DENYS CARROTS: 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 CARROTS
Largest movements
- Cash +€735,831
up €735,831 (+26.0%), from €2.8m to €3.6m
mainly Net result for the year (+€1.1m) and Depreciation (+€301,542)
- Stocks and contracts +€256,359
up €256,359 (+208%), from €123,300 to €379,659
- Profit (loss) carried forward +€763,456
up €763,456 (+98.8%), from €772,437 to €1.5m
- Reserves +€293,100
up €293,100 (+8.6%), from €3.4m to €3.7m
of which Tax-exempt reserves: +€293,100
- Trade debts -€123,485
down €123,485 (-50.7%), from €243,573 to €120,087
- Accrued charges and deferred income +€120,514
up €120,514 (+127%), from €95,000 to €215,514
- Gross operating margin -€631,485
down €631,485 (-26.7%), from €2.4m to €1.7m
- Taxes -€307,148
down €307,148 (-46.8%), from €655,645 to €348,497
- Depreciation +€64,083
up €64,083 (+27.0%), from €237,459 to €301,542
- Financial charges -€26,852
down €26,852 (-98.9%), from €27,160 to €309
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 | €4,815,799 | €5,852,092 | +€1.0m | +21.5% |
| Fixed assets | 21/28 | €1,343,085 | €1,398,950 | +€55,865 | +4.2% |
| Tangible fixed assets | 22/27 | €1,343,085 | €1,398,950 | +€55,865 | +4.2% |
| Land and buildings | 22 | €295,267 | €339,944 | +€44,677 | +15.1% |
| Plant, machinery and equipment | 23 | €717,527 | €655,608 | -€61,919 | -8.6% |
| Furniture and vehicles | 24 | €330,291 | €403,397 | +€73,107 | +22.1% |
| Current assets | 29/58 | €3,472,714 | €4,453,142 | +€980,428 | +28.2% |
| Stocks and contracts in progress | 3 | €123,300 | €379,659 | +€256,359 | +208% |
| Stocks | 30/36 | €123,300 | €379,659 | +€256,359 | +208% |
| Amounts receivable within one year | 40/41 | €459,182 | €447,089 | -€12,093 | -2.6% |
| Trade receivables | 40 | €386,311 | €417,241 | +€30,931 | +8.0% |
| Other amounts receivable | 41 | €72,871 | €29,848 | -€43,024 | -59.0% |
| Cash at bank and in hand | 54/58 | €2,828,140 | €3,563,971 | +€735,831 | +26.0% |
| Deferred charges and accrued income | 490/1 | €62,092 | €62,422 | +€331 | +0.5% |
| Total equity and liabilities | 10/49 | €4,815,799 | €5,852,092 | +€1.0m | +21.5% |
| Equity | 10/15 | €4,209,023 | €5,264,060 | +€1.1m | +25.1% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €3,409,031 | €3,702,131 | +€293,100 | +8.6% |
| Tax-exempt reserves | 132 | €420,107 | €713,207 | +€293,100 | +69.8% |
| Distributable reserves | 133 | €2,988,924 | €2,988,924 | = | 0.0% |
| Profit (loss) carried forward | 14 | €772,437 | €1,535,893 | +€763,456 | +98.8% |
| Investment grants | 15 | €6,555 | €5,036 | -€1,519 | -23.2% |
| Provisions and deferred taxes | 16 | €1,272 | €792 | -€480 | -37.7% |
| Deferred taxes | 168 | €1,272 | €792 | -€480 | -37.7% |
| Amounts payable | 17/49 | €605,505 | €587,240 | -€18,265 | -3.0% |
| Amounts payable within one year | 42/48 | €510,505 | €371,726 | -€138,779 | -27.2% |
| Trade debts | 44 | €243,573 | €120,087 | -€123,485 | -50.7% |
| Suppliers | 440/4 | €243,573 | €120,087 | -€123,485 | -50.7% |
| Taxes, remuneration and social security | 45 | €178,704 | €162,570 | -€16,134 | -9.0% |
| Taxes | 450/3 | €171,842 | €153,964 | -€17,878 | -10.4% |
| Remuneration and social security | 454/9 | €6,861 | €8,606 | +€1,744 | +25.4% |
| Other amounts payable | 47/48 | €88,228 | €89,068 | +€840 | +1.0% |
| Accrued charges and deferred income | 492/3 | €95,000 | €215,514 | +€120,514 | +127% |
| Remuneration, social security and pensions | 62 | €23,170 | €5,305 | -€17,865 | -77.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €237,459 | €301,542 | +€64,083 | +27.0% |
| Other operating charges | 640/8 | €20,037 | €21,323 | +€1,286 | +6.4% |
| Gross operating margin | 9900 | €2,364,536 | €1,733,051 | -€631,485 | -26.7% |
| Operating profit (loss) | 9901 | €2,083,871 | €1,404,881 | -€678,989 | -32.6% |
| Financial charges | 65/66B | €27,160 | €309 | -€26,852 | -98.9% |
| Recurring financial charges | 65 | €27,160 | €309 | -€26,852 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | €2,056,711 | €1,404,573 | -€652,138 | -31.7% |
| Transfer from deferred taxes | 780 | €600 | €0 | -€600 | -100% |
| Income taxes | 67/77 | €655,645 | €348,497 | -€307,148 | -46.8% |
| Profit (loss) for the period | 9904 | €1,401,665 | €1,056,076 | -€345,590 | -24.7% |
| Transfer from tax-exempt reserves | 789 | €197,800 | €2,080 | -€195,720 | -98.9% |
| Transfer to tax-exempt reserves | 689 | €294,700 | €294,700 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,304,765 | €763,456 | -€541,310 | -41.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.