DEMAN: 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.
What changed
DEMAN
NACE 46.610, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€218,024
2024 · €174,326+€43,697
Equity
€1.7m
2024 · €1.6m+€57,024
Cash
€202,006
2024 · €180,438+€21,567
Balance sheet total
€4.3m
2024 · €3.9m+€396,160
Largest movements
Assets
- Receivables within one year +€464,369
up €464,369 (+58.5%), from €794,253 to €1.3m
of which Trade receivables: +€406,652
- Stocks and contracts -€54,403
down €54,403 (-3.5%), from €1.5m to €1.5m
of which Stocks: -€50,722
Equity and liabilities
- Trade debts +€478,227
up €478,227 (+100.5%), from €475,757 to €953,985
- Short-term financial debts -€90,066
down €90,066 (-20.6%), from €437,704 to €347,638
- Reserves +€63,150
up €63,150 (+4.8%), from €1.3m to €1.4m
of which Tax-exempt reserves: +€63,150
Income statement
- Gross operating margin +€85,713
up €85,713 (+7.4%), from €1.2m to €1.3m
- Staff costs +€48,167
up €48,167 (+6.8%), from €705,879 to €754,046
- Financial charges -€16,099
down €16,099 (-22.1%), from €72,881 to €56,782
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
€174,326
Gross operating margin
+€85,713
Staff costs
-€48,167
Depreciation
+€2,944
Other operating charges
-€37
Financial income
-€454
Financial charges
+€16,099
Taxes
-€12,400
Result 2025
€218,024
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.
From operations
+€425,044
Investment
-€104,792
Financing
-€298,685
Cash 2024
€180,438
From operations (derived)
+€425,044
Net result for the year
+€218,024
Depreciation
+€138,468
Stocks and contracts
+€54,403
Receivables within one year
-€464,369
Deferred charges and accrued income
+€1,698
Trade debts
+€478,227
Tax, wage and social debts
-€9,169
Other debts
+€4,871
Accrued charges and deferred income
+€2,892
Investment (derived)
-€104,792
Investment in fixed assets (net)
-€104,792
Financing
-€298,685
Debts after one year
-€28,457
Current portion of long-term debt
-€19,162
Short-term financial debts
-€90,066
Contributions, distributions and other
-€161,000
Cash 2025
€202,006
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,877,563 | €4,273,724 | +€396,160 | +10.2% |
| Fixed assets | 21/28 | €1,350,055 | €1,316,380 | -€33,676 | -2.5% |
| Intangible fixed assets | 21 | - | €8,975 | +€8,975 | |
| Tangible fixed assets | 22/27 | €1,349,501 | €1,306,850 | -€42,651 | -3.2% |
| Land and buildings | 22 | €980,267 | €1,001,861 | +€21,594 | +2.2% |
| Plant, machinery and equipment | 23 | €337,457 | €284,028 | -€53,429 | -15.8% |
| Furniture and vehicles | 24 | €31,777 | €20,961 | -€10,816 | -34.0% |
| Financial fixed assets | 28 | €554 | €554 | = | 0.0% |
| Current assets | 29/58 | €2,527,508 | €2,957,344 | +€429,836 | +17.0% |
| Stocks and contracts in progress | 3 | €1,540,436 | €1,486,033 | -€54,403 | -3.5% |
| Stocks | 30/36 | €1,164,755 | €1,114,033 | -€50,722 | -4.4% |
| Contracts in progress | 37 | €375,682 | €372,000 | -€3,682 | -1.0% |
| Amounts receivable within one year | 40/41 | €794,253 | €1,258,623 | +€464,369 | +58.5% |
| Trade receivables | 40 | €790,397 | €1,197,049 | +€406,652 | +51.4% |
| Other amounts receivable | 41 | €3,856 | €61,573 | +€57,717 | +1496.9% |
| Cash at bank and in hand | 54/58 | €180,438 | €202,006 | +€21,567 | +12.0% |
| Deferred charges and accrued income | 490/1 | €12,380 | €10,682 | -€1,698 | -13.7% |
| Total equity and liabilities | 10/49 | €3,877,563 | €4,273,724 | +€396,160 | +10.2% |
| Equity | 10/15 | €1,630,195 | €1,687,219 | +€57,024 | +3.5% |
| Contributions | 10/11 | €315,000 | €315,000 | = | 0.0% |
| Capital | 10 | €315,000 | €315,000 | = | 0.0% |
| Issued capital | 100 | €315,000 | €315,000 | = | 0.0% |
| Reserves | 13 | €1,306,453 | €1,369,603 | +€63,150 | +4.8% |
| Non-distributable reserves | 130/1 | €31,500 | €31,500 | = | 0.0% |
| Legal reserve | 130 | €31,500 | €31,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,953 | €143,103 | +€63,150 | +79.0% |
| Distributable reserves | 133 | €1,195,000 | €1,195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,742 | €2,616 | -€6,126 | -70.1% |
| Amounts payable | 17/49 | €2,247,368 | €2,586,505 | +€339,137 | +15.1% |
| Amounts payable after more than one year | 17 | €706,378 | €677,922 | -€28,457 | -4.0% |
| Financial debts | 170/4 | €208,378 | €154,660 | -€53,718 | -25.8% |
| Other amounts payable | 178/9 | €498,000 | €523,262 | +€25,262 | +5.1% |
| Amounts payable within one year | 42/48 | €1,490,055 | €1,854,755 | +€364,701 | +24.5% |
| Current portion of amounts payable after more than one year | 42 | €72,880 | €53,718 | -€19,162 | -26.3% |
| Financial debts | 43 | €437,704 | €347,638 | -€90,066 | -20.6% |
| Credit institutions | 430/8 | €437,704 | €347,638 | -€90,066 | -20.6% |
| Trade debts | 44 | €475,757 | €953,985 | +€478,227 | +100.5% |
| Suppliers | 440/4 | €475,757 | €953,985 | +€478,227 | +100.5% |
| Taxes, remuneration and social security | 45 | €108,171 | €99,002 | -€9,169 | -8.5% |
| Taxes | 450/3 | €30,472 | - | -€30,472 | |
| Remuneration and social security | 454/9 | €77,700 | €99,002 | +€21,302 | +27.4% |
| Other amounts payable | 47/48 | €395,542 | €400,413 | +€4,871 | +1.2% |
| Accrued charges and deferred income | 492/3 | €50,935 | €53,828 | +€2,892 | +5.7% |
| Remuneration, social security and pensions | 62 | €705,879 | €754,046 | +€48,167 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,412 | €138,468 | -€2,944 | -2.1% |
| Other operating charges | 640/8 | €24,774 | €24,811 | +€37 | +0.1% |
| Gross operating margin | 9900 | €1,165,704 | €1,251,417 | +€85,713 | +7.4% |
| Operating profit (loss) | 9901 | €293,640 | €334,092 | +€40,452 | +13.8% |
| Financial income | 75/76B | €9,729 | €9,275 | -€454 | -4.7% |
| Recurring financial income | 75 | €9,729 | €9,275 | -€454 | -4.7% |
| Financial charges | 65/66B | €72,881 | €56,782 | -€16,099 | -22.1% |
| Recurring financial charges | 65 | €72,881 | €56,782 | -€16,099 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €230,488 | €286,585 | +€56,097 | +24.3% |
| Income taxes | 67/77 | €56,162 | €68,562 | +€12,400 | +22.1% |
| Profit (loss) for the period | 9904 | €174,326 | €218,024 | +€43,697 | +25.1% |
| Transfer to tax-exempt reserves | 689 | - | €63,150 | +€63,150 | |
| Profit (loss) for the period to be appropriated | 9905 | €174,326 | €154,874 | -€19,453 | -11.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.