DEMAS - C: 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.
DEMAS - C
Largest movements
- Tangible fixed assets +€171,004
up €171,004 (+36.6%), from €466,849 to €637,853
of which Other tangible fixed assets: +€182,784
- Cash -€24,296
down €24,296 (-64.8%), from €37,496 to €13,200
mainly Investment in fixed assets (net) (-€192,904) and Debts after one year (-€143,254)
- Other debts +€183,503
up €183,503 (+34.0%), from €540,181 to €723,684
- Debts after one year -€143,254
down €143,254 (-67.6%), from €211,849 to €68,594
- Current portion of long-term debt +€112,736
up €112,736 (+369%), from €30,518 to €143,254
- Gross operating margin -€15,130
down €15,130 (-28.7%), from €52,738 to €37,608
- Taxes +€693
new in 2025: €693
- Financial charges -€649
down €649 (-6.9%), from €9,474 to €8,824
of which Financial charges: -€528
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 | €1,297,526 | €1,457,665 | +€160,139 | +12.3% |
| Fixed assets | 21/28 | €1,259,974 | €1,430,978 | +€171,004 | +13.6% |
| Tangible fixed assets | 22/27 | €466,849 | €637,853 | +€171,004 | +36.6% |
| Land and buildings | 22 | €331,572 | €319,792 | -€11,780 | -3.6% |
| Other tangible fixed assets | 26 | €135,277 | €318,061 | +€182,784 | +135% |
| Financial fixed assets | 28 | €793,125 | €793,125 | = | 0.0% |
| Current assets | 29/58 | €37,552 | €26,687 | -€10,865 | -28.9% |
| Amounts receivable within one year | 40/41 | - | €12,613 | +€12,613 | |
| Trade receivables | 40 | - | €12,611 | +€12,611 | |
| Other amounts receivable | 41 | - | €2 | +€2 | |
| Current investments | 50/53 | €1 | €1 | +€0 | +1.1% |
| Cash at bank and in hand | 54/58 | €37,496 | €13,200 | -€24,296 | -64.8% |
| Deferred charges and accrued income | 490/1 | €55 | €873 | +€818 | +1,492% |
| Total equity and liabilities | 10/49 | €1,297,526 | €1,457,665 | +€160,139 | +12.3% |
| Equity | 10/15 | €486,786 | €488,777 | +€1,991 | +0.4% |
| Contributions | 10/11 | €302,000 | €302,000 | = | 0.0% |
| Revaluation surpluses | 12 | €196,285 | €196,285 | = | 0.0% |
| Reserves | 13 | €12,265 | €12,265 | = | 0.0% |
| Distributable reserves | 133 | €12,265 | €12,265 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,764 | -€21,773 | +€1,991 | +8.4% |
| Amounts payable | 17/49 | €810,740 | €968,888 | +€158,147 | +19.5% |
| Amounts payable after more than one year | 17 | €211,849 | €68,594 | -€143,254 | -67.6% |
| Financial debts | 170/4 | €211,849 | €68,594 | -€143,254 | -67.6% |
| Amounts payable within one year | 42/48 | €596,137 | €898,701 | +€302,564 | +50.8% |
| Current portion of amounts payable after more than one year | 42 | €30,518 | €143,254 | +€112,736 | +369% |
| Trade debts | 44 | €9,284 | €21,137 | +€11,853 | +128% |
| Suppliers | 440/4 | €9,284 | €21,137 | +€11,853 | +128% |
| Taxes, remuneration and social security | 45 | €16,154 | €10,626 | -€5,527 | -34.2% |
| Taxes | 450/3 | €12,404 | €6,876 | -€5,527 | -44.6% |
| Remuneration and social security | 454/9 | €3,750 | €3,750 | = | 0.0% |
| Other amounts payable | 47/48 | €540,181 | €723,684 | +€183,503 | +34.0% |
| Accrued charges and deferred income | 492/3 | €2,754 | €1,592 | -€1,162 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,889 | €21,900 | +€11 | +0.1% |
| Other operating charges | 640/8 | €4,122 | €4,199 | +€77 | +1.9% |
| Gross operating margin | 9900 | €52,738 | €37,608 | -€15,130 | -28.7% |
| Operating profit (loss) | 9901 | €26,726 | €11,508 | -€15,218 | -56.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €9,474 | €8,824 | -€649 | -6.9% |
| Recurring financial charges | 65 | €9,352 | €8,824 | -€528 | -5.6% |
| Non-recurring financial charges | 66B | €122 | - | -€122 | |
| Profit (loss) for the period before taxes | 9903 | €17,253 | €2,684 | -€14,569 | -84.4% |
| Income taxes | 67/77 | - | €693 | +€693 | |
| Profit (loss) for the period | 9904 | €17,253 | €1,991 | -€15,261 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,253 | €1,991 | -€15,261 | -88.5% |
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 15 October 2026 via checked.be.