DEMAY: 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.
DEMAY
Largest movements
- Receivables after one year +€65,000
up €65,000 (+56.5%), from €115,000 to €180,000
- Cash -€25,397
down €25,397 (-32.6%), from €77,815 to €52,419
mainly Receivables after one year (-€65,000) and Net result for the year (-€48,202)
- Receivables within one year -€25,049
down €25,049 (-50.6%), from €49,538 to €24,488
of which Trade receivables: -€24,809
- Tangible fixed assets -€11,977
down €11,977 (-33.3%), from €35,932 to €23,955
- Trade debts +€92,122
up €92,122 (+274.3%), from €33,580 to €125,702
- Reserves -€51,713
no longer reported in 2025 (was €51,713)
- Provisions -€17,238
no longer reported in 2025 (was €17,238)
- Debts after one year -€13,739
down €13,739 (-38.9%), from €35,308 to €21,570
- Tax, wage and social debts -€6,722
down €6,722 (-36.3%), from €18,505 to €11,783
of which Remuneration and social security: -€7,471
- Gross operating margin -€78,720
down €78,720 (-61.2%), from €128,676 to €49,956
- Depreciation -€7,389
down €7,389 (-38.2%), from €19,366 to €11,977
- Staff costs -€4,860
down €4,860 (-4.7%), from €104,092 to €99,232
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 | €282,146 | €284,737 | +€2,591 | +0.9% |
| Fixed assets | 21/28 | €36,509 | €24,532 | -€11,977 | -32.8% |
| Tangible fixed assets | 22/27 | €35,932 | €23,955 | -€11,977 | -33.3% |
| Furniture and vehicles | 24 | €35,932 | €23,955 | -€11,977 | -33.3% |
| Financial fixed assets | 28 | €577 | €577 | = | 0.0% |
| Current assets | 29/58 | €245,637 | €260,205 | +€14,568 | +5.9% |
| Amounts receivable after more than one year | 29 | €115,000 | €180,000 | +€65,000 | +56.5% |
| Other amounts receivable | 291 | €115,000 | €180,000 | +€65,000 | +56.5% |
| Amounts receivable within one year | 40/41 | €49,538 | €24,488 | -€25,049 | -50.6% |
| Trade receivables | 40 | €43,470 | €18,661 | -€24,809 | -57.1% |
| Other amounts receivable | 41 | €6,068 | €5,827 | -€241 | -4.0% |
| Cash at bank and in hand | 54/58 | €77,815 | €52,419 | -€25,397 | -32.6% |
| Deferred charges and accrued income | 490/1 | €3,284 | €3,298 | +€14 | +0.4% |
| Total equity and liabilities | 10/49 | €282,146 | €284,737 | +€2,591 | +0.9% |
| Equity | 10/15 | €154,890 | €106,688 | -€48,202 | -31.1% |
| Reserves | 13 | €51,713 | - | -€51,713 | |
| Tax-exempt reserves | 132 | €51,713 | - | -€51,713 | |
| Profit (loss) carried forward | 14 | €103,177 | €106,688 | +€3,511 | +3.4% |
| Provisions and deferred taxes | 16 | €17,238 | - | -€17,238 | |
| Deferred taxes | 168 | €17,238 | - | -€17,238 | |
| Amounts payable | 17/49 | €110,018 | €178,049 | +€68,031 | +61.8% |
| Amounts payable after more than one year | 17 | €35,308 | €21,570 | -€13,739 | -38.9% |
| Financial debts | 170/4 | €35,308 | €21,570 | -€13,739 | -38.9% |
| Amounts payable within one year | 42/48 | €74,710 | €156,479 | +€81,769 | +109.4% |
| Financial debts | 43 | €17,437 | €13,739 | -€3,698 | -21.2% |
| Credit institutions | 430/8 | €4,795 | - | -€4,795 | |
| Other loans | 439 | €12,642 | €13,739 | +€1,097 | +8.7% |
| Trade debts | 44 | €33,580 | €125,702 | +€92,122 | +274.3% |
| Suppliers | 440/4 | €33,580 | €125,702 | +€92,122 | +274.3% |
| Taxes, remuneration and social security | 45 | €18,505 | €11,783 | -€6,722 | -36.3% |
| Taxes | 450/3 | €1,473 | €2,222 | +€749 | +50.9% |
| Remuneration and social security | 454/9 | €17,032 | €9,561 | -€7,471 | -43.9% |
| Other amounts payable | 47/48 | €5,188 | €5,256 | +€68 | +1.3% |
| Remuneration, social security and pensions | 62 | €104,092 | €99,232 | -€4,860 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,366 | €11,977 | -€7,389 | -38.2% |
| Other operating charges | 640/8 | €432 | €676 | +€244 | +56.6% |
| Gross operating margin | 9900 | €128,676 | €49,956 | -€78,720 | -61.2% |
| Operating profit (loss) | 9901 | €4,787 | -€61,929 | -€66,715 | |
| Financial income | 75/76B | €27 | €7 | -€21 | -76.1% |
| Recurring financial income | 75 | €27 | €7 | -€21 | -76.1% |
| Financial charges | 65/66B | €1,280 | €2,044 | +€764 | +59.7% |
| Recurring financial charges | 65 | €1,280 | €2,044 | +€764 | +59.7% |
| Profit (loss) for the period before taxes | 9903 | €3,534 | -€63,966 | -€67,500 | |
| Transfer from deferred taxes | 780 | - | €17,238 | +€17,238 | |
| Income taxes | 67/77 | €1,005 | €1,474 | +€470 | +46.8% |
| Profit (loss) for the period | 9904 | €2,530 | -€48,202 | -€50,732 | |
| Transfer from tax-exempt reserves | 789 | - | €51,713 | +€51,713 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,530 | €3,511 | +€981 | +38.8% |
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 6 October 2026 via checked.be.