DEMASY: 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.
DEMASY
Largest movements
- Tangible fixed assets +€155,632
up €155,632 (+199%), from €78,147 to €233,779
of which Land and buildings: +€147,301
- Stocks and contracts +€29,059
up €29,059 (+109%), from €26,620 to €55,679
- Receivables within one year -€9,361
down €9,361 (-32.4%), from €28,918 to €19,557
of which Trade receivables: -€10,096
- Cash -€8,864
down €8,864 (-33.9%), from €26,152 to €17,288
mainly Investment in fixed assets (net) (-€172,820) and Stocks and contracts (-€29,059)
- Debts after one year +€145,092
up €145,092 (+1,486%), from €9,763 to €154,855
- Current portion of long-term debt +€23,092
up €23,092 (+256%), from €9,021 to €32,113
- Trade debts -€6,439
down €6,439 (-31.8%), from €20,258 to €13,818
of which Bills of exchange payable: -€8,055
- Reserves +€5,641
up €5,641 (+13.2%), from €42,688 to €48,330
of which Distributable reserves: +€5,641
- Gross operating margin -€7,950
down €7,950 (-21.0%), from €37,875 to €29,925
- Depreciation +€7,155
up €7,155 (+66.7%), from €10,733 to €17,888
- Taxes -€6,374
down €6,374 (-91.9%), from €6,938 to €564
- Financial charges +€2,642
up €2,642 (+119%), from €2,222 to €4,864
- Other operating charges +€514
up €514 (+115%), from €446 to €960
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 | €167,466 | €333,147 | +€165,680 | +98.9% |
| Fixed assets | 21/28 | €82,795 | €237,728 | +€154,932 | +187% |
| Intangible fixed assets | 21 | €2,580 | €1,880 | -€700 | -27.1% |
| Tangible fixed assets | 22/27 | €78,147 | €233,779 | +€155,632 | +199% |
| Land and buildings | 22 | €56,150 | €203,451 | +€147,301 | +262% |
| Plant, machinery and equipment | 23 | €21,996 | €30,327 | +€8,331 | +37.9% |
| Financial fixed assets | 28 | €2,069 | €2,069 | = | 0.0% |
| Current assets | 29/58 | €84,671 | €95,419 | +€10,748 | +12.7% |
| Stocks and contracts in progress | 3 | €26,620 | €55,679 | +€29,059 | +109% |
| Stocks | 30/36 | €26,620 | €55,679 | +€29,059 | +109% |
| Amounts receivable within one year | 40/41 | €28,918 | €19,557 | -€9,361 | -32.4% |
| Trade receivables | 40 | €28,918 | €18,823 | -€10,096 | -34.9% |
| Other amounts receivable | 41 | - | €734 | +€734 | |
| Cash at bank and in hand | 54/58 | €26,152 | €17,288 | -€8,864 | -33.9% |
| Deferred charges and accrued income | 490/1 | €2,980 | €2,895 | -€85 | -2.9% |
| Total equity and liabilities | 10/49 | €167,466 | €333,147 | +€165,680 | +98.9% |
| Equity | 10/15 | €91,495 | €97,136 | +€5,641 | +6.2% |
| Contributions | 10/11 | €44,622 | €44,622 | = | 0.0% |
| Reserves | 13 | €42,688 | €48,330 | +€5,641 | +13.2% |
| Non-distributable reserves | 130/1 | €4,462 | €4,462 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,462 | €4,462 | = | 0.0% |
| Distributable reserves | 133 | €38,226 | €43,867 | +€5,641 | +14.8% |
| Profit (loss) carried forward | 14 | €4,185 | €4,185 | = | 0.0% |
| Amounts payable | 17/49 | €75,971 | €236,011 | +€160,039 | +211% |
| Amounts payable after more than one year | 17 | €9,763 | €154,855 | +€145,092 | +1,486% |
| Financial debts | 170/4 | €9,763 | €154,855 | +€145,092 | +1,486% |
| Amounts payable within one year | 42/48 | €65,422 | €79,961 | +€14,540 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €9,021 | €32,113 | +€23,092 | +256% |
| Trade debts | 44 | €20,258 | €13,818 | -€6,439 | -31.8% |
| Suppliers | 440/4 | €8,619 | €10,235 | +€1,616 | +18.7% |
| Bills of exchange payable | 441 | €11,639 | €3,584 | -€8,055 | -69.2% |
| Advances received on contracts in progress | 46 | €189 | €189 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €11,098 | €9,484 | -€1,613 | -14.5% |
| Taxes | 450/3 | €9,242 | €7,502 | -€1,739 | -18.8% |
| Remuneration and social security | 454/9 | €1,856 | €1,982 | +€126 | +6.8% |
| Other amounts payable | 47/48 | €24,857 | €24,357 | -€500 | -2.0% |
| Accrued charges and deferred income | 492/3 | €787 | €1,194 | +€407 | +51.8% |
| Non-recurring operating income | 76A | €125 | €5,293 | +€5,168 | +4,132% |
| Remuneration, social security and pensions | 62 | €478 | - | -€478 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,733 | €17,888 | +€7,155 | +66.7% |
| Other operating charges | 640/8 | €446 | €960 | +€514 | +115% |
| Non-recurring operating charges | 66A | - | €25 | +€25 | |
| Gross operating margin | 9900 | €37,875 | €29,925 | -€7,950 | -21.0% |
| Operating profit (loss) | 9901 | €26,218 | €11,053 | -€15,165 | -57.8% |
| Financial income | 75/76B | €45 | €17 | -€29 | -63.1% |
| Recurring financial income | 75 | €45 | €17 | -€29 | -63.1% |
| Financial charges | 65/66B | €2,222 | €4,864 | +€2,642 | +119% |
| Recurring financial charges | 65 | €2,222 | €4,864 | +€2,642 | +119% |
| Profit (loss) for the period before taxes | 9903 | €24,042 | €6,206 | -€17,836 | -74.2% |
| Income taxes | 67/77 | €6,938 | €564 | -€6,374 | -91.9% |
| Profit (loss) for the period | 9904 | €17,103 | €5,641 | -€11,462 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,103 | €5,641 | -€11,462 | -67.0% |
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 14 October 2026 via checked.be.