DenM: what changed
Two fiscal 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.
DenM
Largest movements
- Cash -€25,409
down €25,409 (-69.8%), from €36,377 to €10,968
mainly Net result for the year (-€23,700) and Other debts (-€5,353)
- Receivables within one year -€9,563
down €9,563 (-33.8%), from €28,289 to €18,726
of which Other amounts receivable: -€5,844
- Profit (loss) carried forward -€23,700
down €23,700 (-283.8%), from -€8,350 to -€32,050
- Other debts -€5,353
down €5,353 (-38.0%), from €14,087 to €8,733
- Trade debts -€5,157
down €5,157 (-85.7%), from €6,016 to €858
- Gross operating margin -€37,815
down €37,815, from €16,502 to -€21,314
- Depreciation -€5,746
no longer reported in 2025 (was €5,746)
- Financial charges -€1,844
down €1,844 (-77.4%), from €2,382 to €537
- Other operating charges -€650
down €650 (-29.4%), from €2,208 to €1,558
- Taxes +€632
new in 2025: €632
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 | €80,160 | €45,189 | -€34,972 | -43.6% |
| Fixed assets | 21/28 | €14,781 | €14,781 | = | 0.0% |
| Tangible fixed assets | 22/27 | €14,781 | €14,781 | = | 0.0% |
| Plant, machinery and equipment | 23 | €3,156 | €3,156 | = | 0.0% |
| Furniture and vehicles | 24 | €11,625 | €11,625 | = | 0.0% |
| Current assets | 29/58 | €65,379 | €30,408 | -€34,972 | -53.5% |
| Amounts receivable within one year | 40/41 | €28,289 | €18,726 | -€9,563 | -33.8% |
| Trade receivables | 40 | €21,904 | €18,185 | -€3,719 | -17.0% |
| Other amounts receivable | 41 | €6,385 | €541 | -€5,844 | -91.5% |
| Cash at bank and in hand | 54/58 | €36,377 | €10,968 | -€25,409 | -69.8% |
| Deferred charges and accrued income | 490/1 | €713 | €713 | = | 0.0% |
| Total equity and liabilities | 10/49 | €80,160 | €45,189 | -€34,972 | -43.6% |
| Equity | 10/15 | €58,515 | €34,815 | -€23,700 | -40.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,265 | €48,265 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €46,405 | €46,405 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,350 | -€32,050 | -€23,700 | -283.8% |
| Amounts payable | 17/49 | €21,645 | €10,374 | -€11,271 | -52.1% |
| Amounts payable within one year | 42/48 | €21,645 | €10,374 | -€11,271 | -52.1% |
| Trade debts | 44 | €6,016 | €858 | -€5,157 | -85.7% |
| Suppliers | 440/4 | €6,016 | €858 | -€5,157 | -85.7% |
| Taxes, remuneration and social security | 45 | €1,543 | €782 | -€760 | -49.3% |
| Taxes | 450/3 | €1,543 | €782 | -€760 | -49.3% |
| Other amounts payable | 47/48 | €14,087 | €8,733 | -€5,353 | -38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,746 | - | -€5,746 | |
| Other operating charges | 640/8 | €2,208 | €1,558 | -€650 | -29.4% |
| Gross operating margin | 9900 | €16,502 | -€21,314 | -€37,815 | |
| Operating profit (loss) | 9901 | €8,547 | -€22,872 | -€31,419 | |
| Financial income | 75/76B | €113 | €340 | +€227 | +200.4% |
| Recurring financial income | 75 | €113 | €340 | +€227 | +200.4% |
| Financial charges | 65/66B | €2,382 | €537 | -€1,844 | -77.4% |
| Recurring financial charges | 65 | €2,382 | €537 | -€1,844 | -77.4% |
| Profit (loss) for the period before taxes | 9903 | €6,279 | -€23,069 | -€29,348 | |
| Income taxes | 67/77 | - | €632 | +€632 | |
| Profit (loss) for the period | 9904 | €6,279 | -€23,700 | -€29,979 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,279 | -€23,700 | -€29,979 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.