DEMAC: 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.
DEMAC
Largest movements
- Tangible fixed assets -€134,458
no longer reported in 2025 (was €134,458)
of which Other tangible fixed assets: -€76,545
- Cash +€127,433
up €127,433 (+9946.8%), from €1,281 to €128,714
mainly Investment in fixed assets (net) (+€133,987) and Other debts (+€18,039)
- Current investments +€24,000
up €24,000 (+101.0%), from €23,752 to €47,752
- Receivables within one year +€3,134
up €3,134 (+9.4%), from €33,339 to €36,473
of which Trade receivables: +€3,134
- Other debts +€18,039
up €18,039 (+169.0%), from €10,677 to €28,716
- Reserves +€14,832
up €14,832 (+15.5%), from €95,882 to €110,713
of which Distributable reserves: +€75,480
- Debts after one year -€6,930
no longer reported in 2025 (was €6,930)
- Current portion of long-term debt -€3,699
no longer reported in 2025 (was €3,699)
- Tax, wage and social debts -€3,625
down €3,625 (-46.0%), from €7,881 to €4,256
- Gross operating margin +€48,433
up €48,433 (+347.2%), from €13,951 to €62,385
- Taxes +€33,091
up €33,091 (+611.2%), from €5,414 to €38,505
- Depreciation -€29,674
down €29,674 (-98.4%), from €30,145 to €472
- Financial income +€1,186
up €1,186 (+281.7%), from €421 to €1,607
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €192,830 | €212,939 | +€20,108 | +10.4% |
| Fixed assets | 21/28 | €134,458 | - | -€134,458 | |
| Tangible fixed assets | 22/27 | €134,458 | - | -€134,458 | |
| Land and buildings | 22 | €28,616 | - | -€28,616 | |
| Plant, machinery and equipment | 23 | €11,947 | - | -€11,947 | |
| Furniture and vehicles | 24 | €17,351 | - | -€17,351 | |
| Other tangible fixed assets | 26 | €76,545 | - | -€76,545 | |
| Current assets | 29/58 | €58,372 | €212,939 | +€154,567 | +264.8% |
| Amounts receivable within one year | 40/41 | €33,339 | €36,473 | +€3,134 | +9.4% |
| Trade receivables | 40 | €14,046 | €17,180 | +€3,134 | +22.3% |
| Other amounts receivable | 41 | €19,293 | €19,293 | = | 0.0% |
| Current investments | 50/53 | €23,752 | €47,752 | +€24,000 | +101.0% |
| Cash at bank and in hand | 54/58 | €1,281 | €128,714 | +€127,433 | +9946.8% |
| Total equity and liabilities | 10/49 | €192,830 | €212,939 | +€20,108 | +10.4% |
| Equity | 10/15 | €157,883 | €172,716 | +€14,833 | +9.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €95,882 | €110,713 | +€14,832 | +15.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €69,203 | €8,554 | -€60,648 | -87.6% |
| Distributable reserves | 133 | €20,479 | €95,959 | +€75,480 | +368.6% |
| Profit (loss) carried forward | 14 | €1 | €2 | +€1 | +107.9% |
| Amounts payable | 17/49 | €34,947 | €40,223 | +€5,276 | +15.1% |
| Amounts payable after more than one year | 17 | €6,930 | - | -€6,930 | |
| Financial debts | 170/4 | €6,930 | - | -€6,930 | |
| Amounts payable within one year | 42/48 | €27,277 | €38,887 | +€11,610 | +42.6% |
| Current portion of amounts payable after more than one year | 42 | €3,699 | - | -€3,699 | |
| Trade debts | 44 | €5,021 | €5,916 | +€895 | +17.8% |
| Suppliers | 440/4 | €5,021 | €5,916 | +€895 | +17.8% |
| Taxes, remuneration and social security | 45 | €7,881 | €4,256 | -€3,625 | -46.0% |
| Taxes | 450/3 | €7,881 | €4,256 | -€3,625 | -46.0% |
| Other amounts payable | 47/48 | €10,677 | €28,716 | +€18,039 | +169.0% |
| Accrued charges and deferred income | 492/3 | €740 | €1,336 | +€596 | +80.5% |
| Non-recurring operating income | 76A | - | €68,508 | +€68,508 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,145 | €472 | -€29,674 | -98.4% |
| Other operating charges | 640/8 | €3,277 | €2,920 | -€358 | -10.9% |
| Non-recurring operating charges | 66A | - | €4,482 | +€4,482 | |
| Gross operating margin | 9900 | €13,951 | €62,385 | +€48,433 | +347.2% |
| Operating profit (loss) | 9901 | -€19,471 | €54,511 | +€73,982 | |
| Financial income | 75/76B | €421 | €1,607 | +€1,186 | +281.7% |
| Recurring financial income | 75 | €421 | €1,607 | +€1,186 | +281.7% |
| Financial charges | 65/66B | €1,594 | €1,947 | +€353 | +22.1% |
| Recurring financial charges | 65 | €1,594 | €1,947 | +€353 | +22.1% |
| Profit (loss) for the period before taxes | 9903 | -€20,644 | €54,170 | +€74,815 | |
| Income taxes | 67/77 | €5,414 | €38,505 | +€33,091 | +611.2% |
| Profit (loss) for the period | 9904 | -€26,058 | €15,666 | +€41,724 | |
| Transfer from tax-exempt reserves | 789 | €30,324 | €60,648 | +€30,324 | +100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,266 | €76,314 | +€72,048 | +1688.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.