DEMAS: 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.
DEMAS
Largest movements
- Current investments +€30,000
up €30,000 (+12.0%), from €250,000 to €280,000
- Tangible fixed assets -€13,804
down €13,804 (-2.2%), from €627,916 to €614,112
of which Land and buildings: -€8,748
- Receivables within one year -€10,596
down €10,596 (-30.7%), from €34,497 to €23,901
of which Trade receivables: -€10,600
- Reserves +€32,630
up €32,630 (+25.0%), from €130,719 to €163,349
of which Distributable reserves: +€32,630
- Other debts -€14,775
down €14,775 (-6.8%), from €218,657 to €203,882
- Gross operating margin -€41,009
down €41,009 (-32.7%), from €125,484 to €84,474
- Taxes -€11,252
down €11,252 (-33.5%), from €33,560 to €22,308
- Depreciation +€3,943
up €3,943 (+35.6%), from €11,084 to €15,027
- Financial charges -€1,983
down €1,983 (-11.9%), from €16,656 to €14,672
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 | €959,922 | €972,883 | +€12,961 | +1.4% |
| Fixed assets | 21/28 | €627,916 | €614,112 | -€13,804 | -2.2% |
| Tangible fixed assets | 22/27 | €627,916 | €614,112 | -€13,804 | -2.2% |
| Land and buildings | 22 | €609,162 | €600,414 | -€8,748 | -1.4% |
| Furniture and vehicles | 24 | €18,754 | €13,698 | -€5,056 | -27.0% |
| Current assets | 29/58 | €332,006 | €358,771 | +€26,765 | +8.1% |
| Amounts receivable within one year | 40/41 | €34,497 | €23,901 | -€10,596 | -30.7% |
| Trade receivables | 40 | €34,497 | €23,898 | -€10,600 | -30.7% |
| Other amounts receivable | 41 | - | €3 | +€3 | |
| Current investments | 50/53 | €250,000 | €280,000 | +€30,000 | +12.0% |
| Cash at bank and in hand | 54/58 | €44,612 | €53,037 | +€8,425 | +18.9% |
| Deferred charges and accrued income | 490/1 | €2,897 | €1,833 | -€1,064 | -36.7% |
| Total equity and liabilities | 10/49 | €959,922 | €972,883 | +€12,961 | +1.4% |
| Equity | 10/15 | €711,550 | €744,179 | +€32,630 | +4.6% |
| Contributions | 10/11 | €86,000 | €86,000 | = | 0.0% |
| Capital | 10 | €86,000 | €86,000 | = | 0.0% |
| Issued capital | 100 | €86,000 | €86,000 | = | 0.0% |
| Revaluation surpluses | 12 | €494,831 | €494,831 | = | 0.0% |
| Reserves | 13 | €130,719 | €163,349 | +€32,630 | +25.0% |
| Non-distributable reserves | 130/1 | €8,600 | €8,600 | = | 0.0% |
| Legal reserve | 130 | €8,600 | €8,600 | = | 0.0% |
| Distributable reserves | 133 | €122,119 | €154,749 | +€32,630 | +26.7% |
| Amounts payable | 17/49 | €248,373 | €228,704 | -€19,669 | -7.9% |
| Amounts payable within one year | 42/48 | €248,015 | €228,704 | -€19,312 | -7.8% |
| Trade debts | 44 | €5,962 | €2,187 | -€3,775 | -63.3% |
| Suppliers | 440/4 | €5,962 | €2,187 | -€3,775 | -63.3% |
| Taxes, remuneration and social security | 45 | €23,396 | €22,635 | -€761 | -3.3% |
| Taxes | 450/3 | €21,996 | €22,635 | +€639 | +2.9% |
| Remuneration and social security | 454/9 | €1,400 | - | -€1,400 | |
| Other amounts payable | 47/48 | €218,657 | €203,882 | -€14,775 | -6.8% |
| Accrued charges and deferred income | 492/3 | €357 | - | -€357 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,084 | €15,027 | +€3,943 | +35.6% |
| Other operating charges | 640/8 | €5,267 | €4,780 | -€486 | -9.2% |
| Gross operating margin | 9900 | €125,484 | €84,474 | -€41,009 | -32.7% |
| Operating profit (loss) | 9901 | €109,132 | €64,667 | -€44,466 | -40.7% |
| Financial income | 75/76B | €5,916 | €4,943 | -€973 | -16.4% |
| Recurring financial income | 75 | €5,916 | €4,943 | -€973 | -16.4% |
| Financial charges | 65/66B | €16,656 | €14,672 | -€1,983 | -11.9% |
| Recurring financial charges | 65 | €16,656 | €14,672 | -€1,983 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €98,393 | €54,938 | -€43,455 | -44.2% |
| Income taxes | 67/77 | €33,560 | €22,308 | -€11,252 | -33.5% |
| Profit (loss) for the period | 9904 | €64,833 | €32,630 | -€32,203 | -49.7% |
| Profit (loss) for the period to be appropriated | 9905 | €64,833 | €32,630 | -€32,203 | -49.7% |
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 5 October 2026 via checked.be.