DENUCO: 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.
DENUCO
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+333%), from €376,376 to €1.6m
of which Land and buildings: +€1.3m
- Current investments -€225,303
no longer reported in 2025 (was €225,303)
- Cash +€222,264
up €222,264 (+107%), from €208,378 to €430,642
mainly Debts after one year (+€1.3m) and Depreciation (+€231,944)
- Stocks and contracts +€153,569
up €153,569 (+67.9%), from €226,205 to €379,774
- Receivables within one year +€82,684
up €82,684 (+23.5%), from €351,218 to €433,902
of which Trade receivables: +€94,206
- Debts after one year +€1.3m
up €1.3m (+888%), from €144,122 to €1.4m
- Reserves +€220,419
up €220,419 (+26.3%), from €838,246 to €1.1m
- Trade debts -€107,211
down €107,211 (-54.5%), from €196,733 to €89,522
- Current portion of long-term debt +€93,524
up €93,524 (+202%), from €46,332 to €139,856
- Gross operating margin +€197,490
up €197,490 (+49.4%), from €399,932 to €597,422
- Depreciation +€180,899
up €180,899 (+354%), from €51,045 to €231,944
- Financial charges +€22,627
up €22,627 (+130%), from €17,395 to €40,022
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 | €1,397,192 | €2,891,319 | +€1.5m | +107% |
| Fixed assets | 21/28 | €381,750 | €1,641,232 | +€1.3m | +330% |
| Intangible fixed assets | 21 | €374 | - | -€374 | |
| Tangible fixed assets | 22/27 | €376,376 | €1,630,982 | +€1.3m | +333% |
| Land and buildings | 22 | €232,547 | €1,485,483 | +€1.3m | +539% |
| Plant, machinery and equipment | 23 | €103,831 | €90,072 | -€13,759 | -13.3% |
| Furniture and vehicles | 24 | €39,998 | €55,428 | +€15,430 | +38.6% |
| Financial fixed assets | 28 | €5,000 | €10,250 | +€5,250 | +105% |
| Current assets | 29/58 | €1,015,442 | €1,250,087 | +€234,645 | +23.1% |
| Stocks and contracts in progress | 3 | €226,205 | €379,774 | +€153,569 | +67.9% |
| Stocks | 30/36 | €226,205 | €379,774 | +€153,569 | +67.9% |
| Amounts receivable within one year | 40/41 | €351,218 | €433,902 | +€82,684 | +23.5% |
| Trade receivables | 40 | €339,696 | €433,902 | +€94,206 | +27.7% |
| Other amounts receivable | 41 | €11,522 | - | -€11,522 | |
| Current investments | 50/53 | €225,303 | - | -€225,303 | |
| Cash at bank and in hand | 54/58 | €208,378 | €430,642 | +€222,264 | +107% |
| Deferred charges and accrued income | 490/1 | €4,338 | €5,768 | +€1,430 | +33.0% |
| Total equity and liabilities | 10/49 | €1,397,192 | €2,891,319 | +€1.5m | +107% |
| Equity | 10/15 | €862,406 | €1,082,825 | +€220,419 | +25.6% |
| Contributions | 10/11 | €24,160 | €24,160 | = | 0.0% |
| Reserves | 13 | €838,246 | €1,058,665 | +€220,419 | +26.3% |
| Distributable reserves | 133 | €838,246 | €1,058,665 | +€220,419 | +26.3% |
| Amounts payable | 17/49 | €534,786 | €1,808,493 | +€1.3m | +238% |
| Amounts payable after more than one year | 17 | €144,122 | €1,423,410 | +€1.3m | +888% |
| Financial debts | 170/4 | €144,122 | €1,423,410 | +€1.3m | +888% |
| Amounts payable within one year | 42/48 | €390,664 | €378,724 | -€11,940 | -3.1% |
| Current portion of amounts payable after more than one year | 42 | €46,332 | €139,856 | +€93,524 | +202% |
| Trade debts | 44 | €196,733 | €89,522 | -€107,211 | -54.5% |
| Suppliers | 440/4 | €196,733 | €89,522 | -€107,211 | -54.5% |
| Taxes, remuneration and social security | 45 | €30,320 | €38,255 | +€7,935 | +26.2% |
| Taxes | 450/3 | €24,706 | €32,633 | +€7,927 | +32.1% |
| Remuneration and social security | 454/9 | €5,614 | €5,623 | +€9 | +0.2% |
| Other amounts payable | 47/48 | €117,279 | €111,090 | -€6,189 | -5.3% |
| Accrued charges and deferred income | 492/3 | - | €6,360 | +€6,360 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,045 | €231,944 | +€180,899 | +354% |
| Other operating charges | 640/8 | €5,714 | €8,037 | +€2,323 | +40.7% |
| Non-recurring operating charges | 66A | - | €1,125 | +€1,125 | |
| Gross operating margin | 9900 | €399,932 | €597,422 | +€197,490 | +49.4% |
| Operating profit (loss) | 9901 | €343,173 | €356,316 | +€13,143 | +3.8% |
| Financial income | 75/76B | €2,263 | €7,192 | +€4,929 | +218% |
| Recurring financial income | 75 | €2,263 | €7,192 | +€4,929 | +218% |
| Financial charges | 65/66B | €17,395 | €40,022 | +€22,627 | +130% |
| Recurring financial charges | 65 | €17,395 | €40,022 | +€22,627 | +130% |
| Profit (loss) for the period before taxes | 9903 | €328,041 | €323,486 | -€4,555 | -1.4% |
| Income taxes | 67/77 | €102,647 | €103,067 | +€420 | +0.4% |
| Profit (loss) for the period | 9904 | €225,394 | €220,419 | -€4,975 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €225,394 | €220,419 | -€4,975 | -2.2% |
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 13 October 2026 via checked.be.