K. DENIJS: 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.
K. DENIJS
Largest movements
- Cash -€135,403
down €135,403 (-98.2%), from €137,821 to €2,418
mainly Investment in fixed assets (net) (-€240,249) and Net result for the year (-€48,663)
- Tangible fixed assets +€133,130
up €133,130 (+6.2%), from €2.2m to €2.3m
- Other debts +€105,751
up €105,751 (+23.2%), from €456,688 to €562,439
- Reserves -€48,162
down €48,162 (-5.0%), from €966,208 to €918,046
- Financial income -€119,732
down €119,732 (-99.9%), from €119,804 to €71
- Depreciation +€55,188
up €55,188 (+106%), from €51,931 to €107,119
- Gross operating margin +€2,995
up €2,995 (+4.2%), from €72,134 to €75,129
- Financial charges +€1,535
up €1,535 (+36.9%), from €4,159 to €5,694
- Other operating charges +€1,513
up €1,513 (+15.9%), from €9,537 to €11,049
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 | €4,612,530 | €4,618,657 | +€6,127 | +0.1% |
| Fixed assets | 21/28 | €4,453,437 | €4,586,567 | +€133,130 | +3.0% |
| Tangible fixed assets | 22/27 | €2,151,952 | €2,285,082 | +€133,130 | +6.2% |
| Land and buildings | 22 | €2,046,762 | €2,100,822 | +€54,060 | +2.6% |
| Plant, machinery and equipment | 23 | €53,193 | €66,884 | +€13,691 | +25.7% |
| Furniture and vehicles | 24 | €51,997 | €117,375 | +€65,378 | +126% |
| Financial fixed assets | 28 | €2,301,485 | €2,301,485 | = | 0.0% |
| Current assets | 29/58 | €159,093 | €32,090 | -€127,003 | -79.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €21,272 | €29,672 | +€8,400 | +39.5% |
| Trade receivables | 40 | €21,252 | €29,672 | +€8,420 | +39.6% |
| Other amounts receivable | 41 | €20 | €0 | -€20 | -100% |
| Cash at bank and in hand | 54/58 | €137,821 | €2,418 | -€135,403 | -98.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €4,612,530 | €4,618,657 | +€6,127 | +0.1% |
| Equity | 10/15 | €3,764,747 | €3,716,084 | -€48,663 | -1.3% |
| Contributions | 10/11 | €1,131,129 | €1,131,129 | = | 0.0% |
| Revaluation surpluses | 12 | €1,667,410 | €1,666,910 | -€500 | 0.0% |
| Reserves | 13 | €966,208 | €918,046 | -€48,162 | -5.0% |
| Distributable reserves | 133 | €966,208 | €918,046 | -€48,162 | -5.0% |
| Amounts payable | 17/49 | €847,783 | €902,572 | +€54,789 | +6.5% |
| Amounts payable after more than one year | 17 | €286,645 | €289,648 | +€3,004 | +1.0% |
| Financial debts | 170/4 | €286,645 | €289,648 | +€3,004 | +1.0% |
| Amounts payable within one year | 42/48 | €545,029 | €596,815 | +€51,786 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €52,214 | €18,496 | -€33,718 | -64.6% |
| Trade debts | 44 | €22,926 | €15,680 | -€7,246 | -31.6% |
| Suppliers | 440/4 | €22,926 | €15,680 | -€7,246 | -31.6% |
| Advances received on contracts in progress | 46 | €13,000 | €0 | -€13,000 | -100% |
| Taxes, remuneration and social security | 45 | €200 | €200 | = | 0.0% |
| Taxes | 450/3 | €200 | €200 | = | 0.0% |
| Other amounts payable | 47/48 | €456,688 | €562,439 | +€105,751 | +23.2% |
| Accrued charges and deferred income | 492/3 | €16,109 | €16,109 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,931 | €107,119 | +€55,188 | +106% |
| Other operating charges | 640/8 | €9,537 | €11,049 | +€1,513 | +15.9% |
| Gross operating margin | 9900 | €72,134 | €75,129 | +€2,995 | +4.2% |
| Operating profit (loss) | 9901 | €10,667 | -€43,039 | -€53,706 | |
| Financial income | 75/76B | €119,804 | €71 | -€119,732 | -99.9% |
| Recurring financial income | 75 | €119,804 | €71 | -€119,732 | -99.9% |
| Financial charges | 65/66B | €4,159 | €5,694 | +€1,535 | +36.9% |
| Recurring financial charges | 65 | €4,159 | €5,694 | +€1,535 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €126,311 | -€48,663 | -€174,973 | |
| Profit (loss) for the period | 9904 | €126,311 | -€48,663 | -€174,973 | |
| Profit (loss) for the period to be appropriated | 9905 | €126,311 | -€48,663 | -€174,973 |
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 17 October 2026 via checked.be.