DEMACON: 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
DEMACON
NACE 64.210, Activities of holding companies
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€6.5m
2025 · €1.2m+€5.3m
Equity
€20.6m
2025 · €14.1m+€6.5m
Cash
€1.3m
2025 · €669,005+€600,938
Balance sheet total
€20.9m
2025 · €14.4m+€6.4m
Largest movements
Assets
- Current investments +€6.4m
new in 2026: €6.4m
- Financial fixed assets -€2.1m
down €2.1m (-18.5%), from €11.2m to €9.1m
of which Affiliated companies: -€4.5m
- Tangible fixed assets +€1.4m
up €1.4m (+65.4%), from €2.1m to €3.5m
of which Land and buildings: +€1.1m
- Cash +€600,938
up €600,938 (+89.8%), from €669,005 to €1.3m
mainly Net result for the year (+€6.5m) and Investment in fixed assets (net) (+€538,610)
- Receivables after one year +€503,242
new in 2026: €503,242
Equity and liabilities
- Profit (loss) carried forward +€6.5m
up €6.5m (+59.0%), from €11.1m to €17.6m
Income statement
- Financial income +€5.9m
up €5.9m (+881%), from €667,736 to €6.5m
of which Financial income: +€5.8m
- Turnover -€810,298
down €810,298 (-64.2%), from €1.3m to €452,478
- Taxes -€138,322
down €138,322 (-72.5%), from €190,894 to €52,572
- Services and other goods -€66,602
down €66,602 (-14.8%), from €450,947 to €384,344
- Financial charges -€29,804
down €29,804 (-60.7%), from €49,116 to €19,312
of which Financial charges: -€25,896
From the 2025 result to the 2026 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 2025
€1.2m
Turnover
-€810,298
Other operating income
-€3,405
Services and other goods
+€66,602
Depreciation
-€26,317
Other operating charges
-€327
Other operating items
+€52,717
Financial income
+€5.9m
Financial charges
+€29,804
Taxes
+€138,322
Result 2026
€6.5m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€6.5m
Investment
-€5.9m
Financing
+€6,667
Cash 2025
€669,005
From operations (derived)
+€6.5m
Net result for the year
+€6.5m
Depreciation
+€145,430
Receivables after one year
-€503,242
Receivables within one year
+€417,487
Smaller working-capital items
-€26,373
Tax, wage and social debts
-€61,010
Investment (derived)
-€5.9m
Investment in fixed assets (net)
+€538,610
Current investments
-€6.4m
Financing
+€6,667
Debts after one year
+€50,000
Current portion of long-term debt
-€43,333
Cash 2026
€1.3m
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,449,727 | €20,879,958 | +€6.4m | +44.5% |
| Fixed assets | 21/28 | €13,303,587 | €12,619,547 | -€684,040 | -5.1% |
| Tangible fixed assets | 22/27 | €2,122,628 | €3,511,503 | +€1.4m | +65.4% |
| Land and buildings | 22 | €1,494,217 | €2,630,864 | +€1.1m | +76.1% |
| Plant, machinery and equipment | 23 | €553,308 | €586,444 | +€33,136 | +6.0% |
| Furniture and vehicles | 24 | €75,103 | €294,195 | +€219,092 | +292% |
| Financial fixed assets | 28 | €11,180,959 | €9,108,044 | -€2.1m | -18.5% |
| Affiliated companies | 280/1 | €11,160,000 | €6,664,044 | -€4.5m | -40.3% |
| Participating interests | 280 | €11,160,000 | €5,616,544 | -€5.5m | -49.7% |
| Amounts receivable | 281 | €0 | €1,047,500 | +€1.0m | |
| Companies linked by participating interests | 282/3 | €20,959 | €2,444,000 | +€2.4m | +11,561% |
| Participating interests | 282 | €20,000 | €480,000 | +€460,000 | +2,300% |
| Amounts receivable | 283 | €959 | €1,964,000 | +€2.0m | +204,686% |
| Current assets | 29/58 | €1,146,141 | €8,260,410 | +€7.1m | +621% |
| Amounts receivable after more than one year | 29 | - | €503,242 | +€503,242 | |
| Other amounts receivable | 291 | - | €503,242 | +€503,242 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €461,354 | €43,867 | -€417,487 | -90.5% |
| Trade receivables | 40 | - | €12,600 | +€12,600 | |
| Other amounts receivable | 41 | €461,354 | €31,267 | -€430,087 | -93.2% |
| Current investments | 50/53 | - | €6,433,600 | +€6.4m | |
| Other investments | 51/53 | - | €6,433,600 | +€6.4m | |
| Cash at bank and in hand | 54/58 | €669,005 | €1,269,943 | +€600,938 | +89.8% |
| Deferred charges and accrued income | 490/1 | €15,782 | €9,759 | -€6,023 | -38.2% |
| Total equity and liabilities | 10/49 | €14,449,727 | €20,879,958 | +€6.4m | +44.5% |
| Equity | 10/15 | €14,102,704 | €20,619,673 | +€6.5m | +46.2% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Reserves | 13 | €2,275,567 | €2,257,884 | -€17,683 | -0.8% |
| Tax-exempt reserves | 132 | €336,095 | €318,413 | -€17,683 | -5.3% |
| Distributable reserves | 133 | €1,939,472 | €1,939,472 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,077,137 | €17,611,789 | +€6.5m | +59.0% |
| Provisions and deferred taxes | 16 | €112,034 | €106,141 | -€5,893 | -5.3% |
| Deferred taxes | 168 | €112,034 | €106,141 | -€5,893 | -5.3% |
| Amounts payable | 17/49 | €234,989 | €154,143 | -€80,846 | -34.4% |
| Amounts payable after more than one year | 17 | €0 | €50,000 | +€50,000 | |
| Financial debts | 170/4 | €0 | €50,000 | +€50,000 | |
| Credit institutions | 173 | €0 | - | = | |
| Other loans | 174 | - | €50,000 | +€50,000 | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €224,255 | €100,659 | -€123,595 | -55.1% |
| Current portion of amounts payable after more than one year | 42 | €43,333 | €0 | -€43,333 | -100% |
| Trade debts | 44 | €13,384 | €3,269 | -€10,114 | -75.6% |
| Suppliers | 440/4 | €13,384 | €3,269 | -€10,114 | -75.6% |
| Taxes, remuneration and social security | 45 | €73,942 | €12,932 | -€61,010 | -82.5% |
| Taxes | 450/3 | €70,464 | €9,453 | -€61,010 | -86.6% |
| Remuneration and social security | 454/9 | €3,478 | €3,478 | = | 0.0% |
| Other amounts payable | 47/48 | €93,596 | €84,458 | -€9,137 | -9.8% |
| Accrued charges and deferred income | 492/3 | €10,734 | €3,483 | -€7,251 | -67.5% |
| Operating income | 70/76A | €1,340,917 | €579,932 | -€760,985 | -56.8% |
| Turnover | 70 | €1,262,776 | €452,478 | -€810,298 | -64.2% |
| Other operating income | 74 | €78,142 | €74,737 | -€3,405 | -4.4% |
| Non-recurring operating income | 76A | - | €52,717 | +€52,717 | |
| Operating charges | 60/66A | €584,386 | €544,427 | -€39,958 | -6.8% |
| Services and other goods | 61 | €450,947 | €384,344 | -€66,602 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,113 | €145,430 | +€26,317 | +22.1% |
| Other operating charges | 640/8 | €14,326 | €14,653 | +€327 | +2.3% |
| Operating profit (loss) | 9901 | €756,532 | €35,505 | -€721,027 | -95.3% |
| Financial income | 75/76B | €667,736 | €6,547,455 | +€5.9m | +881% |
| Recurring financial income | 75 | €514,911 | €6,340,912 | +€5.8m | +1,131% |
| Income from financial fixed assets | 750 | €507,419 | €6,294,742 | +€5.8m | +1,141% |
| Other financial income | 752/9 | €7,492 | €46,170 | +€38,677 | +516% |
| Non-recurring financial income | 76B | €152,825 | €206,544 | +€53,719 | +35.2% |
| Financial charges | 65/66B | €49,116 | €19,312 | -€29,804 | -60.7% |
| Recurring financial charges | 65 | €30,841 | €4,945 | -€25,896 | -84.0% |
| Debt charges | 650 | €28,940 | €3,284 | -€25,657 | -88.7% |
| Other financial charges | 652/9 | €1,901 | €1,662 | -€239 | -12.6% |
| Non-recurring financial charges | 66B | €18,275 | €14,367 | -€3,908 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €1,375,152 | €6,563,648 | +€5.2m | +377% |
| Transfer from deferred taxes | 780 | €5,893 | €5,893 | = | 0.0% |
| Income taxes | 67/77 | €190,894 | €52,572 | -€138,322 | -72.5% |
| Taxes | 670/3 | €190,894 | €52,572 | -€138,322 | -72.5% |
| Profit (loss) for the period | 9904 | €1,190,151 | €6,516,969 | +€5.3m | +448% |
| Transfer from tax-exempt reserves | 789 | €17,683 | €17,683 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,207,834 | €6,534,652 | +€5.3m | +441% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.