DENO: 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.
DENO
Largest movements
- Current investments +€1.0m
up €1.0m (+42.1%), from €2.5m to €3.5m
- Receivables within one year -€1.0m
down €1.0m (-41.1%), from €2.5m to €1.4m
of which Other amounts receivable: -€1.0m
- Cash -€140,685
down €140,685 (-70.7%), from €198,909 to €58,223
mainly Current investments (-€1.0m) and Investment in fixed assets (net) (-€170,280)
- Tangible fixed assets +€136,082
up €136,082 (+13.0%), from €1.0m to €1.2m
of which Land and buildings: +€134,673
- Reserves +€67,860
up €67,860 (+1.1%), from €6.2m to €6.3m
of which Distributable reserves: +€67,860
- Financial charges +€100,824
up €100,824 (+388%), from €26,014 to €126,838
- Gross operating margin +€40,411
up €40,411 (+51.9%), from -€77,888 to -€37,478
- Taxes +€34,889
up €34,889 (+68.2%), from €51,169 to €86,058
- Financial income -€13,643
down €13,643 (-3.7%), from €371,869 to €358,226
- Other operating charges -€3,057
down €3,057 (-34.5%), from €8,852 to €5,795
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 | €6,259,646 | €6,345,782 | +€86,136 | +1.4% |
| Fixed assets | 21/28 | €1,047,273 | €1,183,355 | +€136,082 | +13.0% |
| Tangible fixed assets | 22/27 | €1,047,273 | €1,183,355 | +€136,082 | +13.0% |
| Land and buildings | 22 | €638,039 | €772,712 | +€134,673 | +21.1% |
| Plant, machinery and equipment | 23 | €379,000 | €379,000 | = | 0.0% |
| Furniture and vehicles | 24 | €30,234 | €31,643 | +€1,409 | +4.7% |
| Current assets | 29/58 | €5,212,374 | €5,162,427 | -€49,947 | -1.0% |
| Amounts receivable within one year | 40/41 | €2,452,874 | €1,445,353 | -€1.0m | -41.1% |
| Trade receivables | 40 | €7,260 | €26,620 | +€19,360 | +267% |
| Other amounts receivable | 41 | €2,445,614 | €1,418,733 | -€1.0m | -42.0% |
| Current investments | 50/53 | €2,492,179 | €3,540,756 | +€1.0m | +42.1% |
| Cash at bank and in hand | 54/58 | €198,909 | €58,223 | -€140,685 | -70.7% |
| Deferred charges and accrued income | 490/1 | €68,412 | €118,095 | +€49,682 | +72.6% |
| Total equity and liabilities | 10/49 | €6,259,646 | €6,345,782 | +€86,136 | +1.4% |
| Equity | 10/15 | €6,241,754 | €6,309,615 | +€67,860 | +1.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €6,216,754 | €6,284,615 | +€67,860 | +1.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €6,160,504 | €6,228,365 | +€67,860 | +1.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €17,892 | €36,167 | +€18,275 | +102% |
| Amounts payable within one year | 42/48 | €17,203 | €36,043 | +€18,840 | +110% |
| Financial debts | 43 | €2,072 | €0 | -€2,072 | -100% |
| Credit institutions | 430/8 | €2,072 | €0 | -€2,072 | -100% |
| Trade debts | 44 | €12,859 | €15,097 | +€2,238 | +17.4% |
| Suppliers | 440/4 | €12,859 | €15,097 | +€2,238 | +17.4% |
| Taxes, remuneration and social security | 45 | €501 | €18,765 | +€18,264 | +3,648% |
| Taxes | 450/3 | €501 | €18,765 | +€18,264 | +3,648% |
| Other amounts payable | 47/48 | €1,771 | €2,181 | +€410 | +23.2% |
| Accrued charges and deferred income | 492/3 | €689 | €124 | -€565 | -82.0% |
| Non-recurring operating income | 76A | €0 | €11,765 | +€11,765 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,613 | €34,198 | +€1,585 | +4.9% |
| Other operating charges | 640/8 | €8,852 | €5,795 | -€3,057 | -34.5% |
| Non-recurring operating charges | 66A | €2,349 | €0 | -€2,349 | -100% |
| Gross operating margin | 9900 | -€77,888 | -€37,478 | +€40,411 | +51.9% |
| Operating profit (loss) | 9901 | -€121,702 | -€77,470 | +€44,232 | +36.3% |
| Financial income | 75/76B | €371,869 | €358,226 | -€13,643 | -3.7% |
| Recurring financial income | 75 | €371,869 | €358,226 | -€13,643 | -3.7% |
| Financial charges | 65/66B | €26,014 | €126,838 | +€100,824 | +388% |
| Recurring financial charges | 65 | €26,014 | €126,838 | +€100,824 | +388% |
| Profit (loss) for the period before taxes | 9903 | €224,153 | €153,918 | -€70,235 | -31.3% |
| Income taxes | 67/77 | €51,169 | €86,058 | +€34,889 | +68.2% |
| Profit (loss) for the period | 9904 | €172,984 | €67,860 | -€105,124 | -60.8% |
| Profit (loss) for the period to be appropriated | 9905 | €172,984 | €67,860 | -€105,124 | -60.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.