DENVEST: 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.
DENVEST
Largest movements
- Receivables within one year +€21,996
up €21,996 (+20.6%), from €106,725 to €128,721
- Tangible fixed assets -€16,502
down €16,502 (-1.9%), from €878,636 to €862,134
- Debts after one year -€59,194
down €59,194 (-10.5%), from €561,678 to €502,484
- Reserves +€34,255
up €34,255 (+10.7%), from €321,252 to €355,507
of which Distributable reserves: +€34,255
- Current portion of long-term debt +€10,529
up €10,529 (+12.4%), from €84,697 to €95,226
- Gross operating margin +€104,401
up €104,401 (+68.8%), from €151,845 to €256,246
- Taxes +€24,668
up €24,668 (+117.3%), from €21,029 to €45,696
- Financial charges -€11,731
down €11,731 (-33.3%), from €35,273 to €23,542
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 | €991,824 | €995,610 | +€3,787 | +0.4% |
| Fixed assets | 21/28 | €878,636 | €862,134 | -€16,502 | -1.9% |
| Tangible fixed assets | 22/27 | €878,636 | €862,134 | -€16,502 | -1.9% |
| Land and buildings | 22 | €878,636 | €862,134 | -€16,502 | -1.9% |
| Current assets | 29/58 | €113,188 | €133,477 | +€20,289 | +17.9% |
| Amounts receivable within one year | 40/41 | €106,725 | €128,721 | +€21,996 | +20.6% |
| Other amounts receivable | 41 | €106,725 | €128,721 | +€21,996 | +20.6% |
| Cash at bank and in hand | 54/58 | €4,620 | €3,321 | -€1,300 | -28.1% |
| Deferred charges and accrued income | 490/1 | €1,843 | €1,435 | -€408 | -22.1% |
| Total equity and liabilities | 10/49 | €991,824 | €995,610 | +€3,787 | +0.4% |
| Equity | 10/15 | €339,852 | €374,107 | +€34,255 | +10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €321,252 | €355,507 | +€34,255 | +10.7% |
| Tax-exempt reserves | 132 | €15,466 | €15,466 | = | 0.0% |
| Distributable reserves | 133 | €305,786 | €340,041 | +€34,255 | +11.2% |
| Amounts payable | 17/49 | €651,972 | €621,503 | -€30,469 | -4.7% |
| Amounts payable after more than one year | 17 | €561,678 | €502,484 | -€59,194 | -10.5% |
| Financial debts | 170/4 | €561,678 | €502,484 | -€59,194 | -10.5% |
| Amounts payable within one year | 42/48 | €89,523 | €118,249 | +€28,726 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €84,697 | €95,226 | +€10,529 | +12.4% |
| Trade debts | 44 | €737 | €31 | -€706 | -95.8% |
| Suppliers | 440/4 | €737 | €31 | -€706 | -95.8% |
| Taxes, remuneration and social security | 45 | €4,089 | €13,057 | +€8,968 | +219.3% |
| Taxes | 450/3 | €4,089 | €13,057 | +€8,968 | +219.3% |
| Other amounts payable | 47/48 | - | €9,935 | +€9,935 | |
| Accrued charges and deferred income | 492/3 | €770 | €770 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,538 | €28,216 | -€322 | -1.1% |
| Other operating charges | 640/8 | €4,925 | €2,889 | -€2,036 | -41.3% |
| Gross operating margin | 9900 | €151,845 | €256,246 | +€104,401 | +68.8% |
| Operating profit (loss) | 9901 | €118,382 | €225,140 | +€106,758 | +90.2% |
| Financial income | 75/76B | €463 | - | -€463 | |
| Recurring financial income | 75 | €463 | - | -€463 | |
| Financial charges | 65/66B | €35,273 | €23,542 | -€11,731 | -33.3% |
| Recurring financial charges | 65 | €35,273 | €23,542 | -€11,731 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | €83,572 | €201,599 | +€118,027 | +141.2% |
| Income taxes | 67/77 | €21,029 | €45,696 | +€24,668 | +117.3% |
| Profit (loss) for the period | 9904 | €62,544 | €155,902 | +€93,359 | +149.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,544 | €155,902 | +€93,359 | +149.3% |
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.