DEMARO: 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.
DEMARO
Largest movements
- Tangible fixed assets -€30,205
down €30,205 (-61.9%), from €48,806 to €18,601
of which Furniture and vehicles: -€29,132
- Receivables within one year -€27,300
down €27,300 (-86.3%), from €31,622 to €4,321
of which Trade receivables: -€20,189
- Stocks and contracts +€16,932
up €16,932 (+218.0%), from €7,768 to €24,700
- Deferred charges and accrued income +€6,008
up €6,008 (+995.4%), from €604 to €6,611
- Trade debts -€41,428
down €41,428 (-62.1%), from €66,688 to €25,259
- Other debts +€27,469
up €27,469 (+398.0%), from €6,902 to €34,371
- Profit (loss) carried forward -€10,437
down €10,437 (-16.8%), from -€62,246 to -€72,683
- Debts after one year -€6,800
down €6,800 (-79.9%), from €8,509 to €1,709
- Short-term financial debts -€3,435
down €3,435 (-13.4%), from €25,723 to €22,288
- Gross operating margin -€8,106
down €8,106 (-75.1%), from €10,790 to €2,684
- Financial charges +€2,858
up €2,858 (+82.3%), from €3,470 to €6,328
- Other operating charges -€192
down €192 (-10.8%), from €1,780 to €1,588
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €88,799 | €54,233 | -€34,566 | -38.9% |
| Fixed assets | 21/28 | €48,806 | €18,601 | -€30,205 | -61.9% |
| Tangible fixed assets | 22/27 | €48,806 | €18,601 | -€30,205 | -61.9% |
| Plant, machinery and equipment | 23 | €19,613 | €18,540 | -€1,073 | -5.5% |
| Furniture and vehicles | 24 | €29,193 | €61 | -€29,132 | -99.8% |
| Current assets | 29/58 | €39,993 | €35,632 | -€4,361 | -10.9% |
| Stocks and contracts in progress | 3 | €7,768 | €24,700 | +€16,932 | +218.0% |
| Stocks | 30/36 | €7,768 | €24,700 | +€16,932 | +218.0% |
| Amounts receivable within one year | 40/41 | €31,622 | €4,321 | -€27,300 | -86.3% |
| Trade receivables | 40 | €20,580 | €391 | -€20,189 | -98.1% |
| Other amounts receivable | 41 | €11,041 | €3,930 | -€7,111 | -64.4% |
| Deferred charges and accrued income | 490/1 | €604 | €6,611 | +€6,008 | +995.4% |
| Total equity and liabilities | 10/49 | €88,799 | €54,233 | -€34,566 | -38.9% |
| Equity | 10/15 | -€41,795 | -€52,232 | -€10,437 | -25.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,246 | -€72,683 | -€10,437 | -16.8% |
| Amounts payable | 17/49 | €130,595 | €106,465 | -€24,130 | -18.5% |
| Amounts payable after more than one year | 17 | €8,509 | €1,709 | -€6,800 | -79.9% |
| Financial debts | 170/4 | €8,509 | €1,709 | -€6,800 | -79.9% |
| Amounts payable within one year | 42/48 | €122,085 | €104,756 | -€17,329 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €6,740 | €6,800 | +€60 | +0.9% |
| Financial debts | 43 | €25,723 | €22,288 | -€3,435 | -13.4% |
| Credit institutions | 430/8 | €25,723 | €22,288 | -€3,435 | -13.4% |
| Trade debts | 44 | €66,688 | €25,259 | -€41,428 | -62.1% |
| Suppliers | 440/4 | €66,688 | €25,259 | -€41,428 | -62.1% |
| Taxes, remuneration and social security | 45 | €16,033 | €16,038 | +€6 | 0.0% |
| Taxes | 450/3 | €16,033 | €16,038 | +€6 | 0.0% |
| Other amounts payable | 47/48 | €6,902 | €34,371 | +€27,469 | +398.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,216 | €5,183 | -€34 | -0.6% |
| Other operating charges | 640/8 | €1,780 | €1,588 | -€192 | -10.8% |
| Non-recurring operating charges | 66A | - | €22 | +€22 | |
| Gross operating margin | 9900 | €10,790 | €2,684 | -€8,106 | -75.1% |
| Operating profit (loss) | 9901 | €3,794 | -€4,109 | -€7,903 | |
| Financial income | 75/76B | €0 | €1 | +€0 | +361.5% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +361.5% |
| Financial charges | 65/66B | €3,470 | €6,328 | +€2,858 | +82.3% |
| Recurring financial charges | 65 | €3,470 | €6,328 | +€2,858 | +82.3% |
| Profit (loss) for the period before taxes | 9903 | €324 | -€10,437 | -€10,760 | |
| Profit (loss) for the period | 9904 | €324 | -€10,437 | -€10,760 | |
| Profit (loss) for the period to be appropriated | 9905 | €324 | -€10,437 | -€10,760 |
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 4 October 2026 via checked.be.