DEMAVE: 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.
DEMAVE
Largest movements
- Tangible fixed assets +€984,335
up €984,335 (+70.5%), from €1.4m to €2.4m
of which Land and buildings: +€1.0m
- Receivables within one year +€64,537
up €64,537 (+140.0%), from €46,087 to €110,624
of which Trade receivables: +€54,549
- Stocks and contracts +€49,612
up €49,612 (+16.4%), from €301,993 to €351,605
- Debts after one year +€1.0m
up €1.0m (+86.6%), from €1.2m to €2.2m
of which Financial debts: +€1.0m
- Other debts +€75,259
new in 2025: €75,259
- Gross operating margin -€57,341
down €57,341 (-15.0%), from €381,236 to €323,895
- Staff costs +€38,105
up €38,105 (+28.1%), from €135,600 to €173,705
- Other operating charges -€36,818
down €36,818 (-72.5%), from €50,768 to €13,950
- Depreciation +€21,756
up €21,756 (+37.3%), from €58,368 to €80,124
- Taxes -€13,332
down €13,332 (-67.8%), from €19,656 to €6,324
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 | €1,866,917 | €2,946,668 | +€1.1m | +57.8% |
| Fixed assets | 21/28 | €1,413,094 | €2,394,452 | +€981,359 | +69.4% |
| Intangible fixed assets | 21 | €17,224 | €14,248 | -€2,976 | -17.3% |
| Tangible fixed assets | 22/27 | €1,395,870 | €2,380,205 | +€984,335 | +70.5% |
| Land and buildings | 22 | €1,318,794 | €2,333,608 | +€1.0m | +77.0% |
| Plant, machinery and equipment | 23 | €55,274 | €29,748 | -€25,526 | -46.2% |
| Furniture and vehicles | 24 | €21,802 | €16,849 | -€4,953 | -22.7% |
| Current assets | 29/58 | €453,824 | €552,216 | +€98,392 | +21.7% |
| Stocks and contracts in progress | 3 | €301,993 | €351,605 | +€49,612 | +16.4% |
| Stocks | 30/36 | €301,993 | €351,605 | +€49,612 | +16.4% |
| Amounts receivable within one year | 40/41 | €46,087 | €110,624 | +€64,537 | +140.0% |
| Trade receivables | 40 | €40,898 | €95,446 | +€54,549 | +133.4% |
| Other amounts receivable | 41 | €5,190 | €15,178 | +€9,988 | +192.5% |
| Cash at bank and in hand | 54/58 | €100,245 | €76,251 | -€23,995 | -23.9% |
| Deferred charges and accrued income | 490/1 | €5,497 | €13,735 | +€8,238 | +149.8% |
| Total equity and liabilities | 10/49 | €1,866,917 | €2,946,668 | +€1.1m | +57.8% |
| Equity | 10/15 | €442,543 | €461,949 | +€19,406 | +4.4% |
| Contributions | 10/11 | €225,000 | €225,000 | = | 0.0% |
| Reserves | 13 | €217,098 | €232,098 | +€15,000 | +6.9% |
| Distributable reserves | 133 | €217,098 | €232,098 | +€15,000 | +6.9% |
| Profit (loss) carried forward | 14 | €446 | €4,851 | +€4,406 | +988.1% |
| Amounts payable | 17/49 | €1,424,374 | €2,484,719 | +€1.1m | +74.4% |
| Amounts payable after more than one year | 17 | €1,170,315 | €2,183,387 | +€1.0m | +86.6% |
| Financial debts | 170/4 | €820,861 | €1,833,933 | +€1.0m | +123.4% |
| Other amounts payable | 178/9 | €349,454 | €349,454 | = | 0.0% |
| Amounts payable within one year | 42/48 | €182,870 | €256,749 | +€73,879 | +40.4% |
| Current portion of amounts payable after more than one year | 42 | €59,705 | €66,750 | +€7,045 | +11.8% |
| Trade debts | 44 | €94,512 | €81,185 | -€13,328 | -14.1% |
| Suppliers | 440/4 | €94,512 | €81,185 | -€13,328 | -14.1% |
| Taxes, remuneration and social security | 45 | €28,653 | €33,556 | +€4,903 | +17.1% |
| Taxes | 450/3 | €11,243 | €11,624 | +€381 | +3.4% |
| Remuneration and social security | 454/9 | €17,410 | €21,932 | +€4,522 | +26.0% |
| Other amounts payable | 47/48 | - | €75,259 | +€75,259 | |
| Accrued charges and deferred income | 492/3 | €71,188 | €44,583 | -€26,606 | -37.4% |
| Non-recurring operating income | 76A | €239 | €444 | +€205 | +85.6% |
| Remuneration, social security and pensions | 62 | €135,600 | €173,705 | +€38,105 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,368 | €80,124 | +€21,756 | +37.3% |
| Other operating charges | 640/8 | €50,768 | €13,950 | -€36,818 | -72.5% |
| Gross operating margin | 9900 | €381,236 | €323,895 | -€57,341 | -15.0% |
| Operating profit (loss) | 9901 | €136,499 | €56,116 | -€80,384 | -58.9% |
| Financial income | 75/76B | €408 | €180 | -€228 | -55.9% |
| Recurring financial income | 75 | €408 | €180 | -€228 | -55.9% |
| Financial charges | 65/66B | €41,806 | €30,566 | -€11,240 | -26.9% |
| Recurring financial charges | 65 | €41,806 | €30,566 | -€11,240 | -26.9% |
| Profit (loss) for the period before taxes | 9903 | €95,102 | €25,730 | -€69,372 | -72.9% |
| Income taxes | 67/77 | €19,656 | €6,324 | -€13,332 | -67.8% |
| Profit (loss) for the period | 9904 | €75,446 | €19,406 | -€56,040 | -74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €75,446 | €19,406 | -€56,040 | -74.3% |
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 7 October 2026 via checked.be.