"DENISE": 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.
"DENISE"
Largest movements
- Stocks and contracts +€8,458
up €8,458 (+101.6%), from €8,326 to €16,784
- Deferred charges and accrued income +€5,924
new in 2025: €5,924
- Cash +€3,957
up €3,957 (+19.1%), from €20,746 to €24,703
mainly Other debts (+€26,431) and Debts after one year (+€23,485)
- Receivables within one year -€1,427
down €1,427 (-7.4%), from €19,365 to €17,938
of which Other amounts receivable: -€8,732
- Other debts +€26,431
up €26,431 (+512.4%), from €5,158 to €31,589
- Debts after one year +€23,485
new in 2025: €23,485
- Profit (loss) carried forward -€20,187
down €20,187 (-361.0%), from -€5,592 to -€25,779
- Trade debts -€16,348
down €16,348 (-72.4%), from €22,591 to €6,243
- Current portion of long-term debt +€5,601
new in 2025: €5,601
- Gross operating margin -€50,705
down €50,705, from €33,445 to -€17,260
- Other operating charges -€5,379
down €5,379 (-87.3%), from €6,164 to €784
- Financial charges +€980
up €980 (+125.6%), from €780 to €1,759
- Depreciation +€438
up €438 (+208.5%), from €210 to €648
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 | €49,320 | €66,500 | +€17,180 | +34.8% |
| Fixed assets | 21/28 | €883 | €1,152 | +€269 | +30.4% |
| Tangible fixed assets | 22/27 | €883 | €1,152 | +€269 | +30.4% |
| Furniture and vehicles | 24 | €883 | €1,152 | +€269 | +30.4% |
| Current assets | 29/58 | €48,437 | €65,349 | +€16,912 | +34.9% |
| Stocks and contracts in progress | 3 | €8,326 | €16,784 | +€8,458 | +101.6% |
| Stocks | 30/36 | €8,326 | €16,784 | +€8,458 | +101.6% |
| Amounts receivable within one year | 40/41 | €19,365 | €17,938 | -€1,427 | -7.4% |
| Trade receivables | 40 | €10,633 | €17,938 | +€7,305 | +68.7% |
| Other amounts receivable | 41 | €8,732 | - | -€8,732 | |
| Cash at bank and in hand | 54/58 | €20,746 | €24,703 | +€3,957 | +19.1% |
| Deferred charges and accrued income | 490/1 | - | €5,924 | +€5,924 | |
| Total equity and liabilities | 10/49 | €49,320 | €66,500 | +€17,180 | +34.8% |
| Equity | 10/15 | €19,408 | -€779 | -€20,187 | |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€5,592 | -€25,779 | -€20,187 | -361.0% |
| Amounts payable | 17/49 | €29,912 | €67,280 | +€37,368 | +124.9% |
| Amounts payable after more than one year | 17 | - | €23,485 | +€23,485 | |
| Financial debts | 170/4 | - | €23,485 | +€23,485 | |
| Amounts payable within one year | 42/48 | €29,912 | €43,795 | +€13,883 | +46.4% |
| Current portion of amounts payable after more than one year | 42 | - | €5,601 | +€5,601 | |
| Trade debts | 44 | €22,591 | €6,243 | -€16,348 | -72.4% |
| Suppliers | 440/4 | €22,591 | €6,243 | -€16,348 | -72.4% |
| Taxes, remuneration and social security | 45 | €2,163 | €361 | -€1,802 | -83.3% |
| Taxes | 450/3 | €2,163 | €361 | -€1,802 | -83.3% |
| Other amounts payable | 47/48 | €5,158 | €31,589 | +€26,431 | +512.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210 | €648 | +€438 | +208.5% |
| Other operating charges | 640/8 | €6,164 | €784 | -€5,379 | -87.3% |
| Gross operating margin | 9900 | €33,445 | -€17,260 | -€50,705 | |
| Operating profit (loss) | 9901 | €27,071 | -€18,692 | -€45,763 | |
| Financial income | 75/76B | €135 | €265 | +€129 | +95.7% |
| Recurring financial income | 75 | €135 | €265 | +€129 | +95.7% |
| Financial charges | 65/66B | €780 | €1,759 | +€980 | +125.6% |
| Recurring financial charges | 65 | €780 | €1,759 | +€980 | +125.6% |
| Profit (loss) for the period before taxes | 9903 | €26,426 | -€20,187 | -€46,614 | |
| Profit (loss) for the period | 9904 | €26,426 | -€20,187 | -€46,614 | |
| Profit (loss) for the period to be appropriated | 9905 | €26,426 | -€20,187 | -€46,614 |
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 10 October 2026 via checked.be.