DENOVA: 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.
DENOVA
Largest movements
- Receivables within one year +€49,599
up €49,599 (+66.8%), from €74,206 to €123,805
of which Other amounts receivable: +€33,244
- Stocks and contracts -€10,877
down €10,877 (-86.8%), from €12,535 to €1,658
of which Contracts in progress: -€10,000
- Tangible fixed assets +€6,329
up €6,329 (+70.9%), from €8,921 to €15,250
of which Furniture and vehicles: +€6,600
- Deferred charges and accrued income +€1,476
up €1,476 (+226.6%), from €651 to €2,128
- Other debts +€32,000
new in 2025: €32,000
- Reserves +€20,000
up €20,000 (+330.6%), from €6,049 to €26,049
of which Distributable reserves: +€17,211
- Tax, wage and social debts +€16,587
up €16,587 (+1567.4%), from €1,058 to €17,646
of which Taxes: +€16,731
- Trade debts -€15,109
down €15,109 (-49.1%), from €30,796 to €15,687
- Debts after one year -€6,918
no longer reported in 2025 (was €6,918)
- Gross operating margin +€43,150
up €43,150 (+102.3%), from €42,182 to €85,332
- Staff costs -€24,638
no longer reported in 2025 (was €24,638)
- Taxes +€22,709
new in 2025: €22,709
- Depreciation -€2,965
down €2,965 (-34.9%), from €8,490 to €5,525
- Financial income +€1,057
up €1,057 (+39.8%), from €2,659 to €3,716
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 | €100,151 | €146,563 | +€46,412 | +46.3% |
| Fixed assets | 21/28 | €9,826 | €16,155 | +€6,329 | +64.4% |
| Tangible fixed assets | 22/27 | €8,921 | €15,250 | +€6,329 | +70.9% |
| Plant, machinery and equipment | 23 | €769 | €498 | -€271 | -35.2% |
| Furniture and vehicles | 24 | €8,152 | €14,751 | +€6,600 | +81.0% |
| Financial fixed assets | 28 | €905 | €905 | = | 0.0% |
| Current assets | 29/58 | €90,325 | €130,408 | +€40,083 | +44.4% |
| Stocks and contracts in progress | 3 | €12,535 | €1,658 | -€10,877 | -86.8% |
| Stocks | 30/36 | €2,535 | €1,658 | -€877 | -34.6% |
| Contracts in progress | 37 | €10,000 | - | -€10,000 | |
| Amounts receivable within one year | 40/41 | €74,206 | €123,805 | +€49,599 | +66.8% |
| Trade receivables | 40 | €17,639 | €33,995 | +€16,355 | +92.7% |
| Other amounts receivable | 41 | €56,567 | €89,810 | +€33,244 | +58.8% |
| Cash at bank and in hand | 54/58 | €2,932 | €2,818 | -€115 | -3.9% |
| Deferred charges and accrued income | 490/1 | €651 | €2,128 | +€1,476 | +226.6% |
| Total equity and liabilities | 10/49 | €100,151 | €146,563 | +€46,412 | +46.3% |
| Equity | 10/15 | €34,462 | €57,618 | +€23,156 | +67.2% |
| Contributions | 10/11 | €27,888 | €27,888 | = | 0.0% |
| Reserves | 13 | €6,049 | €26,049 | +€20,000 | +330.6% |
| Non-distributable reserves | 130/1 | - | €2,789 | +€2,789 | |
| Reserves not available under the articles | 1311 | - | €2,789 | +€2,789 | |
| Distributable reserves | 133 | €6,049 | €23,260 | +€17,211 | +284.5% |
| Profit (loss) carried forward | 14 | €525 | €3,681 | +€3,156 | +601.8% |
| Amounts payable | 17/49 | €65,690 | €88,945 | +€23,256 | +35.4% |
| Amounts payable after more than one year | 17 | €6,918 | - | -€6,918 | |
| Financial debts | 170/4 | €6,918 | - | -€6,918 | |
| Amounts payable within one year | 42/48 | €58,772 | €88,945 | +€30,173 | +51.3% |
| Current portion of amounts payable after more than one year | 42 | €13,533 | €6,918 | -€6,615 | -48.9% |
| Financial debts | 43 | €13,385 | €16,695 | +€3,310 | +24.7% |
| Credit institutions | 430/8 | €13,385 | €16,695 | +€3,310 | +24.7% |
| Trade debts | 44 | €30,796 | €15,687 | -€15,109 | -49.1% |
| Suppliers | 440/4 | €30,796 | €15,687 | -€15,109 | -49.1% |
| Taxes, remuneration and social security | 45 | €1,058 | €17,646 | +€16,587 | +1567.4% |
| Taxes | 450/3 | €915 | €17,646 | +€16,731 | +1829.0% |
| Remuneration and social security | 454/9 | €144 | - | -€144 | |
| Other amounts payable | 47/48 | - | €32,000 | +€32,000 | |
| Remuneration, social security and pensions | 62 | €24,638 | - | -€24,638 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,490 | €5,525 | -€2,965 | -34.9% |
| Other operating charges | 640/8 | €2,224 | €1,599 | -€625 | -28.1% |
| Gross operating margin | 9900 | €42,182 | €85,332 | +€43,150 | +102.3% |
| Operating profit (loss) | 9901 | €6,830 | €78,208 | +€71,378 | +1045.1% |
| Financial income | 75/76B | €2,659 | €3,716 | +€1,057 | +39.8% |
| Recurring financial income | 75 | €2,659 | €3,716 | +€1,057 | +39.8% |
| Financial charges | 65/66B | €4,416 | €4,058 | -€358 | -8.1% |
| Recurring financial charges | 65 | €4,416 | €4,058 | -€358 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €5,072 | €77,866 | +€72,793 | +1435.1% |
| Income taxes | 67/77 | - | €22,709 | +€22,709 | |
| Profit (loss) for the period | 9904 | €5,072 | €55,156 | +€50,084 | +987.4% |
| Profit (loss) for the period to be appropriated | 9905 | €5,072 | €55,156 | +€50,084 | +987.4% |
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 7 October 2026 via checked.be.