DENPO: 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.
DENPO
Largest movements
- Tangible fixed assets +€226,251
up €226,251 (+29.8%), from €758,832 to €985,084
of which Land and buildings: +€244,772
- Receivables within one year -€186,242
down €186,242 (-44.1%), from €421,891 to €235,649
of which Other amounts receivable: -€111,179
- Cash +€58,705
up €58,705 (+256.0%), from €22,929 to €81,635
mainly Debts after one year (+€201,497) and Receivables within one year (+€186,242)
- Debts after one year +€201,497
up €201,497 (+31.9%), from €632,354 to €833,851
- Trade debts -€94,790
down €94,790 (-88.9%), from €106,596 to €11,806
- Gross operating margin +€60,862
up €60,862 (+35.8%), from €169,836 to €230,697
- Financial charges +€18,656
up €18,656 (+52.7%), from €35,385 to €54,041
of which Non-recurring financial charges: +€22,936
- Other operating charges +€4,537
up €4,537 (+237.2%), from €1,913 to €6,449
- Financial income +€3,796
up €3,796 (+40.2%), from €9,436 to €13,231
of which Non-recurring financial income: +€3,952
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 | €1,529,307 | €1,632,994 | +€103,687 | +6.8% |
| Fixed assets | 21/28 | €758,832 | €985,084 | +€226,251 | +29.8% |
| Tangible fixed assets | 22/27 | €758,832 | €985,084 | +€226,251 | +29.8% |
| Land and buildings | 22 | €717,912 | €962,684 | +€244,772 | +34.1% |
| Plant, machinery and equipment | 23 | €21,152 | €10,552 | -€10,600 | -50.1% |
| Furniture and vehicles | 24 | €19,768 | €11,848 | -€7,920 | -40.1% |
| Current assets | 29/58 | €770,474 | €647,910 | -€122,564 | -15.9% |
| Stocks and contracts in progress | 3 | €325,654 | €330,627 | +€4,973 | +1.5% |
| Stocks | 30/36 | €325,654 | €330,627 | +€4,973 | +1.5% |
| Amounts receivable within one year | 40/41 | €421,891 | €235,649 | -€186,242 | -44.1% |
| Trade receivables | 40 | €103,671 | €28,608 | -€75,063 | -72.4% |
| Other amounts receivable | 41 | €318,219 | €207,040 | -€111,179 | -34.9% |
| Cash at bank and in hand | 54/58 | €22,929 | €81,635 | +€58,705 | +256.0% |
| Total equity and liabilities | 10/49 | €1,529,307 | €1,632,994 | +€103,687 | +6.8% |
| Equity | 10/15 | €663,100 | €661,397 | -€1,702 | -0.3% |
| Contributions | 10/11 | €7,400 | €7,400 | = | 0.0% |
| Reserves | 13 | €655,700 | €653,997 | -€1,702 | -0.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,303 | €33,303 | = | 0.0% |
| Distributable reserves | 133 | €620,537 | €618,835 | -€1,702 | -0.3% |
| Amounts payable | 17/49 | €866,207 | €971,597 | +€105,390 | +12.2% |
| Amounts payable after more than one year | 17 | €632,354 | €833,851 | +€201,497 | +31.9% |
| Financial debts | 170/4 | €632,354 | €833,851 | +€201,497 | +31.9% |
| Amounts payable within one year | 42/48 | €233,853 | €136,546 | -€97,308 | -41.6% |
| Current portion of amounts payable after more than one year | 42 | €61,728 | €52,638 | -€9,091 | -14.7% |
| Trade debts | 44 | €106,596 | €11,806 | -€94,790 | -88.9% |
| Suppliers | 440/4 | €106,596 | €11,806 | -€94,790 | -88.9% |
| Taxes, remuneration and social security | 45 | €65,529 | €72,102 | +€6,573 | +10.0% |
| Taxes | 450/3 | €65,529 | €72,102 | +€6,573 | +10.0% |
| Accrued charges and deferred income | 492/3 | - | €1,200 | +€1,200 | |
| Remuneration, social security and pensions | 62 | €105 | - | -€105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,090 | €22,749 | -€341 | -1.5% |
| Other operating charges | 640/8 | €1,913 | €6,449 | +€4,537 | +237.2% |
| Non-recurring operating charges | 66A | €2,940 | €281 | -€2,659 | -90.4% |
| Gross operating margin | 9900 | €169,836 | €230,697 | +€60,862 | +35.8% |
| Operating profit (loss) | 9901 | €141,789 | €201,218 | +€59,429 | +41.9% |
| Financial income | 75/76B | €9,436 | €13,231 | +€3,796 | +40.2% |
| Recurring financial income | 75 | €8,400 | €8,244 | -€156 | -1.9% |
| Non-recurring financial income | 76B | €1,036 | €4,988 | +€3,952 | +381.7% |
| Financial charges | 65/66B | €35,385 | €54,041 | +€18,656 | +52.7% |
| Recurring financial charges | 65 | €35,385 | €31,105 | -€4,280 | -12.1% |
| Non-recurring financial charges | 66B | - | €22,936 | +€22,936 | |
| Profit (loss) for the period before taxes | 9903 | €115,839 | €160,409 | +€44,569 | +38.5% |
| Income taxes | 67/77 | €49,334 | €49,515 | +€181 | +0.4% |
| Profit (loss) for the period | 9904 | €66,505 | €110,893 | +€44,388 | +66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €66,505 | €110,893 | +€44,388 | +66.7% |
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 4 October 2026 via checked.be.