DEMAVAS: 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.
DEMAVAS
Largest movements
- Current investments +€108,040
new in 2025: €108,040
- Cash -€24,949
down €24,949 (-36.6%), from €68,138 to €43,189
mainly Current investments (-€108,040) and Receivables within one year (-€1,909)
- Reserves +€82,819
up €82,819 (+93.1%), from €88,979 to €171,798
- Tax, wage and social debts +€4,137
up €4,137 (+30.6%), from €13,537 to €17,674
of which Taxes: +€4,111
- Turnover -€152,252
no longer reported in 2025 (was €152,252)
- Purchases and services -€88,593
no longer reported in 2025 (was €88,593)
- Gross operating margin +€30,416
up €30,416 (+40.5%), from €75,188 to €105,604
- Taxes +€4,059
up €4,059 (+22.3%), from €18,216 to €22,275
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 | €109,937 | €195,540 | +€85,603 | +77.9% |
| Formation expenses | 20 | €0 | - | = | |
| Current assets | 29/58 | €109,937 | €195,540 | +€85,603 | +77.9% |
| Amounts receivable within one year | 40/41 | €41,477 | €43,386 | +€1,909 | +4.6% |
| Trade receivables | 40 | €40,969 | €24,507 | -€16,463 | -40.2% |
| Other amounts receivable | 41 | €508 | €18,879 | +€18,371 | +3,614% |
| Current investments | 50/53 | - | €108,040 | +€108,040 | |
| Cash at bank and in hand | 54/58 | €68,138 | €43,189 | -€24,949 | -36.6% |
| Deferred charges and accrued income | 490/1 | €322 | €925 | +€603 | +187% |
| Total equity and liabilities | 10/49 | €109,937 | €195,540 | +€85,603 | +77.9% |
| Equity | 10/15 | €93,979 | €176,798 | +€82,819 | +88.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €88,979 | €171,798 | +€82,819 | +93.1% |
| Distributable reserves | 133 | €88,979 | €171,798 | +€82,819 | +93.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,958 | €18,742 | +€2,785 | +17.5% |
| Amounts payable within one year | 42/48 | €15,733 | €18,517 | +€2,785 | +17.7% |
| Trade debts | 44 | €530 | €844 | +€314 | +59.2% |
| Suppliers | 440/4 | €530 | €844 | +€314 | +59.2% |
| Taxes, remuneration and social security | 45 | €13,537 | €17,674 | +€4,137 | +30.6% |
| Taxes | 450/3 | €10,944 | €15,055 | +€4,111 | +37.6% |
| Remuneration and social security | 454/9 | €2,593 | €2,618 | +€25 | +1.0% |
| Other amounts payable | 47/48 | €1,666 | €0 | -€1,666 | -100% |
| Accrued charges and deferred income | 492/3 | €225 | €225 | +€0 | +0.1% |
| Turnover | 70 | €152,252 | - | -€152,252 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €88,593 | - | -€88,593 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31 | €0 | -€31 | -100% |
| Other operating charges | 640/8 | €759 | €969 | +€209 | +27.6% |
| Gross operating margin | 9900 | €75,188 | €105,604 | +€30,416 | +40.5% |
| Operating profit (loss) | 9901 | €74,397 | €104,635 | +€30,238 | +40.6% |
| Financial income | 75/76B | €235 | €644 | +€408 | +174% |
| Recurring financial income | 75 | €235 | €644 | +€408 | +174% |
| Financial charges | 65/66B | €140 | €185 | +€45 | +32.1% |
| Recurring financial charges | 65 | €140 | €185 | +€45 | +32.1% |
| Profit (loss) for the period before taxes | 9903 | €74,492 | €105,094 | +€30,602 | +41.1% |
| Income taxes | 67/77 | €18,216 | €22,275 | +€4,059 | +22.3% |
| Profit (loss) for the period | 9904 | €56,276 | €82,819 | +€26,542 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €56,276 | €82,819 | +€26,542 | +47.2% |
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.