DENONCIN & PARTNERS: 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.
DENONCIN & PARTNERS
Largest movements
- Tangible fixed assets +€250,438
up €250,438 (+595%), from €42,111 to €292,549
of which Land and buildings: +€263,061
- Receivables within one year -€112,724
down €112,724 (-88.0%), from €128,106 to €15,382
of which Other amounts receivable: -€110,252
- Current investments +€35,465
up €35,465 (+1,779%), from €1,994 to €37,458
- Cash +€5,826
up €5,826 (+64.6%), from €9,024 to €14,849
mainly Other debts (+€167,126) and Receivables within one year (+€112,724)
- Other debts +€167,126
up €167,126 (+1,882%), from €8,878 to €176,005
- Current portion of long-term debt -€25,447
down €25,447 (-61.0%), from €41,688 to €16,241
- Reserves +€20,000
up €20,000 (+37.5%), from €53,359 to €73,359
of which Distributable reserves: +€20,000
- Tax, wage and social debts +€7,953
up €7,953 (+59.1%), from €13,463 to €21,416
of which Taxes: +€5,380
- Debts after one year +€7,631
up €7,631 (+30.5%), from €24,990 to €32,621
- Staff costs +€17,873
up €17,873 (+55.3%), from €32,320 to €50,193
- Gross operating margin +€16,928
up €16,928 (+15.5%), from €109,382 to €126,310
- Financial income +€4,467
up €4,467 (+172,477%), from €3 to €4,470
- Depreciation +€3,221
up €3,221 (+10.6%), from €30,460 to €33,681
- Financial charges -€1,563
down €1,563 (-39.9%), from €3,918 to €2,355
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 | €181,485 | €361,223 | +€179,738 | +99.0% |
| Fixed assets | 21/28 | €42,361 | €292,799 | +€250,438 | +591% |
| Tangible fixed assets | 22/27 | €42,111 | €292,549 | +€250,438 | +595% |
| Land and buildings | 22 | €12,333 | €275,395 | +€263,061 | +2,133% |
| Plant, machinery and equipment | 23 | €5,974 | €529 | -€5,445 | -91.1% |
| Furniture and vehicles | 24 | €23,805 | €16,626 | -€7,179 | -30.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €139,123 | €68,424 | -€70,699 | -50.8% |
| Amounts receivable within one year | 40/41 | €128,106 | €15,382 | -€112,724 | -88.0% |
| Trade receivables | 40 | €17,854 | €15,382 | -€2,472 | -13.8% |
| Other amounts receivable | 41 | €110,252 | - | -€110,252 | |
| Current investments | 50/53 | €1,994 | €37,458 | +€35,465 | +1,779% |
| Cash at bank and in hand | 54/58 | €9,024 | €14,849 | +€5,826 | +64.6% |
| Deferred charges and accrued income | 490/1 | - | €734 | +€734 | |
| Total equity and liabilities | 10/49 | €181,485 | €361,223 | +€179,738 | +99.0% |
| Equity | 10/15 | €83,457 | €109,212 | +€25,755 | +30.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €53,359 | €73,359 | +€20,000 | +37.5% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €51,500 | €71,500 | +€20,000 | +38.8% |
| Profit (loss) carried forward | 14 | €11,506 | €17,261 | +€5,755 | +50.0% |
| Amounts payable | 17/49 | €98,028 | €252,011 | +€153,983 | +157% |
| Amounts payable after more than one year | 17 | €24,990 | €32,621 | +€7,631 | +30.5% |
| Financial debts | 170/4 | €24,990 | €32,621 | +€7,631 | +30.5% |
| Amounts payable within one year | 42/48 | €72,751 | €218,248 | +€145,498 | +200% |
| Current portion of amounts payable after more than one year | 42 | €41,688 | €16,241 | -€25,447 | -61.0% |
| Financial debts | 43 | €8,561 | €2,750 | -€5,811 | -67.9% |
| Credit institutions | 430/8 | €8,561 | €2,750 | -€5,811 | -67.9% |
| Trade debts | 44 | €161 | €1,837 | +€1,676 | +1,042% |
| Suppliers | 440/4 | €161 | €1,837 | +€1,676 | +1,042% |
| Taxes, remuneration and social security | 45 | €13,463 | €21,416 | +€7,953 | +59.1% |
| Taxes | 450/3 | €10,957 | €16,338 | +€5,380 | +49.1% |
| Remuneration and social security | 454/9 | €2,506 | €5,079 | +€2,573 | +103% |
| Other amounts payable | 47/48 | €8,878 | €176,005 | +€167,126 | +1,882% |
| Accrued charges and deferred income | 492/3 | €287 | €1,141 | +€854 | +298% |
| Remuneration, social security and pensions | 62 | €32,320 | €50,193 | +€17,873 | +55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,460 | €33,681 | +€3,221 | +10.6% |
| Other operating charges | 640/8 | €3,819 | €3,969 | +€150 | +3.9% |
| Gross operating margin | 9900 | €109,382 | €126,310 | +€16,928 | +15.5% |
| Operating profit (loss) | 9901 | €42,783 | €38,466 | -€4,317 | -10.1% |
| Financial income | 75/76B | €3 | €4,470 | +€4,467 | +172,477% |
| Recurring financial income | 75 | €3 | €4,470 | +€4,467 | +172,477% |
| Financial charges | 65/66B | €3,918 | €2,355 | -€1,563 | -39.9% |
| Recurring financial charges | 65 | €3,918 | €2,355 | -€1,563 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €38,868 | €40,581 | +€1,713 | +4.4% |
| Income taxes | 67/77 | €14,295 | €14,826 | +€531 | +3.7% |
| Profit (loss) for the period | 9904 | €24,572 | €25,755 | +€1,183 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,572 | €25,755 | +€1,183 | +4.8% |
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 19 October 2026 via checked.be.