DEMARTIN: 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.
DEMARTIN
Largest movements
- Cash +€570,842
up €570,842 (+88.9%), from €641,785 to €1.2m
mainly Current investments (+€242,535) and Depreciation (+€224,875)
- Current investments -€242,535
down €242,535 (-16.5%), from €1.5m to €1.2m
- Tangible fixed assets -€222,230
down €222,230 (-39.5%), from €562,418 to €340,187
of which Furniture and vehicles: -€214,457
- Receivables within one year -€78,025
down €78,025 (-17.7%), from €441,330 to €363,305
of which Trade receivables: -€77,400
- Deferred charges and accrued income +€67,212
up €67,212 (+23,176%), from €290 to €67,502
- Other debts +€70,200
up €70,200 (+234%), from €30,000 to €100,200
- Reserves +€50,772
up €50,772 (+1.8%), from €2.8m to €2.9m
of which Distributable reserves: +€50,772
- Staff costs -€79,611
down €79,611 (-12.7%), from €624,439 to €544,828
- Gross operating margin -€35,026
down €35,026 (-3.7%), from €946,917 to €911,891
- Financial charges -€18,174
down €18,174 (-83.7%), from €21,714 to €3,540
- Depreciation -€16,084
down €16,084 (-6.7%), from €240,960 to €224,875
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 | €3,138,304 | €3,233,027 | +€94,723 | +3.0% |
| Fixed assets | 21/28 | €584,057 | €361,286 | -€222,770 | -38.1% |
| Tangible fixed assets | 22/27 | €562,418 | €340,187 | -€222,230 | -39.5% |
| Plant, machinery and equipment | 23 | €15,277 | €7,504 | -€7,773 | -50.9% |
| Furniture and vehicles | 24 | €547,141 | €332,684 | -€214,457 | -39.2% |
| Financial fixed assets | 28 | €21,639 | €21,099 | -€540 | -2.5% |
| Current assets | 29/58 | €2,554,247 | €2,871,741 | +€317,494 | +12.4% |
| Amounts receivable within one year | 40/41 | €441,330 | €363,305 | -€78,025 | -17.7% |
| Trade receivables | 40 | €440,499 | €363,099 | -€77,400 | -17.6% |
| Other amounts receivable | 41 | €831 | €206 | -€625 | -75.3% |
| Current investments | 50/53 | €1,470,842 | €1,228,307 | -€242,535 | -16.5% |
| Cash at bank and in hand | 54/58 | €641,785 | €1,212,627 | +€570,842 | +88.9% |
| Deferred charges and accrued income | 490/1 | €290 | €67,502 | +€67,212 | +23,176% |
| Total equity and liabilities | 10/49 | €3,138,304 | €3,233,027 | +€94,723 | +3.0% |
| Equity | 10/15 | €2,963,730 | €3,014,501 | +€50,772 | +1.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €2,813,730 | €2,864,501 | +€50,772 | +1.8% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €140,127 | €140,127 | = | 0.0% |
| Distributable reserves | 133 | €2,658,603 | €2,709,374 | +€50,772 | +1.9% |
| Amounts payable | 17/49 | €174,574 | €218,526 | +€43,952 | +25.2% |
| Amounts payable within one year | 42/48 | €174,574 | €218,526 | +€43,952 | +25.2% |
| Trade debts | 44 | €84,133 | €66,944 | -€17,189 | -20.4% |
| Suppliers | 440/4 | €84,133 | €66,944 | -€17,189 | -20.4% |
| Taxes, remuneration and social security | 45 | €60,441 | €51,382 | -€9,059 | -15.0% |
| Taxes | 450/3 | €5,526 | €5,726 | +€200 | +3.6% |
| Remuneration and social security | 454/9 | €54,915 | €45,656 | -€9,259 | -16.9% |
| Other amounts payable | 47/48 | €30,000 | €100,200 | +€70,200 | +234% |
| Remuneration, social security and pensions | 62 | €624,439 | €544,828 | -€79,611 | -12.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €240,960 | €224,875 | -€16,084 | -6.7% |
| Other operating charges | 640/8 | €1,177 | €3,764 | +€2,587 | +220% |
| Gross operating margin | 9900 | €946,917 | €911,891 | -€35,026 | -3.7% |
| Operating profit (loss) | 9901 | €80,341 | €138,423 | +€58,082 | +72.3% |
| Financial income | 75/76B | €39,934 | €38,402 | -€1,532 | -3.8% |
| Recurring financial income | 75 | €39,934 | €38,402 | -€1,532 | -3.8% |
| Financial charges | 65/66B | €21,714 | €3,540 | -€18,174 | -83.7% |
| Recurring financial charges | 65 | €21,714 | €3,540 | -€18,174 | -83.7% |
| Profit (loss) for the period before taxes | 9903 | €98,561 | €173,285 | +€74,723 | +75.8% |
| Income taxes | 67/77 | €19,468 | €22,513 | +€3,045 | +15.6% |
| Profit (loss) for the period | 9904 | €79,093 | €150,772 | +€71,678 | +90.6% |
| Profit (loss) for the period to be appropriated | 9905 | €79,093 | €150,772 | +€71,678 | +90.6% |
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 30 October 2026 via checked.be.