934) and Current investments (-€7,000)
- Receivables within one year -€8,924
down €8,924 (-56.4%), from €15,815 to €6,891
of which Trade receivables: -€12,748
- Current investments +€7,000
up €7,000 (+13.9%), from €50,457 to €57,457
- Tangible fixed assets -€3,375
down €3,375 (-33.7%), from €10,013 to €6,638
of which Furniture and vehicles: -€2,778
- Other debts -€9,934
down €9,934 (-50.2%), from €19,770 to €9,836
- Profit (loss) carried forward -€4,417
down €4,417, from €517 to -€3,900
- Reserves -€1,875
down €1,875 (-2.2%), from €84,775 to €82,900
- Tax, wage and social debts -€1,743
down €1,743 (-100.0%), from €1,743 to €0
- Gross operating margin -€12,239
down €12,239, from €4,258 to -€7,981
- Taxes -€3,250
down €3,250 (-83.9%), from €3,875 to €626
- Depreciation -€1,973
down €1,973 (-36.9%), from €5,348 to €3,375
- Financial income -€845
down €845 (-10.5%), from €8,083 to €7,238
- Financial charges -€84
down €84 (-11.4%), from €739 to €654
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 | €125,671 | €107,748 | -€17,923 | -14.3% |
| Fixed assets | 21/28 | €10,013 | €6,638 | -€3,375 | -33.7% |
| Tangible fixed assets | 22/27 | €10,013 | €6,638 | -€3,375 | -33.7% |
| Plant, machinery and equipment | 23 | €1,438 | €841 | -€597 | -41.5% |
| Furniture and vehicles | 24 | €8,575 | €5,797 | -€2,778 | -32.4% |
| Current assets | 29/58 | €115,658 | €101,110 | -€14,548 | -12.6% |
| Amounts receivable within one year | 40/41 | €15,815 | €6,891 | -€8,924 | -56.4% |
| Trade receivables | 40 | €13,891 | €1,143 | -€12,748 | -91.8% |
| Other amounts receivable | 41 | €1,924 | €5,748 | +€3,824 | +198.7% |
| Current investments | 50/53 | €50,457 | €57,457 | +€7,000 | +13.9% |
| Cash at bank and in hand | 54/58 | €47,068 | €35,169 | -€11,899 | -25.3% |
| Deferred charges and accrued income | 490/1 | €2,318 | €1,594 | -€724 | -31.2% |
| Total equity and liabilities | 10/49 | €125,671 | €107,748 | -€17,923 | -14.3% |
| Equity | 10/15 | €104,042 | €97,750 | -€6,292 | -6.0% |
| Contributions | 10/11 | €18,750 | €18,750 | = | 0.0% |
| Reserves | 13 | €84,775 | €82,900 | -€1,875 | -2.2% |
| Distributable reserves | 133 | €84,775 | €82,900 | -€1,875 | -2.2% |
| Profit (loss) carried forward | 14 | €517 | -€3,900 | -€4,417 | |
| Amounts payable | 17/49 | €21,629 | €9,998 | -€11,631 | -53.8% |
| Amounts payable within one year | 42/48 | €21,629 | €9,998 | -€11,631 | -53.8% |
| Trade debts | 44 | €115 | €162 | +€47 | +40.4% |
| Suppliers | 440/4 | €115 | €162 | +€47 | +40.4% |
| Taxes, remuneration and social security | 45 | €1,743 | €0 | -€1,743 | -100.0% |
| Taxes | 450/3 | €1,743 | €0 | -€1,743 | -100.0% |
| Other amounts payable | 47/48 | €19,770 | €9,836 | -€9,934 | -50.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,348 | €3,375 | -€1,973 | -36.9% |
| Other operating charges | 640/8 | €974 | €893 | -€80 | -8.3% |
| Gross operating margin | 9900 | €4,258 | -€7,981 | -€12,239 | |
| Operating profit (loss) | 9901 | -€2,064 | -€12,249 | -€10,185 | -493.4% |
| Financial income | 75/76B | €8,083 | €7,238 | -€845 | -10.5% |
| Recurring financial income | 75 | €8,083 | €7,238 | -€845 | -10.5% |
| Financial charges | 65/66B | €739 | €654 | -€84 | -11.4% |
| Recurring financial charges | 65 | €739 | €654 | -€84 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €5,280 | -€5,666 | -€10,946 | |
| Income taxes | 67/77 | €3,875 | €626 | -€3,250 | -83.9% |
| Profit (loss) for the period | 9904 | €1,405 | -€6,292 | -€7,696 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,405 | -€6,292 | -€7,696 |
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 9 October 2026 via checked.be.