DENM Projects: 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 Projects
Largest movements
- Tangible fixed assets -€13,003
down €13,003 (-22.8%), from €57,033 to €44,030
of which Furniture and vehicles: -€12,231
- Cash -€12,888
down €12,888 (-31.1%), from €41,465 to €28,577
mainly Contributions, distributions and other (-€81,624) and Debts after one year (-€8,432)
- Receivables within one year +€2,419
up €2,419 (+8.6%), from €28,115 to €30,535
of which Trade receivables: +€2,440
- Reserves -€9,639
down €9,639 (-11.8%), from €81,627 to €71,987
- Debts after one year -€8,432
down €8,432 (-34.1%), from €24,734 to €16,302
- Tax, wage and social debts -€5,278
down €5,278 (-55.4%), from €9,533 to €4,256
- Gross operating margin +€55,710
up €55,710 (+111.5%), from €49,951 to €105,661
- Taxes +€11,072
up €11,072 (+145.2%), from €7,624 to €18,695
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 | €126,613 | €104,274 | -€22,339 | -17.6% |
| Fixed assets | 21/28 | €57,033 | €44,030 | -€13,003 | -22.8% |
| Tangible fixed assets | 22/27 | €57,033 | €44,030 | -€13,003 | -22.8% |
| Plant, machinery and equipment | 23 | €2,234 | €1,462 | -€772 | -34.6% |
| Furniture and vehicles | 24 | €54,799 | €42,568 | -€12,231 | -22.3% |
| Current assets | 29/58 | €69,580 | €60,244 | -€9,336 | -13.4% |
| Amounts receivable within one year | 40/41 | €28,115 | €30,535 | +€2,419 | +8.6% |
| Trade receivables | 40 | €23,834 | €26,274 | +€2,440 | +10.2% |
| Other amounts receivable | 41 | €4,281 | €4,260 | -€21 | -0.5% |
| Cash at bank and in hand | 54/58 | €41,465 | €28,577 | -€12,888 | -31.1% |
| Deferred charges and accrued income | 490/1 | - | €1,133 | +€1,133 | |
| Total equity and liabilities | 10/49 | €126,613 | €104,274 | -€22,339 | -17.6% |
| Equity | 10/15 | €84,127 | €74,487 | -€9,639 | -11.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €81,627 | €71,987 | -€9,639 | -11.8% |
| Distributable reserves | 133 | €81,627 | €71,987 | -€9,639 | -11.8% |
| Amounts payable | 17/49 | €42,486 | €29,787 | -€12,700 | -29.9% |
| Amounts payable after more than one year | 17 | €24,734 | €16,302 | -€8,432 | -34.1% |
| Financial debts | 170/4 | €24,734 | €16,302 | -€8,432 | -34.1% |
| Amounts payable within one year | 42/48 | €17,753 | €13,485 | -€4,268 | -24.0% |
| Current portion of amounts payable after more than one year | 42 | €8,122 | €8,432 | +€310 | +3.8% |
| Trade debts | 44 | €98 | €798 | +€700 | +715.2% |
| Suppliers | 440/4 | €98 | €798 | +€700 | +715.2% |
| Taxes, remuneration and social security | 45 | €9,533 | €4,256 | -€5,278 | -55.4% |
| Taxes | 450/3 | €9,533 | €4,256 | -€5,278 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,600 | €13,003 | +€403 | +3.2% |
| Other operating charges | 640/8 | €836 | €878 | +€43 | +5.1% |
| Gross operating margin | 9900 | €49,951 | €105,661 | +€55,710 | +111.5% |
| Operating profit (loss) | 9901 | €36,515 | €91,779 | +€55,264 | +151.3% |
| Financial charges | 65/66B | €1,392 | €1,100 | -€292 | -21.0% |
| Recurring financial charges | 65 | €1,392 | €1,100 | -€292 | -21.0% |
| Profit (loss) for the period before taxes | 9903 | €35,123 | €90,680 | +€55,557 | +158.2% |
| Income taxes | 67/77 | €7,624 | €18,695 | +€11,072 | +145.2% |
| Profit (loss) for the period | 9904 | €27,499 | €71,984 | +€44,485 | +161.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,499 | €71,984 | +€44,485 | +161.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.