DENY: what changed
Two fiscal 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.
DENY
Largest movements
- Receivables within one year +€120,548
up €120,548 (+74.0%), from €162,924 to €283,471
- Cash -€58,805
down €58,805 (-11.0%), from €532,932 to €474,126
mainly Receivables within one year (-€120,548) and Accrued charges and deferred income (-€1,709)
- Advances received +€22,195
up €22,195, from €0 to €22,195
- Other debts +€21,884
up €21,884 (+578.9%), from €3,780 to €25,665
- Reserves +€15,352
up €15,352 (+10.7%), from €143,825 to €159,177
of which Distributable reserves: +€15,352
- Gross operating margin -€44,964
down €44,964 (-69.8%), from €64,430 to €19,466
- Taxes -€11,633
down €11,633 (-69.4%), from €16,750 to €5,117
- Financial income -€2,763
down €2,763 (-18.2%), from €15,173 to €12,410
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 | €732,516 | €793,869 | +€61,353 | +8.4% |
| Fixed assets | 21/28 | €36,661 | €36,271 | -€390 | -1.1% |
| Tangible fixed assets | 22/27 | €36,661 | €36,271 | -€390 | -1.1% |
| Land and buildings | 22 | €36,661 | €36,271 | -€390 | -1.1% |
| Current assets | 29/58 | €695,855 | €757,598 | +€61,743 | +8.9% |
| Amounts receivable within one year | 40/41 | €162,924 | €283,471 | +€120,548 | +74.0% |
| Other amounts receivable | 41 | €162,924 | €283,471 | +€120,548 | +74.0% |
| Cash at bank and in hand | 54/58 | €532,932 | €474,126 | -€58,805 | -11.0% |
| Total equity and liabilities | 10/49 | €732,516 | €793,869 | +€61,353 | +8.4% |
| Equity | 10/15 | €714,825 | €730,177 | +€15,352 | +2.1% |
| Contributions | 10/11 | €571,000 | €571,000 | = | 0.0% |
| Capital | 10 | €571,000 | €571,000 | = | 0.0% |
| Issued capital | 100 | €571,000 | €571,000 | = | 0.0% |
| Reserves | 13 | €143,825 | €159,177 | +€15,352 | +10.7% |
| Non-distributable reserves | 130/1 | €57,100 | €57,100 | = | 0.0% |
| Legal reserve | 130 | €57,100 | €57,100 | = | 0.0% |
| Distributable reserves | 133 | €86,725 | €102,077 | +€15,352 | +17.7% |
| Amounts payable | 17/49 | €17,690 | €63,691 | +€46,001 | +260.0% |
| Amounts payable within one year | 42/48 | €10,850 | €58,559 | +€47,710 | +439.7% |
| Trade debts | 44 | €6,468 | €10,700 | +€4,232 | +65.4% |
| Suppliers | 440/4 | €6,468 | €10,700 | +€4,232 | +65.4% |
| Advances received on contracts in progress | 46 | €0 | €22,195 | +€22,195 | |
| Taxes, remuneration and social security | 45 | €601 | €0 | -€601 | -100.0% |
| Taxes | 450/3 | €601 | €0 | -€601 | -100.0% |
| Other amounts payable | 47/48 | €3,780 | €25,665 | +€21,884 | +578.9% |
| Accrued charges and deferred income | 492/3 | €6,841 | €5,132 | -€1,709 | -25.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €390 | €390 | = | 0.0% |
| Other operating charges | 640/8 | €10,312 | €10,691 | +€379 | +3.7% |
| Gross operating margin | 9900 | €64,430 | €19,466 | -€44,964 | -69.8% |
| Operating profit (loss) | 9901 | €53,728 | €8,385 | -€45,343 | -84.4% |
| Financial income | 75/76B | €15,173 | €12,410 | -€2,763 | -18.2% |
| Recurring financial income | 75 | €15,173 | €12,410 | -€2,763 | -18.2% |
| Financial charges | 65/66B | €420 | €326 | -€94 | -22.4% |
| Recurring financial charges | 65 | €420 | €326 | -€94 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €68,481 | €20,469 | -€48,012 | -70.1% |
| Income taxes | 67/77 | €16,750 | €5,117 | -€11,633 | -69.4% |
| Profit (loss) for the period | 9904 | €51,731 | €15,352 | -€36,379 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €51,731 | €15,352 | -€36,379 | -70.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.