De&M: what changed
Two fiscal 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.
De&M
Largest movements
- Cash -€26,071
down €26,071 (-71.4%), from €36,532 to €10,461
mainly Stocks and contracts (-€24,436) and Advances received (-€18,001)
- Stocks and contracts +€24,436
up €24,436 (+824.1%), from €2,965 to €27,401
- Deferred charges and accrued income +€7,787
new in 2025: €7,787
- Tangible fixed assets -€3,647
down €3,647 (-31.4%), from €11,595 to €7,948
- Receivables within one year -€3,093
down €3,093 (-16.7%), from €18,474 to €15,381
of which Other amounts receivable: -€3,453
- Advances received -€18,001
down €18,001 (-90.2%), from €19,951 to €1,950
- Trade debts +€12,292
up €12,292 (+11710.7%), from €105 to €12,397
- Reserves +€10,864
up €10,864 (+65.9%), from €16,484 to €27,348
- Other debts -€7,242
down €7,242 (-31.3%), from €23,138 to €15,896
- Current portion of long-term debt +€1,886
new in 2025: €1,886
- Gross operating margin -€4,539
down €4,539 (-16.2%), from €28,004 to €23,465
- Financial charges +€2,125
up €2,125 (+147.6%), from €1,439 to €3,564
- Taxes -€1,944
down €1,944 (-29.0%), from €6,710 to €4,766
- Depreciation +€908
up €908 (+33.1%), from €2,739 to €3,647
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 | €72,492 | €71,904 | -€589 | -0.8% |
| Fixed assets | 21/28 | €14,522 | €10,875 | -€3,647 | -25.1% |
| Intangible fixed assets | 21 | €2 | €2 | -€0 | -13.2% |
| Tangible fixed assets | 22/27 | €11,595 | €7,948 | -€3,647 | -31.4% |
| Furniture and vehicles | 24 | €11,595 | €7,948 | -€3,647 | -31.4% |
| Financial fixed assets | 28 | €2,925 | €2,925 | = | 0.0% |
| Current assets | 29/58 | €57,971 | €61,029 | +€3,058 | +5.3% |
| Stocks and contracts in progress | 3 | €2,965 | €27,401 | +€24,436 | +824.1% |
| Stocks | 30/36 | €2,965 | €27,401 | +€24,436 | +824.1% |
| Amounts receivable within one year | 40/41 | €18,474 | €15,381 | -€3,093 | -16.7% |
| Trade receivables | 40 | €14,786 | €15,147 | +€360 | +2.4% |
| Other amounts receivable | 41 | €3,688 | €234 | -€3,453 | -93.7% |
| Cash at bank and in hand | 54/58 | €36,532 | €10,461 | -€26,071 | -71.4% |
| Deferred charges and accrued income | 490/1 | - | €7,787 | +€7,787 | |
| Total equity and liabilities | 10/49 | €72,492 | €71,904 | -€589 | -0.8% |
| Equity | 10/15 | €20,484 | €31,348 | +€10,864 | +53.0% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €16,484 | €27,348 | +€10,864 | +65.9% |
| Distributable reserves | 133 | €16,484 | €27,348 | +€10,864 | +65.9% |
| Amounts payable | 17/49 | €52,008 | €40,556 | -€11,453 | -22.0% |
| Amounts payable within one year | 42/48 | €52,008 | €40,556 | -€11,453 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | - | €1,886 | +€1,886 | |
| Trade debts | 44 | €105 | €12,397 | +€12,292 | +11710.7% |
| Suppliers | 440/4 | €105 | €12,397 | +€12,292 | +11710.7% |
| Advances received on contracts in progress | 46 | €19,951 | €1,950 | -€18,001 | -90.2% |
| Taxes, remuneration and social security | 45 | €8,814 | €8,427 | -€387 | -4.4% |
| Taxes | 450/3 | €8,814 | €8,427 | -€387 | -4.4% |
| Other amounts payable | 47/48 | €23,138 | €15,896 | -€7,242 | -31.3% |
| Remuneration, social security and pensions | 62 | - | €30 | +€30 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,739 | €3,647 | +€908 | +33.1% |
| Other operating charges | 640/8 | €631 | €595 | -€36 | -5.7% |
| Gross operating margin | 9900 | €28,004 | €23,465 | -€4,539 | -16.2% |
| Operating profit (loss) | 9901 | €24,633 | €19,193 | -€5,440 | -22.1% |
| Financial charges | 65/66B | €1,439 | €3,564 | +€2,125 | +147.6% |
| Recurring financial charges | 65 | €1,439 | €3,564 | +€2,125 | +147.6% |
| Profit (loss) for the period before taxes | 9903 | €23,194 | €15,630 | -€7,565 | -32.6% |
| Income taxes | 67/77 | €6,710 | €4,766 | -€1,944 | -29.0% |
| Profit (loss) for the period | 9904 | €16,484 | €10,864 | -€5,620 | -34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,484 | €10,864 | -€5,620 | -34.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.