DENUT: 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.
DENUT
Largest movements
- Receivables within one year +€75,194
up €75,194 (+102.0%), from €73,726 to €148,920
of which Trade receivables: +€69,767
- Deferred charges and accrued income -€33,033
down €33,033 (-55.3%), from €59,738 to €26,705
- Tangible fixed assets -€16,980
down €16,980 (-4.2%), from €404,792 to €387,811
of which Land and buildings: -€12,882
- Cash -€8,181
down €8,181 (-86.5%), from €9,461 to €1,280
mainly Receivables within one year (-€75,194) and Debts after one year (-€41,798)
- Debts after one year -€41,798
down €41,798 (-15.7%), from €266,098 to €224,300
- Reserves +€18,935
up €18,935 (+9.6%), from €197,197 to €216,132
- Short-term financial debts +€18,905
up €18,905 (+58.6%), from €32,268 to €51,172
of which Credit institutions: +€15,954
- Tax, wage and social debts +€14,912
up €14,912 (+194.9%), from €7,652 to €22,564
of which Remuneration and social security: +€12,646
- Gross operating margin +€64,986
up €64,986 (+27.3%), from €238,124 to €303,110
- Staff costs +€59,762
up €59,762 (+33.5%), from €178,259 to €238,022
- Depreciation -€7,467
down €7,467 (-30.3%), from €24,604 to €17,137
- Taxes +€3,497
up €3,497 (+67.5%), from €5,184 to €8,681
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 | €607,863 | €626,610 | +€18,747 | +3.1% |
| Fixed assets | 21/28 | €404,792 | €387,811 | -€16,980 | -4.2% |
| Tangible fixed assets | 22/27 | €404,792 | €387,811 | -€16,980 | -4.2% |
| Land and buildings | 22 | €384,460 | €371,578 | -€12,882 | -3.4% |
| Plant, machinery and equipment | 23 | €19,532 | €16,200 | -€3,332 | -17.1% |
| Furniture and vehicles | 24 | €799 | €33 | -€766 | -95.8% |
| Current assets | 29/58 | €203,072 | €238,799 | +€35,727 | +17.6% |
| Stocks and contracts in progress | 3 | €60,146 | €61,893 | +€1,747 | +2.9% |
| Stocks | 30/36 | €60,146 | €61,893 | +€1,747 | +2.9% |
| Amounts receivable within one year | 40/41 | €73,726 | €148,920 | +€75,194 | +102.0% |
| Trade receivables | 40 | €61,233 | €131,000 | +€69,767 | +113.9% |
| Other amounts receivable | 41 | €12,493 | €17,920 | +€5,427 | +43.4% |
| Cash at bank and in hand | 54/58 | €9,461 | €1,280 | -€8,181 | -86.5% |
| Deferred charges and accrued income | 490/1 | €59,738 | €26,705 | -€33,033 | -55.3% |
| Total equity and liabilities | 10/49 | €607,863 | €626,610 | +€18,747 | +3.1% |
| Equity | 10/15 | €210,811 | €229,746 | +€18,935 | +9.0% |
| Contributions | 10/11 | €13,615 | €13,615 | = | 0.0% |
| Reserves | 13 | €197,197 | €216,132 | +€18,935 | +9.6% |
| Distributable reserves | 133 | €197,197 | €216,132 | +€18,935 | +9.6% |
| Amounts payable | 17/49 | €397,052 | €396,864 | -€188 | 0.0% |
| Amounts payable after more than one year | 17 | €266,098 | €224,300 | -€41,798 | -15.7% |
| Financial debts | 170/4 | €266,098 | €224,300 | -€41,798 | -15.7% |
| Amounts payable within one year | 42/48 | €130,954 | €172,564 | +€41,610 | +31.8% |
| Current portion of amounts payable after more than one year | 42 | €36,296 | €37,588 | +€1,292 | +3.6% |
| Financial debts | 43 | €32,268 | €51,172 | +€18,905 | +58.6% |
| Credit institutions | 430/8 | €29,325 | €45,279 | +€15,954 | +54.4% |
| Other loans | 439 | €2,942 | €5,893 | +€2,950 | +100.3% |
| Trade debts | 44 | €47,910 | €52,089 | +€4,179 | +8.7% |
| Suppliers | 440/4 | €47,910 | €52,089 | +€4,179 | +8.7% |
| Taxes, remuneration and social security | 45 | €7,652 | €22,564 | +€14,912 | +194.9% |
| Taxes | 450/3 | €7,652 | €9,918 | +€2,266 | +29.6% |
| Remuneration and social security | 454/9 | - | €12,646 | +€12,646 | |
| Other amounts payable | 47/48 | €6,828 | €9,151 | +€2,323 | +34.0% |
| Non-recurring operating income | 76A | €5,581 | €1,807 | -€3,773 | -67.6% |
| Remuneration, social security and pensions | 62 | €178,259 | €238,022 | +€59,762 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,604 | €17,137 | -€7,467 | -30.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,057 | €3,231 | +€1,174 | +57.1% |
| Other operating charges | 640/8 | €4,080 | €3,565 | -€515 | -12.6% |
| Gross operating margin | 9900 | €238,124 | €303,110 | +€64,986 | +27.3% |
| Operating profit (loss) | 9901 | €29,123 | €41,154 | +€12,032 | +41.3% |
| Financial income | 75/76B | €0 | €718 | +€718 | +1025985.7% |
| Recurring financial income | 75 | €0 | €718 | +€718 | +1025985.7% |
| Financial charges | 65/66B | €11,725 | €14,257 | +€2,531 | +21.6% |
| Recurring financial charges | 65 | €11,725 | €14,257 | +€2,531 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €17,397 | €27,616 | +€10,219 | +58.7% |
| Income taxes | 67/77 | €5,184 | €8,681 | +€3,497 | +67.5% |
| Profit (loss) for the period | 9904 | €12,213 | €18,935 | +€6,722 | +55.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,213 | €18,935 | +€6,722 | +55.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.