Demaco: 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.
Demaco
Largest movements
- Tangible fixed assets -€46,250
down €46,250 (-7.3%), from €637,745 to €591,495
of which Land and buildings: -€36,137
- Receivables within one year +€17,144
up €17,144 (+54.9%), from €31,216 to €48,360
of which Trade receivables: +€14,144
- Stocks and contracts -€14,613
down €14,613 (-19.2%), from €76,202 to €61,589
- Cash -€9,514
down €9,514 (-87.2%), from €10,909 to €1,395
mainly Debts after one year (-€56,063) and Provisions (-€34,369)
- Debts after one year -€56,063
down €56,063 (-32.2%), from €174,379 to €118,316
- Provisions -€34,369
down €34,369 (-98.6%), from €34,859 to €491
of which Provisions for liabilities and charges: -€34,000
- Reserves +€33,844
up €33,844 (+11.0%), from €307,029 to €340,872
of which Distributable reserves: +€34,881
- Current portion of long-term debt -€24,309
down €24,309 (-34.4%), from €70,722 to €46,413
- Other debts +€18,053
up €18,053 (+47.9%), from €37,658 to €55,711
- Gross operating margin -€100,321
down €100,321 (-41.3%), from €242,959 to €142,638
- Staff costs -€36,318
down €36,318 (-40.5%), from €89,763 to €53,445
- Provisions -€34,000
new in 2025: -€34,000
- Financial charges -€5,805
down €5,805 (-29.1%), from €19,930 to €14,125
- Taxes -€5,022
down €5,022 (-23.3%), from €21,580 to €16,557
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 | €780,515 | €725,593 | -€54,922 | -7.0% |
| Fixed assets | 21/28 | €637,745 | €591,495 | -€46,250 | -7.3% |
| Tangible fixed assets | 22/27 | €637,745 | €591,495 | -€46,250 | -7.3% |
| Land and buildings | 22 | €596,772 | €560,635 | -€36,137 | -6.1% |
| Plant, machinery and equipment | 23 | €7,891 | €3,766 | -€4,126 | -52.3% |
| Furniture and vehicles | 24 | €33,082 | €27,095 | -€5,987 | -18.1% |
| Current assets | 29/58 | €142,770 | €134,098 | -€8,672 | -6.1% |
| Stocks and contracts in progress | 3 | €76,202 | €61,589 | -€14,613 | -19.2% |
| Stocks | 30/36 | €76,202 | €61,589 | -€14,613 | -19.2% |
| Amounts receivable within one year | 40/41 | €31,216 | €48,360 | +€17,144 | +54.9% |
| Trade receivables | 40 | €27,216 | €41,360 | +€14,144 | +52.0% |
| Other amounts receivable | 41 | €4,000 | €7,000 | +€3,000 | +75.0% |
| Current investments | 50/53 | €11,975 | €9,556 | -€2,419 | -20.2% |
| Cash at bank and in hand | 54/58 | €10,909 | €1,395 | -€9,514 | -87.2% |
| Deferred charges and accrued income | 490/1 | €12,468 | €13,197 | +€729 | +5.8% |
| Total equity and liabilities | 10/49 | €780,515 | €725,593 | -€54,922 | -7.0% |
| Equity | 10/15 | €348,263 | €382,106 | +€33,844 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €307,029 | €340,872 | +€33,844 | +11.0% |
| Tax-exempt reserves | 132 | €54,242 | €53,204 | -€1,038 | -1.9% |
| Distributable reserves | 133 | €252,787 | €287,668 | +€34,881 | +13.8% |
| Profit (loss) carried forward | 14 | €22,634 | €22,634 | = | 0.0% |
| Provisions and deferred taxes | 16 | €34,859 | €491 | -€34,369 | -98.6% |
| Provisions for liabilities and charges | 160/5 | €34,000 | - | -€34,000 | |
| Pensions and similar obligations | 160 | €34,000 | - | -€34,000 | |
| Deferred taxes | 168 | €859 | €491 | -€369 | -42.9% |
| Amounts payable | 17/49 | €397,393 | €342,996 | -€54,397 | -13.7% |
| Amounts payable after more than one year | 17 | €174,379 | €118,316 | -€56,063 | -32.2% |
| Financial debts | 170/4 | €174,379 | €118,316 | -€56,063 | -32.2% |
| Amounts payable within one year | 42/48 | €214,799 | €214,147 | -€653 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €70,722 | €46,413 | -€24,309 | -34.4% |
| Financial debts | 43 | €11,950 | €25,621 | +€13,671 | +114% |
| Credit institutions | 430/8 | €11,950 | €25,621 | +€13,671 | +114% |
| Trade debts | 44 | €74,116 | €59,585 | -€14,531 | -19.6% |
| Suppliers | 440/4 | €74,116 | €59,585 | -€14,531 | -19.6% |
| Taxes, remuneration and social security | 45 | €20,354 | €26,817 | +€6,463 | +31.8% |
| Taxes | 450/3 | €9,843 | €19,950 | +€10,106 | +103% |
| Remuneration and social security | 454/9 | €10,511 | €6,867 | -€3,643 | -34.7% |
| Other amounts payable | 47/48 | €37,658 | €55,711 | +€18,053 | +47.9% |
| Accrued charges and deferred income | 492/3 | €8,215 | €10,533 | +€2,318 | +28.2% |
| Non-recurring operating income | 76A | - | €25,312 | +€25,312 | |
| Remuneration, social security and pensions | 62 | €89,763 | €53,445 | -€36,318 | -40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,053 | €49,037 | -€15 | 0.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€34,000 | -€34,000 | |
| Other operating charges | 640/8 | €9,681 | €10,116 | +€436 | +4.5% |
| Gross operating margin | 9900 | €242,959 | €142,638 | -€100,321 | -41.3% |
| Operating profit (loss) | 9901 | €94,462 | €64,039 | -€30,424 | -32.2% |
| Financial income | 75/76B | €45 | €119 | +€74 | +164% |
| Recurring financial income | 75 | €45 | €119 | +€74 | +164% |
| Financial charges | 65/66B | €19,930 | €14,125 | -€5,805 | -29.1% |
| Recurring financial charges | 65 | €19,930 | €14,125 | -€5,805 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €74,577 | €50,032 | -€24,545 | -32.9% |
| Transfer from deferred taxes | 780 | €588 | €369 | -€219 | -37.3% |
| Income taxes | 67/77 | €21,580 | €16,557 | -€5,022 | -23.3% |
| Profit (loss) for the period | 9904 | €53,585 | €33,844 | -€19,742 | -36.8% |
| Transfer from tax-exempt reserves | 789 | €1,559 | €1,038 | -€521 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €55,144 | €34,881 | -€20,263 | -36.7% |
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 28 October 2026 via checked.be.