DENCEL: 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.
What changed
DENCEL
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€83,144
2024 · €62,557+€20,586
Equity
€245,398
2024 · €168,023+€77,375
Cash
€27,833
2024 · €28,554-€721
Balance sheet total
€1.3m
2024 · €1.2m+€56,823
Largest movements
Assets
- Receivables within one year +€56,120
up €56,120 (+79.7%), from €70,373 to €126,493
of which Trade receivables: +€68,134
Equity and liabilities
- Profit (loss) carried forward +€53,144
up €53,144 (+417.1%), from €12,740 to €65,884
- Reserves +€30,000
up €30,000 (+37.3%), from €80,433 to €110,433
of which Distributable reserves: +€30,000
- Current portion of long-term debt -€28,413
down €28,413 (-21.0%), from €135,449 to €107,036
- Other debts -€24,167
down €24,167 (-75.6%), from €31,977 to €7,810
- Debts after one year +€23,869
up €23,869 (+2.9%), from €835,108 to €858,977
Income statement
- Gross operating margin +€48,446
up €48,446 (+22.6%), from €214,536 to €262,982
- Taxes +€7,342
up €7,342 (+35.5%), from €20,692 to €28,034
- Depreciation +€3,771
up €3,771 (+3.5%), from €107,620 to €111,392
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.
Result 2024
€62,557
Gross operating margin
+€48,446
Staff costs
+€550
Depreciation
-€3,771
Other operating charges
-€1,007
Other operating items
-€15,089
Financial income
+€54
Financial charges
-€1,255
Taxes
-€7,342
Result 2025
€83,144
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.
From operations
+€122,961
Investment
-€113,369
Financing
-€10,313
Cash 2024
€28,554
From operations (derived)
+€122,961
Net result for the year
+€83,144
Depreciation
+€111,392
Receivables within one year
-€56,120
Deferred charges and accrued income
+€552
Provisions
-€2,970
Trade debts
-€2,045
Tax, wage and social debts
+€15,403
Other debts
-€24,167
Accrued charges and deferred income
-€2,229
Investment (derived)
-€113,369
Investment in fixed assets (net)
-€113,369
Financing
-€10,313
Debts after one year
+€23,869
Current portion of long-term debt
-€28,413
Contributions, distributions and other
-€5,769
Cash 2025
€27,833
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,218,533 | €1,275,356 | +€56,823 | +4.7% |
| Formation expenses | 20 | €12,986 | €7,184 | -€5,802 | -44.7% |
| Fixed assets | 21/28 | €1,104,422 | €1,112,200 | +€7,779 | +0.7% |
| Tangible fixed assets | 22/27 | €1,104,422 | €1,112,200 | +€7,779 | +0.7% |
| Land and buildings | 22 | €1,010,104 | €1,045,886 | +€35,781 | +3.5% |
| Furniture and vehicles | 24 | €34,317 | €6,315 | -€28,003 | -81.6% |
| Other tangible fixed assets | 26 | €60,000 | €60,000 | = | 0.0% |
| Current assets | 29/58 | €101,125 | €155,971 | +€54,846 | +54.2% |
| Amounts receivable within one year | 40/41 | €70,373 | €126,493 | +€56,120 | +79.7% |
| Trade receivables | 40 | €43,359 | €111,493 | +€68,134 | +157.1% |
| Other amounts receivable | 41 | €27,014 | €15,000 | -€12,014 | -44.5% |
| Cash at bank and in hand | 54/58 | €28,554 | €27,833 | -€721 | -2.5% |
| Deferred charges and accrued income | 490/1 | €2,198 | €1,645 | -€552 | -25.1% |
| Total equity and liabilities | 10/49 | €1,218,533 | €1,275,356 | +€56,823 | +4.7% |
| Equity | 10/15 | €168,023 | €245,398 | +€77,375 | +46.1% |
| Contributions | 10/11 | €46,560 | €46,560 | = | 0.0% |
| Reserves | 13 | €80,433 | €110,433 | +€30,000 | +37.3% |
| Non-distributable reserves | 130/1 | €4,656 | €4,656 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,656 | €4,656 | = | 0.0% |
| Distributable reserves | 133 | €75,777 | €105,777 | +€30,000 | +39.6% |
| Profit (loss) carried forward | 14 | €12,740 | €65,884 | +€53,144 | +417.1% |
| Investment grants | 15 | €28,290 | €22,521 | -€5,769 | -20.4% |
| Provisions and deferred taxes | 16 | €14,568 | €11,598 | -€2,970 | -20.4% |
| Deferred taxes | 168 | €14,568 | €11,598 | -€2,970 | -20.4% |
| Amounts payable | 17/49 | €1,035,942 | €1,018,361 | -€17,582 | -1.7% |
| Amounts payable after more than one year | 17 | €835,108 | €858,977 | +€23,869 | +2.9% |
| Financial debts | 170/4 | €835,108 | €858,977 | +€23,869 | +2.9% |
| Amounts payable within one year | 42/48 | €198,605 | €159,383 | -€39,221 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €135,449 | €107,036 | -€28,413 | -21.0% |
| Trade debts | 44 | €16,629 | €14,584 | -€2,045 | -12.3% |
| Suppliers | 440/4 | €16,629 | €14,584 | -€2,045 | -12.3% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €14,550 | €29,953 | +€15,403 | +105.9% |
| Taxes | 450/3 | €14,550 | €29,953 | +€15,403 | +105.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €31,977 | €7,810 | -€24,167 | -75.6% |
| Accrued charges and deferred income | 492/3 | €2,229 | €0 | -€2,229 | -100.0% |
| Remuneration, social security and pensions | 62 | €550 | - | -€550 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,620 | €111,392 | +€3,771 | +3.5% |
| Other operating charges | 640/8 | €16,648 | €17,655 | +€1,007 | +6.1% |
| Non-recurring operating charges | 66A | - | €15,089 | +€15,089 | |
| Gross operating margin | 9900 | €214,536 | €262,982 | +€48,446 | +22.6% |
| Operating profit (loss) | 9901 | €89,717 | €118,846 | +€29,129 | +32.5% |
| Financial income | 75/76B | €5,769 | €5,823 | +€54 | +0.9% |
| Recurring financial income | 75 | €5,769 | €5,823 | +€54 | +0.9% |
| Financial charges | 65/66B | €15,207 | €16,461 | +€1,255 | +8.2% |
| Recurring financial charges | 65 | €15,207 | €16,461 | +€1,255 | +8.2% |
| Profit (loss) for the period before taxes | 9903 | €80,279 | €108,208 | +€27,929 | +34.8% |
| Transfer from deferred taxes | 780 | €2,970 | €2,970 | = | 0.0% |
| Income taxes | 67/77 | €20,692 | €28,034 | +€7,342 | +35.5% |
| Profit (loss) for the period | 9904 | €62,557 | €83,144 | +€20,586 | +32.9% |
| Profit (loss) for the period to be appropriated | 9905 | €62,557 | €83,144 | +€20,586 | +32.9% |
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 11 October 2026 via checked.be.