Demarso: what changed
Demarso
Largest movements
- Cash -€127,131
down €127,131 (-49.9%), from €254,940 to €127,809
mainly Contributions, distributions and other (-€118,612) and Current investments (-€50,000)
- Current investments +€50,000
up €50,000 (+20.0%), from €250,000 to €300,000
- Tangible fixed assets -€32,090
down €32,090 (-12.6%), from €255,488 to €223,398
of which Furniture and vehicles: -€27,307
- Receivables within one year +€15,245
up €15,245 (+438%), from €3,483 to €18,729
of which Other amounts receivable: +€11,457
- Reserves -€88,853
down €88,853 (-11.9%), from €744,081 to €655,228
- Gross operating margin -€241,245
down €241,245 (-75.9%), from €318,000 to €76,755
- Taxes -€75,645
down €75,645 (-83.4%), from €90,653 to €15,008
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €767,440 | €672,931 | -€94,510 | -12.3% |
| Fixed assets | 21/28 | €255,488 | €223,398 | -€32,090 | -12.6% |
| Tangible fixed assets | 22/27 | €255,488 | €223,398 | -€32,090 | -12.6% |
| Land and buildings | 22 | €173,019 | €168,236 | -€4,783 | -2.8% |
| Furniture and vehicles | 24 | €82,470 | €55,162 | -€27,307 | -33.1% |
| Current assets | 29/58 | €511,952 | €449,533 | -€62,419 | -12.2% |
| Amounts receivable within one year | 40/41 | €3,483 | €18,729 | +€15,245 | +438% |
| Trade receivables | 40 | €3,312 | €7,100 | +€3,788 | +114% |
| Other amounts receivable | 41 | €171 | €11,629 | +€11,457 | +6,699% |
| Current investments | 50/53 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €254,940 | €127,809 | -€127,131 | -49.9% |
| Deferred charges and accrued income | 490/1 | €3,529 | €2,995 | -€533 | -15.1% |
| Total equity and liabilities | 10/49 | €767,440 | €672,931 | -€94,510 | -12.3% |
| Equity | 10/15 | €750,281 | €661,428 | -€88,853 | -11.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €744,081 | €655,228 | -€88,853 | -11.9% |
| Distributable reserves | 133 | €744,081 | €655,228 | -€88,853 | -11.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €17,160 | €11,503 | -€5,657 | -33.0% |
| Amounts payable within one year | 42/48 | €16,772 | €11,503 | -€5,270 | -31.4% |
| Trade debts | 44 | €2,448 | €1,666 | -€782 | -32.0% |
| Suppliers | 440/4 | €2,448 | €1,666 | -€782 | -32.0% |
| Taxes, remuneration and social security | 45 | €8,890 | €7,515 | -€1,375 | -15.5% |
| Taxes | 450/3 | €6,865 | €5,490 | -€1,375 | -20.0% |
| Remuneration and social security | 454/9 | €2,025 | €2,025 | = | 0.0% |
| Other amounts payable | 47/48 | €5,435 | €2,322 | -€3,112 | -57.3% |
| Accrued charges and deferred income | 492/3 | €387 | €0 | -€387 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,520 | €32,090 | +€2,571 | +8.7% |
| Other operating charges | 640/8 | €4,980 | €5,210 | +€230 | +4.6% |
| Gross operating margin | 9900 | €318,000 | €76,755 | -€241,245 | -75.9% |
| Operating profit (loss) | 9901 | €283,500 | €39,455 | -€244,045 | -86.1% |
| Financial income | 75/76B | €6,092 | €5,458 | -€634 | -10.4% |
| Recurring financial income | 75 | €6,092 | €5,458 | -€634 | -10.4% |
| Financial charges | 65/66B | €128 | €145 | +€17 | +13.7% |
| Recurring financial charges | 65 | €128 | €145 | +€17 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €289,464 | €44,768 | -€244,696 | -84.5% |
| Income taxes | 67/77 | €90,653 | €15,008 | -€75,645 | -83.4% |
| Profit (loss) for the period | 9904 | €198,811 | €29,760 | -€169,051 | -85.0% |
| Profit (loss) for the period to be appropriated | 9905 | €198,811 | €29,760 | -€169,051 | -85.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.