DENOYEL: 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.
DENOYEL
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-99.1%), from €1.2m to €10,000
- Receivables within one year -€442,908
down €442,908 (-88.1%), from €502,826 to €59,918
of which Other amounts receivable: -€246,065
- Receivables after one year -€300,000
down €300,000 (-60.0%), from €500,000 to €200,000
- Cash +€70,393
up €70,393 (+4.2%), from €1.7m to €1.8m
mainly Stocks and contracts (+€1.1m) and Receivables within one year (+€442,908)
- Deferred charges and accrued income -€42,457
down €42,457 (-98.1%), from €43,301 to €844
- Trade debts -€928,320
down €928,320 (-96.6%), from €961,167 to €32,847
- Reserves -€898,873
down €898,873 (-31.4%), from €2.9m to €2.0m
of which Distributable reserves: -€898,873
- Gross operating margin -€396,759
down €396,759, from €58,847 to -€337,911
- Staff costs -€204,346
down €204,346 (-73.6%), from €277,580 to €73,234
- Financial income -€44,620
down €44,620 (-58.4%), from €76,345 to €31,725
- Write-downs +€10,000
new in 2025: €10,000
- Financial charges -€5,302
down €5,302 (-83.0%), from €6,386 to €1,083
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 | €3,909,124 | €2,055,852 | -€1.9m | -47.4% |
| Fixed assets | 21/28 | €13,649 | €19,690 | +€6,041 | +44.3% |
| Tangible fixed assets | 22/27 | €4,139 | €19,690 | +€15,551 | +376% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €4,139 | €0 | -€4,139 | -100% |
| Furniture and vehicles | 24 | - | €19,690 | +€19,690 | |
| Other tangible fixed assets | 26 | €0 | €0 | -€0 | -100% |
| Financial fixed assets | 28 | €9,510 | €0 | -€9,510 | -100% |
| Current assets | 29/58 | €3,895,475 | €2,036,163 | -€1.9m | -47.7% |
| Amounts receivable after more than one year | 29 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Other amounts receivable | 291 | €500,000 | €200,000 | -€300,000 | -60.0% |
| Stocks and contracts in progress | 3 | €1,154,340 | €10,000 | -€1.1m | -99.1% |
| Stocks | 30/36 | €1,154,340 | €10,000 | -€1.1m | -99.1% |
| Amounts receivable within one year | 40/41 | €502,826 | €59,918 | -€442,908 | -88.1% |
| Trade receivables | 40 | €218,443 | €21,601 | -€196,842 | -90.1% |
| Other amounts receivable | 41 | €284,383 | €38,318 | -€246,065 | -86.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €1,695,007 | €1,765,400 | +€70,393 | +4.2% |
| Deferred charges and accrued income | 490/1 | €43,301 | €844 | -€42,457 | -98.1% |
| Total equity and liabilities | 10/49 | €3,909,124 | €2,055,852 | -€1.9m | -47.4% |
| Equity | 10/15 | €2,921,878 | €2,023,005 | -€898,873 | -30.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,859,878 | €1,961,005 | -€898,873 | -31.4% |
| Non-distributable reserves | 130/1 | €19,308 | €19,308 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €13,108 | €13,108 | = | 0.0% |
| Distributable reserves | 133 | €2,840,570 | €1,941,698 | -€898,873 | -31.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €987,245 | €32,847 | -€954,398 | -96.7% |
| Amounts payable within one year | 42/48 | €987,245 | €32,847 | -€954,398 | -96.7% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €961,167 | €32,847 | -€928,320 | -96.6% |
| Suppliers | 440/4 | €961,167 | €32,847 | -€928,320 | -96.6% |
| Taxes, remuneration and social security | 45 | €25,439 | €0 | -€25,439 | -100% |
| Taxes | 450/3 | €1,962 | €0 | -€1,962 | -100% |
| Remuneration and social security | 454/9 | €23,477 | €0 | -€23,477 | -100% |
| Other amounts payable | 47/48 | €639 | €0 | -€639 | -100% |
| Non-recurring operating income | 76A | €0 | €61,644 | +€61,644 | |
| Remuneration, social security and pensions | 62 | €277,580 | €73,234 | -€204,346 | -73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,408 | €4,449 | +€3,041 | +216% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,000 | +€10,000 | |
| Other operating charges | 640/8 | €76,398 | €73,113 | -€3,285 | -4.3% |
| Non-recurring operating charges | 66A | - | €34,609 | +€34,609 | |
| Gross operating margin | 9900 | €58,847 | -€337,911 | -€396,759 | |
| Operating profit (loss) | 9901 | -€296,538 | -€533,317 | -€236,778 | -79.8% |
| Financial income | 75/76B | €76,345 | €31,725 | -€44,620 | -58.4% |
| Recurring financial income | 75 | €76,345 | €31,725 | -€44,620 | -58.4% |
| Financial charges | 65/66B | €6,386 | €1,083 | -€5,302 | -83.0% |
| Recurring financial charges | 65 | €6,386 | €1,083 | -€5,302 | -83.0% |
| Profit (loss) for the period before taxes | 9903 | -€226,579 | -€502,675 | -€276,096 | -122% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€226,579 | -€502,675 | -€276,096 | -122% |
| Profit (loss) for the period to be appropriated | 9905 | -€226,579 | -€502,675 | -€276,096 | -122% |
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 15 October 2026 via checked.be.