DENO: 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.
DENO
Largest movements
- Receivables within one year -€343,956
down €343,956 (-28.1%), from €1.2m to €880,039
of which Trade receivables: -€308,122
- Cash -€32,937
down €32,937 (-52.7%), from €62,442 to €29,505
mainly Trade debts (-€340,329) and Investment in fixed assets (net) (-€275,295)
- Trade debts -€340,329
down €340,329 (-76.6%), from €444,248 to €103,919
- Profit (loss) carried forward +€63,089
up €63,089 (+13.0%), from €487,139 to €550,229
- Other debts -€52,359
down €52,359 (-34.4%), from €152,290 to €99,931
- Debts after one year -€37,190
down €37,190 (-7.8%), from €478,109 to €440,919
- Investment grants -€26,286
no longer reported in 2025 (was €26,286)
- Gross operating margin +€338,538
up €338,538 (+33.2%), from €1.0m to €1.4m
- Staff costs +€230,479
up €230,479 (+31.5%), from €730,972 to €961,451
- Provisions +€110,072
no longer reported in 2025 (was -€110,072)
- Depreciation +€108,330
up €108,330 (+58.3%), from €185,891 to €294,220
- Taxes -€39,604
down €39,604 (-76.2%), from €52,000 to €12,396
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 | €2,252,527 | €1,856,709 | -€395,818 | -17.6% |
| Fixed assets | 21/28 | €916,090 | €897,165 | -€18,925 | -2.1% |
| Tangible fixed assets | 22/27 | €914,697 | €895,772 | -€18,925 | -2.1% |
| Land and buildings | 22 | €280,025 | €245,412 | -€34,613 | -12.4% |
| Plant, machinery and equipment | 23 | €105,927 | €207,883 | +€101,956 | +96.3% |
| Furniture and vehicles | 24 | €334,402 | €306,778 | -€27,624 | -8.3% |
| Other tangible fixed assets | 26 | €194,342 | €135,699 | -€58,643 | -30.2% |
| Financial fixed assets | 28 | €1,393 | €1,393 | = | 0.0% |
| Current assets | 29/58 | €1,336,437 | €959,544 | -€376,893 | -28.2% |
| Amounts receivable within one year | 40/41 | €1,223,995 | €880,039 | -€343,956 | -28.1% |
| Trade receivables | 40 | €1,106,673 | €798,551 | -€308,122 | -27.8% |
| Other amounts receivable | 41 | €117,322 | €81,488 | -€35,834 | -30.5% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €62,442 | €29,505 | -€32,937 | -52.7% |
| Total equity and liabilities | 10/49 | €2,252,527 | €1,856,709 | -€395,818 | -17.6% |
| Equity | 10/15 | €531,491 | €568,294 | +€36,803 | +6.9% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €11,860 | €11,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €487,139 | €550,229 | +€63,089 | +13.0% |
| Investment grants | 15 | €26,286 | - | -€26,286 | |
| Provisions and deferred taxes | 16 | €6,572 | - | -€6,572 | |
| Deferred taxes | 168 | €6,572 | - | -€6,572 | |
| Amounts payable | 17/49 | €1,714,464 | €1,288,415 | -€426,050 | -24.9% |
| Amounts payable after more than one year | 17 | €478,109 | €440,919 | -€37,190 | -7.8% |
| Financial debts | 170/4 | €478,109 | €440,919 | -€37,190 | -7.8% |
| Amounts payable within one year | 42/48 | €1,236,356 | €847,496 | -€388,860 | -31.5% |
| Current portion of amounts payable after more than one year | 42 | €103,298 | €122,444 | +€19,146 | +18.5% |
| Financial debts | 43 | €375,000 | €375,000 | = | 0.0% |
| Credit institutions | 430/8 | €375,000 | €375,000 | = | 0.0% |
| Trade debts | 44 | €444,248 | €103,919 | -€340,329 | -76.6% |
| Suppliers | 440/4 | €444,248 | €103,919 | -€340,329 | -76.6% |
| Taxes, remuneration and social security | 45 | €161,520 | €146,202 | -€15,318 | -9.5% |
| Taxes | 450/3 | €47,633 | €39,744 | -€7,890 | -16.6% |
| Remuneration and social security | 454/9 | €113,887 | €106,458 | -€7,428 | -6.5% |
| Other amounts payable | 47/48 | €152,290 | €99,931 | -€52,359 | -34.4% |
| Remuneration, social security and pensions | 62 | €730,972 | €961,451 | +€230,479 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €185,891 | €294,220 | +€108,330 | +58.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€110,072 | - | +€110,072 | |
| Other operating charges | 640/8 | €30,477 | €11,706 | -€18,771 | -61.6% |
| Non-recurring operating charges | 66A | €1,766 | €1,005 | -€761 | -43.1% |
| Gross operating margin | 9900 | €1,019,235 | €1,357,772 | +€338,538 | +33.2% |
| Operating profit (loss) | 9901 | €180,201 | €89,390 | -€90,810 | -50.4% |
| Financial income | 75/76B | €7,915 | €26,361 | +€18,446 | +233.0% |
| Recurring financial income | 75 | €7,915 | €26,361 | +€18,446 | +233.0% |
| Financial charges | 65/66B | €41,917 | €46,836 | +€4,919 | +11.7% |
| Recurring financial charges | 65 | €41,917 | €46,836 | +€4,919 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €146,198 | €68,914 | -€77,284 | -52.9% |
| Transfer from deferred taxes | 780 | €1,978 | €6,572 | +€4,594 | +232.2% |
| Income taxes | 67/77 | €52,000 | €12,396 | -€39,604 | -76.2% |
| Profit (loss) for the period | 9904 | €96,176 | €63,089 | -€33,087 | -34.4% |
| Profit (loss) for the period to be appropriated | 9905 | €96,176 | €63,089 | -€33,087 | -34.4% |
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 8 October 2026 via checked.be.