Thomas Deneus: 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.
Thomas Deneus
Largest movements
- Receivables within one year -€117,464
down €117,464 (-75.3%), from €156,042 to €38,579
of which Trade receivables: -€112,079
- Cash +€17,900
up €17,900 (+163.7%), from €10,938 to €28,838
mainly Receivables within one year (+€117,464) and Depreciation (+€10,744)
- Tangible fixed assets -€10,744
down €10,744 (-35.2%), from €30,485 to €19,741
of which Plant, machinery and equipment: -€7,968
- Stocks and contracts +€7,190
up €7,190 (+22.4%), from €32,160 to €39,350
- Trade debts -€60,536
down €60,536 (-67.2%), from €90,136 to €29,599
- Debts after one year -€13,397
down €13,397 (-100.0%), from €13,397 to €0
- Current portion of long-term debt -€11,180
down €11,180 (-100.0%), from €11,180 to €0
- Other debts -€11,036
down €11,036 (-26.1%), from €42,363 to €31,328
- Reserves -€5,855
down €5,855 (-10.1%), from €58,221 to €52,366
- Gross operating margin -€24,192
down €24,192 (-53.0%), from €45,619 to €21,427
- Depreciation -€15,472
down €15,472 (-59.0%), from €26,216 to €10,744
- Financial charges -€7,368
down €7,368 (-65.0%), from €11,342 to €3,974
- Financial income +€1,286
up €1,286 (+367428.6%), from €0 to €1,286
- Other operating charges +€1,240
up €1,240 (+87.3%), from €1,420 to €2,660
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.
Cash bridge derived
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 | €230,970 | €128,674 | -€102,296 | -44.3% |
| Fixed assets | 21/28 | €30,485 | €19,741 | -€10,744 | -35.2% |
| Tangible fixed assets | 22/27 | €30,485 | €19,741 | -€10,744 | -35.2% |
| Plant, machinery and equipment | 23 | €19,257 | €11,289 | -€7,968 | -41.4% |
| Furniture and vehicles | 24 | €11,228 | €8,452 | -€2,776 | -24.7% |
| Current assets | 29/58 | €200,485 | €108,933 | -€91,552 | -45.7% |
| Stocks and contracts in progress | 3 | €32,160 | €39,350 | +€7,190 | +22.4% |
| Contracts in progress | 37 | €32,160 | €39,350 | +€7,190 | +22.4% |
| Amounts receivable within one year | 40/41 | €156,042 | €38,579 | -€117,464 | -75.3% |
| Trade receivables | 40 | €141,207 | €29,128 | -€112,079 | -79.4% |
| Other amounts receivable | 41 | €14,836 | €9,451 | -€5,385 | -36.3% |
| Cash at bank and in hand | 54/58 | €10,938 | €28,838 | +€17,900 | +163.7% |
| Deferred charges and accrued income | 490/1 | €1,346 | €2,167 | +€821 | +61.0% |
| Total equity and liabilities | 10/49 | €230,970 | €128,674 | -€102,296 | -44.3% |
| Equity | 10/15 | €61,221 | €55,366 | -€5,855 | -9.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €58,221 | €52,366 | -€5,855 | -10.1% |
| Distributable reserves | 133 | €58,221 | €52,366 | -€5,855 | -10.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €169,749 | €73,308 | -€96,441 | -56.8% |
| Amounts payable after more than one year | 17 | €13,397 | €0 | -€13,397 | -100.0% |
| Financial debts | 170/4 | €13,397 | €0 | -€13,397 | -100.0% |
| Amounts payable within one year | 42/48 | €156,351 | €73,308 | -€83,044 | -53.1% |
| Current portion of amounts payable after more than one year | 42 | €11,180 | €0 | -€11,180 | -100.0% |
| Financial debts | 43 | €9,172 | €9,960 | +€788 | +8.6% |
| Credit institutions | 430/8 | €9,172 | €9,960 | +€788 | +8.6% |
| Trade debts | 44 | €90,136 | €29,599 | -€60,536 | -67.2% |
| Suppliers | 440/4 | €90,136 | €29,599 | -€60,536 | -67.2% |
| Taxes, remuneration and social security | 45 | €3,500 | €2,421 | -€1,079 | -30.8% |
| Taxes | 450/3 | €3,500 | €2,421 | -€1,079 | -30.8% |
| Other amounts payable | 47/48 | €42,363 | €31,328 | -€11,036 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,216 | €10,744 | -€15,472 | -59.0% |
| Other operating charges | 640/8 | €1,420 | €2,660 | +€1,240 | +87.3% |
| Gross operating margin | 9900 | €45,619 | €21,427 | -€24,192 | -53.0% |
| Operating profit (loss) | 9901 | €17,984 | €8,023 | -€9,961 | -55.4% |
| Financial income | 75/76B | €0 | €1,286 | +€1,286 | +367428.6% |
| Recurring financial income | 75 | €0 | €1,286 | +€1,286 | +367428.6% |
| Financial charges | 65/66B | €11,342 | €3,974 | -€7,368 | -65.0% |
| Recurring financial charges | 65 | €11,342 | €3,974 | -€7,368 | -65.0% |
| Profit (loss) for the period before taxes | 9903 | €6,642 | €5,335 | -€1,307 | -19.7% |
| Income taxes | 67/77 | €1,969 | €1,191 | -€778 | -39.5% |
| Profit (loss) for the period | 9904 | €4,673 | €4,145 | -€528 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €4,673 | €4,145 | -€528 | -11.3% |
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 10 October 2026 via checked.be.