DEMARC: 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.
DEMARC
Largest movements
- Tangible fixed assets -€32,567
down €32,567 (-7.4%), from €441,780 to €409,213
of which Other tangible fixed assets: -€17,849
- Debts after one year -€26,186
down €26,186 (-3.8%), from €681,094 to €654,908
of which Financial debts: -€13,206
- Trade debts +€19,825
up €19,825 (+120.7%), from €16,421 to €36,246
- Profit (loss) carried forward -€16,621
down €16,621 (-4.4%), from -€381,899 to -€398,520
- Gross operating margin +€1,655
up €1,655 (+6.1%), from €27,106 to €28,762
- Other operating charges +€1,151
up €1,151 (+15.2%), from €7,581 to €8,731
- Financial charges -€721
down €721 (-15.0%), from €4,805 to €4,085
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 | €682,192 | €655,073 | -€27,119 | -4.0% |
| Fixed assets | 21/28 | €641,780 | €609,213 | -€32,567 | -5.1% |
| Tangible fixed assets | 22/27 | €441,780 | €409,213 | -€32,567 | -7.4% |
| Land and buildings | 22 | €140,563 | €131,856 | -€8,707 | -6.2% |
| Furniture and vehicles | 24 | €8,789 | €8,233 | -€556 | -6.3% |
| Other tangible fixed assets | 26 | €216,566 | €198,717 | -€17,849 | -8.2% |
| Assets under construction and advance payments | 27 | €75,862 | €70,407 | -€5,455 | -7.2% |
| Financial fixed assets | 28 | €200,000 | €200,000 | = | 0.0% |
| Current assets | 29/58 | €40,412 | €45,860 | +€5,448 | +13.5% |
| Amounts receivable within one year | 40/41 | €14 | €0 | -€14 | -100.0% |
| Other amounts receivable | 41 | €14 | €0 | -€14 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,363 | €25,700 | +€4,337 | +20.3% |
| Deferred charges and accrued income | 490/1 | €19,035 | €20,160 | +€1,125 | +5.9% |
| Total equity and liabilities | 10/49 | €682,192 | €655,073 | -€27,119 | -4.0% |
| Equity | 10/15 | -€128,983 | -€145,604 | -€16,621 | -12.9% |
| Contributions | 10/11 | €210,710 | €210,710 | = | 0.0% |
| Capital | 10 | €210,710 | €210,710 | = | 0.0% |
| Issued capital | 100 | €210,710 | €210,710 | = | 0.0% |
| Revaluation surpluses | 12 | €19,385 | €18,121 | -€1,264 | -6.5% |
| Reserves | 13 | €22,822 | €24,086 | +€1,264 | +5.5% |
| Non-distributable reserves | 130/1 | €65 | €65 | = | 0.0% |
| Legal reserve | 130 | €65 | €65 | = | 0.0% |
| Distributable reserves | 133 | €22,757 | €24,021 | +€1,264 | +5.6% |
| Profit (loss) carried forward | 14 | -€381,899 | -€398,520 | -€16,621 | -4.4% |
| Amounts payable | 17/49 | €811,175 | €800,677 | -€10,498 | -1.3% |
| Amounts payable after more than one year | 17 | €681,094 | €654,908 | -€26,186 | -3.8% |
| Financial debts | 170/4 | €53,274 | €40,068 | -€13,206 | -24.8% |
| Other amounts payable | 178/9 | €627,820 | €614,840 | -€12,980 | -2.1% |
| Amounts payable within one year | 42/48 | €130,081 | €145,769 | +€15,688 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €15,526 | €16,303 | +€778 | +5.0% |
| Trade debts | 44 | €16,421 | €36,246 | +€19,825 | +120.7% |
| Suppliers | 440/4 | €16,421 | €36,246 | +€19,825 | +120.7% |
| Other amounts payable | 47/48 | €98,134 | €93,219 | -€4,915 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,765 | €32,567 | -€199 | -0.6% |
| Other operating charges | 640/8 | €7,581 | €8,731 | +€1,151 | +15.2% |
| Gross operating margin | 9900 | €27,106 | €28,762 | +€1,655 | +6.1% |
| Operating profit (loss) | 9901 | -€13,240 | -€12,536 | +€703 | +5.3% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €4,805 | €4,085 | -€721 | -15.0% |
| Recurring financial charges | 65 | €4,805 | €4,085 | -€721 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | -€18,042 | -€16,621 | +€1,421 | +7.9% |
| Profit (loss) for the period | 9904 | -€18,042 | -€16,621 | +€1,421 | +7.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,042 | -€16,621 | +€1,421 | +7.9% |
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 1 October 2026 via checked.be.