DEMAFIN: 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
DEMAFIN
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€91,194
2024 · -€78,826-€12,368
Equity
€604,803
2024 · €695,997-€91,194
Cash
€5,785
2024 · €3,871+€1,914
Balance sheet total
€658,821
2024 · €728,078-€69,257
Largest movements
Assets
- Current investments -€75,000
down €75,000 (-10.7%), from €700,000 to €625,000
Equity and liabilities
- Reserves -€91,194
down €91,194 (-13.5%), from €677,405 to €586,211
- Other debts +€22,085
up €22,085 (+466%), from €4,737 to €26,822
Income statement
- Financial income -€11,979
down €11,979 (-47.6%), from €25,184 to €13,205
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
-€78,826
Gross operating margin
-€15
Depreciation
+€502
Other operating charges
+€440
Other operating items
-€955
Financial income
-€11,979
Financial charges
-€361
Result 2025
-€91,194
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
-€74,041
Investment
+€75,955
Financing
€0
Cash 2024
€3,871
From operations (derived)
-€74,041
Net result for the year
-€91,194
Receivables within one year
-€1,039
Deferred charges and accrued income
-€3,744
Trade debts
+€225
Tax, wage and social debts
-€373
Other debts
+€22,085
Investment (derived)
+€75,955
Investment in fixed assets (net)
+€955
Current investments
+€75,000
Cash 2025
€5,785
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €728,078 | €658,821 | -€69,257 | -9.5% |
| Fixed assets | 21/28 | €955 | - | -€955 | |
| Tangible fixed assets | 22/27 | €955 | - | -€955 | |
| Plant, machinery and equipment | 23 | €955 | - | -€955 | |
| Current assets | 29/58 | €727,124 | €658,821 | -€68,302 | -9.4% |
| Amounts receivable within one year | 40/41 | €23,253 | €24,292 | +€1,039 | +4.5% |
| Trade receivables | 40 | €11,979 | €12,779 | +€800 | +6.7% |
| Other amounts receivable | 41 | €11,274 | €11,514 | +€240 | +2.1% |
| Current investments | 50/53 | €700,000 | €625,000 | -€75,000 | -10.7% |
| Cash at bank and in hand | 54/58 | €3,871 | €5,785 | +€1,914 | +49.5% |
| Deferred charges and accrued income | 490/1 | - | €3,744 | +€3,744 | |
| Total equity and liabilities | 10/49 | €728,078 | €658,821 | -€69,257 | -9.5% |
| Equity | 10/15 | €695,997 | €604,803 | -€91,194 | -13.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €677,405 | €586,211 | -€91,194 | -13.5% |
| Distributable reserves | 133 | €677,405 | €586,211 | -€91,194 | -13.5% |
| Provisions and deferred taxes | 16 | €24,241 | €24,241 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €24,241 | €24,241 | = | 0.0% |
| Pensions and similar obligations | 160 | €24,241 | €24,241 | = | 0.0% |
| Amounts payable | 17/49 | €7,840 | €29,777 | +€21,936 | +280% |
| Amounts payable within one year | 42/48 | €7,840 | €29,777 | +€21,936 | +280% |
| Trade debts | 44 | €390 | €616 | +€225 | +57.6% |
| Suppliers | 440/4 | €390 | €616 | +€225 | +57.6% |
| Taxes, remuneration and social security | 45 | €2,713 | €2,339 | -€373 | -13.8% |
| Taxes | 450/3 | €1,041 | €2,339 | +€1,299 | +125% |
| Remuneration and social security | 454/9 | €1,672 | - | -€1,672 | |
| Other amounts payable | 47/48 | €4,737 | €26,822 | +€22,085 | +466% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €502 | - | -€502 | |
| Other operating charges | 640/8 | €968 | €528 | -€440 | -45.5% |
| Non-recurring operating charges | 66A | - | €955 | +€955 | |
| Gross operating margin | 9900 | -€102,489 | -€102,504 | -€15 | 0.0% |
| Operating profit (loss) | 9901 | -€103,959 | -€103,987 | -€28 | 0.0% |
| Financial income | 75/76B | €25,184 | €13,205 | -€11,979 | -47.6% |
| Recurring financial income | 75 | €25,184 | €13,205 | -€11,979 | -47.6% |
| Financial charges | 65/66B | €51 | €412 | +€361 | +712% |
| Recurring financial charges | 65 | €51 | €412 | +€361 | +712% |
| Profit (loss) for the period before taxes | 9903 | -€78,826 | -€91,194 | -€12,368 | -15.7% |
| Profit (loss) for the period | 9904 | -€78,826 | -€91,194 | -€12,368 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€78,826 | -€91,194 | -€12,368 | -15.7% |
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 14 October 2026 via checked.be.