DENCO: 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.
DENCO
Largest movements
- Current investments -€1.5m
down €1.5m (-70.3%), from €2.1m to €628,197
- Cash -€49,189
down €49,189 (-27.9%), from €176,027 to €126,838
mainly Other debts (-€1.5m) and Contributions, distributions and other (-€181,822)
- Receivables within one year +€25,908
up €25,908 (+209.4%), from €12,375 to €38,283
of which Trade receivables: +€27,244
- Other debts -€1.5m
down €1.5m (-96.9%), from €1.6m to €49,661
- Tax, wage and social debts +€82,458
up €82,458 (+761.8%), from €10,824 to €93,282
of which Taxes: +€77,251
- Reserves -€69,483
down €69,483 (-10.0%), from €692,606 to €623,123
of which Tax-exempt reserves: -€71,570
- Financial income +€263,550
up €263,550 (+184.0%), from €143,238 to €406,787
of which Non-recurring financial income: +€284,691
- Taxes +€88,209
up €88,209 (+199.0%), from €44,334 to €132,543
- Financial charges +€79,786
up €79,786 (+73.9%), from €107,990 to €187,776
- Gross operating margin -€36,157
down €36,157 (-41.8%), from €86,540 to €50,383
- Depreciation -€10,450
down €10,450 (-33.3%), from €31,344 to €20,894
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 | €2,402,466 | €881,467 | -€1.5m | -63.3% |
| Fixed assets | 21/28 | €92,715 | €80,468 | -€12,247 | -13.2% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €92,715 | €80,468 | -€12,247 | -13.2% |
| Plant, machinery and equipment | 23 | €3,611 | €4,683 | +€1,071 | +29.7% |
| Furniture and vehicles | 24 | €18,575 | €18,410 | -€165 | -0.9% |
| Other tangible fixed assets | 26 | €70,529 | €57,375 | -€13,154 | -18.7% |
| Current assets | 29/58 | €2,309,751 | €800,999 | -€1.5m | -65.3% |
| Amounts receivable within one year | 40/41 | €12,375 | €38,283 | +€25,908 | +209.4% |
| Trade receivables | 40 | €10,920 | €38,164 | +€27,244 | +249.5% |
| Other amounts receivable | 41 | €1,455 | €118 | -€1,336 | -91.9% |
| Current investments | 50/53 | €2,114,240 | €628,197 | -€1.5m | -70.3% |
| Cash at bank and in hand | 54/58 | €176,027 | €126,838 | -€49,189 | -27.9% |
| Deferred charges and accrued income | 490/1 | €7,109 | €7,681 | +€572 | +8.0% |
| Total equity and liabilities | 10/49 | €2,402,466 | €881,467 | -€1.5m | -63.3% |
| Equity | 10/15 | €730,206 | €660,723 | -€69,483 | -9.5% |
| Contributions | 10/11 | €37,600 | €37,600 | = | 0.0% |
| Reserves | 13 | €692,606 | €623,123 | -€69,483 | -10.0% |
| Tax-exempt reserves | 132 | €71,570 | - | -€71,570 | |
| Distributable reserves | 133 | €621,036 | €623,123 | +€2,087 | +0.3% |
| Amounts payable | 17/49 | €1,672,261 | €220,744 | -€1.5m | -86.8% |
| Amounts payable after more than one year | 17 | €60,000 | €60,000 | = | 0.0% |
| Financial debts | 170/4 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,612,261 | €160,744 | -€1.5m | -90.0% |
| Trade debts | 44 | €9,468 | €17,800 | +€8,332 | +88.0% |
| Suppliers | 440/4 | €9,468 | €17,800 | +€8,332 | +88.0% |
| Taxes, remuneration and social security | 45 | €10,824 | €93,282 | +€82,458 | +761.8% |
| Taxes | 450/3 | €10,824 | €88,075 | +€77,251 | +713.7% |
| Remuneration and social security | 454/9 | - | €5,207 | +€5,207 | |
| Other amounts payable | 47/48 | €1,591,969 | €49,661 | -€1.5m | -96.9% |
| Accrued charges and deferred income | 492/3 | - | €1 | +€1 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,344 | €20,894 | -€10,450 | -33.3% |
| Other operating charges | 640/8 | €4,402 | €3,618 | -€784 | -17.8% |
| Non-recurring operating charges | 66A | €27,147 | - | -€27,147 | |
| Gross operating margin | 9900 | €86,540 | €50,383 | -€36,157 | -41.8% |
| Operating profit (loss) | 9901 | €23,647 | €25,871 | +€2,224 | +9.4% |
| Financial income | 75/76B | €143,238 | €406,787 | +€263,550 | +184.0% |
| Recurring financial income | 75 | €33,126 | €11,985 | -€21,141 | -63.8% |
| Non-recurring financial income | 76B | €110,111 | €394,802 | +€284,691 | +258.5% |
| Financial charges | 65/66B | €107,990 | €187,776 | +€79,786 | +73.9% |
| Recurring financial charges | 65 | €107,990 | €187,776 | +€79,786 | +73.9% |
| Profit (loss) for the period before taxes | 9903 | €58,895 | €244,883 | +€185,988 | +315.8% |
| Income taxes | 67/77 | €44,334 | €132,543 | +€88,209 | +199.0% |
| Profit (loss) for the period | 9904 | €14,561 | €112,340 | +€97,779 | +671.5% |
| Transfer from tax-exempt reserves | 789 | - | €71,570 | +€71,570 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,561 | €183,910 | +€169,349 | +1163.0% |
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 11 October 2026 via checked.be.