MICHEL DENAYER: 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.
MICHEL DENAYER
Largest movements
- Current investments -€339,741
down €339,741 (-6.3%), from €5.4m to €5.0m
- Cash -€102,758
down €102,758 (-2.5%), from €4.2m to €4.1m
mainly Accrued charges and deferred income (-€953,781) and Tax, wage and social debts (-€148,171)
- Accrued charges and deferred income -€953,781
down €953,781 (-33.6%), from €2.8m to €1.9m
- Reserves +€602,500
up €602,500 (+9.1%), from €6.6m to €7.2m
- Tax, wage and social debts -€148,171
down €148,171 (-78.7%), from €188,300 to €40,129
- Gross operating margin -€1.9m
down €1.9m (-75.6%), from €2.6m to €628,554
- Taxes -€599,956
down €599,956 (-68.7%), from €872,667 to €272,711
- Financial income +€184,124
up €184,124 (+79.4%), from €231,951 to €416,074
of which Financial income: +€172,427
- Financial charges +€103,530
up €103,530 (+302%), from €34,336 to €137,866
of which Non-recurring financial charges: +€104,986
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 | €9,704,481 | €9,214,028 | -€490,452 | -5.1% |
| Fixed assets | 21/28 | €102,222 | €74,336 | -€27,886 | -27.3% |
| Tangible fixed assets | 22/27 | €102,197 | €74,311 | -€27,886 | -27.3% |
| Furniture and vehicles | 24 | €102,197 | €74,311 | -€27,886 | -27.3% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €9,602,259 | €9,139,692 | -€462,567 | -4.8% |
| Amounts receivable within one year | 40/41 | €7,109 | €5,273 | -€1,837 | -25.8% |
| Trade receivables | 40 | €1,624 | €98 | -€1,526 | -93.9% |
| Other amounts receivable | 41 | €5,485 | €5,174 | -€311 | -5.7% |
| Current investments | 50/53 | €5,386,687 | €5,046,946 | -€339,741 | -6.3% |
| Cash at bank and in hand | 54/58 | €4,174,669 | €4,071,910 | -€102,758 | -2.5% |
| Deferred charges and accrued income | 490/1 | €33,795 | €15,564 | -€18,231 | -53.9% |
| Total equity and liabilities | 10/49 | €9,704,481 | €9,214,028 | -€490,452 | -5.1% |
| Equity | 10/15 | €6,672,088 | €7,274,788 | +€602,700 | +9.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €6,618,500 | €7,221,000 | +€602,500 | +9.1% |
| Distributable reserves | 133 | €6,618,500 | €7,221,000 | +€602,500 | +9.1% |
| Profit (loss) carried forward | 14 | €23,588 | €23,788 | +€200 | +0.8% |
| Amounts payable | 17/49 | €3,032,393 | €1,939,241 | -€1.1m | -36.0% |
| Amounts payable within one year | 42/48 | €190,582 | €51,211 | -€139,372 | -73.1% |
| Trade debts | 44 | €2,266 | €389 | -€1,878 | -82.9% |
| Suppliers | 440/4 | €2,266 | €389 | -€1,878 | -82.9% |
| Taxes, remuneration and social security | 45 | €188,300 | €40,129 | -€148,171 | -78.7% |
| Taxes | 450/3 | €188,300 | €40,129 | -€148,171 | -78.7% |
| Other amounts payable | 47/48 | €16 | €10,693 | +€10,677 | +65,582% |
| Accrued charges and deferred income | 492/3 | €2,841,811 | €1,888,030 | -€953,781 | -33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,774 | €27,886 | -€888 | -3.1% |
| Other operating charges | 640/8 | €5,721 | €3,466 | -€2,255 | -39.4% |
| Gross operating margin | 9900 | €2,577,383 | €628,554 | -€1.9m | -75.6% |
| Operating profit (loss) | 9901 | €2,542,889 | €597,202 | -€1.9m | -76.5% |
| Financial income | 75/76B | €231,951 | €416,074 | +€184,124 | +79.4% |
| Recurring financial income | 75 | €222,337 | €394,763 | +€172,427 | +77.6% |
| Non-recurring financial income | 76B | €9,614 | €21,311 | +€11,697 | +122% |
| Financial charges | 65/66B | €34,336 | €137,866 | +€103,530 | +302% |
| Recurring financial charges | 65 | €13,025 | €11,569 | -€1,456 | -11.2% |
| Non-recurring financial charges | 66B | €21,311 | €126,297 | +€104,986 | +493% |
| Profit (loss) for the period before taxes | 9903 | €2,740,504 | €875,411 | -€1.9m | -68.1% |
| Income taxes | 67/77 | €872,667 | €272,711 | -€599,956 | -68.7% |
| Profit (loss) for the period | 9904 | €1,867,837 | €602,700 | -€1.3m | -67.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,867,837 | €602,700 | -€1.3m | -67.7% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.