HANNES DENOLF: what changed
HANNES DENOLF
Largest movements
- Receivables within one year +€9,114
up €9,114 (+46.7%), from €19,529 to €28,643
of which Trade receivables: +€14,402
- Stocks and contracts +€7,882
up €7,882 (+86.0%), from €9,167 to €17,049
- Tangible fixed assets -€6,598
down €6,598 (-14.1%), from €46,678 to €40,081
of which Furniture and vehicles: -€6,673
- Cash -€2,758
down €2,758 (-7.8%), from €35,163 to €32,405
mainly Investment in fixed assets (net) (-€10,000) and Receivables within one year (-€9,114)
- Reserves +€9,924
up €9,924 (+28.2%), from €35,133 to €45,056
of which Distributable reserves: +€11,084
- Debts after one year -€5,930
no longer reported in 2025 (was €5,930)
- Trade debts +€3,437
up €3,437 (+36.7%), from €9,359 to €12,795
- Tax, wage and social debts +€2,465
up €2,465 (+119%), from €2,063 to €4,528
of which Taxes: +€4,528
- Current portion of long-term debt -€1,638
down €1,638 (-21.6%), from €7,568 to €5,930
- Gross operating margin +€7,022
up €7,022 (+28.2%), from €24,936 to €31,958
- Taxes +€2,436
up €2,436 (+115%), from €2,123 to €4,560
- Financial charges -€871
down €871 (-81.4%), from €1,070 to €199
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,234 | €120,349 | +€8,115 | +7.2% |
| Fixed assets | 21/28 | €46,678 | €40,081 | -€6,598 | -14.1% |
| Tangible fixed assets | 22/27 | €46,678 | €40,081 | -€6,598 | -14.1% |
| Plant, machinery and equipment | 23 | €24,527 | €25,120 | +€593 | +2.4% |
| Furniture and vehicles | 24 | €18,645 | €11,972 | -€6,673 | -35.8% |
| Other tangible fixed assets | 26 | €3,506 | €2,989 | -€517 | -14.7% |
| Current assets | 29/58 | €65,556 | €80,269 | +€14,713 | +22.4% |
| Stocks and contracts in progress | 3 | €9,167 | €17,049 | +€7,882 | +86.0% |
| Stocks | 30/36 | €9,167 | €17,049 | +€7,882 | +86.0% |
| Amounts receivable within one year | 40/41 | €19,529 | €28,643 | +€9,114 | +46.7% |
| Trade receivables | 40 | €10,397 | €24,799 | +€14,402 | +139% |
| Other amounts receivable | 41 | €9,131 | €3,843 | -€5,288 | -57.9% |
| Cash at bank and in hand | 54/58 | €35,163 | €32,405 | -€2,758 | -7.8% |
| Deferred charges and accrued income | 490/1 | €1,697 | €2,171 | +€475 | +28.0% |
| Total equity and liabilities | 10/49 | €112,234 | €120,349 | +€8,115 | +7.2% |
| Equity | 10/15 | €86,497 | €96,421 | +€9,924 | +11.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €35,133 | €45,056 | +€9,924 | +28.2% |
| Tax-exempt reserves | 132 | €3,271 | €2,111 | -€1,160 | -35.5% |
| Distributable reserves | 133 | €31,862 | €42,946 | +€11,084 | +34.8% |
| Profit (loss) carried forward | 14 | €45,164 | €45,164 | = | 0.0% |
| Provisions and deferred taxes | 16 | €818 | €528 | -€290 | -35.5% |
| Deferred taxes | 168 | €818 | €528 | -€290 | -35.5% |
| Amounts payable | 17/49 | €24,919 | €23,401 | -€1,518 | -6.1% |
| Amounts payable after more than one year | 17 | €5,930 | - | -€5,930 | |
| Financial debts | 170/4 | €5,930 | - | -€5,930 | |
| Amounts payable within one year | 42/48 | €18,990 | €23,401 | +€4,412 | +23.2% |
| Current portion of amounts payable after more than one year | 42 | €7,568 | €5,930 | -€1,638 | -21.6% |
| Trade debts | 44 | €9,359 | €12,795 | +€3,437 | +36.7% |
| Suppliers | 440/4 | €9,359 | €12,795 | +€3,437 | +36.7% |
| Taxes, remuneration and social security | 45 | €2,063 | €4,528 | +€2,465 | +119% |
| Taxes | 450/3 | - | €4,528 | +€4,528 | |
| Remuneration and social security | 454/9 | €2,063 | - | -€2,063 | |
| Other amounts payable | 47/48 | - | €148 | +€148 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,444 | €16,598 | +€154 | +0.9% |
| Other operating charges | 640/8 | €1,269 | €1,156 | -€113 | -8.9% |
| Gross operating margin | 9900 | €24,936 | €31,958 | +€7,022 | +28.2% |
| Operating profit (loss) | 9901 | €7,224 | €14,204 | +€6,981 | +96.6% |
| Financial income | 75/76B | €308 | €188 | -€120 | -38.9% |
| Recurring financial income | 75 | €308 | €188 | -€120 | -38.9% |
| Financial charges | 65/66B | €1,070 | €199 | -€871 | -81.4% |
| Recurring financial charges | 65 | €1,070 | €199 | -€871 | -81.4% |
| Profit (loss) for the period before taxes | 9903 | €6,461 | €14,193 | +€7,732 | +120% |
| Transfer from deferred taxes | 780 | €290 | €290 | = | 0.0% |
| Income taxes | 67/77 | €2,123 | €4,560 | +€2,436 | +115% |
| Profit (loss) for the period | 9904 | €4,628 | €9,924 | +€5,296 | +114% |
| Transfer from tax-exempt reserves | 789 | €1,160 | €1,160 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,788 | €11,084 | +€5,296 | +91.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.