DEMAIL: 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.
DEMAIL
Largest movements
- Receivables within one year -€17,298
down €17,298 (-86.0%), from €20,124 to €2,826
of which Trade receivables: -€11,868
- Stocks and contracts -€9,870
down €9,870 (-36.2%), from €27,244 to €17,373
- Tangible fixed assets -€9,002
down €9,002 (-4.1%), from €220,494 to €211,492
- Cash +€6,314
up €6,314 (+35.5%), from €17,772 to €24,087
mainly Depreciation (+€23,942) and Receivables within one year (+€17,298)
- Debts after one year -€23,144
down €23,144 (-33.9%), from €68,366 to €45,222
of which Financial debts: -€23,144
- Tax, wage and social debts -€13,886
down €13,886 (-72.3%), from €19,211 to €5,324
of which Remuneration and social security: -€8,258
- Trade debts +€8,853
up €8,853 (+61.5%), from €14,389 to €23,242
- Current portion of long-term debt -€7,549
down €7,549 (-24.6%), from €30,693 to €23,144
- Profit (loss) carried forward +€6,320
up €6,320 (+18.6%), from €33,906 to €40,226
- Gross operating margin -€130,703
down €130,703 (-75.1%), from €174,041 to €43,338
- Staff costs -€114,867
down €114,867 (-99.4%), from €115,527 to €660
- Taxes -€5,820
down €5,820 (-66.0%), from €8,823 to €3,002
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 | €288,613 | €257,017 | -€31,596 | -10.9% |
| Fixed assets | 21/28 | €220,857 | €211,492 | -€9,365 | -4.2% |
| Tangible fixed assets | 22/27 | €220,494 | €211,492 | -€9,002 | -4.1% |
| Land and buildings | 22 | €220,494 | €211,492 | -€9,002 | -4.1% |
| Financial fixed assets | 28 | €363 | €0 | -€363 | -100.0% |
| Current assets | 29/58 | €67,755 | €45,525 | -€22,230 | -32.8% |
| Stocks and contracts in progress | 3 | €27,244 | €17,373 | -€9,870 | -36.2% |
| Stocks | 30/36 | €27,244 | €17,373 | -€9,870 | -36.2% |
| Amounts receivable within one year | 40/41 | €20,124 | €2,826 | -€17,298 | -86.0% |
| Trade receivables | 40 | €11,868 | €0 | -€11,868 | -100.0% |
| Other amounts receivable | 41 | €8,257 | €2,826 | -€5,431 | -65.8% |
| Cash at bank and in hand | 54/58 | €17,772 | €24,087 | +€6,314 | +35.5% |
| Deferred charges and accrued income | 490/1 | €2,615 | €1,239 | -€1,376 | -52.6% |
| Total equity and liabilities | 10/49 | €288,613 | €257,017 | -€31,596 | -10.9% |
| Equity | 10/15 | €146,762 | €153,082 | +€6,320 | +4.3% |
| Contributions | 10/11 | €43,381 | €43,381 | = | 0.0% |
| Revaluation surpluses | 12 | €67,881 | €67,881 | = | 0.0% |
| Reserves | 13 | €1,593 | €1,593 | = | 0.0% |
| Distributable reserves | 133 | €1,593 | €1,593 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,906 | €40,226 | +€6,320 | +18.6% |
| Amounts payable | 17/49 | €141,851 | €103,935 | -€37,915 | -26.7% |
| Amounts payable after more than one year | 17 | €68,366 | €45,222 | -€23,144 | -33.9% |
| Financial debts | 170/4 | €23,144 | - | -€23,144 | |
| Other amounts payable | 178/9 | €45,222 | €45,222 | = | 0.0% |
| Amounts payable within one year | 42/48 | €73,386 | €58,713 | -€14,673 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €30,693 | €23,144 | -€7,549 | -24.6% |
| Financial debts | 43 | €3,182 | €3,173 | -€9 | -0.3% |
| Other loans | 439 | €3,182 | €3,173 | -€9 | -0.3% |
| Trade debts | 44 | €14,389 | €23,242 | +€8,853 | +61.5% |
| Suppliers | 440/4 | €14,389 | €23,242 | +€8,853 | +61.5% |
| Taxes, remuneration and social security | 45 | €19,211 | €5,324 | -€13,886 | -72.3% |
| Taxes | 450/3 | €10,953 | €5,324 | -€5,629 | -51.4% |
| Remuneration and social security | 454/9 | €8,258 | - | -€8,258 | |
| Other amounts payable | 47/48 | €5,912 | €3,831 | -€2,081 | -35.2% |
| Accrued charges and deferred income | 492/3 | €99 | - | -€99 | |
| Remuneration, social security and pensions | 62 | €115,527 | €660 | -€114,867 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,655 | €23,942 | +€1,287 | +5.7% |
| Other operating charges | 640/8 | €7,730 | €8,083 | +€353 | +4.6% |
| Gross operating margin | 9900 | €174,041 | €43,338 | -€130,703 | -75.1% |
| Operating profit (loss) | 9901 | €28,130 | €10,653 | -€17,476 | -62.1% |
| Financial income | 75/76B | €325 | €0 | -€325 | -100.0% |
| Recurring financial income | 75 | €325 | €0 | -€325 | -100.0% |
| Financial charges | 65/66B | €1,054 | €1,331 | +€277 | +26.3% |
| Recurring financial charges | 65 | €1,054 | €1,331 | +€277 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €27,401 | €9,322 | -€18,079 | -66.0% |
| Income taxes | 67/77 | €8,823 | €3,002 | -€5,820 | -66.0% |
| Profit (loss) for the period | 9904 | €18,578 | €6,320 | -€12,258 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,578 | €6,320 | -€12,258 | -66.0% |
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.