DEMAGRO: 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.
DEMAGRO
Largest movements
- Receivables within one year -€170,825
down €170,825 (-26.7%), from €640,806 to €469,981
of which Trade receivables: -€194,176
- Tangible fixed assets +€100,974
up €100,974 (+52.2%), from €193,339 to €294,313
of which Plant, machinery and equipment: +€100,284
- Stocks and contracts +€71,137
up €71,137 (+18.0%), from €395,511 to €466,649
- Cash -€33,686
down €33,686 (-4.9%), from €693,815 to €660,129
mainly Investment in fixed assets (net) (-€133,539) and Trade debts (-€124,002)
- Profit (loss) carried forward +€139,806
up €139,806 (+11.9%), from €1.2m to €1.3m
- Trade debts -€124,002
down €124,002 (-29.2%), from €424,680 to €300,678
- Other debts -€57,927
down €57,927 (-96.5%), from €60,000 to €2,073
- Tax, wage and social debts -€44,677
down €44,677 (-50.4%), from €88,643 to €43,966
of which Taxes: -€45,315
- Debts after one year +€26,380
up €26,380 (+25.8%), from €102,385 to €128,765
of which Financial debts: +€32,616
- Gross operating margin -€311,784
down €311,784 (-52.4%), from €595,264 to €283,480
- Taxes -€78,839
down €78,839 (-60.5%), from €130,380 to €51,540
- Staff costs +€16,513
up €16,513 (+12.4%), from €132,646 to €149,159
- Depreciation +€9,261
up €9,261 (+37.0%), from €25,032 to €34,293
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 | €1,944,123 | €1,905,898 | -€38,224 | -2.0% |
| Fixed assets | 21/28 | €209,894 | €309,140 | +€99,246 | +47.3% |
| Intangible fixed assets | 21 | €16,555 | €14,827 | -€1,728 | -10.4% |
| Tangible fixed assets | 22/27 | €193,339 | €294,313 | +€100,974 | +52.2% |
| Plant, machinery and equipment | 23 | €132,462 | €232,746 | +€100,284 | +75.7% |
| Furniture and vehicles | 24 | €60,878 | €61,567 | +€689 | +1.1% |
| Current assets | 29/58 | €1,734,229 | €1,596,758 | -€137,470 | -7.9% |
| Stocks and contracts in progress | 3 | €395,511 | €466,649 | +€71,137 | +18.0% |
| Stocks | 30/36 | €395,511 | €466,649 | +€71,137 | +18.0% |
| Amounts receivable within one year | 40/41 | €640,806 | €469,981 | -€170,825 | -26.7% |
| Trade receivables | 40 | €618,618 | €424,442 | -€194,176 | -31.4% |
| Other amounts receivable | 41 | €22,188 | €45,539 | +€23,351 | +105.2% |
| Cash at bank and in hand | 54/58 | €693,815 | €660,129 | -€33,686 | -4.9% |
| Deferred charges and accrued income | 490/1 | €4,096 | €0 | -€4,096 | -100.0% |
| Total equity and liabilities | 10/49 | €1,944,123 | €1,905,898 | -€38,224 | -2.0% |
| Equity | 10/15 | €1,214,326 | €1,354,132 | +€139,806 | +11.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €23,259 | €23,259 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,400 | €21,400 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,172,475 | €1,312,281 | +€139,806 | +11.9% |
| Amounts payable | 17/49 | €729,796 | €551,766 | -€178,030 | -24.4% |
| Amounts payable after more than one year | 17 | €102,385 | €128,765 | +€26,380 | +25.8% |
| Financial debts | 170/4 | €96,149 | €128,765 | +€32,616 | +33.9% |
| Other amounts payable | 178/9 | €6,236 | €0 | -€6,236 | -100.0% |
| Amounts payable within one year | 42/48 | €627,411 | €423,001 | -€204,411 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €54,088 | €76,284 | +€22,196 | +41.0% |
| Trade debts | 44 | €424,680 | €300,678 | -€124,002 | -29.2% |
| Suppliers | 440/4 | €424,680 | €300,678 | -€124,002 | -29.2% |
| Taxes, remuneration and social security | 45 | €88,643 | €43,966 | -€44,677 | -50.4% |
| Taxes | 450/3 | €71,203 | €25,887 | -€45,315 | -63.6% |
| Remuneration and social security | 454/9 | €17,440 | €18,078 | +€638 | +3.7% |
| Other amounts payable | 47/48 | €60,000 | €2,073 | -€57,927 | -96.5% |
| Remuneration, social security and pensions | 62 | €132,646 | €149,159 | +€16,513 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,032 | €34,293 | +€9,261 | +37.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €43 | €0 | -€43 | -100.0% |
| Other operating charges | 640/8 | €9,715 | €3,919 | -€5,795 | -59.7% |
| Non-recurring operating charges | 66A | - | €213 | +€213 | |
| Gross operating margin | 9900 | €595,264 | €283,480 | -€311,784 | -52.4% |
| Operating profit (loss) | 9901 | €427,828 | €95,895 | -€331,933 | -77.6% |
| Financial income | 75/76B | €92,436 | €98,365 | +€5,929 | +6.4% |
| Recurring financial income | 75 | €92,436 | €98,365 | +€5,929 | +6.4% |
| Financial charges | 65/66B | €8,700 | €2,914 | -€5,786 | -66.5% |
| Recurring financial charges | 65 | €8,700 | €2,914 | -€5,786 | -66.5% |
| Profit (loss) for the period before taxes | 9903 | €511,564 | €191,346 | -€320,218 | -62.6% |
| Income taxes | 67/77 | €130,380 | €51,540 | -€78,839 | -60.5% |
| Profit (loss) for the period | 9904 | €381,184 | €139,806 | -€241,378 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €381,184 | €139,806 | -€241,378 | -63.3% |
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 8 October 2026 via checked.be.