Denoe: 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.
Denoe
Largest movements
- Deferred charges and accrued income +€120,504
new in 2025: €120,504
- Tangible fixed assets +€71,082
up €71,082 (+22.5%), from €316,553 to €387,636
of which Land and buildings: +€59,116
- Stocks and contracts -€53,009
down €53,009 (-49.7%), from €106,575 to €53,565
of which Contracts in progress: -€51,120
- Receivables within one year -€19,157
down €19,157 (-45.8%), from €41,786 to €22,629
of which Trade receivables: -€26,094
- Trade debts +€45,996
up €45,996 (+125.0%), from €36,791 to €82,787
- Debts after one year +€32,746
up €32,746 (+13.2%), from €248,793 to €281,538
- Other debts +€31,158
up €31,158 (+387.2%), from €8,047 to €39,205
- Short-term financial debts +€7,903
up €7,903 (+39.0%), from €20,274 to €28,177
- Gross operating margin -€135,486
down €135,486 (-73.7%), from €183,877 to €48,390
- Financial income +€124,311
up €124,311 (+27057.6%), from €459 to €124,770
of which Non-recurring financial income: +€124,384
- Other operating charges -€10,490
down €10,490 (-86.9%), from €12,067 to €1,577
- Staff costs +€5,993
up €5,993 (+4.8%), from €123,814 to €129,807
- Depreciation -€3,247
down €3,247 (-12.1%), from €26,735 to €23,488
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 | €478,986 | €596,080 | +€117,093 | +24.4% |
| Fixed assets | 21/28 | €316,553 | €387,636 | +€71,082 | +22.5% |
| Tangible fixed assets | 22/27 | €316,553 | €387,636 | +€71,082 | +22.5% |
| Land and buildings | 22 | €284,977 | €344,094 | +€59,116 | +20.7% |
| Plant, machinery and equipment | 23 | €31,576 | €43,542 | +€11,966 | +37.9% |
| Current assets | 29/58 | €162,433 | €208,444 | +€46,011 | +28.3% |
| Stocks and contracts in progress | 3 | €106,575 | €53,565 | -€53,009 | -49.7% |
| Stocks | 30/36 | €3,815 | €1,925 | -€1,889 | -49.5% |
| Contracts in progress | 37 | €102,760 | €51,640 | -€51,120 | -49.7% |
| Amounts receivable within one year | 40/41 | €41,786 | €22,629 | -€19,157 | -45.8% |
| Trade receivables | 40 | €26,436 | €342 | -€26,094 | -98.7% |
| Other amounts receivable | 41 | €15,350 | €22,287 | +€6,937 | +45.2% |
| Cash at bank and in hand | 54/58 | €14,072 | €11,746 | -€2,326 | -16.5% |
| Deferred charges and accrued income | 490/1 | - | €120,504 | +€120,504 | |
| Total equity and liabilities | 10/49 | €478,986 | €596,080 | +€117,093 | +24.4% |
| Equity | 10/15 | €129,339 | €129,666 | +€327 | +0.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €75,108 | €75,435 | +€327 | +0.4% |
| Distributable reserves | 133 | €75,108 | €75,435 | +€327 | +0.4% |
| Profit (loss) carried forward | 14 | €48,030 | €48,030 | = | 0.0% |
| Amounts payable | 17/49 | €349,648 | €466,414 | +€116,766 | +33.4% |
| Amounts payable after more than one year | 17 | €248,793 | €281,538 | +€32,746 | +13.2% |
| Financial debts | 170/4 | €248,793 | €281,538 | +€32,746 | +13.2% |
| Amounts payable within one year | 42/48 | €100,855 | €184,875 | +€84,020 | +83.3% |
| Current portion of amounts payable after more than one year | 42 | €31,323 | €27,780 | -€3,543 | -11.3% |
| Financial debts | 43 | €20,274 | €28,177 | +€7,903 | +39.0% |
| Credit institutions | 430/8 | €20,274 | €28,177 | +€7,903 | +39.0% |
| Trade debts | 44 | €36,791 | €82,787 | +€45,996 | +125.0% |
| Suppliers | 440/4 | €36,791 | €82,787 | +€45,996 | +125.0% |
| Taxes, remuneration and social security | 45 | €4,421 | €6,926 | +€2,505 | +56.7% |
| Taxes | 450/3 | €39 | €2,016 | +€1,978 | +5079.6% |
| Remuneration and social security | 454/9 | €4,382 | €4,910 | +€528 | +12.0% |
| Other amounts payable | 47/48 | €8,047 | €39,205 | +€31,158 | +387.2% |
| Remuneration, social security and pensions | 62 | €123,814 | €129,807 | +€5,993 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,735 | €23,488 | -€3,247 | -12.1% |
| Other operating charges | 640/8 | €12,067 | €1,577 | -€10,490 | -86.9% |
| Gross operating margin | 9900 | €183,877 | €48,390 | -€135,486 | -73.7% |
| Operating profit (loss) | 9901 | €21,261 | -€106,481 | -€127,743 | |
| Financial income | 75/76B | €459 | €124,770 | +€124,311 | +27057.6% |
| Recurring financial income | 75 | €459 | €387 | -€73 | -15.8% |
| Non-recurring financial income | 76B | - | €124,384 | +€124,384 | |
| Financial charges | 65/66B | €13,782 | €16,370 | +€2,588 | +18.8% |
| Recurring financial charges | 65 | €13,782 | €16,370 | +€2,588 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | €7,939 | €1,919 | -€6,020 | -75.8% |
| Income taxes | 67/77 | €3,151 | €1,592 | -€1,559 | -49.5% |
| Profit (loss) for the period | 9904 | €4,788 | €327 | -€4,461 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,788 | €327 | -€4,461 | -93.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.