DEMAAN: 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.
DEMAAN
Largest movements
- Cash +€503,881
up €503,881 (+129%), from €391,574 to €895,456
mainly Net result for the year (+€274,401) and Investment in fixed assets (net) (+€107,741)
- Tangible fixed assets -€128,316
down €128,316 (-12.9%), from €992,662 to €864,346
of which Land and buildings: -€160,591
- Receivables within one year +€24,166
up €24,166 (+71.6%), from €33,764 to €57,929
of which Other amounts receivable: +€21,602
- Reserves +€294,420
up €294,420 (+499%), from €58,967 to €353,387
of which Tax-exempt reserves: +€294,420
- Provisions +€98,140
new in 2025: €98,140
- Trade debts +€29,854
up €29,854 (+197%), from €15,178 to €45,032
- Profit (loss) carried forward -€20,019
down €20,019 (-8.5%), from €234,475 to €214,456
- Gross operating margin +€357,026
up €357,026 (+391%), from €91,398 to €448,424
- Financial charges +€26,875
up €26,875 (+406%), from €6,624 to €33,500
of which Non-recurring financial charges: +€26,827
- Depreciation -€19,057
down €19,057 (-48.1%), from €39,633 to €20,576
- Taxes -€7,415
down €7,415 (-96.9%), from €7,648 to €234
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 | €1,426,874 | €1,826,762 | +€399,887 | +28.0% |
| Fixed assets | 21/28 | €999,812 | €871,496 | -€128,316 | -12.8% |
| Tangible fixed assets | 22/27 | €992,662 | €864,346 | -€128,316 | -12.9% |
| Land and buildings | 22 | €973,808 | €813,217 | -€160,591 | -16.5% |
| Plant, machinery and equipment | 23 | €18,101 | €50,789 | +€32,688 | +181% |
| Furniture and vehicles | 24 | €753 | €340 | -€413 | -54.9% |
| Financial fixed assets | 28 | €7,150 | €7,150 | = | 0.0% |
| Current assets | 29/58 | €427,062 | €955,266 | +€528,204 | +124% |
| Amounts receivable within one year | 40/41 | €33,764 | €57,929 | +€24,166 | +71.6% |
| Trade receivables | 40 | €186 | €2,750 | +€2,564 | +1,379% |
| Other amounts receivable | 41 | €33,578 | €55,180 | +€21,602 | +64.3% |
| Cash at bank and in hand | 54/58 | €391,574 | €895,456 | +€503,881 | +129% |
| Deferred charges and accrued income | 490/1 | €1,725 | €1,881 | +€156 | +9.1% |
| Total equity and liabilities | 10/49 | €1,426,874 | €1,826,762 | +€399,887 | +28.0% |
| Equity | 10/15 | €1,406,483 | €1,680,884 | +€274,401 | +19.5% |
| Contributions | 10/11 | €1,113,042 | €1,113,042 | = | 0.0% |
| Capital | 10 | €1,113,042 | €1,113,042 | = | 0.0% |
| Issued capital | 100 | €1,113,042 | €1,113,042 | = | 0.0% |
| Reserves | 13 | €58,967 | €353,387 | +€294,420 | +499% |
| Non-distributable reserves | 130/1 | €58,967 | €58,967 | = | 0.0% |
| Legal reserve | 130 | €58,967 | €58,967 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €294,420 | +€294,420 | |
| Profit (loss) carried forward | 14 | €234,475 | €214,456 | -€20,019 | -8.5% |
| Provisions and deferred taxes | 16 | - | €98,140 | +€98,140 | |
| Deferred taxes | 168 | - | €98,140 | +€98,140 | |
| Amounts payable | 17/49 | €20,391 | €47,737 | +€27,346 | +134% |
| Amounts payable within one year | 42/48 | €20,391 | €45,032 | +€24,641 | +121% |
| Trade debts | 44 | €15,178 | €45,032 | +€29,854 | +197% |
| Suppliers | 440/4 | €15,178 | €45,032 | +€29,854 | +197% |
| Taxes, remuneration and social security | 45 | €4,713 | €0 | -€4,713 | -100% |
| Taxes | 450/3 | €4,713 | €0 | -€4,713 | -100% |
| Other amounts payable | 47/48 | €500 | €0 | -€500 | -100% |
| Accrued charges and deferred income | 492/3 | - | €2,706 | +€2,706 | |
| Non-recurring operating income | 76A | - | €404,448 | +€404,448 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,633 | €20,576 | -€19,057 | -48.1% |
| Other operating charges | 640/8 | €23,238 | €23,154 | -€84 | -0.4% |
| Gross operating margin | 9900 | €91,398 | €448,424 | +€357,026 | +391% |
| Operating profit (loss) | 9901 | €28,527 | €404,694 | +€376,167 | +1,319% |
| Financial income | 75/76B | €1,634 | €1,580 | -€54 | -3.3% |
| Recurring financial income | 75 | €1,634 | €1,580 | -€54 | -3.3% |
| Financial charges | 65/66B | €6,624 | €33,500 | +€26,875 | +406% |
| Recurring financial charges | 65 | €69 | €117 | +€48 | +69.9% |
| Non-recurring financial charges | 66B | €6,556 | €33,383 | +€26,827 | +409% |
| Profit (loss) for the period before taxes | 9903 | €23,537 | €372,775 | +€349,238 | +1,484% |
| Transfer from deferred taxes | 780 | - | €131 | +€131 | |
| Transfer to deferred taxes | 680 | - | €98,271 | +€98,271 | |
| Income taxes | 67/77 | €7,648 | €234 | -€7,415 | -96.9% |
| Profit (loss) for the period | 9904 | €15,889 | €274,401 | +€258,512 | +1,627% |
| Transfer from tax-exempt reserves | 789 | - | €392 | +€392 | |
| Transfer to tax-exempt reserves | 689 | - | €294,812 | +€294,812 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,889 | -€20,019 | -€35,908 |
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 26 October 2026 via checked.be.