DENC: 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.
DENC
Largest movements
- Cash +€6,720
up €6,720 (+7.6%), from €87,948 to €94,668
mainly Other debts (+€30,955) and Depreciation (+€17,647)
- Receivables within one year +€6,304
up €6,304 (+84.7%), from €7,442 to €13,745
of which Other amounts receivable: +€13,745
- Tangible fixed assets -€5,647
down €5,647 (-5.1%), from €111,000 to €105,353
of which Land and buildings: -€8,736
- Deferred charges and accrued income +€3,132
new in 2025: €3,132
- Other debts +€30,955
up €30,955 (+847.1%), from €3,654 to €34,610
- Reserves -€22,839
down €22,839 (-15.9%), from €143,815 to €120,977
- Debts after one year -€11,721
down €11,721 (-23.0%), from €50,928 to €39,206
- Trade debts +€9,033
up €9,033 (+356.1%), from €2,536 to €11,570
- Tax, wage and social debts +€4,378
up €4,378 (+512.8%), from €854 to €5,232
of which Taxes: +€4,374
- Gross operating margin -€14,582
down €14,582 (-28.4%), from €51,280 to €36,698
- Taxes -€13,845
down €13,845 (-76.5%), from €18,100 to €4,255
- Other operating charges -€2,380
down €2,380 (-34.3%), from €6,941 to €4,561
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 | €214,870 | €223,314 | +€8,445 | +3.9% |
| Fixed assets | 21/28 | €111,590 | €105,943 | -€5,647 | -5.1% |
| Tangible fixed assets | 22/27 | €111,000 | €105,353 | -€5,647 | -5.1% |
| Land and buildings | 22 | €79,360 | €70,624 | -€8,736 | -11.0% |
| Plant, machinery and equipment | 23 | €11,181 | €9,139 | -€2,042 | -18.3% |
| Furniture and vehicles | 24 | €20,459 | €25,590 | +€5,131 | +25.1% |
| Financial fixed assets | 28 | €590 | €590 | = | 0.0% |
| Current assets | 29/58 | €103,280 | €117,371 | +€14,091 | +13.6% |
| Stocks and contracts in progress | 3 | €7,890 | €5,826 | -€2,064 | -26.2% |
| Stocks | 30/36 | €7,890 | €5,826 | -€2,064 | -26.2% |
| Amounts receivable within one year | 40/41 | €7,442 | €13,745 | +€6,304 | +84.7% |
| Trade receivables | 40 | €7,442 | - | -€7,442 | |
| Other amounts receivable | 41 | - | €13,745 | +€13,745 | |
| Cash at bank and in hand | 54/58 | €87,948 | €94,668 | +€6,720 | +7.6% |
| Deferred charges and accrued income | 490/1 | - | €3,132 | +€3,132 | |
| Total equity and liabilities | 10/49 | €214,870 | €223,314 | +€8,445 | +3.9% |
| Equity | 10/15 | €143,815 | €120,977 | -€22,839 | -15.9% |
| Reserves | 13 | €143,815 | €120,977 | -€22,839 | -15.9% |
| Distributable reserves | 133 | €143,815 | €120,977 | -€22,839 | -15.9% |
| Amounts payable | 17/49 | €71,055 | €102,338 | +€31,283 | +44.0% |
| Amounts payable after more than one year | 17 | €50,928 | €39,206 | -€11,721 | -23.0% |
| Financial debts | 170/4 | €50,928 | €39,206 | -€11,721 | -23.0% |
| Amounts payable within one year | 42/48 | €20,127 | €63,131 | +€43,004 | +213.7% |
| Current portion of amounts payable after more than one year | 42 | €13,083 | €11,720 | -€1,362 | -10.4% |
| Trade debts | 44 | €2,536 | €11,570 | +€9,033 | +356.1% |
| Suppliers | 440/4 | €2,536 | €11,570 | +€9,033 | +356.1% |
| Taxes, remuneration and social security | 45 | €854 | €5,232 | +€4,378 | +512.8% |
| Taxes | 450/3 | €307 | €4,681 | +€4,374 | +1426.9% |
| Remuneration and social security | 454/9 | €547 | €551 | +€4 | +0.7% |
| Other amounts payable | 47/48 | €3,654 | €34,610 | +€30,955 | +847.1% |
| Non-recurring operating income | 76A | €3,456 | - | -€3,456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,567 | €17,647 | +€80 | +0.5% |
| Other operating charges | 640/8 | €6,941 | €4,561 | -€2,380 | -34.3% |
| Gross operating margin | 9900 | €51,280 | €36,698 | -€14,582 | -28.4% |
| Operating profit (loss) | 9901 | €26,773 | €14,490 | -€12,283 | -45.9% |
| Financial income | 75/76B | €709 | €352 | -€357 | -50.4% |
| Recurring financial income | 75 | €709 | €352 | -€357 | -50.4% |
| Financial charges | 65/66B | €2,055 | €1,890 | -€166 | -8.1% |
| Recurring financial charges | 65 | €2,055 | €1,890 | -€166 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €25,426 | €12,952 | -€12,474 | -49.1% |
| Income taxes | 67/77 | €18,100 | €4,255 | -€13,845 | -76.5% |
| Profit (loss) for the period | 9904 | €7,326 | €8,697 | +€1,371 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €7,326 | €8,697 | +€1,371 | +18.7% |
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 4 October 2026 via checked.be.