DENOËL JOSEPH: 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.
DENOËL JOSEPH
Largest movements
- Receivables within one year +€30,146
up €30,146 (+227%), from €13,289 to €43,435
of which Trade receivables: +€24,668
- Deferred charges and accrued income +€2,150
up €2,150 (+277%), from €777 to €2,927
- Reserves +€30,531
up €30,531 (+66.5%), from €45,940 to €76,471
- Other debts +€4,703
up €4,703 (+19.4%), from €24,206 to €28,909
- Tax, wage and social debts -€3,790
down €3,790 (-24.2%), from €15,647 to €11,857
- Trade debts +€1,921
up €1,921 (+178%), from €1,077 to €2,998
- Gross operating margin -€22,585
down €22,585 (-32.4%), from €69,796 to €47,211
- Taxes -€7,308
down €7,308 (-33.5%), from €21,827 to €14,519
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 | €91,870 | €125,235 | +€33,365 | +36.3% |
| Formation expenses | 20 | €693 | €0 | -€693 | -100% |
| Fixed assets | 21/28 | €1,048 | €1,563 | +€515 | +49.2% |
| Tangible fixed assets | 22/27 | €1,048 | €1,563 | +€515 | +49.2% |
| Furniture and vehicles | 24 | €1,048 | €1,563 | +€515 | +49.2% |
| Current assets | 29/58 | €90,130 | €123,672 | +€33,542 | +37.2% |
| Amounts receivable within one year | 40/41 | €13,289 | €43,435 | +€30,146 | +227% |
| Trade receivables | 40 | €13,286 | €37,954 | +€24,668 | +186% |
| Other amounts receivable | 41 | €3 | €5,481 | +€5,478 | +186,322% |
| Cash at bank and in hand | 54/58 | €76,063 | €77,311 | +€1,247 | +1.6% |
| Deferred charges and accrued income | 490/1 | €777 | €2,927 | +€2,150 | +277% |
| Total equity and liabilities | 10/49 | €91,870 | €125,235 | +€33,365 | +36.3% |
| Equity | 10/15 | €50,940 | €81,471 | +€30,531 | +59.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €45,940 | €76,471 | +€30,531 | +66.5% |
| Distributable reserves | 133 | €45,940 | €76,471 | +€30,531 | +66.5% |
| Amounts payable | 17/49 | €40,930 | €43,764 | +€2,833 | +6.9% |
| Amounts payable within one year | 42/48 | €40,930 | €43,764 | +€2,833 | +6.9% |
| Trade debts | 44 | €1,077 | €2,998 | +€1,921 | +178% |
| Suppliers | 440/4 | €1,077 | €2,998 | +€1,921 | +178% |
| Taxes, remuneration and social security | 45 | €15,647 | €11,857 | -€3,790 | -24.2% |
| Taxes | 450/3 | €15,647 | €11,857 | -€3,790 | -24.2% |
| Other amounts payable | 47/48 | €24,206 | €28,909 | +€4,703 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,231 | €1,378 | +€147 | +11.9% |
| Other operating charges | 640/8 | €689 | €699 | +€10 | +1.5% |
| Gross operating margin | 9900 | €69,796 | €47,211 | -€22,585 | -32.4% |
| Operating profit (loss) | 9901 | €67,876 | €45,134 | -€22,742 | -33.5% |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.3% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.3% |
| Financial charges | 65/66B | €112 | €84 | -€28 | -24.7% |
| Recurring financial charges | 65 | €112 | €84 | -€28 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €67,768 | €45,050 | -€22,717 | -33.5% |
| Income taxes | 67/77 | €21,827 | €14,519 | -€7,308 | -33.5% |
| Profit (loss) for the period | 9904 | €45,940 | €30,531 | -€15,409 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | €45,940 | €30,531 | -€15,409 | -33.5% |
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 27 October 2026 via checked.be.