DENNEDUIN: 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.
DENNEDUIN
Largest movements
- Current investments +€2.0m
new in 2025: €2.0m
- Financial fixed assets -€1.9m
down €1.9m (-33.4%), from €5.7m to €3.8m
- Receivables within one year -€1.4m
down €1.4m (-51.6%), from €2.7m to €1.3m
of which Other amounts receivable: -€1.4m
- Receivables after one year -€500,000
down €500,000 (-100%), from €500,000 to €0
- Tangible fixed assets -€145,148
down €145,148 (-4.5%), from €3.2m to €3.1m
of which Land and buildings: -€163,756
- Short-term financial debts -€2.7m
down €2.7m (-70.9%), from €3.8m to €1.1m
- Other debts -€2.5m
down €2.5m (-71.3%), from €3.6m to €1.0m
- Debts after one year +€2.4m
new in 2025: €2.4m
- Current portion of long-term debt +€800,000
new in 2025: €800,000
- Financial income -€187,017
down €187,017 (-13.6%), from €1.4m to €1.2m
- Gross operating margin +€152,724
up €152,724, from -€121,421 to €31,303
- Financial charges -€88,925
down €88,925 (-29.2%), from €304,288 to €215,363
of which Non-recurring financial charges: -€85,872
- Depreciation -€10,926
down €10,926 (-8.0%), from €136,517 to €125,591
- Other operating charges -€5,373
down €5,373 (-44.7%), from €12,032 to €6,659
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 | €12,334,604 | €10,284,857 | -€2.0m | -16.6% |
| Fixed assets | 21/28 | €8,969,902 | €6,910,216 | -€2.1m | -23.0% |
| Tangible fixed assets | 22/27 | €3,236,118 | €3,090,970 | -€145,148 | -4.5% |
| Land and buildings | 22 | €3,236,118 | €3,072,361 | -€163,756 | -5.1% |
| Other tangible fixed assets | 26 | - | €18,608 | +€18,608 | |
| Financial fixed assets | 28 | €5,733,784 | €3,819,247 | -€1.9m | -33.4% |
| Current assets | 29/58 | €3,364,702 | €3,374,641 | +€9,939 | +0.3% |
| Amounts receivable after more than one year | 29 | €500,000 | €0 | -€500,000 | -100% |
| Other amounts receivable | 291 | €500,000 | €0 | -€500,000 | -100% |
| Amounts receivable within one year | 40/41 | €2,733,274 | €1,323,268 | -€1.4m | -51.6% |
| Trade receivables | 40 | - | €750 | +€750 | |
| Other amounts receivable | 41 | €2,733,274 | €1,322,518 | -€1.4m | -51.6% |
| Current investments | 50/53 | - | €1,999,500 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €72,428 | €21,057 | -€51,371 | -70.9% |
| Deferred charges and accrued income | 490/1 | €59,001 | €30,817 | -€28,184 | -47.8% |
| Total equity and liabilities | 10/49 | €12,334,604 | €10,284,857 | -€2.0m | -16.6% |
| Equity | 10/15 | €4,947,602 | €4,947,602 | = | 0.0% |
| Contributions | 10/11 | €607,339 | €607,339 | = | 0.0% |
| Capital | 10 | €607,339 | €607,339 | = | 0.0% |
| Issued capital | 100 | €607,339 | €607,339 | = | 0.0% |
| Reserves | 13 | €4,340,263 | €4,340,263 | = | 0.0% |
| Non-distributable reserves | 130/1 | €61,000 | €61,000 | = | 0.0% |
| Legal reserve | 130 | €61,000 | €61,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €4,260,513 | €4,260,513 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €7,387,001 | €5,337,255 | -€2.0m | -27.7% |
| Amounts payable after more than one year | 17 | - | €2,400,000 | +€2.4m | |
| Financial debts | 170/4 | - | €2,400,000 | +€2.4m | |
| Amounts payable within one year | 42/48 | €7,369,672 | €2,925,922 | -€4.4m | -60.3% |
| Current portion of amounts payable after more than one year | 42 | - | €800,000 | +€800,000 | |
| Financial debts | 43 | €3,775,000 | €1,100,000 | -€2.7m | -70.9% |
| Credit institutions | 430/8 | €3,775,000 | €1,100,000 | -€2.7m | -70.9% |
| Trade debts | 44 | €41,069 | €746 | -€40,323 | -98.2% |
| Suppliers | 440/4 | €41,069 | €746 | -€40,323 | -98.2% |
| Taxes, remuneration and social security | 45 | €613 | €6,946 | +€6,333 | +1,034% |
| Taxes | 450/3 | €613 | €6,946 | +€6,333 | +1,034% |
| Other amounts payable | 47/48 | €3,552,990 | €1,018,229 | -€2.5m | -71.3% |
| Accrued charges and deferred income | 492/3 | €17,330 | €11,333 | -€5,996 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,517 | €125,591 | -€10,926 | -8.0% |
| Other operating charges | 640/8 | €12,032 | €6,659 | -€5,373 | -44.7% |
| Gross operating margin | 9900 | -€121,421 | €31,303 | +€152,724 | |
| Operating profit (loss) | 9901 | -€269,969 | -€100,947 | +€169,023 | +62.6% |
| Financial income | 75/76B | €1,374,843 | €1,187,826 | -€187,017 | -13.6% |
| Recurring financial income | 75 | €1,374,843 | €1,187,826 | -€187,017 | -13.6% |
| Financial charges | 65/66B | €304,288 | €215,363 | -€88,925 | -29.2% |
| Recurring financial charges | 65 | €218,416 | €215,363 | -€3,053 | -1.4% |
| Non-recurring financial charges | 66B | €85,872 | €0 | -€85,872 | -100% |
| Profit (loss) for the period before taxes | 9903 | €800,586 | €871,516 | +€70,931 | +8.9% |
| Income taxes | 67/77 | €1,042 | €259 | -€783 | -75.1% |
| Profit (loss) for the period | 9904 | €799,543 | €871,257 | +€71,714 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €799,543 | €871,257 | +€71,714 | +9.0% |
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 16 October 2026 via checked.be.