Denon: 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.
Denon
Largest movements
- Cash +€206,934
up €206,934 (+37.0%), from €558,629 to €765,562
mainly Net result for the year (+€338,973) and Depreciation (+€234,676)
- Current investments +€150,000
up €150,000 (+30.0%), from €499,251 to €649,251
- Tangible fixed assets -€122,972
down €122,972 (-8.9%), from €1.4m to €1.3m
of which Plant, machinery and equipment: -€65,211
- Reserves +€218,973
up €218,973 (+11.5%), from €1.9m to €2.1m
of which Distributable reserves: +€218,973
- Trade debts +€154,103
up €154,103 (+23.9%), from €645,648 to €799,751
- Tax, wage and social debts -€45,422
down €45,422 (-43.5%), from €104,392 to €58,971
of which Taxes: -€45,186
- Accrued charges and deferred income -€32,336
down €32,336 (-28.8%), from €112,336 to €80,000
- Staff costs +€47,568
up €47,568 (+6.4%), from €739,829 to €787,397
- Financial income +€31,937
up €31,937 (+4836.6%), from €660 to €32,597
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 | €2,895,401 | €3,190,112 | +€294,711 | +10.2% |
| Fixed assets | 21/28 | €1,384,586 | €1,261,613 | -€122,972 | -8.9% |
| Tangible fixed assets | 22/27 | €1,384,586 | €1,261,613 | -€122,972 | -8.9% |
| Land and buildings | 22 | €423,556 | €387,040 | -€36,516 | -8.6% |
| Plant, machinery and equipment | 23 | €500,355 | €435,145 | -€65,211 | -13.0% |
| Furniture and vehicles | 24 | €76,773 | €58,669 | -€18,104 | -23.6% |
| Other tangible fixed assets | 26 | €383,901 | €380,760 | -€3,141 | -0.8% |
| Current assets | 29/58 | €1,510,815 | €1,928,499 | +€417,684 | +27.6% |
| Stocks and contracts in progress | 3 | €414,646 | €442,589 | +€27,943 | +6.7% |
| Stocks | 30/36 | €414,646 | €442,589 | +€27,943 | +6.7% |
| Amounts receivable within one year | 40/41 | €27,892 | €37,079 | +€9,187 | +32.9% |
| Trade receivables | 40 | €27,892 | €32,915 | +€5,023 | +18.0% |
| Other amounts receivable | 41 | €0 | €4,164 | +€4,164 | |
| Current investments | 50/53 | €499,251 | €649,251 | +€150,000 | +30.0% |
| Cash at bank and in hand | 54/58 | €558,629 | €765,562 | +€206,934 | +37.0% |
| Deferred charges and accrued income | 490/1 | €10,398 | €34,018 | +€23,620 | +227.2% |
| Total equity and liabilities | 10/49 | €2,895,401 | €3,190,112 | +€294,711 | +10.2% |
| Equity | 10/15 | €2,031,306 | €2,249,869 | +€218,563 | +10.8% |
| Contributions | 10/11 | €125,375 | €125,375 | = | 0.0% |
| Capital | 10 | €125,375 | €125,375 | = | 0.0% |
| Issued capital | 100 | €125,375 | €125,375 | = | 0.0% |
| Reserves | 13 | €1,903,903 | €2,122,875 | +€218,973 | +11.5% |
| Non-distributable reserves | 130/1 | €12,538 | €12,538 | = | 0.0% |
| Legal reserve | 130 | €12,538 | €12,538 | = | 0.0% |
| Distributable reserves | 133 | €1,891,365 | €2,110,338 | +€218,973 | +11.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €2,028 | €1,619 | -€409 | -20.2% |
| Provisions and deferred taxes | 16 | €999 | €797 | -€202 | -20.2% |
| Deferred taxes | 168 | €999 | €797 | -€202 | -20.2% |
| Amounts payable | 17/49 | €863,096 | €939,446 | +€76,350 | +8.8% |
| Amounts payable within one year | 42/48 | €750,759 | €859,446 | +€108,686 | +14.5% |
| Trade debts | 44 | €645,648 | €799,751 | +€154,103 | +23.9% |
| Suppliers | 440/4 | €645,648 | €799,751 | +€154,103 | +23.9% |
| Taxes, remuneration and social security | 45 | €104,392 | €58,971 | -€45,422 | -43.5% |
| Taxes | 450/3 | €59,993 | €14,807 | -€45,186 | -75.3% |
| Remuneration and social security | 454/9 | €44,399 | €44,164 | -€236 | -0.5% |
| Other amounts payable | 47/48 | €719 | €724 | +€5 | +0.7% |
| Accrued charges and deferred income | 492/3 | €112,336 | €80,000 | -€32,336 | -28.8% |
| Non-recurring operating income | 76A | €6,000 | €0 | -€6,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €739,829 | €787,397 | +€47,568 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,257 | €234,676 | +€14,419 | +6.5% |
| Other operating charges | 640/8 | €58,678 | €58,339 | -€340 | -0.6% |
| Gross operating margin | 9900 | €1,555,425 | €1,557,085 | +€1,660 | +0.1% |
| Operating profit (loss) | 9901 | €536,661 | €476,673 | -€59,988 | -11.2% |
| Financial income | 75/76B | €660 | €32,597 | +€31,937 | +4836.6% |
| Recurring financial income | 75 | €660 | €32,597 | +€31,937 | +4836.6% |
| Financial charges | 65/66B | €2,712 | €403 | -€2,309 | -85.1% |
| Recurring financial charges | 65 | €2,712 | €403 | -€2,309 | -85.1% |
| Profit (loss) for the period before taxes | 9903 | €534,609 | €508,867 | -€25,742 | -4.8% |
| Transfer from deferred taxes | 780 | €202 | €202 | = | 0.0% |
| Income taxes | 67/77 | €171,735 | €170,096 | -€1,640 | -1.0% |
| Profit (loss) for the period | 9904 | €363,075 | €338,973 | -€24,102 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €363,075 | €338,973 | -€24,102 | -6.6% |
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 9 October 2026 via checked.be.