DENAYER: 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.
DENAYER
Largest movements
- Receivables within one year -€43,282
down €43,282 (-82.8%), from €52,304 to €9,022
of which Trade receivables: -€41,676
- Tangible fixed assets -€34,116
down €34,116 (-3.4%), from €1.0m to €970,377
of which Land and buildings: -€38,549
- Debts after one year -€78,442
down €78,442 (-18.4%), from €426,436 to €347,994
of which Financial debts: -€78,442
- Other debts -€37,448
down €37,448 (-18.2%), from €205,385 to €167,937
- Trade debts -€24,212
down €24,212 (-74.3%), from €32,565 to €8,353
- Reserves +€23,964
up €23,964 (+9.2%), from €260,360 to €284,324
- Advances received +€22,057
up €22,057 (+220.6%), from €10,000 to €32,057
- Gross operating margin +€54,276
up €54,276 (+58.4%), from €92,911 to €147,187
- Taxes +€9,490
up €9,490, from -€307 to €9,182
- Financial charges +€8,583
up €8,583 (+34.0%), from €25,263 to €33,846
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 | €1,096,921 | €1,021,621 | -€75,301 | -6.9% |
| Fixed assets | 21/28 | €1,004,493 | €970,377 | -€34,116 | -3.4% |
| Tangible fixed assets | 22/27 | €1,004,493 | €970,377 | -€34,116 | -3.4% |
| Land and buildings | 22 | €947,278 | €908,729 | -€38,549 | -4.1% |
| Plant, machinery and equipment | 23 | €54,004 | €59,215 | +€5,212 | +9.7% |
| Other tangible fixed assets | 26 | €3,211 | €2,432 | -€779 | -24.3% |
| Current assets | 29/58 | €92,428 | €51,244 | -€41,184 | -44.6% |
| Stocks and contracts in progress | 3 | €31,570 | €31,217 | -€353 | -1.1% |
| Stocks | 30/36 | €31,570 | €31,217 | -€353 | -1.1% |
| Amounts receivable within one year | 40/41 | €52,304 | €9,022 | -€43,282 | -82.8% |
| Trade receivables | 40 | €43,983 | €2,307 | -€41,676 | -94.8% |
| Other amounts receivable | 41 | €8,321 | €6,716 | -€1,606 | -19.3% |
| Cash at bank and in hand | 54/58 | €3,216 | €4,561 | +€1,345 | +41.8% |
| Deferred charges and accrued income | 490/1 | €5,339 | €6,444 | +€1,105 | +20.7% |
| Total equity and liabilities | 10/49 | €1,096,921 | €1,021,621 | -€75,301 | -6.9% |
| Equity | 10/15 | €280,360 | €304,324 | +€23,964 | +8.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €260,360 | €284,324 | +€23,964 | +9.2% |
| Distributable reserves | 133 | €260,360 | €284,324 | +€23,964 | +9.2% |
| Amounts payable | 17/49 | €816,561 | €717,297 | -€99,265 | -12.2% |
| Amounts payable after more than one year | 17 | €426,436 | €347,994 | -€78,442 | -18.4% |
| Financial debts | 170/4 | €426,436 | €347,994 | -€78,442 | -18.4% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €368,635 | €354,229 | -€14,407 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €101,311 | €111,736 | +€10,426 | +10.3% |
| Financial debts | 43 | €18,000 | €21,000 | +€3,000 | +16.7% |
| Credit institutions | 430/8 | €18,000 | €21,000 | +€3,000 | +16.7% |
| Trade debts | 44 | €32,565 | €8,353 | -€24,212 | -74.3% |
| Suppliers | 440/4 | €32,565 | €8,353 | -€24,212 | -74.3% |
| Advances received on contracts in progress | 46 | €10,000 | €32,057 | +€22,057 | +220.6% |
| Taxes, remuneration and social security | 45 | €1,374 | €13,146 | +€11,771 | +856.4% |
| Taxes | 450/3 | €1,374 | €13,146 | +€11,771 | +856.4% |
| Other amounts payable | 47/48 | €205,385 | €167,937 | -€37,448 | -18.2% |
| Accrued charges and deferred income | 492/3 | €21,490 | €15,074 | -€6,416 | -29.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,928 | €70,465 | -€463 | -0.7% |
| Other operating charges | 640/8 | €8,399 | €9,731 | +€1,331 | +15.9% |
| Gross operating margin | 9900 | €92,911 | €147,187 | +€54,276 | +58.4% |
| Operating profit (loss) | 9901 | €13,584 | €66,992 | +€53,408 | +393.2% |
| Financial income | 75/76B | €0 | €1 | +€1 | +772.7% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +772.7% |
| Financial charges | 65/66B | €25,263 | €33,846 | +€8,583 | +34.0% |
| Recurring financial charges | 65 | €25,263 | €33,846 | +€8,583 | +34.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,679 | €33,146 | +€44,826 | |
| Income taxes | 67/77 | -€307 | €9,182 | +€9,490 | |
| Profit (loss) for the period | 9904 | -€11,372 | €23,964 | +€35,336 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,372 | €23,964 | +€35,336 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.