DENDER FOOT: 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.
DENDER FOOT
Largest movements
- Receivables after one year +€7.0m
up €7.0m (+47.6%), from €14.7m to €21.7m
- Cash -€3.3m
down €3.3m (-73.8%), from €4.5m to €1.2m
mainly Receivables after one year (-€7.0m) and Other debts (-€6.4m)
- Tangible fixed assets +€789,971
up €789,971 (+387%), from €204,108 to €994,079
of which Assets under construction and advance payments: +€832,662
- Deferred charges and accrued income +€614,690
up €614,690 (+35,043%), from €1,754 to €616,444
- Contributions +€7.0m
up €7.0m (+111%), from €6.3m to €13.3m
- Other debts -€6.4m
down €6.4m (-52.2%), from €12.2m to €5.8m
- Debts after one year +€4.1m
up €4.1m (+3,957%), from €104,497 to €4.2m
- Trade debts +€299,740
up €299,740 (+611%), from €49,061 to €348,802
- Gross operating margin -€194,344
down €194,344 (-187%), from -€103,882 to -€298,226
- Taxes -€76,782
down €76,782 (-58.9%), from €130,312 to €53,530
- Depreciation +€40,368
up €40,368 (+224%), from €17,983 to €58,352
- Financial income -€30,059
down €30,059 (-4.6%), from €646,551 to €616,492
- Financial charges +€6,633
up €6,633 (+207%), from €3,197 to €9,830
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 | €19,426,848 | €24,595,629 | +€5.2m | +26.6% |
| Fixed assets | 21/28 | €204,108 | €994,079 | +€789,971 | +387% |
| Tangible fixed assets | 22/27 | €204,108 | €994,079 | +€789,971 | +387% |
| Plant, machinery and equipment | 23 | €204,108 | €161,417 | -€42,691 | -20.9% |
| Assets under construction and advance payments | 27 | - | €832,662 | +€832,662 | |
| Current assets | 29/58 | €19,222,740 | €23,601,550 | +€4.4m | +22.8% |
| Amounts receivable after more than one year | 29 | €14,692,042 | €21,682,470 | +€7.0m | +47.6% |
| Other amounts receivable | 291 | €14,692,042 | €21,682,470 | +€7.0m | +47.6% |
| Amounts receivable within one year | 40/41 | €73,818 | €136,797 | +€62,978 | +85.3% |
| Trade receivables | 40 | €21 | €982 | +€961 | +4,678% |
| Other amounts receivable | 41 | €73,798 | €135,815 | +€62,017 | +84.0% |
| Cash at bank and in hand | 54/58 | €4,455,126 | €1,165,839 | -€3.3m | -73.8% |
| Deferred charges and accrued income | 490/1 | €1,754 | €616,444 | +€614,690 | +35,043% |
| Total equity and liabilities | 10/49 | €19,426,848 | €24,595,629 | +€5.2m | +26.6% |
| Equity | 10/15 | €6,920,038 | €14,111,718 | +€7.2m | +104% |
| Contributions | 10/11 | €6,321,500 | €13,321,500 | +€7.0m | +111% |
| Capital | 10 | €6,321,500 | €13,321,500 | +€7.0m | +111% |
| Issued capital | 100 | €6,321,500 | €13,321,500 | +€7.0m | +111% |
| Reserves | 13 | €207,602 | €217,186 | +€9,584 | +4.6% |
| Non-distributable reserves | 130/1 | €197,602 | €207,186 | +€9,584 | +4.9% |
| Legal reserve | 130 | €197,602 | €207,186 | +€9,584 | +4.9% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €390,936 | €573,032 | +€182,096 | +46.6% |
| Amounts payable | 17/49 | €12,506,810 | €10,483,911 | -€2.0m | -16.2% |
| Amounts payable after more than one year | 17 | €104,497 | €4,239,698 | +€4.1m | +3,957% |
| Financial debts | 170/4 | €104,497 | €4,239,698 | +€4.1m | +3,957% |
| Amounts payable within one year | 42/48 | €12,402,312 | €6,244,213 | -€6.2m | -49.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | €12,869 | +€12,869 | |
| Trade debts | 44 | €49,061 | €348,802 | +€299,740 | +611% |
| Suppliers | 440/4 | €49,061 | €348,802 | +€299,740 | +611% |
| Taxes, remuneration and social security | 45 | €130,312 | €44,897 | -€85,415 | -65.5% |
| Taxes | 450/3 | €130,312 | €44,897 | -€85,415 | -65.5% |
| Other amounts payable | 47/48 | €12,222,939 | €5,837,644 | -€6.4m | -52.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,983 | €58,352 | +€40,368 | +224% |
| Other operating charges | 640/8 | €241 | €4,874 | +€4,634 | +1,927% |
| Gross operating margin | 9900 | -€103,882 | -€298,226 | -€194,344 | -187% |
| Operating profit (loss) | 9901 | -€122,106 | -€361,452 | -€239,346 | -196% |
| Financial income | 75/76B | €646,551 | €616,492 | -€30,059 | -4.6% |
| Recurring financial income | 75 | €646,551 | €616,492 | -€30,059 | -4.6% |
| Financial charges | 65/66B | €3,197 | €9,830 | +€6,633 | +207% |
| Recurring financial charges | 65 | €3,197 | €9,830 | +€6,633 | +207% |
| Profit (loss) for the period before taxes | 9903 | €521,248 | €245,210 | -€276,038 | -53.0% |
| Income taxes | 67/77 | €130,312 | €53,530 | -€76,782 | -58.9% |
| Profit (loss) for the period | 9904 | €390,936 | €191,680 | -€199,256 | -51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €390,936 | €191,680 | -€199,256 | -51.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.