DENYS GLOBAL: 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.
What changed
DENYS GLOBAL
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.7m
2024 · €8.2m-€1.6m
Equity
€21.1m
2024 · €14.5m+€6.7m
Cash
€53.6m
2024 · €49.7m+€3.8m
Balance sheet total
€235.2m
2024 · €149.5m+€85.7m
Largest movements
Assets
- Current investments +€44.0m
up €44.0m (+209.5%), from €21.0m to €65.0m
- Receivables within one year +€25.9m
up €25.9m (+48.0%), from €54.0m to €79.9m
of which Other amounts receivable: +€28.0m
- Receivables after one year +€7.2m
up €7.2m (+252.0%), from €2.8m to €10.0m
- Financial fixed assets +€4.1m
up €4.1m (+18.7%), from €21.9m to €25.9m
of which Companies linked by participating interests: +€4.0m
- Cash +€3.8m
up €3.8m (+7.7%), from €49.7m to €53.6m
mainly Other debts (+€80.5m) and Net result for the year (+€6.7m)
Equity and liabilities
- Other debts +€80.5m
up €80.5m (+62.1%), from €129.7m to €210.2m
- Reserves +€10.0m
up €10.0m (+119.8%), from €8.4m to €18.4m
of which Non-distributable reserves: +€10.0m
- Profit (loss) carried forward -€3.3m
down €3.3m (-65.5%), from €5.1m to €1.8m
- Trade debts -€2.5m
down €2.5m (-69.3%), from €3.6m to €1.1m
Income statement
- Services and other goods -€4.0m
down €4.0m (-49.0%), from €8.1m to €4.1m
- Turnover -€3.4m
down €3.4m (-50.7%), from €6.7m to €3.3m
- Financial income -€3.3m
down €3.3m (-24.0%), from €13.6m to €10.3m
- Taxes -€2.1m
down €2.1m, from €1.5m to -€600,000
of which Taxes: -€1.5m
- Financial charges +€867,261
up €867,261 (+18.0%), from €4.8m to €5.7m
of which Financial charges: +€867,611
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.
Result 2024
€8.2m
Turnover
-€3.4m
Other operating income
+€53,185
Services and other goods
+€4.0m
Depreciation
+€9,913
Other operating charges
-€3,778
Other operating items
-€216,560
Financial income
-€3.3m
Financial charges
-€867,261
Taxes
+€2.1m
Result 2025
€6.7m
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.
From operations
+€50.8m
Investment
-€48.1m
Financing
+€1.1m
Cash 2024
€49.7m
From operations (derived)
+€50.8m
Net result for the year
+€6.7m
Depreciation
+€18,990
Receivables after one year
-€7.2m
Receivables within one year
-€25.9m
Deferred charges and accrued income
-€739,115
Trade debts
-€2.5m
Tax, wage and social debts
-€600,000
Other debts
+€80.5m
Accrued charges and deferred income
+€549,952
Investment (derived)
-€48.1m
Investment in fixed assets (net)
-€4.1m
Current investments
-€44.0m
Financing
+€1.1m
Short-term financial debts
+€1.1m
Cash 2025
€53.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,517,142 | €235,227,580 | +€85.7m | +57.3% |
| Fixed assets | 21/28 | €21,919,356 | €25,979,184 | +€4.1m | +18.5% |
| Tangible fixed assets | 22/27 | €59,915 | €40,925 | -€18,990 | -31.7% |
| Furniture and vehicles | 24 | €338 | - | -€338 | |
| Other tangible fixed assets | 26 | €59,576 | €40,925 | -€18,652 | -31.3% |
| Financial fixed assets | 28 | €21,859,442 | €25,938,259 | +€4.1m | +18.7% |
| Affiliated companies | 280/1 | €19,828,692 | €19,828,692 | = | 0.0% |
| Participating interests | 280 | €19,828,692 | €19,828,692 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €2,030,750 | €6,078,818 | +€4.0m | +199.3% |
| Participating interests | 282 | €2,030,750 | €2,000,000 | -€30,750 | -1.5% |
| Amounts receivable | 283 | - | €4,078,818 | +€4.1m | |
| Other financial fixed assets | 284/8 | - | €30,750 | +€30,750 | |
| Shares | 284 | - | €30,750 | +€30,750 | |
| Current assets | 29/58 | €127,597,786 | €209,248,397 | +€81.7m | +64.0% |
| Amounts receivable after more than one year | 29 | €2,840,715 | €10,000,000 | +€7.2m | +252.0% |
| Other amounts receivable | 291 | €2,840,715 | €10,000,000 | +€7.2m | +252.0% |
| Amounts receivable within one year | 40/41 | €53,967,634 | €79,887,877 | +€25.9m | +48.0% |
| Trade receivables | 40 | €2,758,322 | €657,004 | -€2.1m | -76.2% |
| Other amounts receivable | 41 | €51,209,312 | €79,230,873 | +€28.0m | +54.7% |
| Current investments | 50/53 | €21,000,000 | €65,000,000 | +€44.0m | +209.5% |
| Other investments | 51/53 | €21,000,000 | €65,000,000 | +€44.0m | +209.5% |
| Cash at bank and in hand | 54/58 | €49,745,698 | €53,577,666 | +€3.8m | +7.7% |
| Deferred charges and accrued income | 490/1 | €43,739 | €782,854 | +€739,115 | +1689.8% |
| Total equity and liabilities | 10/49 | €149,517,142 | €235,227,580 | +€85.7m | +57.3% |
| Equity | 10/15 | €14,453,952 | €21,110,549 | +€6.7m | +46.1% |
| Contributions | 10/11 | €997,562 | €997,562 | = | 0.0% |
| Capital | 10 | €997,562 | €997,562 | = | 0.0% |
| Issued capital | 100 | €997,562 | €997,562 | = | 0.0% |
| Reserves | 13 | €8,350,189 | €18,350,189 | +€10.0m | +119.8% |
| Non-distributable reserves | 130/1 | €101,589 | €10,101,589 | +€10.0m | +9843.6% |
| Legal reserve | 130 | €99,756 | €99,756 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,832 | €1,832 | = | 0.0% |
| Financial assistance | 1313 | - | €10,000,000 | +€10.0m | |
| Distributable reserves | 133 | €8,248,600 | €8,248,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,106,201 | €1,762,799 | -€3.3m | -65.5% |
| Amounts payable | 17/49 | €135,063,190 | €214,117,031 | +€79.1m | +58.5% |
| Amounts payable after more than one year | 17 | €190,777 | €190,777 | = | 0.0% |
| Other amounts payable | 178/9 | €190,777 | €190,777 | = | 0.0% |
| Amounts payable within one year | 42/48 | €134,836,261 | €213,340,150 | +€78.5m | +58.2% |
| Financial debts | 43 | - | €1,133,734 | +€1.1m | |
| Credit institutions | 430/8 | - | €1,133,734 | +€1.1m | |
| Trade debts | 44 | €3,612,548 | €1,108,085 | -€2.5m | -69.3% |
| Suppliers | 440/4 | €3,612,548 | €1,108,085 | -€2.5m | -69.3% |
| Taxes, remuneration and social security | 45 | €1,547,327 | €947,327 | -€600,000 | -38.8% |
| Taxes | 450/3 | €1,547,327 | €947,327 | -€600,000 | -38.8% |
| Other amounts payable | 47/48 | €129,676,386 | €210,151,004 | +€80.5m | +62.1% |
| Accrued charges and deferred income | 492/3 | €36,152 | €586,104 | +€549,952 | +1521.2% |
| Operating income | 70/76A | €9,132,190 | €5,577,881 | -€3.6m | -38.9% |
| Turnover | 70 | €6,678,923 | €3,289,789 | -€3.4m | -50.7% |
| Other operating income | 74 | €1,989,464 | €2,042,649 | +€53,185 | +2.7% |
| Non-recurring operating income | 76A | €463,802 | €245,442 | -€218,360 | -47.1% |
| Operating charges | 60/66A | €8,152,451 | €4,167,920 | -€4.0m | -48.9% |
| Services and other goods | 61 | €8,120,617 | €4,144,021 | -€4.0m | -49.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,903 | €18,990 | -€9,913 | -34.3% |
| Other operating charges | 640/8 | €1,131 | €4,909 | +€3,778 | +333.9% |
| Non-recurring operating charges | 66A | €1,800 | - | -€1,800 | |
| Operating profit (loss) | 9901 | €979,739 | €1,409,960 | +€430,222 | +43.9% |
| Financial income | 75/76B | €13,603,001 | €10,339,439 | -€3.3m | -24.0% |
| Recurring financial income | 75 | €13,603,001 | €10,339,439 | -€3.3m | -24.0% |
| Income from financial fixed assets | 750 | €10,252,612 | €6,000,000 | -€4.3m | -41.5% |
| Income from current assets | 751 | €3,350,389 | €4,338,974 | +€988,585 | +29.5% |
| Other financial income | 752/9 | - | €465 | +€465 | |
| Financial charges | 65/66B | €4,825,542 | €5,692,803 | +€867,261 | +18.0% |
| Recurring financial charges | 65 | €4,825,192 | €5,692,803 | +€867,611 | +18.0% |
| Debt charges | 650 | €4,791,983 | €5,678,359 | +€886,376 | +18.5% |
| Other financial charges | 652/9 | €33,208 | €14,443 | -€18,765 | -56.5% |
| Non-recurring financial charges | 66B | €350 | - | -€350 | |
| Profit (loss) for the period before taxes | 9903 | €9,757,198 | €6,056,597 | -€3.7m | -37.9% |
| Income taxes | 67/77 | €1,526,967 | -€600,000 | -€2.1m | |
| Taxes | 670/3 | €1,526,967 | - | -€1.5m | |
| Tax adjustments and reversals of tax provisions | 77 | - | €600,000 | +€600,000 | |
| Profit (loss) for the period | 9904 | €8,230,231 | €6,656,597 | -€1.6m | -19.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,230,231 | €6,656,597 | -€1.6m | -19.1% |
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 10 October 2026 via checked.be.