DENCK MANAGEMENT: 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.
DENCK MANAGEMENT
Largest movements
- Tangible fixed assets -€24,042
down €24,042 (-2.0%), from €1.2m to €1.2m
of which Land and buildings: -€15,629
- Receivables within one year +€16,681
up €16,681 (+456%), from €3,655 to €20,336
of which Trade receivables: +€16,625
- Debts after one year -€95,031
down €95,031 (-7.1%), from €1.3m to €1.2m
- Other debts +€54,582
up €54,582 (+44.0%), from €123,996 to €178,578
- Reserves +€29,661
up €29,661 (+181%), from €16,355 to €46,016
- Other operating charges -€134,698
down €134,698 (-95.2%), from €141,462 to €6,763
- Gross operating margin +€37,552
up €37,552 (+45.1%), from €83,192 to €120,744
- Financial charges +€25,026
up €25,026 (+114%), from €21,978 to €47,003
- Depreciation +€19,406
up €19,406 (+110%), from €17,616 to €37,022
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 | €1,596,816 | €1,581,958 | -€14,858 | -0.9% |
| Fixed assets | 21/28 | €1,232,399 | €1,208,357 | -€24,042 | -2.0% |
| Tangible fixed assets | 22/27 | €1,232,399 | €1,208,357 | -€24,042 | -2.0% |
| Land and buildings | 22 | €1,199,819 | €1,184,189 | -€15,629 | -1.3% |
| Plant, machinery and equipment | 23 | €4,921 | €4,362 | -€558 | -11.3% |
| Furniture and vehicles | 24 | €27,659 | €19,805 | -€7,855 | -28.4% |
| Current assets | 29/58 | €364,417 | €373,602 | +€9,184 | +2.5% |
| Amounts receivable within one year | 40/41 | €3,655 | €20,336 | +€16,681 | +456% |
| Trade receivables | 40 | €3,655 | €20,280 | +€16,625 | +455% |
| Other amounts receivable | 41 | €0 | €56 | +€56 | |
| Current investments | 50/53 | €350,000 | €350,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €10,331 | €2,537 | -€7,794 | -75.4% |
| Deferred charges and accrued income | 490/1 | €431 | €729 | +€298 | +69.1% |
| Total equity and liabilities | 10/49 | €1,596,816 | €1,581,958 | -€14,858 | -0.9% |
| Equity | 10/15 | €21,355 | €51,016 | +€29,661 | +139% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €16,355 | €46,016 | +€29,661 | +181% |
| Distributable reserves | 133 | €16,355 | €46,016 | +€29,661 | +181% |
| Amounts payable | 17/49 | €1,575,461 | €1,530,942 | -€44,519 | -2.8% |
| Amounts payable after more than one year | 17 | €1,337,138 | €1,242,107 | -€95,031 | -7.1% |
| Financial debts | 170/4 | €1,337,138 | €1,242,107 | -€95,031 | -7.1% |
| Amounts payable within one year | 42/48 | €238,323 | €288,834 | +€50,512 | +21.2% |
| Current portion of amounts payable after more than one year | 42 | €91,778 | €95,031 | +€3,253 | +3.5% |
| Trade debts | 44 | €0 | €4,195 | +€4,195 | |
| Suppliers | 440/4 | €0 | €4,195 | +€4,195 | |
| Taxes, remuneration and social security | 45 | €22,549 | €11,031 | -€11,518 | -51.1% |
| Taxes | 450/3 | €22,549 | €11,031 | -€11,518 | -51.1% |
| Other amounts payable | 47/48 | €123,996 | €178,578 | +€54,582 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,616 | €37,022 | +€19,406 | +110% |
| Other operating charges | 640/8 | €141,462 | €6,763 | -€134,698 | -95.2% |
| Gross operating margin | 9900 | €83,192 | €120,744 | +€37,552 | +45.1% |
| Operating profit (loss) | 9901 | -€75,886 | €76,959 | +€152,844 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €21,978 | €47,003 | +€25,026 | +114% |
| Recurring financial charges | 65 | €21,978 | €47,003 | +€25,026 | +114% |
| Profit (loss) for the period before taxes | 9903 | -€97,863 | €29,955 | +€127,819 | |
| Income taxes | 67/77 | €305 | €294 | -€11 | -3.5% |
| Profit (loss) for the period | 9904 | -€98,168 | €29,661 | +€127,829 | |
| Profit (loss) for the period to be appropriated | 9905 | -€98,168 | €29,661 | +€127,829 |
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 29 October 2026 via checked.be.