Dendevphar: 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.
What changed
Dendevphar
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11,793
2024 · €29,455-€17,661
Equity
€358,362
2024 · €347,402+€10,960
Cash
€1,660
2024 · €6,258-€4,598
Balance sheet total
€1.4m
2024 · €1.4m-€10,458
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€61,694
down €61,694 (-18.0%), from €342,051 to €280,357
- Other debts +€33,286
up €33,286 (+5.0%), from €661,172 to €694,457
Income statement
- Gross operating margin -€14,648
down €14,648 (-17.4%), from €84,312 to €69,664
- Financial charges +€9,145
up €9,145 (+27.7%), from €33,046 to €42,192
- Taxes -€6,113
down €6,113 (-52.5%), from €11,642 to €5,529
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.
Result 2024
€29,455
Gross operating margin
-€14,648
Other operating charges
-€39
Other operating items
+€58
Financial charges
-€9,145
Taxes
+€6,113
Result 2025
€11,793
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€57,601
Investment
€0
Financing
-€62,198
Cash 2024
€6,258
From operations (derived)
+€57,601
Net result for the year
+€11,793
Depreciation
+€8,845
Receivables within one year
-€2,945
Deferred charges and accrued income
-€40
Trade debts
-€2,253
Tax, wage and social debts
-€3,597
Other debts
+€33,286
Accrued charges and deferred income
+€12,511
Financing
-€62,198
Debts after one year
-€61,694
Current portion of long-term debt
+€345
Short-term financial debts
-€16
Contributions, distributions and other
-€833
Cash 2025
€1,660
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,438,886 | €1,428,428 | -€10,458 | -0.7% |
| Fixed assets | 21/28 | €1,423,349 | €1,414,504 | -€8,845 | -0.6% |
| Tangible fixed assets | 22/27 | €31,515 | €22,670 | -€8,845 | -28.1% |
| Furniture and vehicles | 24 | €31,515 | €22,670 | -€8,845 | -28.1% |
| Financial fixed assets | 28 | €1,391,834 | €1,391,834 | = | 0.0% |
| Current assets | 29/58 | €15,538 | €13,925 | -€1,613 | -10.4% |
| Amounts receivable within one year | 40/41 | €8,140 | €11,085 | +€2,945 | +36.2% |
| Trade receivables | 40 | €2,000 | €2,000 | = | 0.0% |
| Other amounts receivable | 41 | €6,140 | €9,085 | +€2,945 | +48.0% |
| Cash at bank and in hand | 54/58 | €6,258 | €1,660 | -€4,598 | -73.5% |
| Deferred charges and accrued income | 490/1 | €1,140 | €1,179 | +€40 | +3.5% |
| Total equity and liabilities | 10/49 | €1,438,886 | €1,428,428 | -€10,458 | -0.7% |
| Equity | 10/15 | €347,402 | €358,362 | +€10,960 | +3.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €327,402 | €338,362 | +€10,960 | +3.3% |
| Distributable reserves | 133 | €327,402 | €338,362 | +€10,960 | +3.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,091,485 | €1,070,066 | -€21,418 | -2.0% |
| Amounts payable after more than one year | 17 | €342,051 | €280,357 | -€61,694 | -18.0% |
| Financial debts | 170/4 | €342,051 | €280,357 | -€61,694 | -18.0% |
| Amounts payable within one year | 42/48 | €749,016 | €776,781 | +€27,765 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €65,832 | €66,177 | +€345 | +0.5% |
| Financial debts | 43 | €4,568 | €4,552 | -€16 | -0.3% |
| Credit institutions | 430/8 | €4,568 | €4,552 | -€16 | -0.3% |
| Trade debts | 44 | €5,290 | €3,037 | -€2,253 | -42.6% |
| Suppliers | 440/4 | €5,290 | €3,037 | -€2,253 | -42.6% |
| Taxes, remuneration and social security | 45 | €12,154 | €8,557 | -€3,597 | -29.6% |
| Taxes | 450/3 | €12,154 | €8,557 | -€3,597 | -29.6% |
| Other amounts payable | 47/48 | €661,172 | €694,457 | +€33,286 | +5.0% |
| Accrued charges and deferred income | 492/3 | €418 | €12,929 | +€12,511 | +2,997% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,845 | €8,845 | = | 0.0% |
| Other operating charges | 640/8 | €1,266 | €1,305 | +€39 | +3.0% |
| Non-recurring operating charges | 66A | €58 | €0 | -€58 | -100% |
| Gross operating margin | 9900 | €84,312 | €69,664 | -€14,648 | -17.4% |
| Operating profit (loss) | 9901 | €74,143 | €59,514 | -€14,629 | -19.7% |
| Financial charges | 65/66B | €33,046 | €42,192 | +€9,145 | +27.7% |
| Recurring financial charges | 65 | €33,046 | €42,192 | +€9,145 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | €41,096 | €17,322 | -€23,774 | -57.8% |
| Income taxes | 67/77 | €11,642 | €5,529 | -€6,113 | -52.5% |
| Profit (loss) for the period | 9904 | €29,455 | €11,793 | -€17,661 | -60.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,455 | €11,793 | -€17,661 | -60.0% |
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.