Ets DENIS: 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.
What changed
Ets DENIS
NACE 46.360, Wholesale trade
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
-€111,441
2025 · €76,306-€187,747
Equity
€2.0m
2025 · €2.2m-€117,100
Cash
€82,541
2025 · €96,613-€14,072
Balance sheet total
€5.8m
2025 · €5.9m-€118,277
Largest movements
Assets
- Tangible fixed assets -€169,030
down €169,030 (-11.3%), from €1.5m to €1.3m
- Receivables within one year +€138,387
up €138,387 (+11.5%), from €1.2m to €1.3m
of which Trade receivables: +€161,499
- Stocks and contracts -€60,704
down €60,704 (-3.2%), from €1.9m to €1.8m
Equity and liabilities
- Debts after one year -€300,602
down €300,602 (-24.7%), from €1.2m to €918,199
- Current portion of long-term debt +€157,606
up €157,606 (+36.4%), from €432,489 to €590,094
- Trade debts +€129,023
up €129,023 (+11.7%), from €1.1m to €1.2m
- Profit (loss) carried forward -€111,441
down €111,441 (-14.7%), from €758,619 to €647,177
Income statement
- Turnover +€1.3m
up €1.3m (+9.0%), from €13.9m to €15.2m
- Goods and materials +€946,250
up €946,250 (+8.3%), from €11.4m to €12.3m
of which Purchases: +€811,928
- Staff costs +€199,544
up €199,544 (+10.9%), from €1.8m to €2.0m
- Services and other goods +€183,333
up €183,333 (+24.4%), from €750,860 to €934,193
From the 2025 result to the 2026 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 2025
€76,306
Turnover
+€1.3m
Other operating income
-€36,317
Goods and materials
-€946,250
Services and other goods
-€183,333
Staff costs
-€199,544
Depreciation
+€42,218
Write-downs
-€23,868
Other operating charges
-€799
Other operating items
-€158,107
Financial income
+€4,786
Financial charges
+€14,247
Taxes
+€47,738
Deferred taxes and other
+€43
Result 2026
-€111,441
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€302,802
Investment
-€178,248
Financing
-€138,625
Cash 2025
€96,613
From operations (derived)
+€302,802
Net result for the year
-€111,441
Depreciation
+€348,278
Stocks and contracts
+€60,704
Receivables within one year
-€138,387
Deferred charges and accrued income
+€11,858
Provisions
-€2,582
Trade debts
+€129,023
Tax, wage and social debts
+€5,348
Investment (derived)
-€178,248
Investment in fixed assets (net)
-€178,248
Financing
-€138,625
Debts after one year
-€300,602
Current portion of long-term debt
+€157,606
Short-term financial debts
+€10,029
Contributions, distributions and other
-€5,658
Cash 2026
€82,541
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,944,726 | €5,826,448 | -€118,277 | -2.0% |
| Fixed assets | 21/28 | €2,685,480 | €2,515,450 | -€170,030 | -6.3% |
| Intangible fixed assets | 21 | €3,490 | €2,490 | -€1,000 | -28.6% |
| Tangible fixed assets | 22/27 | €1,500,490 | €1,331,459 | -€169,030 | -11.3% |
| Land and buildings | 22 | €317,979 | €248,000 | -€69,980 | -22.0% |
| Plant, machinery and equipment | 23 | €591,232 | €559,249 | -€31,983 | -5.4% |
| Furniture and vehicles | 24 | €293,190 | €223,084 | -€70,106 | -23.9% |
| Leasing and similar rights | 25 | €298,088 | €301,127 | +€3,039 | +1.0% |
| Financial fixed assets | 28 | €1,181,500 | €1,181,500 | = | 0.0% |
| Affiliated companies | 280/1 | €1,180,000 | €1,180,000 | = | 0.0% |
| Participating interests | 280 | €1,180,000 | €1,180,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,500 | €1,500 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €3,259,246 | €3,310,999 | +€51,753 | +1.6% |
| Stocks and contracts in progress | 3 | €1,909,713 | €1,849,009 | -€60,704 | -3.2% |
| Stocks | 30/36 | €1,909,713 | €1,849,009 | -€60,704 | -3.2% |
| Goods purchased for resale | 34 | €1,909,713 | €1,849,009 | -€60,704 | -3.2% |
| Amounts receivable within one year | 40/41 | €1,202,236 | €1,340,623 | +€138,387 | +11.5% |
| Trade receivables | 40 | €1,154,570 | €1,316,069 | +€161,499 | +14.0% |
| Other amounts receivable | 41 | €47,666 | €24,554 | -€23,112 | -48.5% |
| Cash at bank and in hand | 54/58 | €96,613 | €82,541 | -€14,072 | -14.6% |
| Deferred charges and accrued income | 490/1 | €50,684 | €38,826 | -€11,858 | -23.4% |
| Total equity and liabilities | 10/49 | €5,944,726 | €5,826,448 | -€118,277 | -2.0% |
| Equity | 10/15 | €2,151,807 | €2,034,707 | -€117,100 | -5.4% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €380,784 | €380,784 | = | 0.0% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €190,052 | €190,052 | = | 0.0% |
| Distributable reserves | 133 | €90,732 | €90,732 | = | 0.0% |
| Profit (loss) carried forward | 14 | €758,619 | €647,177 | -€111,441 | -14.7% |
| Investment grants | 15 | €12,404 | €6,746 | -€5,658 | -45.6% |
| Provisions and deferred taxes | 16 | €6,055 | €3,474 | -€2,582 | -42.6% |
| Deferred taxes | 168 | €6,055 | €3,474 | -€2,582 | -42.6% |
| Amounts payable | 17/49 | €3,786,863 | €3,788,268 | +€1,405 | 0.0% |
| Amounts payable after more than one year | 17 | €1,218,801 | €918,199 | -€300,602 | -24.7% |
| Financial debts | 170/4 | €1,218,801 | €918,199 | -€300,602 | -24.7% |
| Subordinated loans | 170 | €230,595 | €197,174 | -€33,422 | -14.5% |
| Leasing and similar obligations | 172 | €223,144 | €225,907 | +€2,763 | +1.2% |
| Credit institutions | 173 | €765,061 | €495,118 | -€269,943 | -35.3% |
| Amounts payable within one year | 42/48 | €2,568,063 | €2,870,069 | +€302,006 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €432,489 | €590,094 | +€157,606 | +36.4% |
| Financial debts | 43 | €599,437 | €609,466 | +€10,029 | +1.7% |
| Credit institutions | 430/8 | €599,437 | €609,466 | +€10,029 | +1.7% |
| Trade debts | 44 | €1,098,084 | €1,227,107 | +€129,023 | +11.7% |
| Suppliers | 440/4 | €1,098,084 | €1,227,107 | +€129,023 | +11.7% |
| Taxes, remuneration and social security | 45 | €338,053 | €343,402 | +€5,348 | +1.6% |
| Taxes | 450/3 | €51,522 | €62,983 | +€11,461 | +22.2% |
| Remuneration and social security | 454/9 | €286,531 | €280,419 | -€6,113 | -2.1% |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Operating income | 70/76A | €14,561,517 | €15,788,179 | +€1.2m | +8.4% |
| Turnover | 70 | €13,921,906 | €15,173,344 | +€1.3m | +9.0% |
| Other operating income | 74 | €639,610 | €603,294 | -€36,317 | -5.7% |
| Non-recurring operating income | 76A | €0 | €11,541 | +€11,541 | |
| Operating charges | 60/66A | €14,422,048 | €15,903,273 | +€1.5m | +10.3% |
| Goods for resale, raw materials and consumables | 60 | €11,373,893 | €12,320,143 | +€946,250 | +8.3% |
| Purchases | 600/8 | €11,453,636 | €12,265,563 | +€811,928 | +7.1% |
| Change in stocks: decrease (increase) | 609 | -€79,742 | €54,580 | +€134,322 | |
| Services and other goods | 61 | €750,860 | €934,193 | +€183,333 | +24.4% |
| Remuneration, social security and pensions | 62 | €1,831,668 | €2,031,212 | +€199,544 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €390,497 | €348,278 | -€42,218 | -10.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,658 | €17,210 | +€23,868 | |
| Other operating charges | 640/8 | €81,788 | €82,587 | +€799 | +1.0% |
| Non-recurring operating charges | 66A | - | €169,649 | +€169,649 | |
| Operating profit (loss) | 9901 | €139,468 | -€115,093 | -€254,562 | |
| Financial income | 75/76B | €68,221 | €73,007 | +€4,786 | +7.0% |
| Recurring financial income | 75 | €67,316 | €73,007 | +€5,691 | +8.5% |
| Other financial income | 752/9 | €67,316 | €73,007 | +€5,691 | +8.5% |
| Non-recurring financial income | 76B | €905 | €0 | -€905 | -100.0% |
| Financial charges | 65/66B | €92,208 | €77,961 | -€14,247 | -15.5% |
| Recurring financial charges | 65 | €82,659 | €77,961 | -€4,698 | -5.7% |
| Debt charges | 650 | €67,517 | €63,892 | -€3,625 | -5.4% |
| Other financial charges | 652/9 | €15,142 | €14,068 | -€1,073 | -7.1% |
| Non-recurring financial charges | 66B | €9,549 | €0 | -€9,549 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €115,481 | -€120,047 | -€235,528 | |
| Transfer from deferred taxes | 780 | €2,515 | €2,558 | +€43 | +1.7% |
| Income taxes | 67/77 | €41,690 | -€6,048 | -€47,738 | |
| Taxes | 670/3 | €41,690 | €586 | -€41,104 | -98.6% |
| Tax adjustments and reversals of tax provisions | 77 | - | €6,633 | +€6,633 | |
| Profit (loss) for the period | 9904 | €76,306 | -€111,441 | -€187,747 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,306 | -€111,441 | -€187,747 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.