Demarest Filip: 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.
Demarest Filip
Largest movements
- Receivables within one year +€27,321
up €27,321 (+135%), from €20,240 to €47,561
of which Other amounts receivable: +€14,768
- Stocks and contracts -€8,106
down €8,106 (-53.2%), from €15,237 to €7,131
- Tangible fixed assets -€6,873
down €6,873 (-12.6%), from €54,351 to €47,478
of which Plant, machinery and equipment: -€8,267
- Deferred charges and accrued income -€2,606
down €2,606 (-55.1%), from €4,728 to €2,123
- Current portion of long-term debt -€13,203
down €13,203 (-71.0%), from €18,590 to €5,387
- Tax, wage and social debts +€12,886
up €12,886 (+172%), from €7,495 to €20,381
- Reserves +€10,000
up €10,000 (+25.9%), from €38,560 to €48,560
of which Distributable reserves: +€10,000
- Trade debts -€8,631
down €8,631 (-77.3%), from €11,163 to €2,532
- Short-term financial debts +€3,760
new in 2025: €3,760
- Gross operating margin +€10,319
up €10,319 (+38.4%), from €26,840 to €37,159
- Taxes +€2,785
up €2,785 (+124%), from €2,252 to €5,036
- Depreciation -€622
down €622 (-3.8%), from €16,333 to €15,711
- Financial charges -€492
down €492 (-21.4%), from €2,293 to €1,801
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 | €118,712 | €126,502 | +€7,789 | +6.6% |
| Fixed assets | 21/28 | €56,408 | €48,921 | -€7,487 | -13.3% |
| Intangible fixed assets | 21 | €2,057 | €1,443 | -€614 | -29.8% |
| Tangible fixed assets | 22/27 | €54,351 | €47,478 | -€6,873 | -12.6% |
| Plant, machinery and equipment | 23 | €34,863 | €26,596 | -€8,267 | -23.7% |
| Furniture and vehicles | 24 | €5,646 | €5,006 | -€640 | -11.3% |
| Leasing and similar rights | 25 | €13,842 | €15,875 | +€2,033 | +14.7% |
| Current assets | 29/58 | €62,304 | €77,581 | +€15,276 | +24.5% |
| Amounts receivable after more than one year | 29 | €870 | €448 | -€423 | -48.5% |
| Trade receivables | 290 | €870 | €448 | -€423 | -48.5% |
| Stocks and contracts in progress | 3 | €15,237 | €7,131 | -€8,106 | -53.2% |
| Stocks | 30/36 | €15,237 | €7,131 | -€8,106 | -53.2% |
| Amounts receivable within one year | 40/41 | €20,240 | €47,561 | +€27,321 | +135% |
| Trade receivables | 40 | €19,635 | €32,189 | +€12,554 | +63.9% |
| Other amounts receivable | 41 | €605 | €15,372 | +€14,768 | +2,441% |
| Cash at bank and in hand | 54/58 | €21,228 | €20,317 | -€911 | -4.3% |
| Deferred charges and accrued income | 490/1 | €4,728 | €2,123 | -€2,606 | -55.1% |
| Total equity and liabilities | 10/49 | €118,712 | €126,502 | +€7,789 | +6.6% |
| Equity | 10/15 | €54,229 | €66,121 | +€11,892 | +21.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €38,560 | €48,560 | +€10,000 | +25.9% |
| Tax-exempt reserves | 132 | €7,200 | €7,200 | = | 0.0% |
| Distributable reserves | 133 | €31,360 | €41,360 | +€10,000 | +31.9% |
| Profit (loss) carried forward | 14 | €9,469 | €11,361 | +€1,892 | +20.0% |
| Amounts payable | 17/49 | €64,484 | €60,381 | -€4,103 | -6.4% |
| Amounts payable after more than one year | 17 | €11,141 | €12,277 | +€1,136 | +10.2% |
| Financial debts | 170/4 | €11,141 | €12,277 | +€1,136 | +10.2% |
| Amounts payable within one year | 42/48 | €38,343 | €33,104 | -€5,239 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €18,590 | €5,387 | -€13,203 | -71.0% |
| Financial debts | 43 | - | €3,760 | +€3,760 | |
| Credit institutions | 430/8 | - | €3,760 | +€3,760 | |
| Trade debts | 44 | €11,163 | €2,532 | -€8,631 | -77.3% |
| Suppliers | 440/4 | €11,163 | €2,532 | -€8,631 | -77.3% |
| Taxes, remuneration and social security | 45 | €7,495 | €20,381 | +€12,886 | +172% |
| Taxes | 450/3 | €7,495 | €20,381 | +€12,886 | +172% |
| Other amounts payable | 47/48 | €1,094 | €1,044 | -€51 | -4.7% |
| Accrued charges and deferred income | 492/3 | €15,000 | €15,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €597 | €624 | +€26 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,333 | €15,711 | -€622 | -3.8% |
| Other operating charges | 640/8 | €2,403 | €2,279 | -€124 | -5.2% |
| Gross operating margin | 9900 | €26,840 | €37,159 | +€10,319 | +38.4% |
| Operating profit (loss) | 9901 | €7,507 | €18,545 | +€11,038 | +147% |
| Financial income | 75/76B | €183 | €185 | +€1 | +0.7% |
| Recurring financial income | 75 | €183 | €185 | +€1 | +0.7% |
| Financial charges | 65/66B | €2,293 | €1,801 | -€492 | -21.4% |
| Recurring financial charges | 65 | €2,293 | €1,801 | -€492 | -21.4% |
| Profit (loss) for the period before taxes | 9903 | €5,397 | €16,928 | +€11,531 | +214% |
| Income taxes | 67/77 | €2,252 | €5,036 | +€2,785 | +124% |
| Profit (loss) for the period | 9904 | €3,145 | €11,892 | +€8,746 | +278% |
| Profit (loss) for the period to be appropriated | 9905 | €3,145 | €11,892 | +€8,746 | +278% |
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 14 October 2026 via checked.be.