DEMAGO: 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.
DEMAGO
Largest movements
- Tangible fixed assets -€17,164
down €17,164 (-7.5%), from €228,777 to €211,612
- Cash +€16,180
up €16,180 (+84.5%), from €19,154 to €35,334
mainly Debts after one year (+€82,914) and Depreciation (+€50,636)
- Intangible fixed assets -€10,126
down €10,126 (-17.1%), from €59,054 to €48,928
- Deferred charges and accrued income -€4,964
down €4,964 (-67.0%), from €7,409 to €2,445
- Profit (loss) carried forward -€122,532
down €122,532 (-21.0%), from -€583,068 to -€705,600
- Debts after one year +€82,914
up €82,914 (+11.8%), from €704,646 to €787,559
of which Other amounts payable: +€82,914
- Accrued charges and deferred income +€19,288
up €19,288, from €0 to €19,288
- Trade debts +€13,503
up €13,503 (+18.0%), from €74,907 to €88,411
- Tax, wage and social debts -€12,825
down €12,825 (-12.2%), from €105,508 to €92,682
of which Remuneration and social security: -€15,335
- Gross operating margin +€254,128
up €254,128 (+89.0%), from €285,401 to €539,529
- Staff costs +€72,245
up €72,245 (+13.7%), from €526,043 to €598,288
- Depreciation +€6,574
up €6,574 (+14.9%), from €44,062 to €50,636
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 | €329,264 | €312,420 | -€16,844 | -5.1% |
| Fixed assets | 21/28 | €289,400 | €262,110 | -€27,290 | -9.4% |
| Intangible fixed assets | 21 | €59,054 | €48,928 | -€10,126 | -17.1% |
| Tangible fixed assets | 22/27 | €228,777 | €211,612 | -€17,164 | -7.5% |
| Plant, machinery and equipment | 23 | €29,267 | €23,586 | -€5,681 | -19.4% |
| Furniture and vehicles | 24 | €12,863 | €5,910 | -€6,954 | -54.1% |
| Other tangible fixed assets | 26 | €186,646 | €182,117 | -€4,529 | -2.4% |
| Financial fixed assets | 28 | €1,570 | €1,570 | = | 0.0% |
| Current assets | 29/58 | €39,864 | €50,310 | +€10,445 | +26.2% |
| Stocks and contracts in progress | 3 | €12,257 | €10,943 | -€1,314 | -10.7% |
| Stocks | 30/36 | €12,257 | €10,943 | -€1,314 | -10.7% |
| Amounts receivable within one year | 40/41 | €1,044 | €1,587 | +€544 | +52.1% |
| Trade receivables | 40 | €0 | €500 | +€500 | |
| Other amounts receivable | 41 | €1,044 | €1,087 | +€44 | +4.2% |
| Cash at bank and in hand | 54/58 | €19,154 | €35,334 | +€16,180 | +84.5% |
| Deferred charges and accrued income | 490/1 | €7,409 | €2,445 | -€4,964 | -67.0% |
| Total equity and liabilities | 10/49 | €329,264 | €312,420 | -€16,844 | -5.1% |
| Equity | 10/15 | -€562,740 | -€685,271 | -€122,532 | -21.8% |
| Contributions | 10/11 | €20,329 | €20,329 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€583,068 | -€705,600 | -€122,532 | -21.0% |
| Amounts payable | 17/49 | €892,004 | €997,691 | +€105,687 | +11.8% |
| Amounts payable after more than one year | 17 | €704,646 | €787,559 | +€82,914 | +11.8% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €704,646 | €787,559 | +€82,914 | +11.8% |
| Amounts payable within one year | 42/48 | €187,359 | €190,844 | +€3,486 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €6,943 | €0 | -€6,943 | -100.0% |
| Trade debts | 44 | €74,907 | €88,411 | +€13,503 | +18.0% |
| Suppliers | 440/4 | €74,907 | €88,411 | +€13,503 | +18.0% |
| Taxes, remuneration and social security | 45 | €105,508 | €92,682 | -€12,825 | -12.2% |
| Taxes | 450/3 | €27,649 | €30,158 | +€2,509 | +9.1% |
| Remuneration and social security | 454/9 | €77,859 | €62,524 | -€15,335 | -19.7% |
| Other amounts payable | 47/48 | - | €9,751 | +€9,751 | |
| Accrued charges and deferred income | 492/3 | €0 | €19,288 | +€19,288 | |
| Remuneration, social security and pensions | 62 | €526,043 | €598,288 | +€72,245 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,062 | €50,636 | +€6,574 | +14.9% |
| Other operating charges | 640/8 | €4,140 | €5,359 | +€1,219 | +29.4% |
| Gross operating margin | 9900 | €285,401 | €539,529 | +€254,128 | +89.0% |
| Operating profit (loss) | 9901 | -€288,844 | -€114,755 | +€174,089 | +60.3% |
| Financial income | 75/76B | €56 | €7 | -€49 | -88.3% |
| Recurring financial income | 75 | €56 | €7 | -€49 | -88.3% |
| Financial charges | 65/66B | €5,228 | €7,454 | +€2,226 | +42.6% |
| Recurring financial charges | 65 | €5,228 | €7,454 | +€2,226 | +42.6% |
| Profit (loss) for the period before taxes | 9903 | -€294,016 | -€122,202 | +€171,814 | +58.4% |
| Income taxes | 67/77 | €129 | €329 | +€200 | +154.5% |
| Profit (loss) for the period | 9904 | -€294,145 | -€122,532 | +€171,614 | +58.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€294,145 | -€122,532 | +€171,614 | +58.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.