DENSAF: 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.
DENSAF
Largest movements
- Cash +€30,985
up €30,985 (+17.7%), from €174,827 to €205,812
mainly Net result for the year (+€43,203) and Receivables within one year (+€8,385)
- Receivables within one year -€8,385
down €8,385 (-52.9%), from €15,850 to €7,465
of which Trade receivables: -€15,499
- Reserves +€43,203
up €43,203 (+23.1%), from €186,661 to €229,864
- Other debts -€21,170
down €21,170 (-59.3%), from €35,691 to €14,521
- Tax, wage and social debts -€3,101
down €3,101 (-20.9%), from €14,853 to €11,752
- Gross operating margin -€22,211
down €22,211 (-24.1%), from €91,985 to €69,774
- Taxes -€6,090
down €6,090 (-26.3%), from €23,121 to €17,031
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €244,617 | €265,224 | +€20,607 | +8.4% |
| Fixed assets | 21/28 | €52,153 | €50,003 | -€2,151 | -4.1% |
| Tangible fixed assets | 22/27 | €52,153 | €50,003 | -€2,151 | -4.1% |
| Land and buildings | 22 | €43,668 | €40,201 | -€3,467 | -7.9% |
| Plant, machinery and equipment | 23 | €5,929 | €5,084 | -€845 | -14.3% |
| Furniture and vehicles | 24 | €1,767 | €1,178 | -€589 | -33.3% |
| Other tangible fixed assets | 26 | €789 | €3,540 | +€2,751 | +348.7% |
| Current assets | 29/58 | €192,464 | €215,221 | +€22,757 | +11.8% |
| Amounts receivable within one year | 40/41 | €15,850 | €7,465 | -€8,385 | -52.9% |
| Trade receivables | 40 | €15,850 | €351 | -€15,499 | -97.8% |
| Other amounts receivable | 41 | - | €7,114 | +€7,114 | |
| Cash at bank and in hand | 54/58 | €174,827 | €205,812 | +€30,985 | +17.7% |
| Deferred charges and accrued income | 490/1 | €1,787 | €1,944 | +€157 | +8.8% |
| Total equity and liabilities | 10/49 | €244,617 | €265,224 | +€20,607 | +8.4% |
| Equity | 10/15 | €192,861 | €236,064 | +€43,203 | +22.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €186,661 | €229,864 | +€43,203 | +23.1% |
| Distributable reserves | 133 | €186,661 | €229,864 | +€43,203 | +23.1% |
| Amounts payable | 17/49 | €51,756 | €29,160 | -€22,597 | -43.7% |
| Amounts payable within one year | 42/48 | €50,908 | €28,185 | -€22,723 | -44.6% |
| Trade debts | 44 | €363 | €1,912 | +€1,548 | +426.2% |
| Suppliers | 440/4 | €363 | €1,912 | +€1,548 | +426.2% |
| Taxes, remuneration and social security | 45 | €14,853 | €11,752 | -€3,101 | -20.9% |
| Taxes | 450/3 | €14,853 | €11,752 | -€3,101 | -20.9% |
| Other amounts payable | 47/48 | €35,691 | €14,521 | -€21,170 | -59.3% |
| Accrued charges and deferred income | 492/3 | €849 | €975 | +€126 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,904 | €5,481 | +€577 | +11.8% |
| Other operating charges | 640/8 | €1,833 | €1,884 | +€51 | +2.8% |
| Non-recurring operating charges | 66A | - | €13 | +€13 | |
| Gross operating margin | 9900 | €91,985 | €69,774 | -€22,211 | -24.1% |
| Operating profit (loss) | 9901 | €85,248 | €62,396 | -€22,852 | -26.8% |
| Financial income | 75/76B | €744 | €549 | -€195 | -26.2% |
| Recurring financial income | 75 | €744 | €549 | -€195 | -26.2% |
| Financial charges | 65/66B | €3,209 | €2,710 | -€498 | -15.5% |
| Recurring financial charges | 65 | €3,209 | €2,710 | -€498 | -15.5% |
| Profit (loss) for the period before taxes | 9903 | €82,784 | €60,235 | -€22,549 | -27.2% |
| Income taxes | 67/77 | €23,121 | €17,031 | -€6,090 | -26.3% |
| Profit (loss) for the period | 9904 | €59,662 | €43,203 | -€16,459 | -27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,662 | €43,203 | -€16,459 | -27.6% |
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.