DENVER: 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.
DENVER
Largest movements
- Tangible fixed assets -€60,689
down €60,689 (-53.3%), from €113,968 to €53,278
of which Land and buildings: -€36,072
- Cash -€6,909
down €6,909 (-55.6%), from €12,427 to €5,518
mainly Net result for the year (-€69,350) and Current portion of long-term debt (-€21,808)
- Profit (loss) carried forward -€69,350
down €69,350 (-13.1%), from -€530,273 to -€599,623
- Other debts +€51,553
up €51,553 (+13.1%), from €394,044 to €445,597
- Current portion of long-term debt -€21,808
down €21,808 (-93.6%), from €23,304 to €1,496
- Short-term financial debts -€15,490
no longer reported in 2025 (was €15,490)
- Trade debts -€13,695
down €13,695 (-57.6%), from €23,768 to €10,073
- Gross operating margin +€48,904
up €48,904 (+71.0%), from -€68,860 to -€19,956
- Staff costs -€15,909
no longer reported in 2025 (was €15,909)
- Depreciation -€7,362
down €7,362 (-16.9%), from €43,445 to €36,084
- Financial charges +€1,476
up €1,476 (+41.9%), from €3,526 to €5,002
- Taxes -€1,328
down €1,328, from €923 to -€405
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 | €152,827 | €84,452 | -€68,374 | -44.7% |
| Fixed assets | 21/28 | €113,968 | €53,278 | -€60,689 | -53.3% |
| Tangible fixed assets | 22/27 | €113,968 | €53,278 | -€60,689 | -53.3% |
| Land and buildings | 22 | €89,350 | €53,278 | -€36,072 | -40.4% |
| Plant, machinery and equipment | 23 | €22,995 | - | -€22,995 | |
| Furniture and vehicles | 24 | €1,623 | - | -€1,623 | |
| Current assets | 29/58 | €38,859 | €31,174 | -€7,685 | -19.8% |
| Stocks and contracts in progress | 3 | €1,121 | - | -€1,121 | |
| Stocks | 30/36 | €1,121 | - | -€1,121 | |
| Amounts receivable within one year | 40/41 | €25,312 | €25,657 | +€345 | +1.4% |
| Trade receivables | 40 | €25,312 | €25,657 | +€345 | +1.4% |
| Cash at bank and in hand | 54/58 | €12,427 | €5,518 | -€6,909 | -55.6% |
| Total equity and liabilities | 10/49 | €152,827 | €84,452 | -€68,374 | -44.7% |
| Equity | 10/15 | -€357,479 | -€426,829 | -€69,350 | -19.4% |
| Contributions | 10/11 | €165,000 | €165,000 | = | 0.0% |
| Reserves | 13 | €7,794 | €7,794 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,794 | €7,794 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €5,935 | €5,935 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€530,273 | -€599,623 | -€69,350 | -13.1% |
| Amounts payable | 17/49 | €510,306 | €511,281 | +€976 | +0.2% |
| Amounts payable after more than one year | 17 | €50,605 | €49,492 | -€1,112 | -2.2% |
| Financial debts | 170/4 | €50,605 | €49,492 | -€1,112 | -2.2% |
| Amounts payable within one year | 42/48 | €459,701 | €461,789 | +€2,088 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €23,304 | €1,496 | -€21,808 | -93.6% |
| Financial debts | 43 | €15,490 | - | -€15,490 | |
| Credit institutions | 430/8 | €15,490 | - | -€15,490 | |
| Trade debts | 44 | €23,768 | €10,073 | -€13,695 | -57.6% |
| Suppliers | 440/4 | €23,768 | €10,073 | -€13,695 | -57.6% |
| Taxes, remuneration and social security | 45 | €3,095 | €4,624 | +€1,528 | +49.4% |
| Taxes | 450/3 | €3,095 | €4,624 | +€1,528 | +49.4% |
| Other amounts payable | 47/48 | €394,044 | €445,597 | +€51,553 | +13.1% |
| Remuneration, social security and pensions | 62 | €15,909 | - | -€15,909 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,445 | €36,084 | -€7,362 | -16.9% |
| Other operating charges | 640/8 | €7,911 | €8,713 | +€802 | +10.1% |
| Gross operating margin | 9900 | -€68,860 | -€19,956 | +€48,904 | +71.0% |
| Operating profit (loss) | 9901 | -€136,125 | -€64,753 | +€71,372 | +52.4% |
| Financial charges | 65/66B | €3,526 | €5,002 | +€1,476 | +41.9% |
| Recurring financial charges | 65 | €3,526 | €5,002 | +€1,476 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | -€139,651 | -€69,755 | +€69,897 | +50.1% |
| Income taxes | 67/77 | €923 | -€405 | -€1,328 | |
| Profit (loss) for the period | 9904 | -€140,574 | -€69,350 | +€71,224 | +50.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€140,574 | -€69,350 | +€71,224 | +50.7% |
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 17 October 2026 via checked.be.