DENIS VOYAGES: what changed
DENIS VOYAGES
Largest movements
- Receivables within one year +€120,173
up €120,173 (+318%), from €37,781 to €157,955
of which Trade receivables: +€117,072
- Deferred charges and accrued income -€96,322
down €96,322 (-50.6%), from €190,235 to €93,913
- Cash -€6,629
down €6,629 (-6.0%), from €110,694 to €104,065
mainly Receivables within one year (-€120,173) and Net result for the year (-€32,820)
- Tangible fixed assets +€5,281
up €5,281 (+7.8%), from €67,426 to €72,707
of which Furniture and vehicles: +€8,832
- Advances received +€39,649
up €39,649 (+18.6%), from €213,729 to €253,378
- Reserves -€31,943
down €31,943 (-67.4%), from €47,387 to €15,444
of which Distributable reserves: -€31,943
- Trade debts +€16,130
up €16,130 (+33.1%), from €48,689 to €64,819
- Debts after one year +€6,567
new in 2025: €6,567
- Other debts -€6,280
down €6,280 (-100%), from €6,280 to €0
- Gross operating margin -€28,228
down €28,228 (-48.0%), from €58,768 to €30,540
- Other operating charges +€8,201
up €8,201 (+456%), from €1,798 to €9,999
- Staff costs +€5,022
up €5,022 (+17.5%), from €28,731 to €33,753
- Depreciation +€2,624
up €2,624 (+27.3%), from €9,618 to €12,242
- Taxes +€1,180
up €1,180 (+345%), from €342 to €1,522
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 | €406,136 | €428,639 | +€22,503 | +5.5% |
| Fixed assets | 21/28 | €67,426 | €72,707 | +€5,281 | +7.8% |
| Tangible fixed assets | 22/27 | €67,426 | €72,707 | +€5,281 | +7.8% |
| Land and buildings | 22 | €67,426 | €63,875 | -€3,550 | -5.3% |
| Furniture and vehicles | 24 | - | €8,832 | +€8,832 | |
| Current assets | 29/58 | €338,710 | €355,932 | +€17,222 | +5.1% |
| Amounts receivable within one year | 40/41 | €37,781 | €157,955 | +€120,173 | +318% |
| Trade receivables | 40 | €31,720 | €148,792 | +€117,072 | +369% |
| Other amounts receivable | 41 | €6,062 | €9,163 | +€3,101 | +51.2% |
| Cash at bank and in hand | 54/58 | €110,694 | €104,065 | -€6,629 | -6.0% |
| Deferred charges and accrued income | 490/1 | €190,235 | €93,913 | -€96,322 | -50.6% |
| Total equity and liabilities | 10/49 | €406,136 | €428,639 | +€22,503 | +5.5% |
| Equity | 10/15 | €91,870 | €59,049 | -€32,820 | -35.7% |
| Contributions | 10/11 | €43,606 | €43,606 | = | 0.0% |
| Reserves | 13 | €47,387 | €15,444 | -€31,943 | -67.4% |
| Tax-exempt reserves | 132 | €10,387 | €10,387 | = | 0.0% |
| Distributable reserves | 133 | €37,000 | €5,057 | -€31,943 | -86.3% |
| Profit (loss) carried forward | 14 | €878 | €0 | -€878 | -100% |
| Amounts payable | 17/49 | €314,266 | €369,590 | +€55,324 | +17.6% |
| Amounts payable after more than one year | 17 | - | €6,567 | +€6,567 | |
| Financial debts | 170/4 | - | €6,567 | +€6,567 | |
| Amounts payable within one year | 42/48 | €280,385 | €326,690 | +€46,305 | +16.5% |
| Current portion of amounts payable after more than one year | 42 | €4,630 | €1,853 | -€2,778 | -60.0% |
| Trade debts | 44 | €48,689 | €64,819 | +€16,130 | +33.1% |
| Suppliers | 440/4 | €48,689 | €64,819 | +€16,130 | +33.1% |
| Advances received on contracts in progress | 46 | €213,729 | €253,378 | +€39,649 | +18.6% |
| Taxes, remuneration and social security | 45 | €7,057 | €6,640 | -€417 | -5.9% |
| Taxes | 450/3 | €1,662 | €312 | -€1,350 | -81.2% |
| Remuneration and social security | 454/9 | €5,395 | €6,329 | +€933 | +17.3% |
| Other amounts payable | 47/48 | €6,280 | €0 | -€6,280 | -100% |
| Accrued charges and deferred income | 492/3 | €33,881 | €36,333 | +€2,452 | +7.2% |
| Non-recurring operating income | 76A | - | €2,066 | +€2,066 | |
| Remuneration, social security and pensions | 62 | €28,731 | €33,753 | +€5,022 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,618 | €12,242 | +€2,624 | +27.3% |
| Other operating charges | 640/8 | €1,798 | €9,999 | +€8,201 | +456% |
| Gross operating margin | 9900 | €58,768 | €30,540 | -€28,228 | -48.0% |
| Operating profit (loss) | 9901 | €18,620 | -€25,455 | -€44,076 | |
| Financial income | 75/76B | €70 | €713 | +€644 | +924% |
| Recurring financial income | 75 | €70 | €713 | +€644 | +924% |
| Financial charges | 65/66B | €6,202 | €6,557 | +€355 | +5.7% |
| Recurring financial charges | 65 | €6,202 | €6,557 | +€355 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €12,489 | -€31,298 | -€43,787 | |
| Income taxes | 67/77 | €342 | €1,522 | +€1,180 | +345% |
| Profit (loss) for the period | 9904 | €12,146 | -€32,820 | -€44,967 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,146 | -€32,820 | -€44,967 |
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 7 November 2026 via checked.be.