DENODE: 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.
DENODE
Largest movements
- Stocks and contracts -€47,882
down €47,882 (-11.6%), from €414,423 to €366,541
- Cash +€35,606
up €35,606 (+24.4%), from €145,924 to €181,530
mainly Trade debts (+€72,222) and Depreciation (+€57,924)
- Tangible fixed assets -€31,780
down €31,780 (-20.5%), from €154,853 to €123,073
of which Furniture and vehicles: -€22,504
- Financial fixed assets +€31,754
up €31,754 (+11.3%), from €282,111 to €313,865
- Receivables within one year +€11,067
up €11,067 (+99.0%), from €11,179 to €22,247
of which Other amounts receivable: +€12,370
- Trade debts +€72,222
up €72,222 (+25.0%), from €289,405 to €361,626
- Profit (loss) carried forward -€39,138
down €39,138 (-16.4%), from €238,940 to €199,802
- Tax, wage and social debts -€16,772
down €16,772 (-12.5%), from €133,678 to €116,906
of which Remuneration and social security: -€10,641
- Other debts -€15,000
no longer reported in 2024 (was €15,000)
- Gross operating margin -€83,326
down €83,326 (-16.7%), from €500,386 to €417,060
- Staff costs +€28,926
up €28,926 (+8.1%), from €356,526 to €385,452
- Taxes -€22,836
down €22,836 (-97.7%), from €23,368 to €532
- Depreciation +€13,916
up €13,916 (+31.6%), from €44,008 to €57,924
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,096,353 | €1,089,572 | -€6,782 | -0.6% |
| Fixed assets | 21/28 | €436,964 | €436,938 | -€26 | 0.0% |
| Tangible fixed assets | 22/27 | €154,853 | €123,073 | -€31,780 | -20.5% |
| Plant, machinery and equipment | 23 | €25,304 | €15,503 | -€9,802 | -38.7% |
| Furniture and vehicles | 24 | €102,813 | €80,308 | -€22,504 | -21.9% |
| Other tangible fixed assets | 26 | €26,735 | €27,262 | +€526 | +2.0% |
| Financial fixed assets | 28 | €282,111 | €313,865 | +€31,754 | +11.3% |
| Current assets | 29/58 | €659,390 | €652,634 | -€6,756 | -1.0% |
| Stocks and contracts in progress | 3 | €414,423 | €366,541 | -€47,882 | -11.6% |
| Stocks | 30/36 | €414,423 | €366,541 | -€47,882 | -11.6% |
| Amounts receivable within one year | 40/41 | €11,179 | €22,247 | +€11,067 | +99.0% |
| Trade receivables | 40 | €1,852 | €550 | -€1,302 | -70.3% |
| Other amounts receivable | 41 | €9,327 | €21,697 | +€12,370 | +132.6% |
| Current investments | 50/53 | €80,000 | €80,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €145,924 | €181,530 | +€35,606 | +24.4% |
| Deferred charges and accrued income | 490/1 | €7,863 | €2,317 | -€5,547 | -70.5% |
| Total equity and liabilities | 10/49 | €1,096,353 | €1,089,572 | -€6,782 | -0.6% |
| Equity | 10/15 | €553,997 | €514,858 | -€39,138 | -7.1% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €308,859 | €308,859 | = | 0.0% |
| Distributable reserves | 133 | €308,859 | €308,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €238,940 | €199,802 | -€39,138 | -16.4% |
| Amounts payable | 17/49 | €542,357 | €574,714 | +€32,357 | +6.0% |
| Amounts payable after more than one year | 17 | €70,531 | €60,122 | -€10,409 | -14.8% |
| Financial debts | 170/4 | €70,531 | €60,122 | -€10,409 | -14.8% |
| Amounts payable within one year | 42/48 | €471,826 | €514,591 | +€42,766 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €33,743 | €36,059 | +€2,316 | +6.9% |
| Trade debts | 44 | €289,405 | €361,626 | +€72,222 | +25.0% |
| Suppliers | 440/4 | €289,405 | €361,626 | +€72,222 | +25.0% |
| Taxes, remuneration and social security | 45 | €133,678 | €116,906 | -€16,772 | -12.5% |
| Taxes | 450/3 | €39,920 | €33,789 | -€6,131 | -15.4% |
| Remuneration and social security | 454/9 | €93,758 | €83,117 | -€10,641 | -11.3% |
| Other amounts payable | 47/48 | €15,000 | - | -€15,000 | |
| Non-recurring operating income | 76A | €36,388 | €5,843 | -€30,545 | -83.9% |
| Remuneration, social security and pensions | 62 | €356,526 | €385,452 | +€28,926 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,008 | €57,924 | +€13,916 | +31.6% |
| Other operating charges | 640/8 | €6,328 | €7,195 | +€868 | +13.7% |
| Non-recurring operating charges | 66A | €63 | €532 | +€469 | +744.3% |
| Gross operating margin | 9900 | €500,386 | €417,060 | -€83,326 | -16.7% |
| Operating profit (loss) | 9901 | €93,461 | -€34,043 | -€127,504 | |
| Financial income | 75/76B | €2,085 | €2,506 | +€422 | +20.2% |
| Recurring financial income | 75 | €2,085 | €2,506 | +€422 | +20.2% |
| Financial charges | 65/66B | €4,570 | €7,070 | +€2,499 | +54.7% |
| Recurring financial charges | 65 | €4,570 | €7,070 | +€2,499 | +54.7% |
| Profit (loss) for the period before taxes | 9903 | €90,975 | -€38,607 | -€129,582 | |
| Income taxes | 67/77 | €23,368 | €532 | -€22,836 | -97.7% |
| Profit (loss) for the period | 9904 | €67,607 | -€39,138 | -€106,746 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,607 | -€39,138 | -€106,746 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.