DEND: 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.
DEND
Largest movements
- Tangible fixed assets +€653,301
up €653,301 (+730.0%), from €89,491 to €742,791
- Cash -€191,771
down €191,771 (-98.8%), from €194,195 to €2,424
mainly Investment in fixed assets (net) (-€659,083) and Receivables within one year (-€156,763)
- Receivables within one year +€156,763
up €156,763 (+213.0%), from €73,608 to €230,370
of which Other amounts receivable: +€151,364
- Stocks and contracts +€103,250
new in 2025: €103,250
- Trade debts +€409,285
up €409,285 (+932.7%), from €43,882 to €453,167
- Debts after one year +€391,631
up €391,631 (+1866.2%), from €20,985 to €412,616
- Profit (loss) carried forward -€89,359
new in 2025: -€89,359
- Gross operating margin -€92,242
down €92,242, from €8,308 to -€83,934
- Depreciation +€3,839
up €3,839 (+197.7%), from €1,942 to €5,782
- Staff costs +€1,702
new in 2025: €1,702
- Financial charges +€1,599
up €1,599 (+612.4%), from €261 to €1,860
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 | €374,717 | €1,098,401 | +€723,683 | +193.1% |
| Formation expenses | 20 | €17,425 | €17,425 | = | 0.0% |
| Fixed assets | 21/28 | €89,491 | €742,791 | +€653,301 | +730.0% |
| Tangible fixed assets | 22/27 | €89,491 | €742,791 | +€653,301 | +730.0% |
| Plant, machinery and equipment | 23 | €5,360 | €216,962 | +€211,602 | +3947.9% |
| Furniture and vehicles | 24 | - | €71,463 | +€71,463 | |
| Leasing and similar rights | 25 | €21,914 | €96,742 | +€74,829 | +341.5% |
| Other tangible fixed assets | 26 | €62,217 | €357,624 | +€295,407 | +474.8% |
| Current assets | 29/58 | €267,802 | €338,185 | +€70,383 | +26.3% |
| Stocks and contracts in progress | 3 | - | €103,250 | +€103,250 | |
| Stocks | 30/36 | - | €103,250 | +€103,250 | |
| Amounts receivable within one year | 40/41 | €73,608 | €230,370 | +€156,763 | +213.0% |
| Trade receivables | 40 | €55,942 | €61,341 | +€5,399 | +9.7% |
| Other amounts receivable | 41 | €17,666 | €169,030 | +€151,364 | +856.8% |
| Cash at bank and in hand | 54/58 | €194,195 | €2,424 | -€191,771 | -98.8% |
| Deferred charges and accrued income | 490/1 | - | €2,141 | +€2,141 | |
| Total equity and liabilities | 10/49 | €374,717 | €1,098,401 | +€723,683 | +193.1% |
| Equity | 10/15 | €29,959 | -€64,359 | -€94,318 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €4,959 | - | -€4,959 | |
| Distributable reserves | 133 | €4,959 | - | -€4,959 | |
| Profit (loss) carried forward | 14 | - | -€89,359 | -€89,359 | |
| Amounts payable | 17/49 | €344,759 | €1,162,760 | +€818,002 | +237.3% |
| Amounts payable after more than one year | 17 | €20,985 | €412,616 | +€391,631 | +1866.2% |
| Financial debts | 170/4 | €20,985 | €412,616 | +€391,631 | +1866.2% |
| Amounts payable within one year | 42/48 | €323,773 | €750,144 | +€426,371 | +131.7% |
| Current portion of amounts payable after more than one year | 42 | €2,042 | €9,127 | +€7,085 | +347.0% |
| Trade debts | 44 | €43,882 | €453,167 | +€409,285 | +932.7% |
| Suppliers | 440/4 | €43,882 | €453,167 | +€409,285 | +932.7% |
| Other amounts payable | 47/48 | €277,849 | €287,849 | +€10,000 | +3.6% |
| Remuneration, social security and pensions | 62 | - | €1,702 | +€1,702 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,942 | €5,782 | +€3,839 | +197.7% |
| Other operating charges | 640/8 | €1,145 | €1,041 | -€104 | -9.1% |
| Gross operating margin | 9900 | €8,308 | -€83,934 | -€92,242 | |
| Operating profit (loss) | 9901 | €5,220 | -€92,459 | -€97,679 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €261 | €1,860 | +€1,599 | +612.4% |
| Recurring financial charges | 65 | €261 | €1,860 | +€1,599 | +612.4% |
| Profit (loss) for the period before taxes | 9903 | €4,959 | -€94,318 | -€99,277 | |
| Profit (loss) for the period | 9904 | €4,959 | -€94,318 | -€99,277 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,959 | -€94,318 | -€99,277 |
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 30 September 2026 via checked.be.