STOCKMAN - DENOLF: 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.
STOCKMAN - DENOLF
Largest movements
- Cash +€21,457
up €21,457 (+37.7%), from €56,882 to €78,339
mainly Net result for the year (+€11,352) and Depreciation (+€8,839)
- Tangible fixed assets -€4,087
down €4,087 (-15.7%), from €26,068 to €21,982
of which Plant, machinery and equipment: -€2,688
- Receivables within one year -€1,507
down €1,507 (-93.6%), from €1,609 to €103
of which Trade receivables: -€1,605
- Profit (loss) carried forward +€11,352
up €11,352 (+15.2%), from €74,494 to €85,847
- Other debts +€2,751
new in 2025: €2,751
- Tax, wage and social debts +€1,660
up €1,660 (+18.6%), from €8,924 to €10,584
- Gross operating margin +€9,437
up €9,437 (+58.8%), from €16,054 to €25,491
- Taxes +€1,359
up €1,359 (+38.9%), from €3,493 to €4,853
- Other operating charges -€624
down €624 (-69.8%), from €893 to €269
- Depreciation -€508
down €508 (-5.4%), from €9,347 to €8,839
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 | €86,214 | €102,574 | +€16,360 | +19.0% |
| Fixed assets | 21/28 | €26,068 | €21,982 | -€4,087 | -15.7% |
| Tangible fixed assets | 22/27 | €26,068 | €21,982 | -€4,087 | -15.7% |
| Plant, machinery and equipment | 23 | €6,017 | €3,329 | -€2,688 | -44.7% |
| Furniture and vehicles | 24 | €10,162 | €9,972 | -€190 | -1.9% |
| Other tangible fixed assets | 26 | €9,890 | €8,681 | -€1,208 | -12.2% |
| Current assets | 29/58 | €60,146 | €80,592 | +€20,447 | +34.0% |
| Amounts receivable within one year | 40/41 | €1,609 | €103 | -€1,507 | -93.6% |
| Trade receivables | 40 | €1,605 | - | -€1,605 | |
| Other amounts receivable | 41 | €4 | €103 | +€98 | +2,208% |
| Cash at bank and in hand | 54/58 | €56,882 | €78,339 | +€21,457 | +37.7% |
| Deferred charges and accrued income | 490/1 | €1,654 | €2,151 | +€497 | +30.0% |
| Total equity and liabilities | 10/49 | €86,214 | €102,574 | +€16,360 | +19.0% |
| Equity | 10/15 | €75,494 | €86,847 | +€11,352 | +15.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,494 | €85,847 | +€11,352 | +15.2% |
| Amounts payable | 17/49 | €10,720 | €15,727 | +€5,008 | +46.7% |
| Amounts payable within one year | 42/48 | €10,720 | €15,727 | +€5,008 | +46.7% |
| Trade debts | 44 | €1,796 | €2,392 | +€597 | +33.2% |
| Suppliers | 440/4 | €1,796 | €2,392 | +€597 | +33.2% |
| Taxes, remuneration and social security | 45 | €8,924 | €10,584 | +€1,660 | +18.6% |
| Taxes | 450/3 | €8,924 | €10,584 | +€1,660 | +18.6% |
| Other amounts payable | 47/48 | - | €2,751 | +€2,751 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,347 | €8,839 | -€508 | -5.4% |
| Other operating charges | 640/8 | €893 | €269 | -€624 | -69.8% |
| Gross operating margin | 9900 | €16,054 | €25,491 | +€9,437 | +58.8% |
| Operating profit (loss) | 9901 | €5,815 | €16,383 | +€10,568 | +182% |
| Financial charges | 65/66B | €70 | €178 | +€108 | +154% |
| Recurring financial charges | 65 | €70 | €178 | +€108 | +154% |
| Profit (loss) for the period before taxes | 9903 | €5,744 | €16,205 | +€10,461 | +182% |
| Income taxes | 67/77 | €3,493 | €4,853 | +€1,359 | +38.9% |
| Profit (loss) for the period | 9904 | €2,251 | €11,352 | +€9,101 | +404% |
| Profit (loss) for the period to be appropriated | 9905 | €2,251 | €11,352 | +€9,101 | +404% |
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.