Pierre DENAYS: 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.
Pierre DENAYS
Largest movements
- Tangible fixed assets -€10,390
down €10,390 (-3.3%), from €311,485 to €301,095
of which Land and buildings: -€16,642
- Cash +€3,605
up €3,605 (+38.8%), from €9,299 to €12,904
mainly Depreciation (+€24,963) and Other debts (+€10,176)
- Debts after one year -€21,050
down €21,050 (-7.4%), from €282,767 to €261,717
- Other debts +€10,176
up €10,176 (+25.4%), from €40,029 to €50,205
- Taxes -€24,228
down €24,228, from €13,228 to -€11,000
- Financial charges +€6,108
up €6,108 (+77.7%), from €7,865 to €13,973
- Depreciation +€1,941
up €1,941 (+8.4%), from €23,022 to €24,963
- Other operating charges +€346
up €346 (+8.8%), from €3,928 to €4,274
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 | €320,784 | €313,999 | -€6,785 | -2.1% |
| Fixed assets | 21/28 | €311,485 | €301,095 | -€10,390 | -3.3% |
| Tangible fixed assets | 22/27 | €311,485 | €301,095 | -€10,390 | -3.3% |
| Land and buildings | 22 | €272,951 | €256,309 | -€16,642 | -6.1% |
| Plant, machinery and equipment | 23 | €31,616 | €40,808 | +€9,192 | +29.1% |
| Furniture and vehicles | 24 | €6,917 | €3,978 | -€2,939 | -42.5% |
| Current assets | 29/58 | €9,299 | €12,904 | +€3,605 | +38.8% |
| Cash at bank and in hand | 54/58 | €9,299 | €12,904 | +€3,605 | +38.8% |
| Total equity and liabilities | 10/49 | €320,784 | €313,999 | -€6,785 | -2.1% |
| Equity | 10/15 | -€10,633 | -€9,333 | +€1,300 | +12.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | - | -€12,400 | |
| Share premium | 1100/10 | €12,400 | - | -€12,400 | |
| Profit (loss) carried forward | 14 | -€23,033 | -€21,733 | +€1,300 | +5.6% |
| Amounts payable | 17/49 | €331,417 | €323,332 | -€8,085 | -2.4% |
| Amounts payable after more than one year | 17 | €282,767 | €261,717 | -€21,050 | -7.4% |
| Financial debts | 170/4 | €282,767 | €261,717 | -€21,050 | -7.4% |
| Amounts payable within one year | 42/48 | €48,650 | €61,615 | +€12,965 | +26.6% |
| Current portion of amounts payable after more than one year | 42 | €8,620 | €11,410 | +€2,789 | +32.4% |
| Other amounts payable | 47/48 | €40,029 | €50,205 | +€10,176 | +25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,022 | €24,963 | +€1,941 | +8.4% |
| Other operating charges | 640/8 | €3,928 | €4,274 | +€346 | +8.8% |
| Non-recurring operating charges | 66A | €4,035 | - | -€4,035 | |
| Gross operating margin | 9900 | €33,247 | €33,510 | +€264 | +0.8% |
| Operating profit (loss) | 9901 | €2,262 | €4,274 | +€2,011 | +88.9% |
| Financial charges | 65/66B | €7,865 | €13,973 | +€6,108 | +77.7% |
| Recurring financial charges | 65 | €7,865 | €13,973 | +€6,108 | +77.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,603 | -€9,700 | -€4,097 | -73.1% |
| Income taxes | 67/77 | €13,228 | -€11,000 | -€24,228 | |
| Profit (loss) for the period | 9904 | -€18,831 | €1,300 | +€20,131 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,831 | €1,300 | +€20,131 |
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 28 October 2026 via checked.be.