Denolf Elise: 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.
Denolf Elise
Largest movements
- Cash +€83,239
up €83,239 (+234.3%), from €35,534 to €118,773
mainly Net result for the year (+€74,730) and Current investments (+€40,000)
- Receivables within one year +€49,534
new in 2025: €49,534
- Current investments -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Tangible fixed assets -€12,379
down €12,379 (-21.3%), from €57,990 to €45,611
- Deferred charges and accrued income +€2,557
up €2,557 (+19.0%), from €13,478 to €16,035
- Reserves +€73,897
up €73,897 (+97.7%), from €75,629 to €149,525
- Tax, wage and social debts +€21,276
up €21,276 (+103.2%), from €20,626 to €41,901
of which Taxes: +€19,356
- Debts after one year -€11,124
down €11,124 (-34.3%), from €32,464 to €21,341
- Depreciation +€9,672
up €9,672 (+357.4%), from €2,706 to €12,379
- Gross operating margin -€4,080
down €4,080 (-3.7%), from €109,478 to €105,398
- Financial income +€2,712
up €2,712 (+27119700.0%), from €0 to €2,712
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 | €147,001 | €229,952 | +€82,951 | +56.4% |
| Fixed assets | 21/28 | €57,990 | €45,611 | -€12,379 | -21.3% |
| Tangible fixed assets | 22/27 | €57,990 | €45,611 | -€12,379 | -21.3% |
| Furniture and vehicles | 24 | €57,990 | €45,611 | -€12,379 | -21.3% |
| Current assets | 29/58 | €89,012 | €184,342 | +€95,330 | +107.1% |
| Amounts receivable within one year | 40/41 | - | €49,534 | +€49,534 | |
| Other amounts receivable | 41 | - | €49,534 | +€49,534 | |
| Current investments | 50/53 | €40,000 | €0 | -€40,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €35,534 | €118,773 | +€83,239 | +234.3% |
| Deferred charges and accrued income | 490/1 | €13,478 | €16,035 | +€2,557 | +19.0% |
| Total equity and liabilities | 10/49 | €147,001 | €229,952 | +€82,951 | +56.4% |
| Equity | 10/15 | €78,629 | €152,525 | +€73,897 | +94.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €75,629 | €149,525 | +€73,897 | +97.7% |
| Distributable reserves | 133 | €75,629 | €149,525 | +€73,897 | +97.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €68,373 | €77,427 | +€9,055 | +13.2% |
| Amounts payable after more than one year | 17 | €32,464 | €21,341 | -€11,124 | -34.3% |
| Financial debts | 170/4 | €32,464 | €21,341 | -€11,124 | -34.3% |
| Amounts payable within one year | 42/48 | €35,908 | €55,959 | +€20,050 | +55.8% |
| Current portion of amounts payable after more than one year | 42 | €10,773 | €11,124 | +€350 | +3.2% |
| Trade debts | 44 | €3,530 | €2,101 | -€1,429 | -40.5% |
| Suppliers | 440/4 | €3,530 | €2,101 | -€1,429 | -40.5% |
| Taxes, remuneration and social security | 45 | €20,626 | €41,901 | +€21,276 | +103.2% |
| Taxes | 450/3 | €20,626 | €39,981 | +€19,356 | +93.8% |
| Remuneration and social security | 454/9 | - | €1,920 | +€1,920 | |
| Other amounts payable | 47/48 | €980 | €833 | -€147 | -15.0% |
| Accrued charges and deferred income | 492/3 | - | €128 | +€128 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,706 | €12,379 | +€9,672 | +357.4% |
| Other operating charges | 640/8 | €922 | €128 | -€794 | -86.1% |
| Non-recurring operating charges | 66A | €8,250 | €0 | -€8,250 | -100.0% |
| Gross operating margin | 9900 | €109,478 | €105,398 | -€4,080 | -3.7% |
| Operating profit (loss) | 9901 | €97,600 | €92,892 | -€4,708 | -4.8% |
| Financial income | 75/76B | €0 | €2,712 | +€2,712 | +27119700.0% |
| Recurring financial income | 75 | €0 | €2,712 | +€2,712 | +27119700.0% |
| Financial charges | 65/66B | €513 | €1,290 | +€778 | +151.8% |
| Recurring financial charges | 65 | €513 | €1,290 | +€778 | +151.8% |
| Profit (loss) for the period before taxes | 9903 | €97,087 | €94,313 | -€2,774 | -2.9% |
| Income taxes | 67/77 | €20,626 | €19,584 | -€1,042 | -5.1% |
| Profit (loss) for the period | 9904 | €76,462 | €74,730 | -€1,732 | -2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €76,462 | €74,730 | -€1,732 | -2.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.