DENDAUW ELS: 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.
DENDAUW ELS
Largest movements
- Receivables within one year +€213,266
up €213,266 (+34.6%), from €615,514 to €828,780
of which Trade receivables: +€214,417
- Tangible fixed assets -€188,876
down €188,876 (-16.9%), from €1.1m to €925,543
of which Plant, machinery and equipment: -€150,987
- Stocks and contracts +€151,600
up €151,600 (+77.2%), from €196,350 to €347,950
- Cash -€87,944
down €87,944 (-25.1%), from €351,027 to €263,084
mainly Receivables within one year (-€213,266) and Debts after one year (-€157,500)
- Debts after one year -€157,500
down €157,500 (-25.7%), from €612,778 to €455,278
- Trade debts +€145,046
up €145,046 (+46.7%), from €310,783 to €455,829
- Other debts +€57,176
up €57,176 (+17.0%), from €336,086 to €393,263
- Tax, wage and social debts +€30,336
up €30,336 (+110%), from €27,469 to €57,805
of which Taxes: +€31,839
- Gross operating margin +€31,075
up €31,075 (+8.4%), from €368,004 to €399,079
- Financial income -€30,157
down €30,157 (-77.7%), from €38,804 to €8,647
- Financial charges +€25,243
up €25,243 (+33.7%), from €74,857 to €100,100
of which Non-recurring financial charges: +€21,749
- Staff costs +€5,648
up €5,648 (+9.7%), from €58,277 to €63,925
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,300,335 | €2,390,413 | +€90,079 | +3.9% |
| Fixed assets | 21/28 | €1,117,420 | €928,543 | -€188,876 | -16.9% |
| Tangible fixed assets | 22/27 | €1,114,420 | €925,543 | -€188,876 | -16.9% |
| Land and buildings | 22 | €295,497 | €257,608 | -€37,889 | -12.8% |
| Plant, machinery and equipment | 23 | €818,923 | €667,935 | -€150,987 | -18.4% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €1,182,915 | €1,461,870 | +€278,955 | +23.6% |
| Stocks and contracts in progress | 3 | €196,350 | €347,950 | +€151,600 | +77.2% |
| Stocks | 30/36 | €196,350 | €347,950 | +€151,600 | +77.2% |
| Amounts receivable within one year | 40/41 | €615,514 | €828,780 | +€213,266 | +34.6% |
| Trade receivables | 40 | €614,238 | €828,655 | +€214,417 | +34.9% |
| Other amounts receivable | 41 | €1,277 | €125 | -€1,152 | -90.2% |
| Current investments | 50/53 | €2,500 | €3,500 | +€1,000 | +40.0% |
| Cash at bank and in hand | 54/58 | €351,027 | €263,084 | -€87,944 | -25.1% |
| Deferred charges and accrued income | 490/1 | €17,523 | €18,556 | +€1,033 | +5.9% |
| Total equity and liabilities | 10/49 | €2,300,335 | €2,390,413 | +€90,079 | +3.9% |
| Equity | 10/15 | €676,378 | €691,807 | +€15,429 | +2.3% |
| Contributions | 10/11 | €132,000 | €132,000 | = | 0.0% |
| Reserves | 13 | €505,605 | €528,788 | +€23,183 | +4.6% |
| Non-distributable reserves | 130/1 | €12,053 | €12,053 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,053 | - | -€12,053 | |
| Other | 1319 | - | €12,053 | +€12,053 | |
| Distributable reserves | 133 | €493,551 | €516,735 | +€23,183 | +4.7% |
| Investment grants | 15 | €38,774 | €31,019 | -€7,755 | -20.0% |
| Provisions and deferred taxes | 16 | €2,041 | €1,633 | -€408 | -20.0% |
| Deferred taxes | 168 | €2,041 | €1,633 | -€408 | -20.0% |
| Amounts payable | 17/49 | €1,621,916 | €1,696,974 | +€75,058 | +4.6% |
| Amounts payable after more than one year | 17 | €612,778 | €455,278 | -€157,500 | -25.7% |
| Financial debts | 170/4 | €612,778 | €455,278 | -€157,500 | -25.7% |
| Amounts payable within one year | 42/48 | €1,009,138 | €1,241,696 | +€232,558 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €157,500 | €157,500 | +€0 | 0.0% |
| Financial debts | 43 | €177,300 | €177,300 | = | 0.0% |
| Credit institutions | 430/8 | €177,300 | €177,300 | = | 0.0% |
| Trade debts | 44 | €310,783 | €455,829 | +€145,046 | +46.7% |
| Suppliers | 440/4 | €310,783 | €455,829 | +€145,046 | +46.7% |
| Taxes, remuneration and social security | 45 | €27,469 | €57,805 | +€30,336 | +110% |
| Taxes | 450/3 | €16,105 | €47,944 | +€31,839 | +198% |
| Remuneration and social security | 454/9 | €11,364 | €9,861 | -€1,503 | -13.2% |
| Other amounts payable | 47/48 | €336,086 | €393,263 | +€57,176 | +17.0% |
| Non-recurring operating income | 76A | €4,289 | €4,639 | +€350 | +8.2% |
| Remuneration, social security and pensions | 62 | €58,277 | €63,925 | +€5,648 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,876 | €188,876 | = | 0.0% |
| Other operating charges | 640/8 | €14,484 | €15,349 | +€865 | +6.0% |
| Non-recurring operating charges | 66A | €4,289 | €4,639 | +€350 | +8.2% |
| Gross operating margin | 9900 | €368,004 | €399,079 | +€31,075 | +8.4% |
| Operating profit (loss) | 9901 | €102,078 | €126,289 | +€24,211 | +23.7% |
| Financial income | 75/76B | €38,804 | €8,647 | -€30,157 | -77.7% |
| Recurring financial income | 75 | €38,804 | €8,647 | -€30,157 | -77.7% |
| Financial charges | 65/66B | €74,857 | €100,100 | +€25,243 | +33.7% |
| Recurring financial charges | 65 | €20,573 | €24,066 | +€3,493 | +17.0% |
| Non-recurring financial charges | 66B | €54,285 | €76,034 | +€21,749 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €66,024 | €34,837 | -€31,188 | -47.2% |
| Transfer from deferred taxes | 780 | €2,041 | €408 | -€1,633 | -80.0% |
| Income taxes | 67/77 | €10,279 | €12,061 | +€1,782 | +17.3% |
| Profit (loss) for the period | 9904 | €57,786 | €23,183 | -€34,603 | -59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €57,786 | €23,183 | -€34,603 | -59.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.