Dirk Denecker: what changed
Two fiscal 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.
Dirk Denecker
Largest movements
- Tangible fixed assets -€49,545
down €49,545 (-22.9%), from €216,453 to €166,908
of which Furniture and vehicles: -€44,817
- Receivables within one year +€28,920
up €28,920 (+25.2%), from €114,789 to €143,709
of which Trade receivables: +€29,949
- Deferred charges and accrued income +€7,889
new in 2025: €7,889
- Cash +€5,107
up €5,107 (+27.1%), from €18,814 to €23,921
mainly Depreciation (+€63,026) and Net result for the year (+€29,653)
- Debts after one year -€38,978
down €38,978 (-40.3%), from €96,806 to €57,828
- Current portion of long-term debt +€25,543
up €25,543 (+190.1%), from €13,435 to €38,978
- Short-term financial debts -€24,167
no longer reported in 2025 (was €24,167)
- Reserves +€23,829
up €23,829 (+7.6%), from €312,386 to €336,215
of which Distributable reserves: +€23,829
- Other debts +€6,190
up €6,190 (+883.8%), from €700 to €6,890
- Gross operating margin +€50,115
up €50,115 (+89.7%), from €55,887 to €106,002
- Taxes +€8,884
up €8,884, from €0 to €8,884
- Depreciation +€5,524
up €5,524 (+9.6%), from €57,502 to €63,026
- Other operating charges +€1,120
up €1,120 (+91.3%), from €1,227 to €2,347
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €472,587 | €467,319 | -€5,268 | -1.1% |
| Fixed assets | 21/28 | €216,453 | €166,908 | -€49,545 | -22.9% |
| Tangible fixed assets | 22/27 | €216,453 | €166,908 | -€49,545 | -22.9% |
| Furniture and vehicles | 24 | €200,137 | €155,320 | -€44,817 | -22.4% |
| Other tangible fixed assets | 26 | €16,316 | €11,588 | -€4,728 | -29.0% |
| Current assets | 29/58 | €256,134 | €300,411 | +€44,277 | +17.3% |
| Amounts receivable after more than one year | 29 | €82,160 | €84,378 | +€2,218 | +2.7% |
| Trade receivables | 290 | €82,160 | €84,378 | +€2,218 | +2.7% |
| Amounts receivable within one year | 40/41 | €114,789 | €143,709 | +€28,920 | +25.2% |
| Trade receivables | 40 | €20,124 | €50,073 | +€29,949 | +148.8% |
| Other amounts receivable | 41 | €94,665 | €93,636 | -€1,029 | -1.1% |
| Current investments | 50/53 | €40,371 | €40,513 | +€142 | +0.4% |
| Cash at bank and in hand | 54/58 | €18,814 | €23,921 | +€5,107 | +27.1% |
| Deferred charges and accrued income | 490/1 | - | €7,889 | +€7,889 | |
| Total equity and liabilities | 10/49 | €472,587 | €467,319 | -€5,268 | -1.1% |
| Equity | 10/15 | €312,762 | €342,415 | +€29,653 | +9.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €312,386 | €336,215 | +€23,829 | +7.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €9,000 | €9,000 | = | 0.0% |
| Distributable reserves | 133 | €303,386 | €327,215 | +€23,829 | +7.9% |
| Profit (loss) carried forward | 14 | -€5,824 | €0 | +€5,824 | |
| Amounts payable | 17/49 | €159,825 | €124,904 | -€34,921 | -21.8% |
| Amounts payable after more than one year | 17 | €96,806 | €57,828 | -€38,978 | -40.3% |
| Financial debts | 170/4 | €96,806 | €57,828 | -€38,978 | -40.3% |
| Amounts payable within one year | 42/48 | €63,019 | €67,076 | +€4,057 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €13,435 | €38,978 | +€25,543 | +190.1% |
| Financial debts | 43 | €24,167 | - | -€24,167 | |
| Credit institutions | 430/8 | €24,167 | - | -€24,167 | |
| Trade debts | 44 | €10,006 | €12,340 | +€2,334 | +23.3% |
| Suppliers | 440/4 | €10,006 | €12,340 | +€2,334 | +23.3% |
| Taxes, remuneration and social security | 45 | €14,710 | €8,867 | -€5,843 | -39.7% |
| Taxes | 450/3 | €14,710 | €8,867 | -€5,843 | -39.7% |
| Other amounts payable | 47/48 | €700 | €6,890 | +€6,190 | +883.8% |
| Non-recurring operating income | 76A | €62,500 | €0 | -€62,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,502 | €63,026 | +€5,524 | +9.6% |
| Other operating charges | 640/8 | €1,227 | €2,347 | +€1,120 | +91.3% |
| Gross operating margin | 9900 | €55,887 | €106,002 | +€50,115 | +89.7% |
| Operating profit (loss) | 9901 | -€2,841 | €40,630 | +€43,471 | |
| Financial income | 75/76B | €2,403 | €2,421 | +€18 | +0.8% |
| Recurring financial income | 75 | €2,403 | €2,421 | +€18 | +0.8% |
| Financial charges | 65/66B | €5,385 | €4,514 | -€871 | -16.2% |
| Recurring financial charges | 65 | €5,385 | €4,514 | -€871 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | -€5,824 | €38,537 | +€44,360 | |
| Income taxes | 67/77 | €0 | €8,884 | +€8,884 | |
| Profit (loss) for the period | 9904 | -€5,824 | €29,653 | +€35,476 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,824 | €29,653 | +€35,476 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.