Denecker Invest: what changed
Denecker Invest
Largest movements
- Tangible fixed assets -€36,400
down €36,400 (-71.1%), from €51,171 to €14,771
- Receivables after one year +€25,937
up €25,937 (+21.8%), from €119,063 to €145,000
- Receivables within one year +€24,571
up €24,571 (+40.6%), from €60,465 to €85,037
of which Trade receivables: +€24,645
- Stocks and contracts -€9,196
down €9,196 (-61.8%), from €14,876 to €5,680
- Cash -€6,988
down €6,988 (-46.2%), from €15,123 to €8,135
mainly Receivables after one year (-€25,937) and Receivables within one year (-€24,571)
- Debts after one year -€20,000
down €20,000 (-8.3%), from €240,000 to €220,000
of which Other amounts payable: -€20,000
- Profit (loss) carried forward +€18,149
up €18,149 (+75.7%), from -€23,989 to -€5,840
- Current portion of long-term debt -€14,789
down €14,789 (-100%), from €14,789 to €0
- Tax, wage and social debts +€7,079
up €7,079 (+972%), from €729 to €7,808
- Trade debts +€6,370
up €6,370 (+82.3%), from €7,739 to €14,109
- Gross operating margin +€39,642
up €39,642 (+861%), from €4,602 to €44,244
- Depreciation -€6,000
down €6,000 (-19.4%), from €30,900 to €24,900
- Other operating charges -€508
down €508 (-39.8%), from €1,276 to €767
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €267,943 | €263,298 | -€4,645 | -1.7% |
| Fixed assets | 21/28 | €51,171 | €14,771 | -€36,400 | -71.1% |
| Tangible fixed assets | 22/27 | €51,171 | €14,771 | -€36,400 | -71.1% |
| Furniture and vehicles | 24 | €51,171 | €14,771 | -€36,400 | -71.1% |
| Current assets | 29/58 | €216,773 | €248,527 | +€31,755 | +14.6% |
| Amounts receivable after more than one year | 29 | €119,063 | €145,000 | +€25,937 | +21.8% |
| Other amounts receivable | 291 | €119,063 | €145,000 | +€25,937 | +21.8% |
| Stocks and contracts in progress | 3 | €14,876 | €5,680 | -€9,196 | -61.8% |
| Stocks | 30/36 | €14,876 | €5,680 | -€9,196 | -61.8% |
| Amounts receivable within one year | 40/41 | €60,465 | €85,037 | +€24,571 | +40.6% |
| Trade receivables | 40 | €60,375 | €85,020 | +€24,645 | +40.8% |
| Other amounts receivable | 41 | €91 | €17 | -€74 | -81.5% |
| Cash at bank and in hand | 54/58 | €15,123 | €8,135 | -€6,988 | -46.2% |
| Deferred charges and accrued income | 490/1 | €7,245 | €4,676 | -€2,569 | -35.5% |
| Total equity and liabilities | 10/49 | €267,943 | €263,298 | -€4,645 | -1.7% |
| Equity | 10/15 | €2,791 | €20,940 | +€18,149 | +650% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €14,780 | €14,780 | = | 0.0% |
| Distributable reserves | 133 | €14,780 | €14,780 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,989 | -€5,840 | +€18,149 | +75.7% |
| Amounts payable | 17/49 | €265,152 | €242,358 | -€22,794 | -8.6% |
| Amounts payable after more than one year | 17 | €240,000 | €220,000 | -€20,000 | -8.3% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €240,000 | €220,000 | -€20,000 | -8.3% |
| Amounts payable within one year | 42/48 | €25,090 | €22,205 | -€2,885 | -11.5% |
| Current portion of amounts payable after more than one year | 42 | €14,789 | €0 | -€14,789 | -100% |
| Trade debts | 44 | €7,739 | €14,109 | +€6,370 | +82.3% |
| Suppliers | 440/4 | €7,739 | €14,109 | +€6,370 | +82.3% |
| Taxes, remuneration and social security | 45 | €729 | €7,808 | +€7,079 | +972% |
| Taxes | 450/3 | €729 | €7,808 | +€7,079 | +972% |
| Other amounts payable | 47/48 | €1,833 | €288 | -€1,546 | -84.3% |
| Accrued charges and deferred income | 492/3 | €62 | €153 | +€91 | +147% |
| Non-recurring operating income | 76A | €0 | €18,500 | +€18,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,900 | €24,900 | -€6,000 | -19.4% |
| Other operating charges | 640/8 | €1,276 | €767 | -€508 | -39.8% |
| Non-recurring operating charges | 66A | €7,621 | €0 | -€7,621 | -100% |
| Gross operating margin | 9900 | €4,602 | €44,244 | +€39,642 | +861% |
| Operating profit (loss) | 9901 | -€35,195 | €18,576 | +€53,771 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €774 | €427 | -€346 | -44.8% |
| Recurring financial charges | 65 | €774 | €427 | -€346 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | -€35,969 | €18,149 | +€54,118 | |
| Profit (loss) for the period | 9904 | -€35,969 | €18,149 | +€54,118 | |
| Profit (loss) for the period to be appropriated | 9905 | -€35,969 | €18,149 | +€54,118 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.