Dendal 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.
Dendal Management
Largest movements
- Tangible fixed assets +€113,366
up €113,366 (+24.4%), from €464,058 to €577,423
of which Furniture and vehicles: +€90,842
- Cash -€106,962
down €106,962 (-19.3%), from €554,179 to €447,217
mainly Contributions, distributions and other (-€165,000) and Investment in fixed assets (net) (-€147,639)
- Receivables within one year +€20,985
up €20,985 (+35.1%), from €59,790 to €80,775
of which Trade receivables: +€21,296
- Other debts +€65,000
up €65,000 (+65.0%), from €100,000 to €165,000
- Short-term financial debts -€36,660
down €36,660 (-41.3%), from €88,705 to €52,045
- Gross operating margin +€25,933
up €25,933 (+10.6%), from €245,006 to €270,939
- Depreciation +€12,594
up €12,594 (+58.1%), from €21,679 to €34,274
- Financial income -€9,725
down €9,725 (-87.7%), from €11,087 to €1,361
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 | €1,079,543 | €1,106,932 | +€27,389 | +2.5% |
| Fixed assets | 21/28 | €464,058 | €577,423 | +€113,366 | +24.4% |
| Tangible fixed assets | 22/27 | €464,058 | €577,423 | +€113,366 | +24.4% |
| Land and buildings | 22 | €435,917 | €420,710 | -€15,206 | -3.5% |
| Furniture and vehicles | 24 | - | €90,842 | +€90,842 | |
| Other tangible fixed assets | 26 | €28,141 | €65,871 | +€37,730 | +134% |
| Current assets | 29/58 | €615,486 | €529,509 | -€85,977 | -14.0% |
| Amounts receivable within one year | 40/41 | €59,790 | €80,775 | +€20,985 | +35.1% |
| Trade receivables | 40 | €36,300 | €57,596 | +€21,296 | +58.7% |
| Other amounts receivable | 41 | €23,490 | €23,179 | -€311 | -1.3% |
| Cash at bank and in hand | 54/58 | €554,179 | €447,217 | -€106,962 | -19.3% |
| Deferred charges and accrued income | 490/1 | €1,517 | €1,517 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,079,543 | €1,106,932 | +€27,389 | +2.5% |
| Equity | 10/15 | €857,183 | €852,878 | -€4,305 | -0.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €823,160 | €818,160 | -€5,000 | -0.6% |
| Non-distributable reserves | 130/1 | €8,160 | €8,160 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,160 | €8,160 | = | 0.0% |
| Distributable reserves | 133 | €815,000 | €810,000 | -€5,000 | -0.6% |
| Profit (loss) carried forward | 14 | €21,623 | €22,318 | +€695 | +3.2% |
| Amounts payable | 17/49 | €222,360 | €254,054 | +€31,694 | +14.3% |
| Amounts payable within one year | 42/48 | €222,360 | €254,054 | +€31,694 | +14.3% |
| Financial debts | 43 | €88,705 | €52,045 | -€36,660 | -41.3% |
| Credit institutions | 430/8 | €88,705 | €52,045 | -€36,660 | -41.3% |
| Trade debts | 44 | €48 | €2,016 | +€1,968 | +4,108% |
| Suppliers | 440/4 | €48 | €2,016 | +€1,968 | +4,108% |
| Taxes, remuneration and social security | 45 | €33,607 | €34,993 | +€1,386 | +4.1% |
| Taxes | 450/3 | €33,607 | €34,993 | +€1,386 | +4.1% |
| Other amounts payable | 47/48 | €100,000 | €165,000 | +€65,000 | +65.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,679 | €34,274 | +€12,594 | +58.1% |
| Other operating charges | 640/8 | €1,316 | €2,339 | +€1,023 | +77.7% |
| Gross operating margin | 9900 | €245,006 | €270,939 | +€25,933 | +10.6% |
| Operating profit (loss) | 9901 | €222,011 | €234,326 | +€12,316 | +5.5% |
| Financial income | 75/76B | €11,087 | €1,361 | -€9,725 | -87.7% |
| Recurring financial income | 75 | €11,087 | €1,361 | -€9,725 | -87.7% |
| Financial charges | 65/66B | €3,919 | €2,714 | -€1,205 | -30.8% |
| Recurring financial charges | 65 | €3,919 | €2,714 | -€1,205 | -30.8% |
| Profit (loss) for the period before taxes | 9903 | €229,179 | €232,974 | +€3,796 | +1.7% |
| Income taxes | 67/77 | €70,826 | €72,279 | +€1,453 | +2.1% |
| Profit (loss) for the period | 9904 | €158,352 | €160,695 | +€2,343 | +1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €158,352 | €160,695 | +€2,343 | +1.5% |
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 13 October 2026 via checked.be.