DENATI: 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.
DENATI
Largest movements
- Tangible fixed assets +€365,163
up €365,163 (+35.2%), from €1.0m to €1.4m
of which Assets under construction and advance payments: +€374,994
- Cash +€17,027
up €17,027 (+1,203%), from €1,415 to €18,442
mainly Other debts (+€377,000) and Trade debts (+€15,822)
- Other debts +€377,000
up €377,000 (+102%), from €371,000 to €748,000
- Debts after one year -€22,462
down €22,462 (-6.6%), from €339,248 to €316,786
- Trade debts +€15,822
up €15,822 (+587%), from €2,694 to €18,517
- Depreciation -€35,899
down €35,899 (-78.5%), from €45,731 to €9,831
- Gross operating margin +€28,775
up €28,775 (+917%), from €3,137 to €31,912
- Financial charges -€14,044
down €14,044 (-50.5%), from €27,789 to €13,745
- Other operating charges +€1,221
up €1,221 (+120%), from €1,017 to €2,238
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 | €1,043,196 | €1,423,816 | +€380,620 | +36.5% |
| Fixed assets | 21/28 | €1,037,719 | €1,402,881 | +€365,163 | +35.2% |
| Tangible fixed assets | 22/27 | €1,037,719 | €1,402,881 | +€365,163 | +35.2% |
| Land and buildings | 22 | €632,326 | €622,494 | -€9,831 | -1.6% |
| Assets under construction and advance payments | 27 | €405,393 | €780,387 | +€374,994 | +92.5% |
| Current assets | 29/58 | €5,477 | €20,935 | +€15,458 | +282% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,466 | €1,868 | -€1,599 | -46.1% |
| Trade receivables | 40 | €1,476 | €1,868 | +€392 | +26.6% |
| Other amounts receivable | 41 | €1,991 | €0 | -€1,991 | -100% |
| Cash at bank and in hand | 54/58 | €1,415 | €18,442 | +€17,027 | +1,203% |
| Deferred charges and accrued income | 490/1 | €596 | €625 | +€29 | +4.9% |
| Total equity and liabilities | 10/49 | €1,043,196 | €1,423,816 | +€380,620 | +36.5% |
| Equity | 10/15 | €308,466 | €314,565 | +€6,099 | +2.0% |
| Contributions | 10/11 | €436,000 | €436,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€127,534 | -€121,435 | +€6,099 | +4.8% |
| Amounts payable | 17/49 | €734,730 | €1,109,251 | +€374,521 | +51.0% |
| Amounts payable after more than one year | 17 | €339,248 | €316,786 | -€22,462 | -6.6% |
| Financial debts | 170/4 | €339,248 | €316,786 | -€22,462 | -6.6% |
| Amounts payable within one year | 42/48 | €395,481 | €792,465 | +€396,983 | +100% |
| Current portion of amounts payable after more than one year | 42 | €21,610 | €22,462 | +€852 | +3.9% |
| Trade debts | 44 | €2,694 | €18,517 | +€15,822 | +587% |
| Suppliers | 440/4 | €2,694 | €18,517 | +€15,822 | +587% |
| Taxes, remuneration and social security | 45 | €177 | €3,486 | +€3,309 | +1,868% |
| Taxes | 450/3 | €177 | €3,486 | +€3,309 | +1,868% |
| Other amounts payable | 47/48 | €371,000 | €748,000 | +€377,000 | +102% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,731 | €9,831 | -€35,899 | -78.5% |
| Other operating charges | 640/8 | €1,017 | €2,238 | +€1,221 | +120% |
| Gross operating margin | 9900 | €3,137 | €31,912 | +€28,775 | +917% |
| Operating profit (loss) | 9901 | -€43,611 | €19,843 | +€63,453 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €27,789 | €13,745 | -€14,044 | -50.5% |
| Recurring financial charges | 65 | €27,789 | €13,745 | -€14,044 | -50.5% |
| Profit (loss) for the period before taxes | 9903 | -€71,399 | €6,099 | +€77,499 | |
| Profit (loss) for the period | 9904 | -€71,399 | €6,099 | +€77,499 | |
| Profit (loss) for the period to be appropriated | 9905 | -€71,399 | €6,099 | +€77,499 |
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 16 October 2026 via checked.be.