DEMANEF: 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.
DEMANEF
Largest movements
- Deferred charges and accrued income -€78,742
down €78,742 (-68.5%), from €114,962 to €36,220
- Current investments -€40,000
down €40,000 (-100.0%), from €40,000 to €0
- Receivables within one year +€17,267
new in 2025: €17,267
- Tangible fixed assets -€13,349
down €13,349 (-21.3%), from €62,539 to €49,190
of which Furniture and vehicles: -€12,672
- Cash -€10,996
down €10,996 (-12.8%), from €85,762 to €74,765
mainly Contributions, distributions and other (-€200,000) and Other debts (-€74,894)
- Other debts -€74,894
down €74,894 (-100.0%), from €74,894 to €0
- Reserves -€43,000
down €43,000 (-21.5%), from €200,400 to €157,400
- Tax, wage and social debts -€8,650
down €8,650 (-100.0%), from €8,650 to €0
- Gross operating margin -€40,459
down €40,459 (-15.7%), from €257,264 to €216,805
- Taxes -€13,178
down €13,178 (-22.1%), from €59,675 to €46,497
- Depreciation +€9,873
up €9,873 (+284.0%), from €3,476 to €13,349
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 | €303,262 | €177,443 | -€125,819 | -41.5% |
| Fixed assets | 21/28 | €62,539 | €49,190 | -€13,349 | -21.3% |
| Tangible fixed assets | 22/27 | €62,539 | €49,190 | -€13,349 | -21.3% |
| Plant, machinery and equipment | 23 | €3,221 | €2,545 | -€677 | -21.0% |
| Furniture and vehicles | 24 | €59,317 | €46,645 | -€12,672 | -21.4% |
| Current assets | 29/58 | €240,724 | €128,253 | -€112,471 | -46.7% |
| Amounts receivable within one year | 40/41 | - | €17,267 | +€17,267 | |
| Other amounts receivable | 41 | - | €17,267 | +€17,267 | |
| Current investments | 50/53 | €40,000 | €0 | -€40,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €85,762 | €74,765 | -€10,996 | -12.8% |
| Deferred charges and accrued income | 490/1 | €114,962 | €36,220 | -€78,742 | -68.5% |
| Total equity and liabilities | 10/49 | €303,262 | €177,443 | -€125,819 | -41.5% |
| Equity | 10/15 | €219,054 | €176,672 | -€42,382 | -19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €200,400 | €157,400 | -€43,000 | -21.5% |
| Distributable reserves | 133 | €200,400 | €157,400 | -€43,000 | -21.5% |
| Profit (loss) carried forward | 14 | €54 | €672 | +€618 | +1145.7% |
| Amounts payable | 17/49 | €84,208 | €771 | -€83,438 | -99.1% |
| Amounts payable within one year | 42/48 | €84,208 | €400 | -€83,809 | -99.5% |
| Trade debts | 44 | €665 | €400 | -€265 | -39.9% |
| Suppliers | 440/4 | €665 | €400 | -€265 | -39.9% |
| Taxes, remuneration and social security | 45 | €8,650 | €0 | -€8,650 | -100.0% |
| Taxes | 450/3 | €8,650 | €0 | -€8,650 | -100.0% |
| Other amounts payable | 47/48 | €74,894 | €0 | -€74,894 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | €371 | +€371 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,476 | €13,349 | +€9,873 | +284.0% |
| Other operating charges | 640/8 | €511 | €524 | +€12 | +2.4% |
| Gross operating margin | 9900 | €257,264 | €216,805 | -€40,459 | -15.7% |
| Operating profit (loss) | 9901 | €253,276 | €202,932 | -€50,344 | -19.9% |
| Financial income | 75/76B | €3,658 | €1,288 | -€2,370 | -64.8% |
| Recurring financial income | 75 | €3,658 | €1,288 | -€2,370 | -64.8% |
| Financial charges | 65/66B | €659 | €106 | -€553 | -84.0% |
| Recurring financial charges | 65 | €659 | €106 | -€553 | -84.0% |
| Profit (loss) for the period before taxes | 9903 | €256,276 | €204,115 | -€52,160 | -20.4% |
| Income taxes | 67/77 | €59,675 | €46,497 | -€13,178 | -22.1% |
| Profit (loss) for the period | 9904 | €196,601 | €157,618 | -€38,982 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €196,601 | €157,618 | -€38,982 | -19.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.