Démax: 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.
Démax
Largest movements
- Tangible fixed assets -€73,847
down €73,847 (-43.2%), from €171,106 to €97,259
of which Furniture and vehicles: -€65,315
- Receivables within one year +€27,391
up €27,391 (+38.2%), from €71,664 to €99,055
of which Other amounts receivable: +€31,391
- Cash -€6,240
down €6,240 (-23.1%), from €26,957 to €20,717
mainly Debts after one year (-€46,277) and Receivables within one year (-€27,391)
- Debts after one year -€46,277
down €46,277 (-30.5%), from €151,608 to €105,331
- Trade debts -€24,590
down €24,590 (-29.9%), from €82,348 to €57,758
- Reserves +€21,700
up €21,700 (+20.3%), from €106,950 to €128,650
- Other debts -€17,487
down €17,487 (-70.9%), from €24,658 to €7,171
- Tax, wage and social debts +€13,324
up €13,324 (+32.4%), from €41,179 to €54,503
of which Taxes: +€15,341
- Gross operating margin +€66,311
up €66,311 (+28.2%), from €234,789 to €301,100
- Staff costs +€53,048
up €53,048 (+40.7%), from €130,465 to €183,513
- Other operating charges -€43,809
down €43,809 (-72.7%), from €60,259 to €16,450
- Taxes +€20,308
up €20,308 (+147.1%), from €13,809 to €34,117
- Depreciation +€3,060
up €3,060 (+11.7%), from €26,167 to €29,227
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €437,927 | €385,632 | -€52,295 | -11.9% |
| Fixed assets | 21/28 | €333,056 | €259,209 | -€73,847 | -22.2% |
| Tangible fixed assets | 22/27 | €171,106 | €97,259 | -€73,847 | -43.2% |
| Land and buildings | 22 | €15,626 | €16,400 | +€774 | +5.0% |
| Plant, machinery and equipment | 23 | €76,867 | €68,669 | -€8,198 | -10.7% |
| Furniture and vehicles | 24 | €77,505 | €12,190 | -€65,315 | -84.3% |
| Other tangible fixed assets | 26 | €1,108 | - | -€1,108 | |
| Financial fixed assets | 28 | €161,950 | €161,950 | = | 0.0% |
| Current assets | 29/58 | €104,871 | €126,423 | +€21,552 | +20.6% |
| Stocks and contracts in progress | 3 | €6,250 | €6,650 | +€400 | +6.4% |
| Stocks | 30/36 | €6,250 | €6,650 | +€400 | +6.4% |
| Amounts receivable within one year | 40/41 | €71,664 | €99,055 | +€27,391 | +38.2% |
| Trade receivables | 40 | €22,628 | €18,628 | -€4,000 | -17.7% |
| Other amounts receivable | 41 | €49,036 | €80,427 | +€31,391 | +64.0% |
| Cash at bank and in hand | 54/58 | €26,957 | €20,717 | -€6,240 | -23.1% |
| Total equity and liabilities | 10/49 | €437,927 | €385,632 | -€52,295 | -11.9% |
| Equity | 10/15 | €97,606 | €128,829 | +€31,223 | +32.0% |
| Reserves | 13 | €106,950 | €128,650 | +€21,700 | +20.3% |
| Distributable reserves | 133 | €106,950 | €128,650 | +€21,700 | +20.3% |
| Profit (loss) carried forward | 14 | -€9,344 | €179 | +€9,523 | |
| Amounts payable | 17/49 | €340,321 | €256,802 | -€83,519 | -24.5% |
| Amounts payable after more than one year | 17 | €151,608 | €105,331 | -€46,277 | -30.5% |
| Financial debts | 170/4 | €151,608 | €105,331 | -€46,277 | -30.5% |
| Amounts payable within one year | 42/48 | €188,713 | €151,471 | -€37,242 | -19.7% |
| Current portion of amounts payable after more than one year | 42 | €40,528 | €32,039 | -€8,489 | -20.9% |
| Trade debts | 44 | €82,348 | €57,758 | -€24,590 | -29.9% |
| Suppliers | 440/4 | €82,348 | €57,758 | -€24,590 | -29.9% |
| Taxes, remuneration and social security | 45 | €41,179 | €54,503 | +€13,324 | +32.4% |
| Taxes | 450/3 | €31,321 | €46,662 | +€15,341 | +49.0% |
| Remuneration and social security | 454/9 | €9,858 | €7,842 | -€2,016 | -20.5% |
| Other amounts payable | 47/48 | €24,658 | €7,171 | -€17,487 | -70.9% |
| Remuneration, social security and pensions | 62 | €130,465 | €183,513 | +€53,048 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,167 | €29,227 | +€3,060 | +11.7% |
| Other operating charges | 640/8 | €60,259 | €16,450 | -€43,809 | -72.7% |
| Gross operating margin | 9900 | €234,789 | €301,100 | +€66,311 | +28.2% |
| Operating profit (loss) | 9901 | €17,898 | €71,910 | +€54,012 | +301.8% |
| Financial income | 75/76B | €5,256 | €3,927 | -€1,329 | -25.3% |
| Recurring financial income | 75 | €5,256 | €3,927 | -€1,329 | -25.3% |
| Financial charges | 65/66B | €8,695 | €10,497 | +€1,802 | +20.7% |
| Recurring financial charges | 65 | €8,695 | €10,497 | +€1,802 | +20.7% |
| Profit (loss) for the period before taxes | 9903 | €14,459 | €65,341 | +€50,882 | +351.9% |
| Income taxes | 67/77 | €13,809 | €34,117 | +€20,308 | +147.1% |
| Profit (loss) for the period | 9904 | €650 | €31,224 | +€30,574 | +4703.7% |
| Profit (loss) for the period to be appropriated | 9905 | €650 | €31,224 | +€30,574 | +4703.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.