DENDERKABEL: 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.
DENDERKABEL
Largest movements
- Receivables within one year -€633,073
down €633,073 (-34.1%), from €1.9m to €1.2m
of which Trade receivables: -€569,155
- Tangible fixed assets +€343,899
up €343,899 (+9.8%), from €3.5m to €3.8m
of which Other tangible fixed assets: +€351,638
- Cash +€263,982
up €263,982 (+957.6%), from €27,566 to €291,548
mainly Net result for the year (+€972,359) and Depreciation (+€676,933)
- Stocks and contracts +€203,874
up €203,874 (+18.6%), from €1.1m to €1.3m
- Reserves +€878,880
up €878,880 (+62.8%), from €1.4m to €2.3m
of which Distributable reserves: +€878,880
- Accrued charges and deferred income -€626,982
down €626,982 (-98.7%), from €635,325 to €8,343
- Trade debts -€120,454
down €120,454 (-78.8%), from €152,900 to €32,446
- Tax, wage and social debts +€116,168
up €116,168 (+170.2%), from €68,260 to €184,428
- Debts after one year -€93,747
down €93,747 (-8.6%), from €1.1m to €991,710
- Gross operating margin +€356,614
up €356,614 (+19.5%), from €1.8m to €2.2m
- Taxes +€183,020
up €183,020 (+74.3%), from €246,175 to €429,195
- Other operating charges -€131,657
down €131,657 (-77.7%), from €169,370 to €37,713
- Depreciation +€65,232
up €65,232 (+10.7%), from €611,701 to €676,933
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 | €6,975,784 | €7,158,417 | +€182,633 | +2.6% |
| Fixed assets | 21/28 | €3,502,648 | €3,846,547 | +€343,899 | +9.8% |
| Tangible fixed assets | 22/27 | €3,502,648 | €3,846,547 | +€343,899 | +9.8% |
| Land and buildings | 22 | €1,219,413 | €1,192,309 | -€27,104 | -2.2% |
| Plant, machinery and equipment | 23 | €416,627 | €336,371 | -€80,256 | -19.3% |
| Furniture and vehicles | 24 | €331,726 | €219,912 | -€111,815 | -33.7% |
| Leasing and similar rights | 25 | €492,186 | €703,620 | +€211,434 | +43.0% |
| Other tangible fixed assets | 26 | €1,042,696 | €1,394,335 | +€351,638 | +33.7% |
| Current assets | 29/58 | €3,473,136 | €3,311,870 | -€161,266 | -4.6% |
| Stocks and contracts in progress | 3 | €1,093,282 | €1,297,157 | +€203,874 | +18.6% |
| Stocks | 30/36 | €1,093,282 | €1,297,157 | +€203,874 | +18.6% |
| Amounts receivable within one year | 40/41 | €1,857,306 | €1,224,232 | -€633,073 | -34.1% |
| Trade receivables | 40 | €1,678,085 | €1,108,930 | -€569,155 | -33.9% |
| Other amounts receivable | 41 | €179,221 | €115,303 | -€63,918 | -35.7% |
| Current investments | 50/53 | €494,983 | €494,983 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €27,566 | €291,548 | +€263,982 | +957.6% |
| Deferred charges and accrued income | 490/1 | - | €3,951 | +€3,951 | |
| Total equity and liabilities | 10/49 | €6,975,784 | €7,158,417 | +€182,633 | +2.6% |
| Equity | 10/15 | €4,127,752 | €5,006,632 | +€878,880 | +21.3% |
| Contributions | 10/11 | €1,437,702 | €1,437,702 | = | 0.0% |
| Contributions outside capital | 11 | €1,437,702 | - | -€1.4m | |
| Share premium | 1100/10 | €1,437,702 | - | -€1.4m | |
| Reserves | 13 | €1,399,274 | €2,278,155 | +€878,880 | +62.8% |
| Non-distributable reserves | 130/1 | €38,300 | €38,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €38,300 | €38,300 | = | 0.0% |
| Distributable reserves | 133 | €1,360,974 | €2,239,855 | +€878,880 | +64.6% |
| Profit (loss) carried forward | 14 | €1,290,775 | €1,290,775 | = | 0.0% |
| Amounts payable | 17/49 | €2,848,032 | €2,151,785 | -€696,247 | -24.4% |
| Amounts payable after more than one year | 17 | €1,085,457 | €991,710 | -€93,747 | -8.6% |
| Financial debts | 170/4 | €1,085,457 | €991,710 | -€93,747 | -8.6% |
| Amounts payable within one year | 42/48 | €1,127,251 | €1,151,732 | +€24,481 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €573,235 | €577,738 | +€4,504 | +0.8% |
| Trade debts | 44 | €152,900 | €32,446 | -€120,454 | -78.8% |
| Suppliers | 440/4 | €152,900 | €32,446 | -€120,454 | -78.8% |
| Taxes, remuneration and social security | 45 | €68,260 | €184,428 | +€116,168 | +170.2% |
| Taxes | 450/3 | €68,260 | €184,428 | +€116,168 | +170.2% |
| Other amounts payable | 47/48 | €332,857 | €357,121 | +€24,264 | +7.3% |
| Accrued charges and deferred income | 492/3 | €635,325 | €8,343 | -€626,982 | -98.7% |
| Non-recurring operating income | 76A | €153,916 | €41,659 | -€112,256 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €611,701 | €676,933 | +€65,232 | +10.7% |
| Other operating charges | 640/8 | €169,370 | €37,713 | -€131,657 | -77.7% |
| Non-recurring operating charges | 66A | €4,276 | - | -€4,276 | |
| Gross operating margin | 9900 | €1,826,195 | €2,182,809 | +€356,614 | +19.5% |
| Operating profit (loss) | 9901 | €1,040,848 | €1,468,163 | +€427,315 | +41.1% |
| Financial income | 75/76B | - | €2,613 | +€2,613 | |
| Recurring financial income | 75 | - | €2,613 | +€2,613 | |
| Financial charges | 65/66B | €87,574 | €69,223 | -€18,351 | -21.0% |
| Recurring financial charges | 65 | €87,574 | €69,223 | -€18,351 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €953,274 | €1,401,554 | +€448,280 | +47.0% |
| Income taxes | 67/77 | €246,175 | €429,195 | +€183,020 | +74.3% |
| Profit (loss) for the period | 9904 | €707,099 | €972,359 | +€265,260 | +37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €707,099 | €972,359 | +€265,260 | +37.5% |
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 10 October 2026 via checked.be.