DEMACO MANAGEMENT: 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.
What changed
DEMACO MANAGEMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€6.6m
2024 · €2.2m+€4.4m
Equity
€27.2m
2024 · €20.6m+€6.6m
Cash
€171,621
2024 · €438,190-€266,570
Balance sheet total
€34.0m
2024 · €21.0m+€12.9m
Largest movements
Assets
- Financial fixed assets +€12.3m
up €12.3m (+97.0%), from €12.6m to €24.9m
- Current investments +€1.0m
up €1.0m (+20.9%), from €5.0m to €6.0m
Equity and liabilities
- Reserves +€6.6m
up €6.6m (+56.8%), from €11.6m to €18.2m
of which Distributable reserves: +€6.6m
- Debts after one year +€3.9m
new in 2025: €3.9m
- Current portion of long-term debt +€2.5m
new in 2025: €2.5m
Income statement
- Financial income +€4.6m
up €4.6m (+201%), from €2.3m to €6.9m
- Gross operating margin -€952,299
down €952,299 (-94.1%), from €1.0m to €59,567
- Taxes +€99,963
up €99,963 (+19,801%), from €505 to €100,468
- Financial charges +€74,951
up €74,951 (+156%), from €47,978 to €122,929
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
€2.2m
Gross operating margin
-€952,299
Depreciation
-€2,564
Other operating charges
-€8,144
Other operating items
+€725,008
Financial income
+€4.6m
Financial charges
-€74,951
Taxes
-€99,963
Deferred taxes and other
+€212,582
Result 2025
€6.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€6.6m
Investment
-€13.3m
Financing
+€6.4m
Cash 2024
€438,190
From operations (derived)
+€6.6m
Net result for the year
+€6.6m
Depreciation
+€145,573
Receivables after one year
-€100,000
Receivables within one year
+€53,864
Smaller working-capital items
-€5,662
Tax, wage and social debts
-€62,997
Investment (derived)
-€13.3m
Investment in fixed assets (net)
-€12.3m
Current investments
-€1.0m
Financing
+€6.4m
Debts after one year
+€3.9m
Current portion of long-term debt
+€2.5m
Cash 2025
€171,621
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €21,041,696 | €33,978,769 | +€12.9m | +61.5% |
| Fixed assets | 21/28 | €15,552,060 | €27,664,821 | +€12.1m | +77.9% |
| Tangible fixed assets | 22/27 | €2,917,704 | €2,772,132 | -€145,573 | -5.0% |
| Land and buildings | 22 | €2,715,963 | €2,619,204 | -€96,759 | -3.6% |
| Plant, machinery and equipment | 23 | €150,809 | €134,496 | -€16,313 | -10.8% |
| Furniture and vehicles | 24 | €50,932 | €18,432 | -€32,500 | -63.8% |
| Financial fixed assets | 28 | €12,634,356 | €24,892,689 | +€12.3m | +97.0% |
| Current assets | 29/58 | €5,489,636 | €6,313,948 | +€824,312 | +15.0% |
| Amounts receivable after more than one year | 29 | - | €100,000 | +€100,000 | |
| Other amounts receivable | 291 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €53,864 | €0 | -€53,864 | -100% |
| Other amounts receivable | 41 | €53,864 | €0 | -€53,864 | -100% |
| Current investments | 50/53 | €4,996,178 | €6,040,737 | +€1.0m | +20.9% |
| Cash at bank and in hand | 54/58 | €438,190 | €171,621 | -€266,570 | -60.8% |
| Deferred charges and accrued income | 490/1 | €1,403 | €1,591 | +€188 | +13.4% |
| Total equity and liabilities | 10/49 | €21,041,696 | €33,978,769 | +€12.9m | +61.5% |
| Equity | 10/15 | €20,634,759 | €27,244,470 | +€6.6m | +32.0% |
| Contributions | 10/11 | €9,000,000 | €9,000,000 | = | 0.0% |
| Reserves | 13 | €11,634,759 | €18,244,470 | +€6.6m | +56.8% |
| Non-distributable reserves | 130/1 | €310,000 | €310,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €310,000 | €310,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €612,236 | €586,726 | -€25,510 | -4.2% |
| Distributable reserves | 133 | €10,712,523 | €17,347,744 | +€6.6m | +61.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €204,079 | €195,575 | -€8,503 | -4.2% |
| Deferred taxes | 168 | €204,079 | €195,575 | -€8,503 | -4.2% |
| Amounts payable | 17/49 | €202,859 | €6,538,724 | +€6.3m | +3,123% |
| Amounts payable after more than one year | 17 | - | €3,880,555 | +€3.9m | |
| Financial debts | 170/4 | - | €3,880,555 | +€3.9m | |
| Amounts payable within one year | 42/48 | €200,886 | €2,651,718 | +€2.5m | +1,220% |
| Current portion of amounts payable after more than one year | 42 | - | €2,515,278 | +€2.5m | |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,941 | €209 | -€2,732 | -92.9% |
| Suppliers | 440/4 | €2,941 | €209 | -€2,732 | -92.9% |
| Taxes, remuneration and social security | 45 | €161,077 | €98,080 | -€62,997 | -39.1% |
| Taxes | 450/3 | €161,077 | €98,080 | -€62,997 | -39.1% |
| Other amounts payable | 47/48 | €36,868 | €38,151 | +€1,283 | +3.5% |
| Accrued charges and deferred income | 492/3 | €1,973 | €6,451 | +€4,478 | +227% |
| Non-recurring operating income | 76A | €862,402 | €0 | -€862,402 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €143,009 | €145,573 | +€2,564 | +1.8% |
| Other operating charges | 640/8 | €3,607 | €11,751 | +€8,144 | +226% |
| Non-recurring operating charges | 66A | €725,008 | €0 | -€725,008 | -100% |
| Gross operating margin | 9900 | €1,011,866 | €59,567 | -€952,299 | -94.1% |
| Operating profit (loss) | 9901 | €140,242 | -€97,756 | -€237,999 | |
| Financial income | 75/76B | €2,296,588 | €6,922,362 | +€4.6m | +201% |
| Recurring financial income | 75 | €2,296,588 | €6,922,362 | +€4.6m | +201% |
| Financial charges | 65/66B | €47,978 | €122,929 | +€74,951 | +156% |
| Recurring financial charges | 65 | €47,978 | €122,929 | +€74,951 | +156% |
| Profit (loss) for the period before taxes | 9903 | €2,388,852 | €6,701,676 | +€4.3m | +181% |
| Transfer from deferred taxes | 780 | €8,503 | €8,503 | = | 0.0% |
| Transfer to deferred taxes | 680 | €212,582 | €0 | -€212,582 | -100% |
| Income taxes | 67/77 | €505 | €100,468 | +€99,963 | +19,801% |
| Profit (loss) for the period | 9904 | €2,184,269 | €6,609,711 | +€4.4m | +203% |
| Transfer from tax-exempt reserves | 789 | €25,510 | €25,510 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €637,745 | €0 | -€637,745 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,572,033 | €6,635,221 | +€5.1m | +322% |
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 24 October 2026 via checked.be.