DEMANapath: 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.
DEMANapath
Largest movements
- Cash -€60,315
down €60,315 (-35.1%), from €171,787 to €111,473
mainly Contributions, distributions and other (-€287,000) and Receivables within one year (-€12,074)
- Current investments -€38,750
down €38,750 (-25.6%), from €151,150 to €112,400
- Tangible fixed assets -€16,314
down €16,314 (-24.9%), from €65,417 to €49,102
of which Furniture and vehicles: -€15,000
- Receivables within one year +€12,074
up €12,074 (+13.7%), from €88,302 to €100,376
of which Trade receivables: +€12,074
- Reserves -€115,593
down €115,593 (-39.2%), from €294,585 to €178,991
- Other debts +€25,709
up €25,709 (+16.9%), from €152,014 to €177,723
- Debts after one year -€7,931
down €7,931 (-92.3%), from €8,596 to €665
- Gross operating margin +€13,280
up €13,280 (+6.2%), from €214,195 to €227,475
- Financial income +€3,378
up €3,378 (+506%), from €668 to €4,045
- Taxes -€3,087
down €3,087 (-6.7%), from €45,938 to €42,851
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 | €476,656 | €373,351 | -€103,306 | -21.7% |
| Fixed assets | 21/28 | €65,417 | €49,102 | -€16,314 | -24.9% |
| Tangible fixed assets | 22/27 | €65,417 | €49,102 | -€16,314 | -24.9% |
| Plant, machinery and equipment | 23 | €2,405 | €1,090 | -€1,315 | -54.7% |
| Furniture and vehicles | 24 | €63,012 | €48,012 | -€15,000 | -23.8% |
| Current assets | 29/58 | €411,240 | €324,249 | -€86,991 | -21.2% |
| Amounts receivable within one year | 40/41 | €88,302 | €100,376 | +€12,074 | +13.7% |
| Trade receivables | 40 | €88,302 | €100,376 | +€12,074 | +13.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €151,150 | €112,400 | -€38,750 | -25.6% |
| Cash at bank and in hand | 54/58 | €171,787 | €111,473 | -€60,315 | -35.1% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €476,656 | €373,351 | -€103,306 | -21.7% |
| Equity | 10/15 | €295,935 | €180,341 | -€115,593 | -39.1% |
| Contributions | 10/11 | €1,350 | €1,350 | = | 0.0% |
| Reserves | 13 | €294,585 | €178,991 | -€115,593 | -39.2% |
| Distributable reserves | 133 | €294,585 | €178,991 | -€115,593 | -39.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €180,722 | €193,009 | +€12,288 | +6.8% |
| Amounts payable after more than one year | 17 | €8,596 | €665 | -€7,931 | -92.3% |
| Financial debts | 170/4 | €8,596 | €665 | -€7,931 | -92.3% |
| Amounts payable within one year | 42/48 | €172,125 | €192,345 | +€20,219 | +11.7% |
| Current portion of amounts payable after more than one year | 42 | €10,979 | €7,931 | -€3,048 | -27.8% |
| Trade debts | 44 | €4,453 | €3,452 | -€1,001 | -22.5% |
| Suppliers | 440/4 | €4,453 | €3,452 | -€1,001 | -22.5% |
| Taxes, remuneration and social security | 45 | €4,679 | €3,237 | -€1,442 | -30.8% |
| Taxes | 450/3 | €4,679 | €3,237 | -€1,442 | -30.8% |
| Other amounts payable | 47/48 | €152,014 | €177,723 | +€25,709 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,420 | €16,314 | -€106 | -0.6% |
| Other operating charges | 640/8 | €569 | €638 | +€68 | +12.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €214,195 | €227,475 | +€13,280 | +6.2% |
| Operating profit (loss) | 9901 | €197,205 | €210,523 | +€13,318 | +6.8% |
| Financial income | 75/76B | €668 | €4,045 | +€3,378 | +506% |
| Recurring financial income | 75 | €668 | €4,045 | +€3,378 | +506% |
| Financial charges | 65/66B | €458 | €310 | -€147 | -32.2% |
| Recurring financial charges | 65 | €458 | €310 | -€147 | -32.2% |
| Profit (loss) for the period before taxes | 9903 | €197,415 | €214,258 | +€16,843 | +8.5% |
| Income taxes | 67/77 | €45,938 | €42,851 | -€3,087 | -6.7% |
| Profit (loss) for the period | 9904 | €151,477 | €171,407 | +€19,930 | +13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €151,477 | €171,407 | +€19,930 | +13.2% |
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.