DENARIOS: 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.
DENARIOS
Largest movements
- Cash -€15,922
down €15,922 (-61.2%), from €26,004 to €10,083
mainly Investment in fixed assets (net) (-€10,498) and Other debts (-€3,692)
- Tangible fixed assets +€7,698
up €7,698 (+4619.2%), from €167 to €7,864
- Deferred charges and accrued income +€1,273
up €1,273 (+64.5%), from €1,972 to €3,244
- Receivables within one year -€1,246
down €1,246 (-7.0%), from €17,864 to €16,618
of which Trade receivables: -€1,082
- Other debts -€3,692
down €3,692 (-22.7%), from €16,276 to €12,584
- Tax, wage and social debts -€3,124
down €3,124 (-56.5%), from €5,527 to €2,402
- Profit (loss) carried forward -€2,198
down €2,198 (-41.7%), from €5,273 to €3,075
- Trade debts +€817
up €817 (+1158.5%), from €71 to €888
- Depreciation +€2,704
up €2,704 (+2806.3%), from €96 to €2,800
- Gross operating margin -€2,253
down €2,253 (-34.4%), from €6,541 to €4,288
- Taxes -€2,021
down €2,021 (-61.9%), from €3,266 to €1,245
- Other operating charges +€1,680
up €1,680 (+266.8%), from €630 to €2,309
- Financial charges -€98
down €98 (-40.9%), from €240 to €142
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 | €46,006 | €37,809 | -€8,197 | -17.8% |
| Fixed assets | 21/28 | €167 | €7,864 | +€7,698 | +4619.2% |
| Tangible fixed assets | 22/27 | €167 | €7,864 | +€7,698 | +4619.2% |
| Furniture and vehicles | 24 | €167 | €7,864 | +€7,698 | +4619.2% |
| Current assets | 29/58 | €45,840 | €29,945 | -€15,895 | -34.7% |
| Amounts receivable within one year | 40/41 | €17,864 | €16,618 | -€1,246 | -7.0% |
| Trade receivables | 40 | €17,424 | €16,342 | -€1,082 | -6.2% |
| Other amounts receivable | 41 | €440 | €276 | -€164 | -37.3% |
| Cash at bank and in hand | 54/58 | €26,004 | €10,083 | -€15,922 | -61.2% |
| Deferred charges and accrued income | 490/1 | €1,972 | €3,244 | +€1,273 | +64.5% |
| Total equity and liabilities | 10/49 | €46,006 | €37,809 | -€8,197 | -17.8% |
| Equity | 10/15 | €10,273 | €8,075 | -€2,198 | -21.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,273 | €3,075 | -€2,198 | -41.7% |
| Amounts payable | 17/49 | €35,733 | €29,735 | -€5,999 | -16.8% |
| Amounts payable within one year | 42/48 | €21,873 | €15,875 | -€5,999 | -27.4% |
| Trade debts | 44 | €71 | €888 | +€817 | +1158.5% |
| Suppliers | 440/4 | €71 | €888 | +€817 | +1158.5% |
| Taxes, remuneration and social security | 45 | €5,527 | €2,402 | -€3,124 | -56.5% |
| Taxes | 450/3 | €5,527 | €2,402 | -€3,124 | -56.5% |
| Other amounts payable | 47/48 | €16,276 | €12,584 | -€3,692 | -22.7% |
| Accrued charges and deferred income | 492/3 | €13,860 | €13,860 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96 | €2,800 | +€2,704 | +2806.3% |
| Other operating charges | 640/8 | €630 | €2,309 | +€1,680 | +266.8% |
| Gross operating margin | 9900 | €6,541 | €4,288 | -€2,253 | -34.4% |
| Operating profit (loss) | 9901 | €5,815 | -€822 | -€6,637 | |
| Financial income | 75/76B | €0 | €10 | +€10 | +100000.0% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +100000.0% |
| Financial charges | 65/66B | €240 | €142 | -€98 | -40.9% |
| Recurring financial charges | 65 | €240 | €142 | -€98 | -40.9% |
| Profit (loss) for the period before taxes | 9903 | €5,575 | -€953 | -€6,529 | |
| Income taxes | 67/77 | €3,266 | €1,245 | -€2,021 | -61.9% |
| Profit (loss) for the period | 9904 | €2,309 | -€2,198 | -€4,507 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,309 | -€2,198 | -€4,507 |
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 29 September 2026 via checked.be.