DEM-ETS: 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.
DEM-ETS
Largest movements
- Receivables within one year -€13,980
down €13,980 (-82.9%), from €16,853 to €2,874
of which Trade receivables: -€12,988
- Cash +€11,976
up €11,976 (+194.2%), from €6,166 to €18,142
mainly Receivables within one year (+€13,980) and Deferred charges and accrued income (+€7,492)
- Deferred charges and accrued income -€7,492
down €7,492 (-26.2%), from €28,634 to €21,143
- Tangible fixed assets -€935
down €935 (-65.1%), from €1,436 to €501
of which Furniture and vehicles: -€505
- Other debts -€11,412
down €11,412 (-96.8%), from €11,790 to €378
- Reserves +€6,395
up €6,395 (+19.5%), from €32,766 to €39,161
- Tax, wage and social debts -€2,979
down €2,979 (-51.6%), from €5,770 to €2,792
- Trade debts -€2,435
down €2,435 (-84.6%), from €2,879 to €445
- Gross operating margin +€1,902
up €1,902 (+13.7%), from €13,925 to €15,827
- Taxes +€1,779
up €1,779 (+38.9%), from €4,571 to €6,350
- Other operating charges +€280
up €280 (+16.3%), from €1,716 to €1,996
- Depreciation -€186
down €186 (-16.6%), from €1,121 to €935
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 | €53,255 | €42,826 | -€10,430 | -19.6% |
| Fixed assets | 21/28 | €1,602 | €667 | -€935 | -58.3% |
| Tangible fixed assets | 22/27 | €1,436 | €501 | -€935 | -65.1% |
| Plant, machinery and equipment | 23 | €930 | €501 | -€429 | -46.2% |
| Furniture and vehicles | 24 | €505 | - | -€505 | |
| Financial fixed assets | 28 | €166 | €166 | = | 0.0% |
| Current assets | 29/58 | €51,653 | €42,158 | -€9,495 | -18.4% |
| Amounts receivable within one year | 40/41 | €16,853 | €2,874 | -€13,980 | -82.9% |
| Trade receivables | 40 | €12,988 | - | -€12,988 | |
| Other amounts receivable | 41 | €3,866 | €2,874 | -€992 | -25.7% |
| Cash at bank and in hand | 54/58 | €6,166 | €18,142 | +€11,976 | +194.2% |
| Deferred charges and accrued income | 490/1 | €28,634 | €21,143 | -€7,492 | -26.2% |
| Total equity and liabilities | 10/49 | €53,255 | €42,826 | -€10,430 | -19.6% |
| Equity | 10/15 | €32,816 | €39,211 | +€6,395 | +19.5% |
| Contributions | 10/11 | €50 | €50 | = | 0.0% |
| Reserves | 13 | €32,766 | €39,161 | +€6,395 | +19.5% |
| Distributable reserves | 133 | €32,766 | €39,161 | +€6,395 | +19.5% |
| Amounts payable | 17/49 | €20,440 | €3,615 | -€16,825 | -82.3% |
| Amounts payable within one year | 42/48 | €20,440 | €3,615 | -€16,825 | -82.3% |
| Trade debts | 44 | €2,879 | €445 | -€2,435 | -84.6% |
| Suppliers | 440/4 | €2,879 | €445 | -€2,435 | -84.6% |
| Taxes, remuneration and social security | 45 | €5,770 | €2,792 | -€2,979 | -51.6% |
| Taxes | 450/3 | €5,770 | €2,792 | -€2,979 | -51.6% |
| Other amounts payable | 47/48 | €11,790 | €378 | -€11,412 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,121 | €935 | -€186 | -16.6% |
| Other operating charges | 640/8 | €1,716 | €1,996 | +€280 | +16.3% |
| Gross operating margin | 9900 | €13,925 | €15,827 | +€1,902 | +13.7% |
| Operating profit (loss) | 9901 | €11,088 | €12,897 | +€1,808 | +16.3% |
| Financial charges | 65/66B | €158 | €151 | -€6 | -4.1% |
| Recurring financial charges | 65 | €158 | €151 | -€6 | -4.1% |
| Profit (loss) for the period before taxes | 9903 | €10,931 | €12,745 | +€1,815 | +16.6% |
| Income taxes | 67/77 | €4,571 | €6,350 | +€1,779 | +38.9% |
| Profit (loss) for the period | 9904 | €6,359 | €6,395 | +€36 | +0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,359 | €6,395 | +€36 | +0.6% |
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 11 October 2026 via checked.be.