DENVA: 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.
DENVA
Largest movements
- Cash +€68,603
up €68,603 (+7310.6%), from €938 to €69,542
mainly Net result for the year (+€63,012) and Advances received (+€34,200)
- Receivables within one year +€21,508
up €21,508 (+23.7%), from €90,895 to €112,402
of which Trade receivables: +€16,543
- Tangible fixed assets -€14,686
down €14,686 (-3.0%), from €482,213 to €467,527
of which Land and buildings: -€15,445
- Reserves +€56,512
up €56,512 (+71.1%), from €79,495 to €136,008
of which Distributable reserves: +€31,252
- Advances received +€34,200
up €34,200 (+342.0%), from €10,000 to €44,200
- Debts after one year -€30,344
down €30,344 (-7.2%), from €423,557 to €393,213
of which Financial debts: -€30,344
- Trade debts -€11,688
down €11,688 (-45.0%), from €25,978 to €14,290
- Tax, wage and social debts +€9,019
up €9,019 (+41.4%), from €21,788 to €30,807
- Depreciation -€35,732
down €35,732 (-69.4%), from €51,516 to €15,784
- Gross operating margin -€16,086
down €16,086 (-10.7%), from €149,794 to €133,708
- Financial charges +€13,963
up €13,963 (+251.7%), from €5,548 to €19,511
of which Financial charges: +€12,749
- Taxes +€5,382
up €5,382 (+25.2%), from €21,315 to €26,697
- Other operating charges +€4,859
up €4,859 (+124.8%), from €3,894 to €8,753
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 | €575,513 | €649,471 | +€73,958 | +12.9% |
| Fixed assets | 21/28 | €482,213 | €467,527 | -€14,686 | -3.0% |
| Tangible fixed assets | 22/27 | €482,213 | €467,527 | -€14,686 | -3.0% |
| Land and buildings | 22 | €481,817 | €466,372 | -€15,445 | -3.2% |
| Plant, machinery and equipment | 23 | - | €993 | +€993 | |
| Furniture and vehicles | 24 | €396 | €162 | -€233 | -59.0% |
| Current assets | 29/58 | €93,300 | €181,944 | +€88,644 | +95.0% |
| Amounts receivable within one year | 40/41 | €90,895 | €112,402 | +€21,508 | +23.7% |
| Trade receivables | 40 | €90,345 | €106,887 | +€16,543 | +18.3% |
| Other amounts receivable | 41 | €550 | €5,515 | +€4,965 | +902.4% |
| Cash at bank and in hand | 54/58 | €938 | €69,542 | +€68,603 | +7310.6% |
| Deferred charges and accrued income | 490/1 | €1,467 | €0 | -€1,467 | -100.0% |
| Total equity and liabilities | 10/49 | €575,513 | €649,471 | +€73,958 | +12.9% |
| Equity | 10/15 | €80,495 | €137,008 | +€56,512 | +70.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €79,495 | €136,008 | +€56,512 | +71.1% |
| Tax-exempt reserves | 132 | - | €25,260 | +€25,260 | |
| Distributable reserves | 133 | €79,495 | €110,748 | +€31,252 | +39.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €495,017 | €512,463 | +€17,446 | +3.5% |
| Amounts payable after more than one year | 17 | €423,557 | €393,213 | -€30,344 | -7.2% |
| Financial debts | 170/4 | €421,757 | €391,413 | -€30,344 | -7.2% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €71,460 | €119,250 | +€47,790 | +66.9% |
| Current portion of amounts payable after more than one year | 42 | €9,454 | €18,427 | +€8,973 | +94.9% |
| Trade debts | 44 | €25,978 | €14,290 | -€11,688 | -45.0% |
| Suppliers | 440/4 | €25,978 | €14,290 | -€11,688 | -45.0% |
| Advances received on contracts in progress | 46 | €10,000 | €44,200 | +€34,200 | +342.0% |
| Taxes, remuneration and social security | 45 | €21,788 | €30,807 | +€9,019 | +41.4% |
| Taxes | 450/3 | €21,788 | €30,807 | +€9,019 | +41.4% |
| Other amounts payable | 47/48 | €4,239 | €11,525 | +€7,286 | +171.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,516 | €15,784 | -€35,732 | -69.4% |
| Other operating charges | 640/8 | €3,894 | €8,753 | +€4,859 | +124.8% |
| Gross operating margin | 9900 | €149,794 | €133,708 | -€16,086 | -10.7% |
| Operating profit (loss) | 9901 | €94,384 | €109,170 | +€14,787 | +15.7% |
| Financial income | 75/76B | €28 | €50 | +€22 | +77.9% |
| Recurring financial income | 75 | €28 | €31 | +€3 | +11.5% |
| Non-recurring financial income | 76B | - | €19 | +€19 | |
| Financial charges | 65/66B | €5,548 | €19,511 | +€13,963 | +251.7% |
| Recurring financial charges | 65 | €5,548 | €18,297 | +€12,749 | +229.8% |
| Non-recurring financial charges | 66B | - | €1,214 | +€1,214 | |
| Profit (loss) for the period before taxes | 9903 | €88,864 | €89,709 | +€845 | +1.0% |
| Income taxes | 67/77 | €21,315 | €26,697 | +€5,382 | +25.2% |
| Profit (loss) for the period | 9904 | €67,549 | €63,012 | -€4,536 | -6.7% |
| Transfer to tax-exempt reserves | 689 | - | €25,260 | +€25,260 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,549 | €37,752 | -€29,796 | -44.1% |
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 12 October 2026 via checked.be.