DENYS CONSULT: 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 CONSULT
Largest movements
- Tangible fixed assets +€53,737
up €53,737 (+5.9%), from €918,359 to €972,096
of which Land and buildings: +€55,821
- Cash +€14,768
up €14,768 (+181%), from €8,170 to €22,938
mainly Debts after one year (+€72,150) and Depreciation (+€56,887)
- Debts after one year +€72,150
up €72,150 (+21.9%), from €330,000 to €402,150
of which Financial debts: +€72,150
- Reserves +€11,569
up €11,569 (+3.5%), from €334,157 to €345,725
of which Distributable reserves: +€31,864
- Provisions -€10,452
down €10,452 (-12.0%), from €86,787 to €76,335
- Gross operating margin +€17,907
up €17,907 (+17.7%), from €101,256 to €119,163
- Depreciation +€9,231
up €9,231 (+19.4%), from €47,655 to €56,887
- Financial charges +€5,832
up €5,832 (+29.3%), from €19,936 to €25,769
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 | €944,088 | €1,004,537 | +€60,449 | +6.4% |
| Fixed assets | 21/28 | €918,359 | €972,096 | +€53,737 | +5.9% |
| Tangible fixed assets | 22/27 | €918,359 | €972,096 | +€53,737 | +5.9% |
| Land and buildings | 22 | €885,654 | €941,475 | +€55,821 | +6.3% |
| Plant, machinery and equipment | 23 | €811 | €604 | -€207 | -25.5% |
| Furniture and vehicles | 24 | €596 | €2,713 | +€2,117 | +355% |
| Other tangible fixed assets | 26 | €31,298 | €27,304 | -€3,994 | -12.8% |
| Current assets | 29/58 | €25,729 | €32,441 | +€6,712 | +26.1% |
| Amounts receivable within one year | 40/41 | €17,559 | €9,503 | -€8,056 | -45.9% |
| Trade receivables | 40 | €16,348 | €8,278 | -€8,070 | -49.4% |
| Other amounts receivable | 41 | €1,211 | €1,225 | +€14 | +1.2% |
| Cash at bank and in hand | 54/58 | €8,170 | €22,938 | +€14,768 | +181% |
| Total equity and liabilities | 10/49 | €944,088 | €1,004,537 | +€60,449 | +6.4% |
| Equity | 10/15 | €479,157 | €490,725 | +€11,569 | +2.4% |
| Contributions | 10/11 | €145,000 | €145,000 | = | 0.0% |
| Reserves | 13 | €334,157 | €345,725 | +€11,569 | +3.5% |
| Non-distributable reserves | 130/1 | €4,997 | €4,997 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,997 | €4,997 | = | 0.0% |
| Tax-exempt reserves | 132 | €168,549 | €148,253 | -€20,296 | -12.0% |
| Distributable reserves | 133 | €160,612 | €192,476 | +€31,864 | +19.8% |
| Provisions and deferred taxes | 16 | €86,787 | €76,335 | -€10,452 | -12.0% |
| Deferred taxes | 168 | €86,787 | €76,335 | -€10,452 | -12.0% |
| Amounts payable | 17/49 | €378,144 | €437,477 | +€59,333 | +15.7% |
| Amounts payable after more than one year | 17 | €330,000 | €402,150 | +€72,150 | +21.9% |
| Financial debts | 170/4 | - | €72,150 | +€72,150 | |
| Other amounts payable | 178/9 | €330,000 | €330,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €48,144 | €35,327 | -€12,818 | -26.6% |
| Current portion of amounts payable after more than one year | 42 | €15,431 | €17,261 | +€1,830 | +11.9% |
| Trade debts | 44 | €13,800 | €4,293 | -€9,508 | -68.9% |
| Suppliers | 440/4 | €13,800 | €4,293 | -€9,508 | -68.9% |
| Taxes, remuneration and social security | 45 | €14,951 | €9,881 | -€5,069 | -33.9% |
| Taxes | 450/3 | €14,951 | €9,881 | -€5,069 | -33.9% |
| Other amounts payable | 47/48 | €3,962 | €3,892 | -€71 | -1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,655 | €56,887 | +€9,231 | +19.4% |
| Other operating charges | 640/8 | €23,939 | €24,135 | +€197 | +0.8% |
| Gross operating margin | 9900 | €101,256 | €119,163 | +€17,907 | +17.7% |
| Operating profit (loss) | 9901 | €29,662 | €38,141 | +€8,479 | +28.6% |
| Financial income | 75/76B | - | €19 | +€19 | |
| Recurring financial income | 75 | - | €19 | +€19 | |
| Financial charges | 65/66B | €19,936 | €25,769 | +€5,832 | +29.3% |
| Recurring financial charges | 65 | €19,936 | €25,769 | +€5,832 | +29.3% |
| Profit (loss) for the period before taxes | 9903 | €9,726 | €12,391 | +€2,666 | +27.4% |
| Transfer from deferred taxes | 780 | €10,452 | €10,452 | = | 0.0% |
| Income taxes | 67/77 | €12,151 | €11,275 | -€876 | -7.2% |
| Profit (loss) for the period | 9904 | €8,027 | €11,569 | +€3,542 | +44.1% |
| Transfer from tax-exempt reserves | 789 | €20,296 | €20,296 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,323 | €31,864 | +€3,542 | +12.5% |
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 22 October 2026 via checked.be.