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.
What changed
DEMA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€518,226
2024 · €962,840-€444,614
Equity
€4.9m
2024 · €4.3m+€518,226
Cash
€14,856
2024 · €18,644-€3,788
Balance sheet total
€5.1m
2024 · €4.7m+€369,909
Largest movements
Assets
- Stocks and contracts +€244,104
up €244,104 (+250%), from €97,594 to €341,698
- Financial fixed assets +€106,971
up €106,971 (+4.1%), from €2.6m to €2.7m
Equity and liabilities
- Reserves +€518,226
up €518,226 (+12.0%), from €4.3m to €4.8m
- Trade debts -€288,908
down €288,908 (-93.4%), from €309,245 to €20,337
- Tax, wage and social debts +€155,281
up €155,281 (+18,960%), from €819 to €156,100
Income statement
- Financial charges +€641,296
up €641,296 (+5,329%), from €12,035 to €653,331
- Financial income +€182,673
up €182,673 (+242%), from €75,441 to €258,114
- Gross operating margin +€21,124
up €21,124 (+1.7%), from €1.2m to €1.3m
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.
Result 2024
€962,840
Gross operating margin
+€21,124
Other operating charges
+€240
Financial income
+€182,673
Financial charges
-€641,296
Taxes
-€7,354
Result 2025
€518,226
raises the resultlowers the result
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.
From operations
+€139,740
Investment
-€136,971
Financing
-€6,558
Cash 2024
€18,644
From operations (derived)
+€139,740
Net result for the year
+€518,226
Depreciation
+€9,863
Receivables after one year
-€12,722
Stocks and contracts
-€244,104
Receivables within one year
+€17,122
Deferred charges and accrued income
-€6,886
Trade debts
-€288,908
Tax, wage and social debts
+€155,281
Accrued charges and deferred income
-€8,132
Investment (derived)
-€136,971
Investment in fixed assets (net)
-€106,971
Current investments
-€30,000
Financing
-€6,558
Debts after one year
-€6,558
Cash 2025
€14,856
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,718,782 | €5,088,691 | +€369,909 | +7.8% |
| Fixed assets | 21/28 | €2,660,603 | €2,757,711 | +€97,108 | +3.6% |
| Tangible fixed assets | 22/27 | €19,428 | €9,566 | -€9,863 | -50.8% |
| Furniture and vehicles | 24 | €19,428 | €9,566 | -€9,863 | -50.8% |
| Financial fixed assets | 28 | €2,641,174 | €2,748,145 | +€106,971 | +4.1% |
| Current assets | 29/58 | €2,058,179 | €2,330,980 | +€272,801 | +13.3% |
| Amounts receivable after more than one year | 29 | €618,739 | €631,461 | +€12,722 | +2.1% |
| Other amounts receivable | 291 | €618,739 | €631,461 | +€12,722 | +2.1% |
| Stocks and contracts in progress | 3 | €97,594 | €341,698 | +€244,104 | +250% |
| Stocks | 30/36 | €97,594 | €341,698 | +€244,104 | +250% |
| Amounts receivable within one year | 40/41 | €82,950 | €65,829 | -€17,122 | -20.6% |
| Trade receivables | 40 | €79,932 | €64,224 | -€15,707 | -19.7% |
| Other amounts receivable | 41 | €3,019 | €1,604 | -€1,414 | -46.9% |
| Current investments | 50/53 | €1,226,500 | €1,256,500 | +€30,000 | +2.4% |
| Cash at bank and in hand | 54/58 | €18,644 | €14,856 | -€3,788 | -20.3% |
| Deferred charges and accrued income | 490/1 | €13,751 | €20,637 | +€6,886 | +50.1% |
| Total equity and liabilities | 10/49 | €4,718,782 | €5,088,691 | +€369,909 | +7.8% |
| Equity | 10/15 | €4,347,623 | €4,865,850 | +€518,226 | +11.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,329,023 | €4,847,250 | +€518,226 | +12.0% |
| Distributable reserves | 133 | €4,329,023 | €4,847,250 | +€518,226 | +12.0% |
| Amounts payable | 17/49 | €371,159 | €222,841 | -€148,317 | -40.0% |
| Amounts payable after more than one year | 17 | €49,769 | €43,211 | -€6,558 | -13.2% |
| Other amounts payable | 178/9 | €49,769 | €43,211 | -€6,558 | -13.2% |
| Amounts payable within one year | 42/48 | €310,064 | €176,437 | -€133,627 | -43.1% |
| Trade debts | 44 | €309,245 | €20,337 | -€288,908 | -93.4% |
| Suppliers | 440/4 | €309,245 | €20,337 | -€288,908 | -93.4% |
| Taxes, remuneration and social security | 45 | €819 | €156,100 | +€155,281 | +18,960% |
| Taxes | 450/3 | €819 | €156,100 | +€155,281 | +18,960% |
| Accrued charges and deferred income | 492/3 | €11,326 | €3,193 | -€8,132 | -71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,863 | €9,863 | = | 0.0% |
| Other operating charges | 640/8 | €4,544 | €4,305 | -€240 | -5.3% |
| Gross operating margin | 9900 | €1,236,713 | €1,257,836 | +€21,124 | +1.7% |
| Operating profit (loss) | 9901 | €1,222,306 | €1,243,669 | +€21,363 | +1.7% |
| Financial income | 75/76B | €75,441 | €258,114 | +€182,673 | +242% |
| Recurring financial income | 75 | €75,441 | €258,114 | +€182,673 | +242% |
| Financial charges | 65/66B | €12,035 | €653,331 | +€641,296 | +5,329% |
| Recurring financial charges | 65 | €12,035 | €653,331 | +€641,296 | +5,329% |
| Profit (loss) for the period before taxes | 9903 | €1,285,711 | €848,452 | -€437,260 | -34.0% |
| Income taxes | 67/77 | €322,871 | €330,225 | +€7,354 | +2.3% |
| Profit (loss) for the period | 9904 | €962,840 | €518,226 | -€444,614 | -46.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €962,840 | €518,226 | -€444,614 | -46.2% |
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 20 October 2026 via checked.be.