DEMARAL: 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.
DEMARAL
Largest movements
- Tangible fixed assets -€214,816
down €214,816 (-20.5%), from €1.0m to €830,729
of which Plant, machinery and equipment: -€109,715
- Receivables within one year -€214,237
down €214,237 (-81.1%), from €264,254 to €50,016
of which Trade receivables: -€214,099
- Stocks and contracts -€48,939
down €48,939 (-49.8%), from €98,297 to €49,358
- Intangible fixed assets -€19,857
down €19,857 (-20.7%), from €95,967 to €76,110
- Other debts -€396,297
down €396,297 (-46.2%), from €858,198 to €461,901
- Trade debts -€269,961
down €269,961 (-44.7%), from €604,056 to €334,094
- Profit (loss) carried forward +€132,399
up €132,399 (+86.2%), from -€153,673 to -€21,274
- Tax, wage and social debts +€44,591
up €44,591 (+21.8%), from €204,385 to €248,976
of which Taxes: +€47,491
- Gross operating margin +€499,311
up €499,311 (+65.0%), from €768,008 to €1.3m
- Staff costs +€146,427
up €146,427 (+20.5%), from €715,849 to €862,276
- Taxes +€38,762
up €38,762 (+10,715%), from €362 to €39,124
- Financial income +€35,703
up €35,703 (+339%), from €10,547 to €46,250
of which Non-recurring financial income: +€46,250
- Depreciation +€26,629
up €26,629 (+12.1%), from €219,254 to €245,882
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 | €1,533,371 | €1,044,102 | -€489,269 | -31.9% |
| Fixed assets | 21/28 | €1,141,513 | €906,839 | -€234,674 | -20.6% |
| Intangible fixed assets | 21 | €95,967 | €76,110 | -€19,857 | -20.7% |
| Tangible fixed assets | 22/27 | €1,045,546 | €830,729 | -€214,816 | -20.5% |
| Plant, machinery and equipment | 23 | €454,483 | €344,768 | -€109,715 | -24.1% |
| Furniture and vehicles | 24 | €6,548 | €4,254 | -€2,294 | -35.0% |
| Other tangible fixed assets | 26 | €584,515 | €481,707 | -€102,808 | -17.6% |
| Current assets | 29/58 | €391,858 | €137,263 | -€254,595 | -65.0% |
| Stocks and contracts in progress | 3 | €98,297 | €49,358 | -€48,939 | -49.8% |
| Stocks | 30/36 | €98,297 | €49,358 | -€48,939 | -49.8% |
| Amounts receivable within one year | 40/41 | €264,254 | €50,016 | -€214,237 | -81.1% |
| Trade receivables | 40 | €264,115 | €50,016 | -€214,099 | -81.1% |
| Other amounts receivable | 41 | €138 | - | -€138 | |
| Cash at bank and in hand | 54/58 | €29,307 | €37,888 | +€8,581 | +29.3% |
| Total equity and liabilities | 10/49 | €1,533,371 | €1,044,102 | -€489,269 | -31.9% |
| Equity | 10/15 | -€133,268 | -€869 | +€132,399 | +99.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,673 | -€21,274 | +€132,399 | +86.2% |
| Amounts payable | 17/49 | €1,666,638 | €1,044,971 | -€621,667 | -37.3% |
| Amounts payable within one year | 42/48 | €1,666,638 | €1,044,971 | -€621,667 | -37.3% |
| Trade debts | 44 | €604,056 | €334,094 | -€269,961 | -44.7% |
| Suppliers | 440/4 | €604,056 | €334,094 | -€269,961 | -44.7% |
| Taxes, remuneration and social security | 45 | €204,385 | €248,976 | +€44,591 | +21.8% |
| Taxes | 450/3 | €69,886 | €117,377 | +€47,491 | +68.0% |
| Remuneration and social security | 454/9 | €134,499 | €131,599 | -€2,900 | -2.2% |
| Other amounts payable | 47/48 | €858,198 | €461,901 | -€396,297 | -46.2% |
| Remuneration, social security and pensions | 62 | €715,849 | €862,276 | +€146,427 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,254 | €245,882 | +€26,629 | +12.1% |
| Other operating charges | 640/8 | €6,997 | €7,762 | +€765 | +10.9% |
| Gross operating margin | 9900 | €768,008 | €1,267,319 | +€499,311 | +65.0% |
| Operating profit (loss) | 9901 | -€174,092 | €151,398 | +€325,490 | |
| Financial income | 75/76B | €10,547 | €46,250 | +€35,703 | +339% |
| Recurring financial income | 75 | €10,547 | €46,250 | +€35,703 | +339% |
| Non-recurring financial income | 76B | - | €46,250 | +€46,250 | |
| Financial charges | 65/66B | €40,384 | €26,125 | -€14,258 | -35.3% |
| Recurring financial charges | 65 | €40,307 | €26,125 | -€14,182 | -35.2% |
| Non-recurring financial charges | 66B | €76 | - | -€76 | |
| Profit (loss) for the period before taxes | 9903 | -€203,928 | €171,523 | +€375,451 | |
| Income taxes | 67/77 | €362 | €39,124 | +€38,762 | +10,715% |
| Profit (loss) for the period | 9904 | -€204,290 | €132,399 | +€336,688 | |
| Profit (loss) for the period to be appropriated | 9905 | -€204,290 | €132,399 | +€336,688 |
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 21 October 2026 via checked.be.