DEMARCKE: 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.
DEMARCKE
Largest movements
- Stocks and contracts +€64,006
new in 2025: €64,006
- Tangible fixed assets +€29,355
up €29,355 (+54.8%), from €53,569 to €82,924
- Receivables within one year +€25,894
up €25,894 (+88.3%), from €29,334 to €55,228
of which Trade receivables: +€27,181
- Cash -€5,821
down €5,821 (-88.4%), from €6,588 to €767
mainly Stocks and contracts (-€64,006) and Investment in fixed assets (net) (-€52,610)
- Financial fixed assets +€2,970
new in 2025: €2,970
- Trade debts +€44,551
up €44,551 (+876.2%), from €5,084 to €49,635
- Debts after one year +€34,851
up €34,851 (+133.9%), from €26,033 to €60,884
- Reserves +€10,319
up €10,319 (+53.8%), from €19,168 to €29,488
- Short-term financial debts +€8,817
new in 2025: €8,817
- Current portion of long-term debt +€8,314
up €8,314 (+58.4%), from €14,247 to €22,561
- Depreciation +€14,136
up €14,136 (+229.9%), from €6,149 to €20,285
- Gross operating margin -€4,582
down €4,582 (-9.6%), from €47,825 to €43,243
- Taxes -€3,589
down €3,589 (-41.8%), from €8,581 to €4,993
- Financial charges +€3,045
up €3,045 (+387.6%), from €786 to €3,831
- Other operating charges +€2,815
up €2,815 (+281.2%), from €1,001 to €3,816
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 | €90,902 | €206,523 | +€115,621 | +127.2% |
| Fixed assets | 21/28 | €53,569 | €85,894 | +€32,325 | +60.3% |
| Tangible fixed assets | 22/27 | €53,569 | €82,924 | +€29,355 | +54.8% |
| Plant, machinery and equipment | 23 | €1,945 | €4,494 | +€2,548 | +131.0% |
| Furniture and vehicles | 24 | €51,624 | €52,614 | +€991 | +1.9% |
| Leasing and similar rights | 25 | - | €12,066 | +€12,066 | |
| Other tangible fixed assets | 26 | - | €13,750 | +€13,750 | |
| Financial fixed assets | 28 | - | €2,970 | +€2,970 | |
| Current assets | 29/58 | €37,333 | €120,629 | +€83,296 | +223.1% |
| Stocks and contracts in progress | 3 | - | €64,006 | +€64,006 | |
| Stocks | 30/36 | - | €64,006 | +€64,006 | |
| Amounts receivable within one year | 40/41 | €29,334 | €55,228 | +€25,894 | +88.3% |
| Trade receivables | 40 | €27,934 | €55,115 | +€27,181 | +97.3% |
| Other amounts receivable | 41 | €1,400 | €113 | -€1,287 | -91.9% |
| Cash at bank and in hand | 54/58 | €6,588 | €767 | -€5,821 | -88.4% |
| Deferred charges and accrued income | 490/1 | €1,411 | €627 | -€784 | -55.6% |
| Total equity and liabilities | 10/49 | €90,902 | €206,523 | +€115,621 | +127.2% |
| Equity | 10/15 | €25,368 | €35,688 | +€10,319 | +40.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,168 | €29,488 | +€10,319 | +53.8% |
| Distributable reserves | 133 | €19,168 | €29,488 | +€10,319 | +53.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €65,533 | €170,835 | +€105,302 | +160.7% |
| Amounts payable after more than one year | 17 | €26,033 | €60,884 | +€34,851 | +133.9% |
| Financial debts | 170/4 | €26,033 | €60,884 | +€34,851 | +133.9% |
| Amounts payable within one year | 42/48 | €39,500 | €109,951 | +€70,451 | +178.4% |
| Current portion of amounts payable after more than one year | 42 | €14,247 | €22,561 | +€8,314 | +58.4% |
| Financial debts | 43 | - | €8,817 | +€8,817 | |
| Credit institutions | 430/8 | - | €8,817 | +€8,817 | |
| Trade debts | 44 | €5,084 | €49,635 | +€44,551 | +876.2% |
| Suppliers | 440/4 | €5,084 | €49,635 | +€44,551 | +876.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,581 | €7,171 | +€3,590 | +100.2% |
| Taxes | 450/3 | €3,581 | €7,171 | +€3,590 | +100.2% |
| Other amounts payable | 47/48 | €16,588 | €21,767 | +€5,180 | +31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,149 | €20,285 | +€14,136 | +229.9% |
| Other operating charges | 640/8 | €1,001 | €3,816 | +€2,815 | +281.2% |
| Gross operating margin | 9900 | €47,825 | €43,243 | -€4,582 | -9.6% |
| Operating profit (loss) | 9901 | €40,675 | €19,143 | -€21,532 | -52.9% |
| Financial income | 75/76B | €15 | €0 | -€15 | -99.9% |
| Recurring financial income | 75 | €15 | €0 | -€15 | -99.9% |
| Financial charges | 65/66B | €786 | €3,831 | +€3,045 | +387.6% |
| Recurring financial charges | 65 | €786 | €3,831 | +€3,045 | +387.6% |
| Profit (loss) for the period before taxes | 9903 | €39,904 | €15,312 | -€24,592 | -61.6% |
| Income taxes | 67/77 | €8,581 | €4,993 | -€3,589 | -41.8% |
| Profit (loss) for the period | 9904 | €31,323 | €10,319 | -€21,004 | -67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,323 | €10,319 | -€21,004 | -67.1% |
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 11 October 2026 via checked.be.