DEMAINVEST: 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
DEMAINVEST
NACE 35.120, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€334,654
2024 · €845,429-€510,776
Equity
€6.7m
2024 · €6.4m+€334,654
Cash
€18.8m
2024 · €948,457+€17.9m
Balance sheet total
€81.4m
2024 · €26.4m+€55.0m
Largest movements
Assets
- Tangible fixed assets +€37.8m
up €37.8m (+164%), from €23.0m to €60.9m
of which Assets under construction and advance payments: +€37.2m
- Cash +€17.9m
up €17.9m (+1,883%), from €948,457 to €18.8m
mainly Debts after one year (+€40.7m) and Trade debts (+€12.5m)
Equity and liabilities
- Debts after one year +€40.7m
up €40.7m (+244%), from €16.7m to €57.4m
- Trade debts +€12.5m
up €12.5m (+1,082%), from €1.2m to €13.7m
- Accrued charges and deferred income +€2.6m
up €2.6m (+301%), from €874,166 to €3.5m
Income statement
- Financial charges +€300,360
up €300,360 (+36.3%), from €828,550 to €1.1m
- Turnover +€197,778
up €197,778 (+6.3%), from €3.1m to €3.3m
- Services and other goods +€189,270
up €189,270 (+45.9%), from €412,486 to €601,756
- Depreciation +€117,155
up €117,155 (+11.3%), from €1.0m to €1.2m
- Other operating charges +€38,656
up €38,656 (+69.6%), from €55,549 to €94,204
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
€845,429
Turnover
+€197,778
Other operating income
+€35,680
Services and other goods
-€189,270
Depreciation
-€117,155
Provisions
-€23,847
Other operating charges
-€38,656
Other operating items
-€74,947
Financial income
+€0
Financial charges
-€300,360
Result 2025
€334,654
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
+€16.6m
Investment
-€39.0m
Financing
+€40.2m
Cash 2024
€948,457
From operations (derived)
+€16.6m
Net result for the year
+€334,654
Depreciation
+€1.2m
Receivables within one year
+€670,990
Smaller working-capital items
+€107,623
Trade debts
+€12.5m
Other debts
-€760,529
Accrued charges and deferred income
+€2.6m
Investment (derived)
-€39.0m
Investment in fixed assets (net)
-€39.0m
Financing
+€40.2m
Debts after one year
+€40.7m
Current portion of long-term debt
-€490,660
Cash 2025
€18.8m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,390,259 | €81,372,146 | +€55.0m | +208% |
| Fixed assets | 21/28 | €23,047,477 | €60,854,005 | +€37.8m | +164% |
| Tangible fixed assets | 22/27 | €23,047,477 | €60,854,005 | +€37.8m | +164% |
| Plant, machinery and equipment | 23 | €20,487,304 | €19,584,180 | -€903,124 | -4.4% |
| Other tangible fixed assets | 26 | - | €1,463,572 | +€1.5m | |
| Assets under construction and advance payments | 27 | €2,560,173 | €39,806,253 | +€37.2m | +1,455% |
| Current assets | 29/58 | €3,342,782 | €20,518,141 | +€17.2m | +514% |
| Amounts receivable within one year | 40/41 | €2,160,202 | €1,489,212 | -€670,990 | -31.1% |
| Trade receivables | 40 | €1,938,202 | €1,489,212 | -€448,990 | -23.2% |
| Other amounts receivable | 41 | €222,000 | - | -€222,000 | |
| Cash at bank and in hand | 54/58 | €948,457 | €18,806,979 | +€17.9m | +1,883% |
| Deferred charges and accrued income | 490/1 | €234,123 | €221,950 | -€12,173 | -5.2% |
| Total equity and liabilities | 10/49 | €26,390,259 | €81,372,146 | +€55.0m | +208% |
| Equity | 10/15 | €6,375,017 | €6,709,671 | +€334,654 | +5.2% |
| Contributions | 10/11 | €6,190,762 | €6,190,762 | = | 0.0% |
| Capital | 10 | €2,800,000 | €2,800,000 | = | 0.0% |
| Issued capital | 100 | €2,800,000 | €2,800,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,390,762 | €3,390,762 | = | 0.0% |
| Share premium | 1100/10 | €3,390,762 | €3,390,762 | = | 0.0% |
| Reserves | 13 | €88,938 | €105,671 | +€16,733 | +18.8% |
| Non-distributable reserves | 130/1 | €88,938 | €105,671 | +€16,733 | +18.8% |
| Legal reserve | 130 | €88,938 | €105,671 | +€16,733 | +18.8% |
| Profit (loss) carried forward | 14 | €95,317 | €413,238 | +€317,920 | +334% |
| Provisions and deferred taxes | 16 | €25,615 | €68,436 | +€42,821 | +167% |
| Provisions for liabilities and charges | 160/5 | €25,615 | €68,436 | +€42,821 | +167% |
| Other liabilities and charges | 164/5 | €25,615 | €68,436 | +€42,821 | +167% |
| Amounts payable | 17/49 | €19,989,627 | €74,594,040 | +€54.6m | +273% |
| Amounts payable after more than one year | 17 | €16,682,251 | €57,354,917 | +€40.7m | +244% |
| Financial debts | 170/4 | €16,682,251 | €57,354,917 | +€40.7m | +244% |
| Other loans | 174 | €16,682,251 | €57,354,917 | +€40.7m | +244% |
| Amounts payable within one year | 42/48 | €2,433,210 | €13,735,814 | +€11.3m | +465% |
| Current portion of amounts payable after more than one year | 42 | €490,660 | - | -€490,660 | |
| Trade debts | 44 | €1,155,287 | €13,656,451 | +€12.5m | +1,082% |
| Suppliers | 440/4 | €1,155,287 | €13,656,451 | +€12.5m | +1,082% |
| Taxes, remuneration and social security | 45 | €26,734 | €79,363 | +€52,629 | +197% |
| Taxes | 450/3 | €26,734 | €79,363 | +€52,629 | +197% |
| Other amounts payable | 47/48 | €760,529 | - | -€760,529 | |
| Accrued charges and deferred income | 492/3 | €874,166 | €3,503,308 | +€2.6m | +301% |
| Operating income | 70/76A | €3,200,082 | €3,358,593 | +€158,511 | +5.0% |
| Turnover | 70 | €3,125,134 | €3,322,913 | +€197,778 | +6.3% |
| Other operating income | 74 | €0 | €35,680 | +€35,680 | +356,798,900% |
| Non-recurring operating income | 76A | €74,947 | - | -€74,947 | |
| Operating charges | 60/66A | €1,526,103 | €1,895,030 | +€368,927 | +24.2% |
| Services and other goods | 61 | €412,486 | €601,756 | +€189,270 | +45.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,039,094 | €1,156,248 | +€117,155 | +11.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €18,974 | €42,821 | +€23,847 | +126% |
| Other operating charges | 640/8 | €55,549 | €94,204 | +€38,656 | +69.6% |
| Operating profit (loss) | 9901 | €1,673,979 | €1,463,563 | -€210,416 | -12.6% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,750% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,750% |
| Other financial income | 752/9 | €0 | €0 | +€0 | +1,750% |
| Financial charges | 65/66B | €828,550 | €1,128,909 | +€300,360 | +36.3% |
| Recurring financial charges | 65 | €828,550 | €1,128,909 | +€300,360 | +36.3% |
| Debt charges | 650 | €827,625 | €1,128,275 | +€300,650 | +36.3% |
| Other financial charges | 652/9 | €924 | €634 | -€290 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €845,429 | €334,654 | -€510,776 | -60.4% |
| Profit (loss) for the period | 9904 | €845,429 | €334,654 | -€510,776 | -60.4% |
| Profit (loss) for the period to be appropriated | 9905 | €845,429 | €334,654 | -€510,776 | -60.4% |
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 26 October 2026 via checked.be.