DENAYER CLEMENT: 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.
DENAYER CLEMENT
Largest movements
- Current investments +€300,000
up €300,000, from €0 to €300,000
- Cash -€283,677
down €283,677 (-69.3%), from €409,585 to €125,908
mainly Current investments (-€300,000) and Trade debts (-€10,002)
- Tangible fixed assets -€22,777
down €22,777 (-45.2%), from €50,445 to €27,668
of which Furniture and vehicles: -€21,072
- Reserves +€11,000
up €11,000 (+2.6%), from €422,371 to €433,371
of which Distributable reserves: +€11,000
- Trade debts -€10,002
down €10,002 (-25.6%), from €39,016 to €29,014
- Tax, wage and social debts -€7,604
down €7,604 (-77.4%), from €9,820 to €2,216
of which Taxes: -€7,604
- Gross operating margin -€28,591
down €28,591 (-40.5%), from €70,550 to €41,959
- Taxes -€8,778
down €8,778 (-54.9%), from €15,985 to €7,206
- Other operating charges -€1,066
down €1,066 (-25.0%), from €4,261 to €3,195
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 | €507,249 | €498,495 | -€8,754 | -1.7% |
| Fixed assets | 21/28 | €50,580 | €27,803 | -€22,777 | -45.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €50,445 | €27,668 | -€22,777 | -45.2% |
| Plant, machinery and equipment | 23 | €5,362 | €3,657 | -€1,705 | -31.8% |
| Furniture and vehicles | 24 | €45,083 | €24,011 | -€21,072 | -46.7% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €456,669 | €470,692 | +€14,023 | +3.1% |
| Amounts receivable within one year | 40/41 | €46,706 | €44,402 | -€2,304 | -4.9% |
| Trade receivables | 40 | €45,948 | €41,581 | -€4,367 | -9.5% |
| Other amounts receivable | 41 | €758 | €2,822 | +€2,064 | +272% |
| Current investments | 50/53 | €0 | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €409,585 | €125,908 | -€283,677 | -69.3% |
| Deferred charges and accrued income | 490/1 | €378 | €383 | +€4 | +1.1% |
| Total equity and liabilities | 10/49 | €507,249 | €498,495 | -€8,754 | -1.7% |
| Equity | 10/15 | €446,214 | €457,494 | +€11,280 | +2.5% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €422,371 | €433,371 | +€11,000 | +2.6% |
| Tax-exempt reserves | 132 | €30,240 | €30,240 | = | 0.0% |
| Distributable reserves | 133 | €392,131 | €403,131 | +€11,000 | +2.8% |
| Profit (loss) carried forward | 14 | €15,783 | €16,062 | +€280 | +1.8% |
| Amounts payable | 17/49 | €61,035 | €41,002 | -€20,034 | -32.8% |
| Amounts payable within one year | 42/48 | €61,009 | €41,001 | -€20,008 | -32.8% |
| Financial debts | 43 | €0 | €0 | = | |
| Credit institutions | 430/8 | €0 | €0 | = | |
| Trade debts | 44 | €39,016 | €29,014 | -€10,002 | -25.6% |
| Suppliers | 440/4 | €39,016 | €29,014 | -€10,002 | -25.6% |
| Taxes, remuneration and social security | 45 | €9,820 | €2,216 | -€7,604 | -77.4% |
| Taxes | 450/3 | €9,820 | €2,216 | -€7,604 | -77.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €12,173 | €9,771 | -€2,402 | -19.7% |
| Accrued charges and deferred income | 492/3 | €26 | €0 | -€26 | -98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,503 | €22,777 | +€274 | +1.2% |
| Other operating charges | 640/8 | €4,261 | €3,195 | -€1,066 | -25.0% |
| Non-recurring operating charges | 66A | - | €190 | +€190 | |
| Gross operating margin | 9900 | €70,550 | €41,959 | -€28,591 | -40.5% |
| Operating profit (loss) | 9901 | €43,786 | €15,797 | -€27,989 | -63.9% |
| Financial income | 75/76B | €3,463 | €3,419 | -€44 | -1.3% |
| Recurring financial income | 75 | €3,463 | €3,419 | -€44 | -1.3% |
| Financial charges | 65/66B | €739 | €729 | -€10 | -1.4% |
| Recurring financial charges | 65 | €739 | €729 | -€10 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €46,509 | €18,486 | -€28,023 | -60.3% |
| Income taxes | 67/77 | €15,985 | €7,206 | -€8,778 | -54.9% |
| Profit (loss) for the period | 9904 | €30,525 | €11,280 | -€19,245 | -63.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,525 | €11,280 | -€19,245 | -63.0% |
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 15 October 2026 via checked.be.