DEMAJA: 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.
DEMAJA
Largest movements
- Receivables within one year +€254,128
up €254,128 (+281.8%), from €90,175 to €344,303
of which Other amounts receivable: +€254,128
- Tangible fixed assets -€36,824
down €36,824 (-4.3%), from €866,249 to €829,425
of which Land and buildings: -€32,546
- Reserves +€284,701
up €284,701 (+31.0%), from €917,848 to €1.2m
of which Distributable reserves: +€289,350
- Debts after one year -€39,576
down €39,576 (-15.0%), from €264,633 to €225,057
- Provisions +€161,247
up €161,247 (+90.4%), from -€178,289 to -€17,042
- Financial charges -€153,217
down €153,217 (-57.3%), from €267,282 to €114,065
- Financial income +€149,179
new in 2025: €149,179
- Taxes +€8,324
up €8,324 (+10.6%), from €78,351 to €86,674
- Gross operating margin -€7,417
down €7,417 (-2.0%), from €377,033 to €369,616
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 | €3,360,324 | €3,588,387 | +€228,063 | +6.8% |
| Fixed assets | 21/28 | €3,260,454 | €3,237,278 | -€23,176 | -0.7% |
| Tangible fixed assets | 22/27 | €866,249 | €829,425 | -€36,824 | -4.3% |
| Land and buildings | 22 | €827,591 | €795,044 | -€32,546 | -3.9% |
| Furniture and vehicles | 24 | €1,513 | €1,941 | +€428 | +28.3% |
| Other tangible fixed assets | 26 | €37,146 | €32,440 | -€4,706 | -12.7% |
| Financial fixed assets | 28 | €2,394,205 | €2,407,853 | +€13,648 | +0.6% |
| Current assets | 29/58 | €99,870 | €351,109 | +€251,238 | +251.6% |
| Amounts receivable within one year | 40/41 | €90,175 | €344,303 | +€254,128 | +281.8% |
| Trade receivables | 40 | €84,000 | €84,000 | = | 0.0% |
| Other amounts receivable | 41 | €6,175 | €260,303 | +€254,128 | +4115.8% |
| Cash at bank and in hand | 54/58 | €1,715 | €3,683 | +€1,967 | +114.7% |
| Deferred charges and accrued income | 490/1 | €7,980 | €3,123 | -€4,857 | -60.9% |
| Total equity and liabilities | 10/49 | €3,360,324 | €3,588,387 | +€228,063 | +6.8% |
| Equity | 10/15 | €1,700,636 | €1,985,389 | +€284,753 | +16.7% |
| Contributions | 10/11 | €616,326 | €616,326 | = | 0.0% |
| Reserves | 13 | €917,848 | €1,202,549 | +€284,701 | +31.0% |
| Tax-exempt reserves | 132 | €106,915 | €102,266 | -€4,649 | -4.3% |
| Distributable reserves | 133 | €810,933 | €1,100,283 | +€289,350 | +35.7% |
| Profit (loss) carried forward | 14 | €166,463 | €166,514 | +€52 | 0.0% |
| Provisions and deferred taxes | 16 | €719,208 | €700,617 | -€18,592 | -2.6% |
| Provisions for liabilities and charges | 160/5 | €694,420 | €677,378 | -€17,042 | -2.5% |
| Other liabilities and charges | 164/5 | €694,420 | €677,378 | -€17,042 | -2.5% |
| Deferred taxes | 168 | €24,788 | €23,239 | -€1,550 | -6.3% |
| Amounts payable | 17/49 | €940,479 | €902,381 | -€38,098 | -4.1% |
| Amounts payable after more than one year | 17 | €264,633 | €225,057 | -€39,576 | -15.0% |
| Financial debts | 170/4 | €264,633 | €225,057 | -€39,576 | -15.0% |
| Amounts payable within one year | 42/48 | €647,338 | €615,058 | -€32,280 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €39,173 | €39,576 | +€403 | +1.0% |
| Trade debts | 44 | €4,263 | €2,351 | -€1,912 | -44.9% |
| Suppliers | 440/4 | €4,263 | €2,351 | -€1,912 | -44.9% |
| Taxes, remuneration and social security | 45 | €13,351 | €0 | -€13,351 | -100.0% |
| Taxes | 450/3 | €13,351 | €0 | -€13,351 | -100.0% |
| Other amounts payable | 47/48 | €590,552 | €573,132 | -€17,420 | -2.9% |
| Accrued charges and deferred income | 492/3 | €28,509 | €62,266 | +€33,757 | +118.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,490 | €38,334 | -€155 | -0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€178,289 | -€17,042 | +€161,247 | +90.4% |
| Other operating charges | 640/8 | €10,949 | €13,560 | +€2,610 | +23.8% |
| Gross operating margin | 9900 | €377,033 | €369,616 | -€7,417 | -2.0% |
| Operating profit (loss) | 9901 | €505,883 | €334,764 | -€171,119 | -33.8% |
| Financial income | 75/76B | - | €149,179 | +€149,179 | |
| Recurring financial income | 75 | - | €149,179 | +€149,179 | |
| Financial charges | 65/66B | €267,282 | €114,065 | -€153,217 | -57.3% |
| Recurring financial charges | 65 | €267,282 | €114,065 | -€153,217 | -57.3% |
| Profit (loss) for the period before taxes | 9903 | €238,600 | €369,877 | +€131,277 | +55.0% |
| Transfer from deferred taxes | 780 | €1,550 | €1,550 | = | 0.0% |
| Income taxes | 67/77 | €78,351 | €86,674 | +€8,324 | +10.6% |
| Profit (loss) for the period | 9904 | €161,799 | €284,753 | +€122,954 | +76.0% |
| Transfer from tax-exempt reserves | 789 | €4,649 | €4,649 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €166,448 | €289,402 | +€122,954 | +73.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.