DENYS: 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.
DENYS
Largest movements
- Receivables within one year -€173,809
down €173,809 (-43.8%), from €396,639 to €222,830
of which Trade receivables: -€213,645
- Cash +€91,905
up €91,905 (+852%), from €10,782 to €102,687
mainly Receivables within one year (+€173,809) and Stocks and contracts (+€39,052)
- Stocks and contracts -€39,052
down €39,052 (-8.7%), from €447,344 to €408,291
- Tangible fixed assets -€25,625
down €25,625 (-16.0%), from €160,187 to €134,563
of which Land and buildings: -€24,127
- Reserves -€104,620
down €104,620 (-23.2%), from €450,573 to €345,954
of which Distributable reserves: -€61,870
- Trade debts -€40,210
down €40,210 (-45.6%), from €88,083 to €47,874
- Profit (loss) carried forward +€31,066
up €31,066, from -€31,066 to €0
- Debts after one year -€26,689
down €26,689 (-29.4%), from €90,783 to €64,094
- Gross operating margin -€168,234
down €168,234 (-36.8%), from €457,298 to €289,065
- Staff costs -€43,968
down €43,968 (-12.1%), from €363,740 to €319,772
- Financial charges -€6,245
down €6,245 (-46.0%), from €13,578 to €7,333
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 | €1,019,716 | €877,431 | -€142,284 | -14.0% |
| Fixed assets | 21/28 | €161,322 | €134,563 | -€26,760 | -16.6% |
| Tangible fixed assets | 22/27 | €160,187 | €134,563 | -€25,625 | -16.0% |
| Land and buildings | 22 | €157,629 | €133,501 | -€24,127 | -15.3% |
| Plant, machinery and equipment | 23 | €1,907 | €1,062 | -€845 | -44.3% |
| Furniture and vehicles | 24 | €652 | €0 | -€652 | -100% |
| Financial fixed assets | 28 | €1,135 | €0 | -€1,135 | -100% |
| Current assets | 29/58 | €858,393 | €742,869 | -€115,525 | -13.5% |
| Stocks and contracts in progress | 3 | €447,344 | €408,291 | -€39,052 | -8.7% |
| Stocks | 30/36 | €447,344 | €408,291 | -€39,052 | -8.7% |
| Amounts receivable within one year | 40/41 | €396,639 | €222,830 | -€173,809 | -43.8% |
| Trade receivables | 40 | €353,522 | €139,877 | -€213,645 | -60.4% |
| Other amounts receivable | 41 | €43,117 | €82,953 | +€39,836 | +92.4% |
| Cash at bank and in hand | 54/58 | €10,782 | €102,687 | +€91,905 | +852% |
| Deferred charges and accrued income | 490/1 | €3,628 | €9,060 | +€5,432 | +150% |
| Total equity and liabilities | 10/49 | €1,019,716 | €877,431 | -€142,284 | -14.0% |
| Equity | 10/15 | €802,507 | €728,954 | -€73,553 | -9.2% |
| Contributions | 10/11 | €383,000 | €383,000 | = | 0.0% |
| Capital | 10 | €383,000 | - | -€383,000 | |
| Issued capital | 100 | €383,000 | - | -€383,000 | |
| Reserves | 13 | €450,573 | €345,954 | -€104,620 | -23.2% |
| Non-distributable reserves | 130/1 | €24,000 | €0 | -€24,000 | -100% |
| Legal reserve | 130 | €24,000 | - | -€24,000 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Tax-exempt reserves | 132 | €18,750 | €0 | -€18,750 | -100% |
| Distributable reserves | 133 | €407,823 | €345,954 | -€61,870 | -15.2% |
| Profit (loss) carried forward | 14 | -€31,066 | €0 | +€31,066 | |
| Amounts payable | 17/49 | €217,209 | €148,478 | -€68,731 | -31.6% |
| Amounts payable after more than one year | 17 | €90,783 | €64,094 | -€26,689 | -29.4% |
| Financial debts | 170/4 | €90,783 | €64,094 | -€26,689 | -29.4% |
| Amounts payable within one year | 42/48 | €126,426 | €84,074 | -€42,352 | -33.5% |
| Current portion of amounts payable after more than one year | 42 | €25,644 | €28,866 | +€3,221 | +12.6% |
| Trade debts | 44 | €88,083 | €47,874 | -€40,210 | -45.6% |
| Suppliers | 440/4 | €88,083 | €47,874 | -€40,210 | -45.6% |
| Taxes, remuneration and social security | 45 | €12,684 | €7,335 | -€5,349 | -42.2% |
| Taxes | 450/3 | €165 | €0 | -€165 | -100% |
| Remuneration and social security | 454/9 | €12,519 | €7,335 | -€5,184 | -41.4% |
| Other amounts payable | 47/48 | €14 | €0 | -€14 | -100% |
| Accrued charges and deferred income | 492/3 | - | €310 | +€310 | |
| Remuneration, social security and pensions | 62 | €363,740 | €319,772 | -€43,968 | -12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,088 | €25,625 | -€3,464 | -11.9% |
| Other operating charges | 640/8 | €7,330 | €7,094 | -€236 | -3.2% |
| Gross operating margin | 9900 | €457,298 | €289,065 | -€168,234 | -36.8% |
| Operating profit (loss) | 9901 | €57,140 | -€63,426 | -€120,566 | |
| Financial income | 75/76B | €1 | €1,088 | +€1,086 | +73,401% |
| Recurring financial income | 75 | €1 | €1,088 | +€1,086 | +73,401% |
| Financial charges | 65/66B | €13,578 | €7,333 | -€6,245 | -46.0% |
| Recurring financial charges | 65 | €13,578 | €7,333 | -€6,245 | -46.0% |
| Profit (loss) for the period before taxes | 9903 | €43,563 | -€69,671 | -€113,234 | |
| Income taxes | 67/77 | - | €3,882 | +€3,882 | |
| Profit (loss) for the period | 9904 | €43,563 | -€73,553 | -€117,116 | |
| Transfer from tax-exempt reserves | 789 | - | €18,750 | +€18,750 | |
| Profit (loss) for the period to be appropriated | 9905 | €43,563 | -€54,803 | -€98,366 |
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 16 October 2026 via checked.be.