Katia DENOO: 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.
Katia DENOO
Largest movements
- Receivables within one year +€302,640
up €302,640 (+72.6%), from €416,885 to €719,525
of which Trade receivables: +€314,130
- Cash -€103,156
down €103,156 (-55.8%), from €184,857 to €81,701
mainly Contributions, distributions and other (-€588,038) and Receivables within one year (-€302,640)
- Tangible fixed assets -€15,382
down €15,382 (-27.0%), from €56,941 to €41,559
- Other debts +€106,698
up €106,698 (+21.9%), from €486,708 to €593,405
- Trade debts +€92,632
up €92,632 (+13,012%), from €712 to €93,343
- Tax, wage and social debts -€15,507
down €15,507 (-9.2%), from €168,348 to €152,841
- Gross operating margin +€180,811
up €180,811 (+28.8%), from €628,214 to €809,025
- Taxes +€43,768
up €43,768 (+27.6%), from €158,645 to €202,413
- Financial income -€22,599
down €22,599 (-93.5%), from €24,160 to €1,561
- Depreciation +€10,489
up €10,489 (+214%), from €4,893 to €15,382
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 | €660,767 | €844,589 | +€183,822 | +27.8% |
| Fixed assets | 21/28 | €56,941 | €41,559 | -€15,382 | -27.0% |
| Tangible fixed assets | 22/27 | €56,941 | €41,559 | -€15,382 | -27.0% |
| Furniture and vehicles | 24 | €56,941 | €41,559 | -€15,382 | -27.0% |
| Current assets | 29/58 | €603,826 | €803,030 | +€199,204 | +33.0% |
| Amounts receivable within one year | 40/41 | €416,885 | €719,525 | +€302,640 | +72.6% |
| Trade receivables | 40 | €405,395 | €719,525 | +€314,130 | +77.5% |
| Other amounts receivable | 41 | €11,490 | €0 | -€11,490 | -100% |
| Cash at bank and in hand | 54/58 | €184,857 | €81,701 | -€103,156 | -55.8% |
| Deferred charges and accrued income | 490/1 | €2,084 | €1,804 | -€280 | -13.4% |
| Total equity and liabilities | 10/49 | €660,767 | €844,589 | +€183,822 | +27.8% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €655,767 | €839,589 | +€183,822 | +28.0% |
| Amounts payable within one year | 42/48 | €655,767 | €839,589 | +€183,822 | +28.0% |
| Trade debts | 44 | €712 | €93,343 | +€92,632 | +13,012% |
| Suppliers | 440/4 | €712 | €93,343 | +€92,632 | +13,012% |
| Taxes, remuneration and social security | 45 | €168,348 | €152,841 | -€15,507 | -9.2% |
| Taxes | 450/3 | €168,348 | €152,841 | -€15,507 | -9.2% |
| Other amounts payable | 47/48 | €486,708 | €593,405 | +€106,698 | +21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,893 | €15,382 | +€10,489 | +214% |
| Other operating charges | 640/8 | €1,844 | €4,477 | +€2,633 | +143% |
| Non-recurring operating charges | 66A | €15 | €0 | -€15 | -100% |
| Gross operating margin | 9900 | €628,214 | €809,025 | +€180,811 | +28.8% |
| Operating profit (loss) | 9901 | €621,461 | €789,166 | +€167,704 | +27.0% |
| Financial income | 75/76B | €24,160 | €1,561 | -€22,599 | -93.5% |
| Recurring financial income | 75 | €24,160 | €1,561 | -€22,599 | -93.5% |
| Financial charges | 65/66B | €268 | €276 | +€7 | +2.8% |
| Recurring financial charges | 65 | €268 | €276 | +€7 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €645,353 | €790,451 | +€145,098 | +22.5% |
| Income taxes | 67/77 | €158,645 | €202,413 | +€43,768 | +27.6% |
| Profit (loss) for the period | 9904 | €486,708 | €588,038 | +€101,331 | +20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €486,708 | €588,038 | +€101,331 | +20.8% |
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 20 October 2026 via checked.be.