DEMAPHAR: 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.
DEMAPHAR
Largest movements
- Receivables within one year +€37,624
up €37,624 (+5.4%), from €692,807 to €730,431
of which Other amounts receivable: +€22,230
- Tangible fixed assets -€13,522
down €13,522 (-8.0%), from €168,051 to €154,529
of which Land and buildings: -€8,752
- Reserves +€21,018
up €21,018 (+2.5%), from €834,511 to €855,529
- Gross operating margin +€17,039
up €17,039 (+11.1%), from €153,606 to €170,645
- Financial income -€7,992
down €7,992 (-29.4%), from €27,173 to €19,181
- Staff costs +€3,658
up €3,658 (+2.6%), from €138,610 to €142,267
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 | €947,380 | €965,578 | +€18,199 | +1.9% |
| Fixed assets | 21/28 | €168,151 | €154,629 | -€13,522 | -8.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €168,051 | €154,529 | -€13,522 | -8.0% |
| Land and buildings | 22 | €152,335 | €143,583 | -€8,752 | -5.7% |
| Plant, machinery and equipment | 23 | €5,715 | €3,864 | -€1,851 | -32.4% |
| Furniture and vehicles | 24 | €10,001 | €7,082 | -€2,919 | -29.2% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €779,229 | €810,949 | +€31,720 | +4.1% |
| Stocks and contracts in progress | 3 | €76,164 | €72,003 | -€4,160 | -5.5% |
| Stocks | 30/36 | €76,164 | €72,003 | -€4,160 | -5.5% |
| Amounts receivable within one year | 40/41 | €692,807 | €730,431 | +€37,624 | +5.4% |
| Trade receivables | 40 | €47,016 | €62,410 | +€15,394 | +32.7% |
| Other amounts receivable | 41 | €645,791 | €668,021 | +€22,230 | +3.4% |
| Cash at bank and in hand | 54/58 | €10,258 | €8,515 | -€1,743 | -17.0% |
| Total equity and liabilities | 10/49 | €947,380 | €965,578 | +€18,199 | +1.9% |
| Equity | 10/15 | €854,511 | €875,529 | +€21,018 | +2.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €834,511 | €855,529 | +€21,018 | +2.5% |
| Distributable reserves | 133 | €834,511 | €855,529 | +€21,018 | +2.5% |
| Amounts payable | 17/49 | €92,868 | €90,049 | -€2,819 | -3.0% |
| Amounts payable within one year | 42/48 | €92,868 | €90,049 | -€2,819 | -3.0% |
| Trade debts | 44 | €75,141 | €71,616 | -€3,525 | -4.7% |
| Suppliers | 440/4 | €75,141 | €71,616 | -€3,525 | -4.7% |
| Taxes, remuneration and social security | 45 | €17,727 | €18,433 | +€706 | +4.0% |
| Taxes | 450/3 | - | €589 | +€589 | |
| Remuneration and social security | 454/9 | €17,727 | €17,844 | +€117 | +0.7% |
| Remuneration, social security and pensions | 62 | €138,610 | €142,267 | +€3,658 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,907 | €13,522 | +€1,614 | +13.6% |
| Other operating charges | 640/8 | €3,913 | €3,929 | +€16 | +0.4% |
| Gross operating margin | 9900 | €153,606 | €170,645 | +€17,039 | +11.1% |
| Operating profit (loss) | 9901 | -€825 | €10,926 | +€11,751 | |
| Financial income | 75/76B | €27,173 | €19,181 | -€7,992 | -29.4% |
| Recurring financial income | 75 | €27,173 | €19,181 | -€7,992 | -29.4% |
| Financial charges | 65/66B | €517 | €826 | +€309 | +59.7% |
| Recurring financial charges | 65 | €517 | €826 | +€309 | +59.7% |
| Profit (loss) for the period before taxes | 9903 | €25,831 | €29,281 | +€3,450 | +13.4% |
| Income taxes | 67/77 | €7,238 | €8,263 | +€1,025 | +14.2% |
| Profit (loss) for the period | 9904 | €18,592 | €21,018 | +€2,426 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €18,592 | €21,018 | +€2,426 | +13.0% |
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 6 October 2026 via checked.be.