LOUIS DENAYS: what changed
LOUIS DENAYS
Largest movements
- Cash +€25,855
up €25,855 (+70.9%), from €36,486 to €62,341
mainly Net result for the year (+€29,595) and Debts after one year (+€20,821)
- Tangible fixed assets +€23,406
up €23,406 (+4,588%), from €510 to €23,916
of which Land and buildings: +€19,658
- Deferred charges and accrued income -€3,158
down €3,158 (-8.2%), from €38,446 to €35,288
- Profit (loss) carried forward +€29,595
up €29,595 (+74.9%), from €39,506 to €69,101
- Debts after one year +€20,821
new in 2025: €20,821
- Tax, wage and social debts -€12,468
down €12,468 (-96.1%), from €12,968 to €500
of which Taxes: -€10,447
- Current portion of long-term debt +€4,789
new in 2025: €4,789
- Other debts +€2,589
up €2,589 (+75.4%), from €3,431 to €6,020
- Gross operating margin -€10,574
down €10,574 (-20.7%), from €51,024 to €40,449
- Taxes -€2,372
down €2,372 (-22.2%), from €10,678 to €8,306
- Depreciation +€827
up €827 (+104%), from €797 to €1,624
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 | €76,795 | €122,239 | +€45,444 | +59.2% |
| Fixed assets | 21/28 | €510 | €23,916 | +€23,406 | +4,588% |
| Tangible fixed assets | 22/27 | €510 | €23,916 | +€23,406 | +4,588% |
| Land and buildings | 22 | - | €19,658 | +€19,658 | |
| Plant, machinery and equipment | 23 | - | €2,335 | +€2,335 | |
| Furniture and vehicles | 24 | €510 | €1,923 | +€1,413 | +277% |
| Current assets | 29/58 | €76,285 | €98,323 | +€22,038 | +28.9% |
| Amounts receivable within one year | 40/41 | €1,353 | €694 | -€659 | -48.7% |
| Trade receivables | 40 | €1,353 | - | -€1,353 | |
| Other amounts receivable | 41 | - | €694 | +€694 | |
| Cash at bank and in hand | 54/58 | €36,486 | €62,341 | +€25,855 | +70.9% |
| Deferred charges and accrued income | 490/1 | €38,446 | €35,288 | -€3,158 | -8.2% |
| Total equity and liabilities | 10/49 | €76,795 | €122,239 | +€45,444 | +59.2% |
| Equity | 10/15 | €60,396 | €89,991 | +€29,595 | +49.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €18,890 | €18,890 | = | 0.0% |
| Distributable reserves | 133 | €18,890 | €18,890 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,506 | €69,101 | +€29,595 | +74.9% |
| Amounts payable | 17/49 | €16,399 | €32,248 | +€15,849 | +96.6% |
| Amounts payable after more than one year | 17 | - | €20,821 | +€20,821 | |
| Financial debts | 170/4 | - | €20,821 | +€20,821 | |
| Amounts payable within one year | 42/48 | €16,399 | €11,428 | -€4,972 | -30.3% |
| Current portion of amounts payable after more than one year | 42 | - | €4,789 | +€4,789 | |
| Trade debts | 44 | - | €119 | +€119 | |
| Suppliers | 440/4 | - | €119 | +€119 | |
| Taxes, remuneration and social security | 45 | €12,968 | €500 | -€12,468 | -96.1% |
| Taxes | 450/3 | €10,947 | €500 | -€10,447 | -95.4% |
| Remuneration and social security | 454/9 | €2,021 | - | -€2,021 | |
| Other amounts payable | 47/48 | €3,431 | €6,020 | +€2,589 | +75.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €797 | €1,624 | +€827 | +104% |
| Other operating charges | 640/8 | €21 | €407 | +€385 | +1,814% |
| Gross operating margin | 9900 | €51,024 | €40,449 | -€10,574 | -20.7% |
| Operating profit (loss) | 9901 | €50,206 | €38,418 | -€11,787 | -23.5% |
| Financial charges | 65/66B | €24 | €518 | +€494 | +2,023% |
| Recurring financial charges | 65 | €24 | €518 | +€494 | +2,023% |
| Profit (loss) for the period before taxes | 9903 | €50,181 | €37,901 | -€12,281 | -24.5% |
| Income taxes | 67/77 | €10,678 | €8,306 | -€2,372 | -22.2% |
| Profit (loss) for the period | 9904 | €39,503 | €29,595 | -€9,909 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €39,503 | €29,595 | -€9,909 | -25.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.