DEMA HOLSTEINS: 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 HOLSTEINS
Largest movements
- Receivables within one year +€236,841
up €236,841 (+495%), from €47,864 to €284,704
of which Trade receivables: +€232,141
- Tangible fixed assets -€71,502
down €71,502 (-3.8%), from €1.9m to €1.8m
of which Land and buildings: -€58,987
- Cash +€60,150
up €60,150 (+158%), from €38,067 to €98,217
mainly Advances received (+€296,313) and Depreciation (+€154,342)
- Advances received +€296,313
new in 2025: €296,313
- Other debts -€94,419
down €94,419 (-35.0%), from €269,672 to €175,253
- Reserves +€40,705
up €40,705 (+7.9%), from €512,590 to €553,295
of which Distributable reserves: +€40,705
- Gross operating margin +€29,790
up €29,790 (+12.6%), from €235,680 to €265,470
- Depreciation +€17,365
up €17,365 (+12.7%), from €136,977 to €154,342
- Taxes -€8,210
down €8,210 (-50.5%), from €16,259 to €8,049
- Financial charges -€3,188
down €3,188 (-9.2%), from €34,495 to €31,307
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 | €2,246,843 | €2,454,578 | +€207,734 | +9.2% |
| Fixed assets | 21/28 | €1,866,745 | €1,792,994 | -€73,751 | -4.0% |
| Intangible fixed assets | 21 | €4,732 | €2,483 | -€2,249 | -47.5% |
| Tangible fixed assets | 22/27 | €1,862,013 | €1,790,511 | -€71,502 | -3.8% |
| Land and buildings | 22 | €1,444,625 | €1,385,638 | -€58,987 | -4.1% |
| Plant, machinery and equipment | 23 | €243,826 | €277,347 | +€33,521 | +13.7% |
| Furniture and vehicles | 24 | €173,562 | €127,527 | -€46,036 | -26.5% |
| Current assets | 29/58 | €380,098 | €661,584 | +€281,485 | +74.1% |
| Stocks and contracts in progress | 3 | €290,800 | €275,910 | -€14,890 | -5.1% |
| Stocks | 30/36 | €290,800 | €275,910 | -€14,890 | -5.1% |
| Amounts receivable within one year | 40/41 | €47,864 | €284,704 | +€236,841 | +495% |
| Trade receivables | 40 | €47,864 | €280,005 | +€232,141 | +485% |
| Other amounts receivable | 41 | - | €4,700 | +€4,700 | |
| Cash at bank and in hand | 54/58 | €38,067 | €98,217 | +€60,150 | +158% |
| Deferred charges and accrued income | 490/1 | €3,367 | €2,752 | -€615 | -18.3% |
| Total equity and liabilities | 10/49 | €2,246,843 | €2,454,578 | +€207,734 | +9.2% |
| Equity | 10/15 | €657,953 | €698,658 | +€40,705 | +6.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Revaluation surpluses | 12 | €126,771 | €126,771 | = | 0.0% |
| Reserves | 13 | €512,590 | €553,295 | +€40,705 | +7.9% |
| Tax-exempt reserves | 132 | €12,700 | €12,700 | = | 0.0% |
| Distributable reserves | 133 | €499,890 | €540,595 | +€40,705 | +8.1% |
| Amounts payable | 17/49 | €1,588,890 | €1,755,920 | +€167,029 | +10.5% |
| Amounts payable after more than one year | 17 | €1,120,379 | €1,107,258 | -€13,121 | -1.2% |
| Financial debts | 170/4 | €1,120,379 | €1,107,258 | -€13,121 | -1.2% |
| Amounts payable within one year | 42/48 | €468,416 | €648,662 | +€180,246 | +38.5% |
| Current portion of amounts payable after more than one year | 42 | €134,913 | €141,378 | +€6,465 | +4.8% |
| Trade debts | 44 | €38,351 | €15,759 | -€22,591 | -58.9% |
| Suppliers | 440/4 | €38,351 | €15,759 | -€22,591 | -58.9% |
| Advances received on contracts in progress | 46 | - | €296,313 | +€296,313 | |
| Taxes, remuneration and social security | 45 | €25,480 | €19,959 | -€5,521 | -21.7% |
| Taxes | 450/3 | €21,528 | €16,768 | -€4,760 | -22.1% |
| Remuneration and social security | 454/9 | €3,952 | €3,191 | -€761 | -19.3% |
| Other amounts payable | 47/48 | €269,672 | €175,253 | -€94,419 | -35.0% |
| Accrued charges and deferred income | 492/3 | €95 | - | -€95 | |
| Non-recurring operating income | 76A | €38,903 | - | -€38,903 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €136,977 | €154,342 | +€17,365 | +12.7% |
| Other operating charges | 640/8 | €5,920 | €6,421 | +€502 | +8.5% |
| Gross operating margin | 9900 | €235,680 | €265,470 | +€29,790 | +12.6% |
| Operating profit (loss) | 9901 | €92,783 | €104,706 | +€11,923 | +12.9% |
| Financial income | 75/76B | €108 | €355 | +€247 | +228% |
| Recurring financial income | 75 | €108 | €355 | +€247 | +228% |
| Financial charges | 65/66B | €34,495 | €31,307 | -€3,188 | -9.2% |
| Recurring financial charges | 65 | €34,495 | €31,307 | -€3,188 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €58,396 | €73,754 | +€15,358 | +26.3% |
| Income taxes | 67/77 | €16,259 | €8,049 | -€8,210 | -50.5% |
| Profit (loss) for the period | 9904 | €42,137 | €65,705 | +€23,568 | +55.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,137 | €65,705 | +€23,568 | +55.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.