DENIS BAVAY: 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 BAVAY
Largest movements
- Receivables within one year +€35,766
up €35,766 (+5.8%), from €614,785 to €650,552
of which Other amounts receivable: +€38,964
- Cash +€24,340
up €24,340 (+551%), from €4,415 to €28,755
mainly Net result for the year (+€119,620) and Tax, wage and social debts (+€15,895)
- Tangible fixed assets -€13,663
down €13,663 (-70.3%), from €19,424 to €5,761
of which Furniture and vehicles: -€12,796
- Reserves +€28,904
up €28,904 (+5.6%), from €511,902 to €540,807
of which Distributable reserves: +€28,904
- Tax, wage and social debts +€15,895
up €15,895 (+71.6%), from €22,195 to €38,090
- Gross operating margin +€15,784
up €15,784 (+12.8%), from €122,885 to €138,669
- Financial income +€7,576
up €7,576 (+24.9%), from €30,458 to €38,034
- Taxes +€6,806
up €6,806 (+15.2%), from €44,811 to €51,617
- Depreciation -€5,923
down €5,923 (-82.7%), from €7,164 to €1,240
- Financial charges +€2,094
up €2,094 (+615%), from €341 to €2,434
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 | €642,355 | €688,755 | +€46,400 | +7.2% |
| Fixed assets | 21/28 | €19,449 | €5,786 | -€13,663 | -70.3% |
| Tangible fixed assets | 22/27 | €19,424 | €5,761 | -€13,663 | -70.3% |
| Furniture and vehicles | 24 | €13,347 | €551 | -€12,796 | -95.9% |
| Other tangible fixed assets | 26 | €6,077 | €5,210 | -€867 | -14.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €622,906 | €682,969 | +€60,063 | +9.6% |
| Amounts receivable within one year | 40/41 | €614,785 | €650,552 | +€35,766 | +5.8% |
| Trade receivables | 40 | €27,705 | €24,507 | -€3,198 | -11.5% |
| Other amounts receivable | 41 | €587,080 | €626,044 | +€38,964 | +6.6% |
| Cash at bank and in hand | 54/58 | €4,415 | €28,755 | +€24,340 | +551% |
| Deferred charges and accrued income | 490/1 | €3,706 | €3,663 | -€43 | -1.2% |
| Total equity and liabilities | 10/49 | €642,355 | €688,755 | +€46,400 | +7.2% |
| Equity | 10/15 | €518,512 | €547,416 | +€28,904 | +5.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €511,902 | €540,807 | +€28,904 | +5.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €5,072 | €5,072 | = | 0.0% |
| Distributable reserves | 133 | €506,830 | €535,735 | +€28,904 | +5.7% |
| Profit (loss) carried forward | 14 | €409 | €409 | = | 0.0% |
| Amounts payable | 17/49 | €123,844 | €141,339 | +€17,496 | +14.1% |
| Amounts payable within one year | 42/48 | €122,130 | €141,185 | +€19,055 | +15.6% |
| Financial debts | 43 | €14,491 | €11,246 | -€3,246 | -22.4% |
| Credit institutions | 430/8 | €14,491 | €11,246 | -€3,246 | -22.4% |
| Trade debts | 44 | €1,057 | €1,134 | +€77 | +7.3% |
| Suppliers | 440/4 | €1,057 | €1,134 | +€77 | +7.3% |
| Taxes, remuneration and social security | 45 | €22,195 | €38,090 | +€15,895 | +71.6% |
| Taxes | 450/3 | €22,195 | €38,090 | +€15,895 | +71.6% |
| Other amounts payable | 47/48 | €84,388 | €90,716 | +€6,328 | +7.5% |
| Accrued charges and deferred income | 492/3 | €1,714 | €154 | -€1,559 | -91.0% |
| Non-recurring operating income | 76A | €4,450 | €247 | -€4,203 | -94.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,164 | €1,240 | -€5,923 | -82.7% |
| Other operating charges | 640/8 | €912 | €722 | -€190 | -20.9% |
| Non-recurring operating charges | 66A | €26 | €1,069 | +€1,043 | +4,082% |
| Gross operating margin | 9900 | €122,885 | €138,669 | +€15,784 | +12.8% |
| Operating profit (loss) | 9901 | €114,784 | €135,638 | +€20,854 | +18.2% |
| Financial income | 75/76B | €30,458 | €38,034 | +€7,576 | +24.9% |
| Recurring financial income | 75 | €30,458 | €38,034 | +€7,576 | +24.9% |
| Financial charges | 65/66B | €341 | €2,434 | +€2,094 | +615% |
| Recurring financial charges | 65 | €341 | €2,434 | +€2,094 | +615% |
| Profit (loss) for the period before taxes | 9903 | €144,901 | €171,237 | +€26,336 | +18.2% |
| Income taxes | 67/77 | €44,811 | €51,617 | +€6,806 | +15.2% |
| Profit (loss) for the period | 9904 | €100,090 | €119,620 | +€19,530 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €100,090 | €119,620 | +€19,530 | +19.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.