Denuo: 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.
Denuo
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+529.1%), from €285,681 to €1.8m
of which Trade receivables: +€1.7m
- Cash +€568,875
up €568,875 (+665.4%), from €85,497 to €654,373
mainly Accrued charges and deferred income (+€1.6m) and Tax, wage and social debts (+€376,499)
- Current investments -€165,882
down €165,882 (-20.6%), from €804,382 to €638,500
- Accrued charges and deferred income +€1.6m
up €1.6m (+4350.1%), from €37,020 to €1.6m
- Tax, wage and social debts +€376,499
up €376,499 (+427.7%), from €88,026 to €464,526
of which Taxes: +€291,962
- Profit (loss) carried forward +€157,640
up €157,640 (+818.4%), from €19,262 to €176,902
- Reserves -€149,756
down €149,756 (-15.1%), from €989,594 to €839,837
- Trade debts -€85,012
down €85,012 (-51.2%), from €165,904 to €80,892
- Turnover -€1.8m
no longer reported in 2025 (was €1.8m)
- Purchases and services -€1.4m
no longer reported in 2025 (was €1.4m)
- Gross operating margin +€497,060
up €497,060 (+83.3%), from €596,839 to €1.1m
- Staff costs +€328,156
up €328,156 (+44.2%), from €742,253 to €1.1m
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 | €1,299,806 | €3,209,553 | +€1.9m | +146.9% |
| Fixed assets | 21/28 | €47,173 | €32,784 | -€14,390 | -30.5% |
| Tangible fixed assets | 22/27 | €32,418 | €18,028 | -€14,390 | -44.4% |
| Plant, machinery and equipment | 23 | €6,903 | €3,523 | -€3,380 | -49.0% |
| Furniture and vehicles | 24 | €17,704 | €14,505 | -€3,198 | -18.1% |
| Other tangible fixed assets | 26 | €7,811 | €0 | -€7,811 | -100.0% |
| Financial fixed assets | 28 | €14,755 | €14,755 | = | 0.0% |
| Current assets | 29/58 | €1,252,633 | €3,176,770 | +€1.9m | +153.6% |
| Amounts receivable within one year | 40/41 | €285,681 | €1,797,321 | +€1.5m | +529.1% |
| Trade receivables | 40 | €96,627 | €1,794,587 | +€1.7m | +1757.2% |
| Other amounts receivable | 41 | €189,054 | €2,734 | -€186,320 | -98.6% |
| Current investments | 50/53 | €804,382 | €638,500 | -€165,882 | -20.6% |
| Cash at bank and in hand | 54/58 | €85,497 | €654,373 | +€568,875 | +665.4% |
| Deferred charges and accrued income | 490/1 | €77,073 | €86,576 | +€9,503 | +12.3% |
| Total equity and liabilities | 10/49 | €1,299,806 | €3,209,553 | +€1.9m | +146.9% |
| Equity | 10/15 | €1,008,856 | €1,016,740 | +€7,884 | +0.8% |
| Reserves | 13 | €989,594 | €839,837 | -€149,756 | -15.1% |
| Profit (loss) carried forward | 14 | €19,262 | €176,902 | +€157,640 | +818.4% |
| Amounts payable | 17/49 | €290,950 | €2,192,814 | +€1.9m | +653.7% |
| Amounts payable within one year | 42/48 | €253,930 | €545,417 | +€291,487 | +114.8% |
| Trade debts | 44 | €165,904 | €80,892 | -€85,012 | -51.2% |
| Suppliers | 440/4 | €165,904 | €80,892 | -€85,012 | -51.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €88,026 | €464,526 | +€376,499 | +427.7% |
| Taxes | 450/3 | €19,840 | €311,802 | +€291,962 | +1471.6% |
| Remuneration and social security | 454/9 | €68,187 | €152,724 | +€84,537 | +124.0% |
| Accrued charges and deferred income | 492/3 | €37,020 | €1,647,396 | +€1.6m | +4350.1% |
| Turnover | 70 | €1,833,665 | - | -€1.8m | |
| Non-recurring operating income | 76A | - | €1,660 | +€1,660 | |
| Goods, raw materials, services and sundry goods | 60/61 | €1,399,106 | - | -€1.4m | |
| Remuneration, social security and pensions | 62 | €742,253 | €1,070,409 | +€328,156 | +44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,004 | €15,477 | -€12,527 | -44.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€7,994 | -€7,994 | |
| Other operating charges | 640/8 | €4,279 | €9,344 | +€5,065 | +118.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €596,839 | €1,093,898 | +€497,060 | +83.3% |
| Operating profit (loss) | 9901 | -€177,697 | €6,662 | +€184,359 | |
| Financial income | 75/76B | €24,903 | €8,508 | -€16,394 | -65.8% |
| Recurring financial income | 75 | €24,903 | €8,508 | -€16,394 | -65.8% |
| Financial charges | 65/66B | €1,238 | €3,146 | +€1,908 | +154.1% |
| Recurring financial charges | 65 | €1,238 | €3,146 | +€1,908 | +154.1% |
| Profit (loss) for the period before taxes | 9903 | -€154,032 | €12,025 | +€166,057 | |
| Income taxes | 67/77 | €6,919 | €4,141 | -€2,778 | -40.2% |
| Profit (loss) for the period | 9904 | -€160,951 | €7,884 | +€168,835 | |
| Profit (loss) for the period to be appropriated | 9905 | -€160,951 | €7,884 | +€168,835 |
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 3 October 2026 via checked.be.