DENEF CARDIO: 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.
DENEF CARDIO
Largest movements
- Tangible fixed assets -€67,293
down €67,293 (-11.0%), from €609,274 to €541,981
of which Land and buildings: -€35,976
- Receivables within one year +€32,501
up €32,501 (+15.5%), from €209,732 to €242,233
- Debts after one year -€75,269
down €75,269 (-14.0%), from €539,180 to €463,912
- Reserves +€65,842
up €65,842 (+102%), from €64,290 to €130,132
of which Distributable reserves: +€65,842
- Trade debts -€35,630
down €35,630 (-17.2%), from €207,159 to €171,529
- Gross operating margin +€53,633
up €53,633 (+19.2%), from €279,264 to €332,897
- Taxes +€13,798
up €13,798 (+70.7%), from €19,522 to €33,320
- Staff costs +€10,456
up €10,456 (+7.2%), from €144,527 to €154,983
- Depreciation -€8,609
down €8,609 (-11.3%), from €75,902 to €67,293
- Other operating charges -€6,361
down €6,361 (-49.0%), from €12,983 to €6,622
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 | €992,403 | €957,547 | -€34,856 | -3.5% |
| Fixed assets | 21/28 | €609,274 | €541,981 | -€67,293 | -11.0% |
| Tangible fixed assets | 22/27 | €609,274 | €541,981 | -€67,293 | -11.0% |
| Land and buildings | 22 | €504,808 | €468,832 | -€35,976 | -7.1% |
| Plant, machinery and equipment | 23 | €17,023 | €12,150 | -€4,873 | -28.6% |
| Furniture and vehicles | 24 | €87,443 | €60,999 | -€26,444 | -30.2% |
| Current assets | 29/58 | €383,128 | €415,565 | +€32,437 | +8.5% |
| Amounts receivable after more than one year | 29 | €127,300 | €127,300 | = | 0.0% |
| Other amounts receivable | 291 | €127,300 | €127,300 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €209,732 | €242,233 | +€32,501 | +15.5% |
| Other amounts receivable | 41 | €209,732 | €242,233 | +€32,501 | +15.5% |
| Cash at bank and in hand | 54/58 | €84 | €1,058 | +€973 | +1,153% |
| Deferred charges and accrued income | 490/1 | €46,012 | €44,975 | -€1,037 | -2.3% |
| Total equity and liabilities | 10/49 | €992,403 | €957,547 | -€34,856 | -3.5% |
| Equity | 10/15 | €76,690 | €142,532 | +€65,842 | +85.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €64,290 | €130,132 | +€65,842 | +102% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €62,430 | €128,272 | +€65,842 | +105% |
| Amounts payable | 17/49 | €915,713 | €815,015 | -€100,698 | -11.0% |
| Amounts payable after more than one year | 17 | €539,180 | €463,912 | -€75,269 | -14.0% |
| Financial debts | 170/4 | €539,180 | €463,912 | -€75,269 | -14.0% |
| Amounts payable within one year | 42/48 | €363,963 | €337,483 | -€26,480 | -7.3% |
| Current portion of amounts payable after more than one year | 42 | €106,517 | €102,103 | -€4,414 | -4.1% |
| Financial debts | 43 | €26,022 | €32,282 | +€6,260 | +24.1% |
| Credit institutions | 430/8 | €26,022 | €32,282 | +€6,260 | +24.1% |
| Trade debts | 44 | €207,159 | €171,529 | -€35,630 | -17.2% |
| Suppliers | 440/4 | €207,159 | €171,529 | -€35,630 | -17.2% |
| Taxes, remuneration and social security | 45 | €24,265 | €22,569 | -€1,696 | -7.0% |
| Taxes | 450/3 | €12,618 | €9,036 | -€3,582 | -28.4% |
| Remuneration and social security | 454/9 | €11,647 | €13,533 | +€1,886 | +16.2% |
| Other amounts payable | 47/48 | - | €9,000 | +€9,000 | |
| Accrued charges and deferred income | 492/3 | €12,569 | €13,620 | +€1,051 | +8.4% |
| Remuneration, social security and pensions | 62 | €144,527 | €154,983 | +€10,456 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,902 | €67,293 | -€8,609 | -11.3% |
| Other operating charges | 640/8 | €12,983 | €6,622 | -€6,361 | -49.0% |
| Gross operating margin | 9900 | €279,264 | €332,897 | +€53,633 | +19.2% |
| Operating profit (loss) | 9901 | €45,851 | €103,998 | +€58,147 | +127% |
| Financial income | 75/76B | €12,158 | €13,486 | +€1,329 | +10.9% |
| Recurring financial income | 75 | €12,158 | €13,486 | +€1,329 | +10.9% |
| Financial charges | 65/66B | €20,604 | €18,323 | -€2,281 | -11.1% |
| Recurring financial charges | 65 | €20,604 | €18,323 | -€2,281 | -11.1% |
| Profit (loss) for the period before taxes | 9903 | €37,405 | €99,162 | +€61,757 | +165% |
| Income taxes | 67/77 | €19,522 | €33,320 | +€13,798 | +70.7% |
| Profit (loss) for the period | 9904 | €17,884 | €65,842 | +€47,958 | +268% |
| Profit (loss) for the period to be appropriated | 9905 | €17,884 | €65,842 | +€47,958 | +268% |
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 16 October 2026 via checked.be.