DENORM: 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.
DENORM
Largest movements
- Tangible fixed assets +€405,359
up €405,359 (+99.6%), from €406,817 to €812,176
of which Land and buildings: +€403,276
- Cash -€214,249
down €214,249 (-77.4%), from €276,928 to €62,679
mainly Investment in fixed assets (net) (-€438,200) and Receivables within one year (-€55,210)
- Receivables within one year +€55,210
up €55,210 (+130.3%), from €42,361 to €97,571
of which Other amounts receivable: +€84,686
- Debts after one year +€255,255
up €255,255 (+68.4%), from €373,075 to €628,330
- Trade debts -€19,130
down €19,130 (-95.5%), from €20,036 to €906
- Depreciation +€8,198
up €8,198 (+33.3%), from €24,643 to €32,840
- Financial charges +€7,375
up €7,375 (+61.2%), from €12,049 to €19,423
- Gross operating margin -€4,732
down €4,732 (-4.4%), from €106,679 to €101,946
- Financial income +€2,104
up €2,104 (+10012.9%), from €21 to €2,125
- Taxes -€1,627
down €1,627 (-7.4%), from €21,868 to €20,241
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 | €727,583 | €972,426 | +€244,843 | +33.7% |
| Fixed assets | 21/28 | €406,817 | €812,176 | +€405,359 | +99.6% |
| Tangible fixed assets | 22/27 | €406,817 | €812,176 | +€405,359 | +99.6% |
| Land and buildings | 22 | €397,147 | €800,422 | +€403,276 | +101.5% |
| Plant, machinery and equipment | 23 | €2,760 | €1,522 | -€1,238 | -44.9% |
| Furniture and vehicles | 24 | €6,910 | €10,232 | +€3,322 | +48.1% |
| Current assets | 29/58 | €320,766 | €160,250 | -€160,516 | -50.0% |
| Amounts receivable within one year | 40/41 | €42,361 | €97,571 | +€55,210 | +130.3% |
| Trade receivables | 40 | €42,361 | €12,885 | -€29,476 | -69.6% |
| Other amounts receivable | 41 | - | €84,686 | +€84,686 | |
| Cash at bank and in hand | 54/58 | €276,928 | €62,679 | -€214,249 | -77.4% |
| Deferred charges and accrued income | 490/1 | €1,477 | - | -€1,477 | |
| Total equity and liabilities | 10/49 | €727,583 | €972,426 | +€244,843 | +33.7% |
| Equity | 10/15 | €256,001 | €251,883 | -€4,118 | -1.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €221,760 | €217,642 | -€4,118 | -1.9% |
| Distributable reserves | 133 | €221,760 | €217,642 | -€4,118 | -1.9% |
| Profit (loss) carried forward | 14 | €28,041 | €28,041 | = | 0.0% |
| Amounts payable | 17/49 | €471,583 | €720,543 | +€248,961 | +52.8% |
| Amounts payable after more than one year | 17 | €373,075 | €628,330 | +€255,255 | +68.4% |
| Financial debts | 170/4 | €373,075 | €628,330 | +€255,255 | +68.4% |
| Amounts payable within one year | 42/48 | €95,957 | €88,610 | -€7,347 | -7.7% |
| Current portion of amounts payable after more than one year | 42 | €39,095 | €43,620 | +€4,525 | +11.6% |
| Trade debts | 44 | €20,036 | €906 | -€19,130 | -95.5% |
| Suppliers | 440/4 | €20,036 | €906 | -€19,130 | -95.5% |
| Taxes, remuneration and social security | 45 | €3,302 | €12,083 | +€8,781 | +265.9% |
| Taxes | 450/3 | €3,302 | €12,083 | +€8,781 | +265.9% |
| Other amounts payable | 47/48 | €33,524 | €32,000 | -€1,524 | -4.5% |
| Accrued charges and deferred income | 492/3 | €2,550 | €3,603 | +€1,053 | +41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,643 | €32,840 | +€8,198 | +33.3% |
| Other operating charges | 640/8 | €3,142 | €3,684 | +€542 | +17.2% |
| Gross operating margin | 9900 | €106,679 | €101,946 | -€4,732 | -4.4% |
| Operating profit (loss) | 9901 | €78,894 | €65,422 | -€13,472 | -17.1% |
| Financial income | 75/76B | €21 | €2,125 | +€2,104 | +10012.9% |
| Recurring financial income | 75 | €21 | €2,125 | +€2,104 | +10012.9% |
| Financial charges | 65/66B | €12,049 | €19,423 | +€7,375 | +61.2% |
| Recurring financial charges | 65 | €12,049 | €19,423 | +€7,375 | +61.2% |
| Profit (loss) for the period before taxes | 9903 | €66,866 | €48,124 | -€18,743 | -28.0% |
| Income taxes | 67/77 | €21,868 | €20,241 | -€1,627 | -7.4% |
| Profit (loss) for the period | 9904 | €44,998 | €27,882 | -€17,116 | -38.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,998 | €27,882 | -€17,116 | -38.0% |
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 12 October 2026 via checked.be.