DENOVO: what changed
What changed
DENOVO
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€108,790
2024 · €77,519+€31,271
Equity
€354,981
2024 · €246,191+€108,790
Cash
€55,587
2024 · €214,589-€159,002
Balance sheet total
€484,983
2024 · €399,486+€85,497
Largest movements
Assets
- Current investments +€300,000
new in 2025: €300,000
- Cash -€159,002
down €159,002 (-74.1%), from €214,589 to €55,587
mainly Current investments (-€300,000) and Trade debts (-€45,551)
- Receivables within one year -€75,927
down €75,927 (-50.9%), from €149,127 to €73,200
of which Trade receivables: -€59,441
- Deferred charges and accrued income +€11,916
up €11,916 (+250%), from €4,764 to €16,680
- Tangible fixed assets +€6,711
up €6,711 (+22.3%), from €30,046 to €36,757
of which Furniture and vehicles: +€8,060
Equity and liabilities
- Reserves +€108,790
up €108,790 (+137%), from €79,535 to €188,325
of which Distributable reserves: +€108,790
- Trade debts -€45,551
down €45,551 (-46.9%), from €97,062 to €51,511
- Tax, wage and social debts +€23,662
up €23,662 (+101%), from €23,347 to €47,009
of which Taxes: +€21,104
- Debts after one year -€9,385
down €9,385 (-48.9%), from €19,191 to €9,806
Income statement
- Staff costs -€42,228
down €42,228 (-48.3%), from €87,505 to €45,277
- Depreciation -€26,281
down €26,281 (-86.3%), from €30,436 to €4,156
- Gross operating margin -€21,246
down €21,246 (-9.2%), from €230,474 to €209,228
- Taxes +€13,875
up €13,875 (+42.0%), from €33,071 to €46,946
- Other operating charges +€3,990
up €3,990 (+680%), from €587 to €4,577
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€77,519
Gross operating margin
-€21,246
Staff costs
+€42,228
Depreciation
+€26,281
Provisions
+€774
Other operating charges
-€3,990
Financial income
+€823
Financial charges
+€275
Taxes
-€13,875
Result 2025
€108,790
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€159,550
Investment
-€312,666
Financing
-€5,886
Cash 2024
€214,589
From operations (derived)
+€159,550
Net result for the year
+€108,790
Depreciation
+€4,156
Receivables within one year
+€75,927
Deferred charges and accrued income
-€11,916
Smaller working-capital items
+€137
Trade debts
-€45,551
Tax, wage and social debts
+€23,662
Accrued charges and deferred income
+€4,346
Investment (derived)
-€312,666
Investment in fixed assets (net)
-€12,666
Current investments
-€300,000
Financing
-€5,886
Debts after one year
-€9,385
Current portion of long-term debt
+€84
Short-term financial debts
+€3,415
Cash 2025
€55,587
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €399,486 | €484,983 | +€85,497 | +21.4% |
| Fixed assets | 21/28 | €31,006 | €39,517 | +€8,511 | +27.4% |
| Tangible fixed assets | 22/27 | €30,046 | €36,757 | +€6,711 | +22.3% |
| Plant, machinery and equipment | 23 | €2,607 | €1,407 | -€1,200 | -46.0% |
| Furniture and vehicles | 24 | €26,242 | €34,303 | +€8,060 | +30.7% |
| Other tangible fixed assets | 26 | €1,197 | €1,047 | -€150 | -12.5% |
| Financial fixed assets | 28 | €960 | €2,760 | +€1,800 | +188% |
| Current assets | 29/58 | €368,479 | €445,466 | +€76,987 | +20.9% |
| Amounts receivable within one year | 40/41 | €149,127 | €73,200 | -€75,927 | -50.9% |
| Trade receivables | 40 | €132,641 | €73,200 | -€59,441 | -44.8% |
| Other amounts receivable | 41 | €16,486 | €0 | -€16,486 | -100% |
| Current investments | 50/53 | - | €300,000 | +€300,000 | |
| Cash at bank and in hand | 54/58 | €214,589 | €55,587 | -€159,002 | -74.1% |
| Deferred charges and accrued income | 490/1 | €4,764 | €16,680 | +€11,916 | +250% |
| Total equity and liabilities | 10/49 | €399,486 | €484,983 | +€85,497 | +21.4% |
| Equity | 10/15 | €246,191 | €354,981 | +€108,790 | +44.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €79,535 | €188,325 | +€108,790 | +137% |
| Tax-exempt reserves | 132 | €2,016 | €2,016 | = | 0.0% |
| Distributable reserves | 133 | €77,519 | €186,309 | +€108,790 | +140% |
| Profit (loss) carried forward | 14 | €165,657 | €165,657 | = | 0.0% |
| Provisions and deferred taxes | 16 | €387 | €0 | -€387 | -100% |
| Provisions for liabilities and charges | 160/5 | €387 | €0 | -€387 | -100% |
| Other liabilities and charges | 164/5 | €387 | €0 | -€387 | -100% |
| Amounts payable | 17/49 | €152,907 | €130,002 | -€22,905 | -15.0% |
| Amounts payable after more than one year | 17 | €19,191 | €9,806 | -€9,385 | -48.9% |
| Financial debts | 170/4 | €19,191 | €9,806 | -€9,385 | -48.9% |
| Amounts payable within one year | 42/48 | €133,608 | €115,741 | -€17,866 | -13.4% |
| Current portion of amounts payable after more than one year | 42 | €9,301 | €9,385 | +€84 | +0.9% |
| Financial debts | 43 | €3,333 | €6,748 | +€3,415 | +102% |
| Credit institutions | 430/8 | €3,333 | €6,748 | +€3,415 | +102% |
| Trade debts | 44 | €97,062 | €51,511 | -€45,551 | -46.9% |
| Suppliers | 440/4 | €97,062 | €51,511 | -€45,551 | -46.9% |
| Taxes, remuneration and social security | 45 | €23,347 | €47,009 | +€23,662 | +101% |
| Taxes | 450/3 | €23,191 | €44,295 | +€21,104 | +91.0% |
| Remuneration and social security | 454/9 | €156 | €2,714 | +€2,558 | +1,643% |
| Other amounts payable | 47/48 | €564 | €1,088 | +€524 | +92.8% |
| Accrued charges and deferred income | 492/3 | €109 | €4,455 | +€4,346 | +3,999% |
| Non-recurring operating income | 76A | - | €23,972 | +€23,972 | |
| Remuneration, social security and pensions | 62 | €87,505 | €45,277 | -€42,228 | -48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,436 | €4,156 | -€26,281 | -86.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €387 | -€387 | -€774 | |
| Other operating charges | 640/8 | €587 | €4,577 | +€3,990 | +680% |
| Gross operating margin | 9900 | €230,474 | €209,228 | -€21,246 | -9.2% |
| Operating profit (loss) | 9901 | €111,558 | €155,606 | +€44,048 | +39.5% |
| Financial income | 75/76B | €1,004 | €1,827 | +€823 | +82.0% |
| Recurring financial income | 75 | €1,004 | €1,827 | +€823 | +82.0% |
| Financial charges | 65/66B | €1,973 | €1,698 | -€275 | -13.9% |
| Recurring financial charges | 65 | €1,973 | €1,698 | -€275 | -13.9% |
| Profit (loss) for the period before taxes | 9903 | €110,590 | €155,736 | +€45,146 | +40.8% |
| Income taxes | 67/77 | €33,071 | €46,946 | +€13,875 | +42.0% |
| Profit (loss) for the period | 9904 | €77,519 | €108,790 | +€31,271 | +40.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,519 | €108,790 | +€31,271 | +40.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.