Denis: 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.
Denis
Largest movements
- Cash +€1.0m
up €1.0m (+130.2%), from €800,169 to €1.8m
mainly Receivables within one year (+€742,217) and Net result for the year (+€323,238)
- Receivables within one year -€742,217
down €742,217 (-61.8%), from €1.2m to €458,392
of which Trade receivables: -€782,821
- Tangible fixed assets -€39,174
down €39,174 (-23.5%), from €166,730 to €127,557
of which Furniture and vehicles: -€38,474
- Profit (loss) carried forward +€183,378
up €183,378 (+17.6%), from €1.0m to €1.2m
- Advances received +€166,593
up €166,593 (+370.2%), from €45,000 to €211,593
- Trade debts -€34,961
down €34,961 (-28.0%), from €124,950 to €89,989
- Tax, wage and social debts -€28,409
down €28,409 (-10.1%), from €280,112 to €251,703
of which Remuneration and social security: -€24,401
- Debts after one year -€27,557
down €27,557 (-37.5%), from €73,485 to €45,928
- Gross operating margin -€465,031
down €465,031 (-25.6%), from €1.8m to €1.3m
- Staff costs -€180,837
down €180,837 (-17.7%), from €1.0m to €842,038
- Taxes -€138,696
down €138,696 (-54.5%), from €254,317 to €115,621
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 | €2,215,137 | €2,461,876 | +€246,739 | +11.1% |
| Fixed assets | 21/28 | €188,339 | €149,165 | -€39,174 | -20.8% |
| Tangible fixed assets | 22/27 | €166,730 | €127,557 | -€39,174 | -23.5% |
| Plant, machinery and equipment | 23 | €8,494 | €7,794 | -€700 | -8.2% |
| Furniture and vehicles | 24 | €158,237 | €119,763 | -€38,474 | -24.3% |
| Financial fixed assets | 28 | €21,608 | €21,608 | = | 0.0% |
| Current assets | 29/58 | €2,026,798 | €2,312,711 | +€285,913 | +14.1% |
| Stocks and contracts in progress | 3 | €9,347 | €5,061 | -€4,286 | -45.9% |
| Stocks | 30/36 | €9,347 | €5,061 | -€4,286 | -45.9% |
| Amounts receivable within one year | 40/41 | €1,200,609 | €458,392 | -€742,217 | -61.8% |
| Trade receivables | 40 | €1,170,702 | €387,881 | -€782,821 | -66.9% |
| Other amounts receivable | 41 | €29,907 | €70,511 | +€40,604 | +135.8% |
| Cash at bank and in hand | 54/58 | €800,169 | €1,842,056 | +€1.0m | +130.2% |
| Deferred charges and accrued income | 490/1 | €16,673 | €7,202 | -€9,471 | -56.8% |
| Total equity and liabilities | 10/49 | €2,215,137 | €2,461,876 | +€246,739 | +11.1% |
| Equity | 10/15 | €1,660,625 | €1,833,863 | +€173,238 | +10.4% |
| Contributions | 10/11 | €73,616 | €63,476 | -€10,140 | -13.8% |
| Reserves | 13 | €544,575 | €544,575 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,362 | €7,362 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,362 | €7,362 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,213 | €22,213 | = | 0.0% |
| Distributable reserves | 133 | €515,000 | €515,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,042,434 | €1,225,813 | +€183,378 | +17.6% |
| Amounts payable | 17/49 | €554,512 | €628,013 | +€73,501 | +13.3% |
| Amounts payable after more than one year | 17 | €73,485 | €45,928 | -€27,557 | -37.5% |
| Financial debts | 170/4 | €73,485 | €45,928 | -€27,557 | -37.5% |
| Amounts payable within one year | 42/48 | €481,027 | €580,842 | +€99,815 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €29,722 | €27,557 | -€2,165 | -7.3% |
| Trade debts | 44 | €124,950 | €89,989 | -€34,961 | -28.0% |
| Suppliers | 440/4 | €124,950 | €89,989 | -€34,961 | -28.0% |
| Advances received on contracts in progress | 46 | €45,000 | €211,593 | +€166,593 | +370.2% |
| Taxes, remuneration and social security | 45 | €280,112 | €251,703 | -€28,409 | -10.1% |
| Taxes | 450/3 | €235,232 | €231,223 | -€4,009 | -1.7% |
| Remuneration and social security | 454/9 | €44,880 | €20,479 | -€24,401 | -54.4% |
| Other amounts payable | 47/48 | €1,243 | - | -€1,243 | |
| Accrued charges and deferred income | 492/3 | - | €1,243 | +€1,243 | |
| Remuneration, social security and pensions | 62 | €1,022,876 | €842,038 | -€180,837 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,509 | €39,960 | +€10,451 | +35.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,250 | +€4,250 | |
| Other operating charges | 640/8 | €17,057 | €18,671 | +€1,615 | +9.5% |
| Non-recurring operating charges | 66A | €1,625 | €63 | -€1,562 | -96.1% |
| Gross operating margin | 9900 | €1,813,910 | €1,348,879 | -€465,031 | -25.6% |
| Operating profit (loss) | 9901 | €742,844 | €443,896 | -€298,947 | -40.2% |
| Financial income | 75/76B | €635 | €688 | +€53 | +8.4% |
| Recurring financial income | 75 | €635 | €688 | +€53 | +8.4% |
| Financial charges | 65/66B | €4,059 | €5,725 | +€1,666 | +41.0% |
| Recurring financial charges | 65 | €4,059 | €5,725 | +€1,666 | +41.0% |
| Profit (loss) for the period before taxes | 9903 | €739,419 | €438,859 | -€300,560 | -40.6% |
| Income taxes | 67/77 | €254,317 | €115,621 | -€138,696 | -54.5% |
| Profit (loss) for the period | 9904 | €485,102 | €323,238 | -€161,864 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €485,102 | €323,238 | -€161,864 | -33.4% |
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 9 October 2026 via checked.be.