DEMAR: 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.
DEMAR
Largest movements
- Tangible fixed assets -€14,453
down €14,453 (-2.2%), from €645,123 to €630,670
- Current portion of long-term debt -€43,719
down €43,719 (-83.2%), from €52,556 to €8,837
- Reserves +€37,247
up €37,247 (+14.3%), from €260,927 to €298,174
of which Distributable reserves: +€37,247
- Debts after one year -€8,837
down €8,837 (-45.2%), from €19,532 to €10,695
of which Financial debts: -€8,837
- Gross operating margin -€1,920
down €1,920 (-2.1%), from €93,302 to €91,382
- Financial charges -€1,557
down €1,557 (-14.1%), from €11,017 to €9,459
- Other operating charges -€1,275
down €1,275 (-10.7%), from €11,956 to €10,681
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 | €656,239 | €642,854 | -€13,385 | -2.0% |
| Fixed assets | 21/28 | €645,123 | €630,670 | -€14,453 | -2.2% |
| Tangible fixed assets | 22/27 | €645,123 | €630,670 | -€14,453 | -2.2% |
| Land and buildings | 22 | €645,123 | €630,670 | -€14,453 | -2.2% |
| Current assets | 29/58 | €11,116 | €12,184 | +€1,068 | +9.6% |
| Amounts receivable within one year | 40/41 | €1,090 | - | -€1,090 | |
| Trade receivables | 40 | €1,090 | - | -€1,090 | |
| Cash at bank and in hand | 54/58 | €5,675 | €9,819 | +€4,144 | +73.0% |
| Deferred charges and accrued income | 490/1 | €4,351 | €2,364 | -€1,986 | -45.7% |
| Total equity and liabilities | 10/49 | €656,239 | €642,854 | -€13,385 | -2.0% |
| Equity | 10/15 | €446,847 | €484,094 | +€37,247 | +8.3% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Capital | 10 | €185,920 | €185,920 | = | 0.0% |
| Issued capital | 100 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €260,927 | €298,174 | +€37,247 | +14.3% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Legal reserve | 130 | €18,592 | €18,592 | = | 0.0% |
| Distributable reserves | 133 | €242,335 | €279,582 | +€37,247 | +15.4% |
| Amounts payable | 17/49 | €209,392 | €158,759 | -€50,633 | -24.2% |
| Amounts payable after more than one year | 17 | €19,532 | €10,695 | -€8,837 | -45.2% |
| Financial debts | 170/4 | €8,837 | - | -€8,837 | |
| Other amounts payable | 178/9 | €10,695 | €10,695 | = | 0.0% |
| Amounts payable within one year | 42/48 | €180,442 | €139,321 | -€41,121 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €52,556 | €8,837 | -€43,719 | -83.2% |
| Trade debts | 44 | €4,813 | €3,025 | -€1,788 | -37.1% |
| Suppliers | 440/4 | €4,813 | €3,025 | -€1,788 | -37.1% |
| Taxes, remuneration and social security | 45 | €2,256 | €4,784 | +€2,529 | +112.1% |
| Taxes | 450/3 | €2,256 | €4,784 | +€2,529 | +112.1% |
| Other amounts payable | 47/48 | €120,818 | €122,675 | +€1,857 | +1.5% |
| Accrued charges and deferred income | 492/3 | €9,418 | €8,743 | -€675 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,326 | €16,480 | +€154 | +0.9% |
| Other operating charges | 640/8 | €11,956 | €10,681 | -€1,275 | -10.7% |
| Gross operating margin | 9900 | €93,302 | €91,382 | -€1,920 | -2.1% |
| Operating profit (loss) | 9901 | €65,019 | €64,221 | -€799 | -1.2% |
| Financial income | 75/76B | €21 | €22 | +€0 | +0.6% |
| Recurring financial income | 75 | €21 | €22 | +€0 | +0.6% |
| Financial charges | 65/66B | €11,017 | €9,459 | -€1,557 | -14.1% |
| Recurring financial charges | 65 | €11,017 | €9,459 | -€1,557 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €54,024 | €54,783 | +€759 | +1.4% |
| Income taxes | 67/77 | €17,256 | €17,535 | +€280 | +1.6% |
| Profit (loss) for the period | 9904 | €36,769 | €37,247 | +€479 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,769 | €37,247 | +€479 | +1.3% |
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 30 September 2026 via checked.be.