DENSECO: 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.
DENSECO
Largest movements
- Receivables within one year -€42,567
down €42,567 (-7.6%), from €558,593 to €516,027
of which Trade receivables: -€42,228
- Cash -€30,717
down €30,717 (-46.9%), from €65,562 to €34,845
mainly Short-term financial debts (-€103,543) and Debts after one year (-€19,000)
- Short-term financial debts -€103,543
down €103,543 (-79.8%), from €129,714 to €26,171
- Profit (loss) carried forward +€43,509
up €43,509 (+35.1%), from -€123,815 to -€80,306
- Current portion of long-term debt +€25,331
up €25,331 (+32.1%), from €78,904 to €104,235
- Debts after one year -€19,000
down €19,000 (-25.1%), from €75,841 to €56,841
of which Financial debts: -€10,000
- Tax, wage and social debts -€12,147
down €12,147 (-4.7%), from €255,771 to €243,624
of which Remuneration and social security: -€11,293
- Staff costs -€321,934
down €321,934 (-10.0%), from €3.2m to €2.9m
- Gross operating margin -€130,802
down €130,802 (-4.2%), from €3.1m to €3.0m
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €673,110 | €605,065 | -€68,045 | -10.1% |
| Fixed assets | 21/28 | €34,648 | €37,097 | +€2,450 | +7.1% |
| Tangible fixed assets | 22/27 | €34,618 | €37,047 | +€2,429 | +7.0% |
| Land and buildings | 22 | €18,359 | €15,777 | -€2,582 | -14.1% |
| Plant, machinery and equipment | 23 | €6,571 | €2,371 | -€4,200 | -63.9% |
| Furniture and vehicles | 24 | €9,688 | €18,900 | +€9,212 | +95.1% |
| Financial fixed assets | 28 | €29 | €50 | +€21 | +70.5% |
| Current assets | 29/58 | €638,462 | €567,967 | -€70,495 | -11.0% |
| Amounts receivable within one year | 40/41 | €558,593 | €516,027 | -€42,567 | -7.6% |
| Trade receivables | 40 | €555,799 | €513,570 | -€42,228 | -7.6% |
| Other amounts receivable | 41 | €2,795 | €2,457 | -€338 | -12.1% |
| Cash at bank and in hand | 54/58 | €65,562 | €34,845 | -€30,717 | -46.9% |
| Deferred charges and accrued income | 490/1 | €14,307 | €17,096 | +€2,789 | +19.5% |
| Total equity and liabilities | 10/49 | €673,110 | €605,065 | -€68,045 | -10.1% |
| Equity | 10/15 | -€56,387 | -€17,878 | +€38,509 | +68.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €17,429 | €12,429 | -€5,000 | -28.7% |
| Tax-exempt reserves | 132 | €5,408 | €5,408 | = | 0.0% |
| Distributable reserves | 133 | €12,021 | €7,021 | -€5,000 | -41.6% |
| Profit (loss) carried forward | 14 | -€123,815 | -€80,306 | +€43,509 | +35.1% |
| Amounts payable | 17/49 | €729,497 | €622,942 | -€106,554 | -14.6% |
| Amounts payable after more than one year | 17 | €75,841 | €56,841 | -€19,000 | -25.1% |
| Financial debts | 170/4 | €50,000 | €40,000 | -€10,000 | -20.0% |
| Other amounts payable | 178/9 | €25,841 | €16,841 | -€9,000 | -34.8% |
| Amounts payable within one year | 42/48 | €653,031 | €566,102 | -€86,929 | -13.3% |
| Current portion of amounts payable after more than one year | 42 | €78,904 | €104,235 | +€25,331 | +32.1% |
| Financial debts | 43 | €129,714 | €26,171 | -€103,543 | -79.8% |
| Credit institutions | 430/8 | €129,714 | €26,171 | -€103,543 | -79.8% |
| Trade debts | 44 | €182,642 | €183,072 | +€430 | +0.2% |
| Suppliers | 440/4 | €182,642 | €183,072 | +€430 | +0.2% |
| Taxes, remuneration and social security | 45 | €255,771 | €243,624 | -€12,147 | -4.7% |
| Taxes | 450/3 | €5,743 | €4,889 | -€855 | -14.9% |
| Remuneration and social security | 454/9 | €250,028 | €238,735 | -€11,293 | -4.5% |
| Other amounts payable | 47/48 | €6,000 | €9,000 | +€3,000 | +50.0% |
| Accrued charges and deferred income | 492/3 | €625 | - | -€625 | |
| Remuneration, social security and pensions | 62 | €3,232,002 | €2,910,068 | -€321,934 | -10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,237 | €11,282 | -€955 | -7.8% |
| Other operating charges | 640/8 | €4,614 | €5,538 | +€924 | +20.0% |
| Gross operating margin | 9900 | €3,124,147 | €2,993,346 | -€130,802 | -4.2% |
| Operating profit (loss) | 9901 | -€124,706 | €66,458 | +€191,164 | |
| Financial income | 75/76B | €2,123 | €2,006 | -€117 | -5.5% |
| Recurring financial income | 75 | €2,123 | €2,006 | -€117 | -5.5% |
| Financial charges | 65/66B | €11,411 | €19,061 | +€7,650 | +67.0% |
| Recurring financial charges | 65 | €11,411 | €19,061 | +€7,650 | +67.0% |
| Profit (loss) for the period before taxes | 9903 | -€133,994 | €49,403 | +€183,397 | |
| Income taxes | 67/77 | €9,304 | €10,893 | +€1,590 | +17.1% |
| Profit (loss) for the period | 9904 | -€143,298 | €38,509 | +€181,807 | |
| Profit (loss) for the period to be appropriated | 9905 | -€143,298 | €38,509 | +€181,807 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.