DEMA: 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.
DEMA
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€175,681
down €175,681 (-15.4%), from €1.1m to €962,900
of which Financial debts: -€176,481
- Reserves +€151,784
up €151,784 (+29.8%), from €510,070 to €661,855
of which Distributable reserves: +€159,448
- Other debts +€51,448
up €51,448 (+57.8%), from €88,950 to €140,398
- Trade debts -€46,805
down €46,805 (-51.8%), from €90,295 to €43,491
- Tax, wage and social debts +€43,526
up €43,526 (+86.4%), from €50,363 to €93,890
of which Taxes: +€45,580
- Gross operating margin +€14,989
up €14,989 (+3.8%), from €397,950 to €412,939
- Depreciation +€13,618
up €13,618 (+12.1%), from €112,470 to €126,088
- Staff costs -€8,107
down €8,107 (-54.8%), from €14,791 to €6,685
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 | €2,168,983 | €2,191,415 | +€22,432 | +1.0% |
| Fixed assets | 21/28 | €2,158,044 | €2,176,759 | +€18,715 | +0.9% |
| Tangible fixed assets | 22/27 | €2,158,044 | €2,176,759 | +€18,715 | +0.9% |
| Land and buildings | 22 | €2,139,759 | €2,137,318 | -€2,442 | -0.1% |
| Plant, machinery and equipment | 23 | €12,696 | €13,262 | +€566 | +4.5% |
| Furniture and vehicles | 24 | €5,588 | €26,179 | +€20,590 | +368% |
| Current assets | 29/58 | €10,939 | €14,656 | +€3,717 | +34.0% |
| Amounts receivable within one year | 40/41 | €231 | €231 | = | 0.0% |
| Other amounts receivable | 41 | €231 | €231 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €500 | €500 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €10,208 | €13,925 | +€3,717 | +36.4% |
| Total equity and liabilities | 10/49 | €2,168,983 | €2,191,415 | +€22,432 | +1.0% |
| Equity | 10/15 | €592,570 | €744,355 | +€151,784 | +25.6% |
| Contributions | 10/11 | €82,500 | €82,500 | = | 0.0% |
| Reserves | 13 | €510,070 | €661,855 | +€151,784 | +29.8% |
| Tax-exempt reserves | 132 | €53,559 | €45,895 | -€7,664 | -14.3% |
| Distributable reserves | 133 | €456,511 | €615,959 | +€159,448 | +34.9% |
| Provisions and deferred taxes | 16 | €17,853 | €14,999 | -€2,854 | -16.0% |
| Deferred taxes | 168 | €17,853 | €14,999 | -€2,854 | -16.0% |
| Amounts payable | 17/49 | €1,558,559 | €1,432,061 | -€126,498 | -8.1% |
| Amounts payable after more than one year | 17 | €1,138,581 | €962,900 | -€175,681 | -15.4% |
| Financial debts | 170/4 | €1,138,581 | €962,100 | -€176,481 | -15.5% |
| Other amounts payable | 178/9 | - | €800 | +€800 | |
| Amounts payable within one year | 42/48 | €416,393 | €465,595 | +€49,202 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €174,288 | €176,481 | +€2,193 | +1.3% |
| Financial debts | 43 | €12,496 | €11,336 | -€1,160 | -9.3% |
| Credit institutions | 430/8 | €12,496 | €11,336 | -€1,160 | -9.3% |
| Trade debts | 44 | €90,295 | €43,491 | -€46,805 | -51.8% |
| Suppliers | 440/4 | €90,295 | €43,491 | -€46,805 | -51.8% |
| Taxes, remuneration and social security | 45 | €50,363 | €93,890 | +€43,526 | +86.4% |
| Taxes | 450/3 | €47,943 | €93,523 | +€45,580 | +95.1% |
| Remuneration and social security | 454/9 | €2,421 | €367 | -€2,054 | -84.8% |
| Other amounts payable | 47/48 | €88,950 | €140,398 | +€51,448 | +57.8% |
| Accrued charges and deferred income | 492/3 | €3,585 | €3,566 | -€19 | -0.5% |
| Remuneration, social security and pensions | 62 | €14,791 | €6,685 | -€8,107 | -54.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,470 | €126,088 | +€13,618 | +12.1% |
| Other operating charges | 640/8 | €27,125 | €28,210 | +€1,085 | +4.0% |
| Gross operating margin | 9900 | €397,950 | €412,939 | +€14,989 | +3.8% |
| Operating profit (loss) | 9901 | €243,564 | €251,956 | +€8,393 | +3.4% |
| Financial income | 75/76B | €60 | €10 | -€50 | -82.9% |
| Recurring financial income | 75 | €60 | €10 | -€50 | -82.9% |
| Financial charges | 65/66B | €31,106 | €27,457 | -€3,650 | -11.7% |
| Recurring financial charges | 65 | €31,106 | €27,457 | -€3,650 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €212,517 | €224,510 | +€11,992 | +5.6% |
| Transfer from deferred taxes | 780 | €2,854 | €2,854 | = | 0.0% |
| Income taxes | 67/77 | €72,944 | €75,580 | +€2,636 | +3.6% |
| Profit (loss) for the period | 9904 | €142,428 | €151,784 | +€9,356 | +6.6% |
| Transfer from tax-exempt reserves | 789 | €7,663 | €7,664 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €150,091 | €159,448 | +€9,357 | +6.2% |
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 15 October 2026 via checked.be.