DEMALO: 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.
DEMALO
Largest movements
- Tangible fixed assets +€732,426
up €732,426 (+14.8%), from €4.9m to €5.7m
of which Land and buildings: +€778,512
- Current investments +€528,108
up €528,108 (+44.7%), from €1.2m to €1.7m
- Cash -€404,850
down €404,850 (-81.5%), from €496,717 to €91,867
mainly Contributions, distributions and other (-€1.5m) and Investment in fixed assets (net) (-€991,853)
- Receivables within one year -€402,027
down €402,027 (-29.8%), from €1.3m to €946,312
of which Other amounts receivable: -€399,082
- Reserves -€1.3m
down €1.3m (-19.9%), from €6.6m to €5.3m
of which Distributable reserves: -€1.5m
- Other debts +€976,494
up €976,494 (+140%), from €698,237 to €1.7m
- Debts after one year +€747,507
up €747,507 (+22.1%), from €3.4m to €4.1m
of which Other amounts payable: +€468,848
- Gross operating margin +€145,766
up €145,766 (+27.5%), from €529,129 to €674,895
- Financial charges +€102,258
up €102,258 (+64.8%), from €157,874 to €260,132
- Financial income +€82,322
up €82,322 (+82.7%), from €99,591 to €181,913
- Staff costs -€50,689
down €50,689 (-46.6%), from €108,696 to €58,007
- Taxes -€35,745
down €35,745 (-90.4%), from €39,549 to €3,804
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,287,729 | €11,809,276 | +€521,547 | +4.6% |
| Fixed assets | 21/28 | €6,055,213 | €6,787,640 | +€732,426 | +12.1% |
| Tangible fixed assets | 22/27 | €4,945,213 | €5,677,640 | +€732,426 | +14.8% |
| Land and buildings | 22 | €4,875,075 | €5,653,587 | +€778,512 | +16.0% |
| Plant, machinery and equipment | 23 | - | €894 | +€894 | |
| Furniture and vehicles | 24 | €70,138 | €23,159 | -€46,979 | -67.0% |
| Financial fixed assets | 28 | €1,110,000 | €1,110,000 | = | 0.0% |
| Current assets | 29/58 | €5,232,515 | €5,021,636 | -€210,879 | -4.0% |
| Amounts receivable after more than one year | 29 | €2,115,703 | €2,142,094 | +€26,391 | +1.2% |
| Trade receivables | 290 | €1,368 | €1,868 | +€500 | +36.5% |
| Other amounts receivable | 291 | €2,114,335 | €2,140,226 | +€25,891 | +1.2% |
| Amounts receivable within one year | 40/41 | €1,348,339 | €946,312 | -€402,027 | -29.8% |
| Trade receivables | 40 | €41,408 | €38,463 | -€2,945 | -7.1% |
| Other amounts receivable | 41 | €1,306,930 | €907,849 | -€399,082 | -30.5% |
| Current investments | 50/53 | €1,181,305 | €1,709,413 | +€528,108 | +44.7% |
| Cash at bank and in hand | 54/58 | €496,717 | €91,867 | -€404,850 | -81.5% |
| Deferred charges and accrued income | 490/1 | €90,452 | €131,951 | +€41,498 | +45.9% |
| Total equity and liabilities | 10/49 | €11,287,729 | €11,809,276 | +€521,547 | +4.6% |
| Equity | 10/15 | €6,715,011 | €5,389,918 | -€1.3m | -19.7% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €6,645,683 | €5,321,456 | -€1.3m | -19.9% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €667,202 | €825,004 | +€157,802 | +23.7% |
| Distributable reserves | 133 | €5,971,981 | €4,489,952 | -€1.5m | -24.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €4,328 | €3,462 | -€866 | -20.0% |
| Provisions and deferred taxes | 16 | €222,401 | €275,001 | +€52,601 | +23.7% |
| Deferred taxes | 168 | €222,401 | €275,001 | +€52,601 | +23.7% |
| Amounts payable | 17/49 | €4,350,317 | €6,144,356 | +€1.8m | +41.2% |
| Amounts payable after more than one year | 17 | €3,377,383 | €4,124,890 | +€747,507 | +22.1% |
| Financial debts | 170/4 | €173,747 | €452,405 | +€278,658 | +160% |
| Other amounts payable | 178/9 | €3,203,636 | €3,672,485 | +€468,848 | +14.6% |
| Amounts payable within one year | 42/48 | €963,563 | €2,011,972 | +€1.0m | +109% |
| Current portion of amounts payable after more than one year | 42 | €100,783 | €198,104 | +€97,321 | +96.6% |
| Trade debts | 44 | €74,704 | €16,028 | -€58,677 | -78.5% |
| Suppliers | 440/4 | €74,704 | €16,028 | -€58,677 | -78.5% |
| Taxes, remuneration and social security | 45 | €89,839 | €123,110 | +€33,271 | +37.0% |
| Taxes | 450/3 | €73,577 | €111,779 | +€38,201 | +51.9% |
| Remuneration and social security | 454/9 | €16,261 | €11,331 | -€4,930 | -30.3% |
| Other amounts payable | 47/48 | €698,237 | €1,674,731 | +€976,494 | +140% |
| Accrued charges and deferred income | 492/3 | €9,371 | €7,494 | -€1,877 | -20.0% |
| Non-recurring operating income | 76A | €105,062 | €263,583 | +€158,521 | +151% |
| Remuneration, social security and pensions | 62 | €108,696 | €58,007 | -€50,689 | -46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €234,109 | €259,426 | +€25,317 | +10.8% |
| Other operating charges | 640/8 | €42,853 | €33,159 | -€9,694 | -22.6% |
| Non-recurring operating charges | 66A | - | €13,905 | +€13,905 | |
| Gross operating margin | 9900 | €529,129 | €674,895 | +€145,766 | +27.5% |
| Operating profit (loss) | 9901 | €143,471 | €310,397 | +€166,926 | +116% |
| Financial income | 75/76B | €99,591 | €181,913 | +€82,322 | +82.7% |
| Recurring financial income | 75 | €99,591 | €181,913 | +€82,322 | +82.7% |
| Financial charges | 65/66B | €157,874 | €260,132 | +€102,258 | +64.8% |
| Recurring financial charges | 65 | €157,874 | €260,132 | +€102,258 | +64.8% |
| Profit (loss) for the period before taxes | 9903 | €85,189 | €232,178 | +€146,989 | +173% |
| Transfer from deferred taxes | 780 | €14,255 | €13,295 | -€960 | -6.7% |
| Transfer to deferred taxes | 680 | - | €65,896 | +€65,896 | |
| Income taxes | 67/77 | €39,549 | €3,804 | -€35,745 | -90.4% |
| Profit (loss) for the period | 9904 | €59,895 | €175,773 | +€115,878 | +193% |
| Transfer from tax-exempt reserves | 789 | €42,764 | €39,885 | -€2,879 | -6.7% |
| Transfer to tax-exempt reserves | 689 | - | €197,687 | +€197,687 | |
| Profit (loss) for the period to be appropriated | 9905 | €102,659 | €17,971 | -€84,688 | -82.5% |
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 20 October 2026 via checked.be.