DENVIC: 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.
DENVIC
Largest movements
- Receivables within one year +€52,972
up €52,972 (+8.7%), from €611,987 to €664,958
- Cash -€18,022
down €18,022 (-25.6%), from €70,303 to €52,280
mainly Receivables within one year (-€52,972) and Trade debts (-€2,506)
- Reserves +€35,801
up €35,801 (+5.1%), from €697,453 to €733,255
of which Non-distributable reserves: +€35,801
- Gross operating margin +€9,116
up €9,116 (+63.9%), from €14,264 to €23,379
- Provisions +€3,193
no longer reported in 2025 (was -€3,193)
- Taxes +€965
up €965 (+6.2%), from €15,565 to €16,529
- Financial income -€704
down €704 (-1.9%), from €37,365 to €36,661
- Write-downs +€515
no longer reported in 2025 (was -€515)
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 | €746,961 | €780,478 | +€33,516 | +4.5% |
| Fixed assets | 21/28 | €24,102 | €22,877 | -€1,225 | -5.1% |
| Tangible fixed assets | 22/27 | €24,052 | €22,827 | -€1,225 | -5.1% |
| Land and buildings | 22 | €24,052 | €21,089 | -€2,963 | -12.3% |
| Plant, machinery and equipment | 23 | - | €1,096 | +€1,096 | |
| Furniture and vehicles | 24 | - | €642 | +€642 | |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €722,859 | €757,601 | +€34,741 | +4.8% |
| Amounts receivable within one year | 40/41 | €611,987 | €664,958 | +€52,972 | +8.7% |
| Other amounts receivable | 41 | €611,987 | €664,958 | +€52,972 | +8.7% |
| Cash at bank and in hand | 54/58 | €70,303 | €52,280 | -€18,022 | -25.6% |
| Deferred charges and accrued income | 490/1 | €40,570 | €40,362 | -€208 | -0.5% |
| Total equity and liabilities | 10/49 | €746,961 | €780,478 | +€33,516 | +4.5% |
| Equity | 10/15 | €716,053 | €751,855 | +€35,801 | +5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €697,453 | €733,255 | +€35,801 | +5.1% |
| Non-distributable reserves | 130/1 | €608,648 | €644,449 | +€35,801 | +5.9% |
| Other | 1319 | €608,648 | €644,449 | +€35,801 | +5.9% |
| Tax-exempt reserves | 132 | €3,130 | €3,130 | = | 0.0% |
| Distributable reserves | 133 | €85,676 | €85,676 | = | 0.0% |
| Provisions and deferred taxes | 16 | €10,550 | €10,550 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,550 | €10,550 | = | 0.0% |
| Other liabilities and charges | 164/5 | €10,550 | €10,550 | = | 0.0% |
| Amounts payable | 17/49 | €20,358 | €18,073 | -€2,285 | -11.2% |
| Amounts payable within one year | 42/48 | €20,355 | €18,071 | -€2,284 | -11.2% |
| Financial debts | 43 | €4,653 | €7,327 | +€2,674 | +57.5% |
| Other loans | 439 | €4,653 | €7,327 | +€2,674 | +57.5% |
| Trade debts | 44 | €5,225 | €2,719 | -€2,506 | -48.0% |
| Suppliers | 440/4 | €5,225 | €2,719 | -€2,506 | -48.0% |
| Taxes, remuneration and social security | 45 | €10,478 | €8,025 | -€2,453 | -23.4% |
| Taxes | 450/3 | €10,478 | €8,025 | -€2,453 | -23.4% |
| Accrued charges and deferred income | 492/3 | €3 | €2 | -€1 | -28.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,602 | €3,452 | -€150 | -4.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€515 | - | +€515 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€3,193 | - | +€3,193 | |
| Other operating charges | 640/8 | €2,263 | €1,808 | -€455 | -20.1% |
| Gross operating margin | 9900 | €14,264 | €23,379 | +€9,116 | +63.9% |
| Operating profit (loss) | 9901 | €12,107 | €18,120 | +€6,013 | +49.7% |
| Financial income | 75/76B | €37,365 | €36,661 | -€704 | -1.9% |
| Recurring financial income | 75 | €37,365 | €36,661 | -€704 | -1.9% |
| Financial charges | 65/66B | €2,167 | €2,450 | +€283 | +13.1% |
| Recurring financial charges | 65 | €2,167 | €2,450 | +€283 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | €47,305 | €52,331 | +€5,026 | +10.6% |
| Income taxes | 67/77 | €15,565 | €16,529 | +€965 | +6.2% |
| Profit (loss) for the period | 9904 | €31,740 | €35,801 | +€4,062 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €31,740 | €35,801 | +€4,062 | +12.8% |
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 31 October 2026 via checked.be.