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
- Cash -€158,947
down €158,947 (-52.8%), from €300,937 to €141,990
mainly Trade debts (-€210,209) and Debts after one year (-€145,119)
- Stocks and contracts +€103,027
up €103,027 (+2.7%), from €3.8m to €3.9m
- Deferred charges and accrued income +€66,231
up €66,231 (+56.2%), from €117,811 to €184,042
- Trade debts -€210,209
down €210,209 (-6.3%), from €3.3m to €3.1m
- Debts after one year -€145,119
down €145,119 (-34.2%), from €424,398 to €279,279
of which Financial debts: -€74,419
- Accrued charges and deferred income +€120,536
new in 2025: €120,536
- Short-term financial debts +€100,000
up €100,000 (+10.0%), from €1.0m to €1.1m
- Tax, wage and social debts +€66,908
up €66,908 (+192%), from €34,774 to €101,682
of which Taxes: +€65,691
- Gross operating margin -€63,985
down €63,985 (-10.5%), from €608,290 to €544,305
- Depreciation +€62,238
new in 2025: €62,238
- Financial charges -€51,237
down €51,237 (-20.1%), from €254,344 to €203,107
- Taxes -€44,821
down €44,821 (-79.3%), from €56,519 to €11,698
- Other operating charges +€24,835
up €24,835 (+177%), from €14,030 to €38,866
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 | €5,438,352 | €5,385,228 | -€53,124 | -1.0% |
| Fixed assets | 21/28 | €1,204,925 | €1,162,848 | -€42,077 | -3.5% |
| Tangible fixed assets | 22/27 | €1,204,645 | €1,162,568 | -€42,077 | -3.5% |
| Land and buildings | 22 | €713,886 | €712,404 | -€1,482 | -0.2% |
| Plant, machinery and equipment | 23 | €71,135 | €67,394 | -€3,741 | -5.3% |
| Furniture and vehicles | 24 | €88,924 | €86,675 | -€2,249 | -2.5% |
| Leasing and similar rights | 25 | €330,701 | €296,096 | -€34,605 | -10.5% |
| Financial fixed assets | 28 | €280 | €280 | = | 0.0% |
| Current assets | 29/58 | €4,233,427 | €4,222,379 | -€11,048 | -0.3% |
| Stocks and contracts in progress | 3 | €3,752,359 | €3,855,386 | +€103,027 | +2.7% |
| Stocks | 30/36 | €3,752,359 | €3,855,386 | +€103,027 | +2.7% |
| Amounts receivable within one year | 40/41 | €62,320 | €40,961 | -€21,359 | -34.3% |
| Trade receivables | 40 | €62,320 | €14,961 | -€47,359 | -76.0% |
| Other amounts receivable | 41 | - | €26,000 | +€26,000 | |
| Cash at bank and in hand | 54/58 | €300,937 | €141,990 | -€158,947 | -52.8% |
| Deferred charges and accrued income | 490/1 | €117,811 | €184,042 | +€66,231 | +56.2% |
| Total equity and liabilities | 10/49 | €5,438,352 | €5,385,228 | -€53,124 | -1.0% |
| Equity | 10/15 | €561,262 | €572,406 | +€11,144 | +2.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €542,662 | €553,806 | +€11,144 | +2.1% |
| Distributable reserves | 133 | €542,662 | €553,806 | +€11,144 | +2.1% |
| Amounts payable | 17/49 | €4,877,090 | €4,812,822 | -€64,269 | -1.3% |
| Amounts payable after more than one year | 17 | €424,398 | €279,279 | -€145,119 | -34.2% |
| Financial debts | 170/4 | €347,088 | €272,669 | -€74,419 | -21.4% |
| Other amounts payable | 178/9 | €77,311 | €6,611 | -€70,700 | -91.4% |
| Amounts payable within one year | 42/48 | €4,452,692 | €4,413,006 | -€39,686 | -0.9% |
| Current portion of amounts payable after more than one year | 42 | €88,624 | €92,239 | +€3,615 | +4.1% |
| Financial debts | 43 | €1,000,000 | €1,100,000 | +€100,000 | +10.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,100,000 | +€100,000 | +10.0% |
| Trade debts | 44 | €3,329,293 | €3,119,085 | -€210,209 | -6.3% |
| Suppliers | 440/4 | €3,329,293 | €3,119,085 | -€210,209 | -6.3% |
| Taxes, remuneration and social security | 45 | €34,774 | €101,682 | +€66,908 | +192% |
| Taxes | 450/3 | €28,358 | €94,049 | +€65,691 | +232% |
| Remuneration and social security | 454/9 | €6,416 | €7,633 | +€1,217 | +19.0% |
| Accrued charges and deferred income | 492/3 | - | €120,536 | +€120,536 | |
| Remuneration, social security and pensions | 62 | €220,466 | €221,621 | +€1,155 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €62,238 | +€62,238 | |
| Other operating charges | 640/8 | €14,030 | €38,866 | +€24,835 | +177% |
| Gross operating margin | 9900 | €608,290 | €544,305 | -€63,985 | -10.5% |
| Operating profit (loss) | 9901 | €373,793 | €221,581 | -€152,212 | -40.7% |
| Financial income | 75/76B | €2,651 | €4,369 | +€1,718 | +64.8% |
| Recurring financial income | 75 | €2,651 | €4,369 | +€1,718 | +64.8% |
| Financial charges | 65/66B | €254,344 | €203,107 | -€51,237 | -20.1% |
| Recurring financial charges | 65 | €254,344 | €203,107 | -€51,237 | -20.1% |
| Profit (loss) for the period before taxes | 9903 | €122,100 | €22,842 | -€99,258 | -81.3% |
| Income taxes | 67/77 | €56,519 | €11,698 | -€44,821 | -79.3% |
| Profit (loss) for the period | 9904 | €65,581 | €11,144 | -€54,437 | -83.0% |
| Profit (loss) for the period to be appropriated | 9905 | €65,581 | €11,144 | -€54,437 | -83.0% |
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 14 October 2026 via checked.be.