DEMABEL: what changed
Two fiscal 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
DEMABEL
NACE 03.220, Fishing and aquaculture
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€270,565
2024 · €352,027-€81,462
Equity
€3.7m
2024 · €3.5m+€270,565
Cash
€547,776
2024 · €265,537+€282,239
Balance sheet total
€5.8m
2024 · €5.6m+€146,416
Largest movements
Assets
- Stocks and contracts -€427,734
down €427,734 (-33.2%), from €1.3m to €859,122
- Cash +€282,239
up €282,239 (+106.3%), from €265,537 to €547,776
mainly Stocks and contracts (+€427,734) and Net result for the year (+€270,565)
- Tangible fixed assets +€245,382
up €245,382 (+7.3%), from €3.4m to €3.6m
of which Land and buildings: +€242,816
- Receivables within one year +€134,825
up €134,825 (+146.5%), from €92,025 to €226,850
of which Trade receivables: +€139,505
- Deferred charges and accrued income -€91,879
down €91,879 (-88.3%), from €104,064 to €12,185
Equity and liabilities
- Debts after one year -€298,231
down €298,231 (-16.7%), from €1.8m to €1.5m
of which Financial debts: -€355,760
- Reserves +€270,565
up €270,565 (+9.3%), from €2.9m to €3.2m
of which Distributable reserves: +€224,359
- Short-term financial debts +€226,135
new in 2025: €226,135
- Current portion of long-term debt -€121,293
down €121,293 (-66.3%), from €182,819 to €61,526
Income statement
- Gross operating margin -€71,289
down €71,289 (-8.7%), from €823,166 to €751,877
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
€352,027
Gross operating margin
-€71,289
Depreciation
-€3,034
Other operating charges
-€2,348
Other operating items
-€35,000
Financial income
-€1,156
Financial charges
+€460
Taxes
+€2,864
Deferred taxes and other
+€28,040
Result 2025
€270,565
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.
From operations
+€880,753
Investment
-€405,124
Financing
-€193,390
Cash 2024
€265,537
From operations (derived)
+€880,753
Net result for the year
+€270,565
Depreciation
+€156,160
Stocks and contracts
+€427,734
Receivables within one year
-€134,825
Deferred charges and accrued income
+€91,879
Provisions
-€12,665
Trade debts
+€23,202
Tax, wage and social debts
+€56,354
Other debts
+€1,800
Accrued charges and deferred income
+€550
Investment (derived)
-€405,124
Investment in fixed assets (net)
-€405,124
Financing
-€193,390
Debts after one year
-€298,231
Current portion of long-term debt
-€121,293
Short-term financial debts
+€226,135
Cash 2025
€547,776
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,609,770 | €5,756,186 | +€146,416 | +2.6% |
| Fixed assets | 21/28 | €3,861,289 | €4,110,253 | +€248,964 | +6.4% |
| Tangible fixed assets | 22/27 | €3,372,275 | €3,617,657 | +€245,382 | +7.3% |
| Land and buildings | 22 | €3,328,354 | €3,571,170 | +€242,816 | +7.3% |
| Plant, machinery and equipment | 23 | €34,832 | €37,811 | +€2,979 | +8.6% |
| Furniture and vehicles | 24 | €2,627 | €2,213 | -€414 | -15.7% |
| Other tangible fixed assets | 26 | €6,463 | €6,463 | = | 0.0% |
| Financial fixed assets | 28 | €489,014 | €492,596 | +€3,582 | +0.7% |
| Current assets | 29/58 | €1,748,482 | €1,645,933 | -€102,549 | -5.9% |
| Stocks and contracts in progress | 3 | €1,286,855 | €859,122 | -€427,734 | -33.2% |
| Stocks | 30/36 | €1,286,855 | €859,122 | -€427,734 | -33.2% |
| Amounts receivable within one year | 40/41 | €92,025 | €226,850 | +€134,825 | +146.5% |
| Trade receivables | 40 | €6,661 | €146,166 | +€139,505 | +2094.5% |
| Other amounts receivable | 41 | €85,365 | €80,684 | -€4,680 | -5.5% |
| Cash at bank and in hand | 54/58 | €265,537 | €547,776 | +€282,239 | +106.3% |
| Deferred charges and accrued income | 490/1 | €104,064 | €12,185 | -€91,879 | -88.3% |
| Total equity and liabilities | 10/49 | €5,609,770 | €5,756,186 | +€146,416 | +2.6% |
| Equity | 10/15 | €3,468,375 | €3,738,940 | +€270,565 | +7.8% |
| Contributions | 10/11 | €168,000 | €168,000 | = | 0.0% |
| Capital | 10 | €168,000 | €168,000 | = | 0.0% |
| Issued capital | 100 | €168,000 | €168,000 | = | 0.0% |
| Revaluation surpluses | 12 | €387,033 | €387,033 | = | 0.0% |
| Reserves | 13 | €2,913,342 | €3,183,907 | +€270,565 | +9.3% |
| Non-distributable reserves | 130/1 | €16,800 | €16,800 | = | 0.0% |
| Legal reserve | 130 | €16,800 | €16,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €479,159 | €525,365 | +€46,206 | +9.6% |
| Distributable reserves | 133 | €2,417,383 | €2,641,742 | +€224,359 | +9.3% |
| Provisions and deferred taxes | 16 | €47,453 | €34,788 | -€12,665 | -26.7% |
| Deferred taxes | 168 | €47,453 | €34,788 | -€12,665 | -26.7% |
| Amounts payable | 17/49 | €2,093,942 | €1,982,458 | -€111,484 | -5.3% |
| Amounts payable after more than one year | 17 | €1,786,239 | €1,488,008 | -€298,231 | -16.7% |
| Financial debts | 170/4 | €551,963 | €196,203 | -€355,760 | -64.5% |
| Other amounts payable | 178/9 | €1,234,275 | €1,291,805 | +€57,530 | +4.7% |
| Amounts payable within one year | 42/48 | €271,662 | €457,858 | +€186,197 | +68.5% |
| Current portion of amounts payable after more than one year | 42 | €182,819 | €61,526 | -€121,293 | -66.3% |
| Financial debts | 43 | - | €226,135 | +€226,135 | |
| Credit institutions | 430/8 | - | €226,135 | +€226,135 | |
| Trade debts | 44 | €16,183 | €39,385 | +€23,202 | +143.4% |
| Suppliers | 440/4 | €16,183 | €39,385 | +€23,202 | +143.4% |
| Taxes, remuneration and social security | 45 | €72,660 | €129,013 | +€56,354 | +77.6% |
| Taxes | 450/3 | €72,660 | €129,013 | +€56,354 | +77.6% |
| Other amounts payable | 47/48 | €0 | €1,800 | +€1,800 | |
| Accrued charges and deferred income | 492/3 | €36,041 | €36,591 | +€550 | +1.5% |
| Non-recurring operating income | 76A | €89,336 | €0 | -€89,336 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €153,126 | €156,160 | +€3,034 | +2.0% |
| Other operating charges | 640/8 | €73,759 | €76,106 | +€2,348 | +3.2% |
| Non-recurring operating charges | 66A | €0 | €35,000 | +€35,000 | |
| Gross operating margin | 9900 | €823,166 | €751,877 | -€71,289 | -8.7% |
| Operating profit (loss) | 9901 | €596,281 | €484,611 | -€111,670 | -18.7% |
| Financial income | 75/76B | €1,390 | €234 | -€1,156 | -83.2% |
| Recurring financial income | 75 | €1,390 | €234 | -€1,156 | -83.2% |
| Financial charges | 65/66B | €122,240 | €121,779 | -€460 | -0.4% |
| Recurring financial charges | 65 | €122,240 | €121,779 | -€460 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €475,432 | €363,066 | -€112,366 | -23.6% |
| Transfer from deferred taxes | 780 | €4,308 | €12,665 | +€8,357 | +194.0% |
| Transfer to deferred taxes | 680 | €19,683 | €0 | -€19,683 | -100.0% |
| Income taxes | 67/77 | €108,030 | €105,166 | -€2,864 | -2.7% |
| Profit (loss) for the period | 9904 | €352,027 | €270,565 | -€81,462 | -23.1% |
| Transfer from tax-exempt reserves | 789 | €97,124 | €122,194 | +€25,071 | +25.8% |
| Transfer to tax-exempt reserves | 689 | €227,450 | €168,400 | -€59,050 | -26.0% |
| Profit (loss) for the period to be appropriated | 9905 | €221,700 | €224,359 | +€2,659 | +1.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.