DENO: 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.
DENO
Largest movements
- Cash -€112,720
down €112,720 (-63.7%), from €176,827 to €64,107
mainly Trade debts (-€99,063) and Net result for the year (-€29,780)
- Tangible fixed assets -€28,465
down €28,465 (-7.5%), from €380,169 to €351,705
of which Land and buildings: -€21,624
- Receivables within one year -€20,297
down €20,297 (-53.9%), from €37,638 to €17,341
of which Other amounts receivable: -€14,831
- Deferred charges and accrued income +€8,937
up €8,937 (+253%), from €3,528 to €12,465
- Trade debts -€99,063
down €99,063 (-99.1%), from €99,918 to €855
- Reserves -€29,780
down €29,780 (-30.3%), from €98,432 to €68,652
- Debts after one year -€10,173
down €10,173 (-100%), from €10,173 to €0
- Current portion of long-term debt -€10,036
down €10,036 (-49.7%), from €20,209 to €10,173
- Gross operating margin +€34,716
up €34,716, from -€16,846 to €17,869
- Depreciation +€2,932
up €2,932 (+7.5%), from €39,037 to €41,969
- Staff costs +€610
new in 2025: €610
- Other operating charges +€186
up €186 (+4.2%), from €4,412 to €4,598
- Financial charges -€185
down €185 (-43.2%), from €430 to €244
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 | €598,161 | €445,617 | -€152,545 | -25.5% |
| Fixed assets | 21/28 | €380,169 | €351,705 | -€28,465 | -7.5% |
| Tangible fixed assets | 22/27 | €380,169 | €351,705 | -€28,465 | -7.5% |
| Land and buildings | 22 | €353,064 | €331,440 | -€21,624 | -6.1% |
| Plant, machinery and equipment | 23 | €364 | €242 | -€122 | -33.6% |
| Furniture and vehicles | 24 | €26,742 | €20,023 | -€6,719 | -25.1% |
| Current assets | 29/58 | €217,992 | €93,912 | -€124,080 | -56.9% |
| Amounts receivable within one year | 40/41 | €37,638 | €17,341 | -€20,297 | -53.9% |
| Trade receivables | 40 | €6,299 | €833 | -€5,465 | -86.8% |
| Other amounts receivable | 41 | €31,339 | €16,508 | -€14,831 | -47.3% |
| Cash at bank and in hand | 54/58 | €176,827 | €64,107 | -€112,720 | -63.7% |
| Deferred charges and accrued income | 490/1 | €3,528 | €12,465 | +€8,937 | +253% |
| Total equity and liabilities | 10/49 | €598,161 | €445,617 | -€152,545 | -25.5% |
| Equity | 10/15 | €103,432 | €73,652 | -€29,780 | -28.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €98,432 | €68,652 | -€29,780 | -30.3% |
| Distributable reserves | 133 | €98,432 | €68,652 | -€29,780 | -30.3% |
| Amounts payable | 17/49 | €494,730 | €371,965 | -€122,765 | -24.8% |
| Amounts payable after more than one year | 17 | €10,173 | €0 | -€10,173 | -100% |
| Financial debts | 170/4 | €10,173 | €0 | -€10,173 | -100% |
| Amounts payable within one year | 42/48 | €483,277 | €371,801 | -€111,476 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €20,209 | €10,173 | -€10,036 | -49.7% |
| Trade debts | 44 | €99,918 | €855 | -€99,063 | -99.1% |
| Suppliers | 440/4 | €99,918 | €855 | -€99,063 | -99.1% |
| Taxes, remuneration and social security | 45 | €103 | €37 | -€65 | -63.6% |
| Taxes | 450/3 | €103 | €37 | -€65 | -63.6% |
| Other amounts payable | 47/48 | €363,047 | €360,735 | -€2,312 | -0.6% |
| Accrued charges and deferred income | 492/3 | €1,279 | €163 | -€1,116 | -87.2% |
| Non-recurring operating income | 76A | - | €212 | +€212 | |
| Remuneration, social security and pensions | 62 | - | €610 | +€610 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,037 | €41,969 | +€2,932 | +7.5% |
| Other operating charges | 640/8 | €4,412 | €4,598 | +€186 | +4.2% |
| Gross operating margin | 9900 | -€16,846 | €17,869 | +€34,716 | |
| Operating profit (loss) | 9901 | -€60,296 | -€29,308 | +€30,988 | +51.4% |
| Financial income | 75/76B | €33 | €20 | -€13 | -39.1% |
| Recurring financial income | 75 | €33 | €20 | -€13 | -39.1% |
| Financial charges | 65/66B | €430 | €244 | -€185 | -43.2% |
| Recurring financial charges | 65 | €430 | €244 | -€185 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | -€60,693 | -€29,532 | +€31,161 | +51.3% |
| Income taxes | 67/77 | €266 | €247 | -€19 | -7.1% |
| Profit (loss) for the period | 9904 | -€60,959 | -€29,780 | +€31,180 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,959 | -€29,780 | +€31,180 | +51.1% |
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.