Demco: 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.
Demco
Largest movements
- Cash -€14,734
down €14,734 (-20.7%), from €71,095 to €56,361
mainly Net result for the year (-€28,990) and Tax, wage and social debts (-€6,058)
- Deferred charges and accrued income -€6,769
down €6,769 (-50.2%), from €13,472 to €6,703
- Tangible fixed assets -€5,877
down €5,877 (-18.0%), from €32,585 to €26,708
of which Plant, machinery and equipment: -€4,760
- Receivables within one year +€4,413
up €4,413 (+24.5%), from €17,998 to €22,411
of which Trade receivables: +€4,413
- Profit (loss) carried forward -€28,990
down €28,990 (-275.7%), from -€10,514 to -€39,505
- Trade debts +€9,687
up €9,687 (+23.8%), from €40,758 to €50,445
- Tax, wage and social debts -€6,058
down €6,058 (-5.3%), from €114,134 to €108,076
of which Remuneration and social security: -€11,196
- Staff costs +€108,970
up €108,970 (+20.2%), from €539,553 to €648,522
- Gross operating margin -€11,693
down €11,693 (-1.8%), from €662,145 to €650,451
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 | €186,317 | €162,046 | -€24,271 | -13.0% |
| Fixed assets | 21/28 | €32,585 | €27,028 | -€5,557 | -17.1% |
| Tangible fixed assets | 22/27 | €32,585 | €26,708 | -€5,877 | -18.0% |
| Plant, machinery and equipment | 23 | €31,468 | €26,708 | -€4,760 | -15.1% |
| Furniture and vehicles | 24 | €1,117 | - | -€1,117 | |
| Financial fixed assets | 28 | - | €320 | +€320 | |
| Current assets | 29/58 | €153,732 | €135,018 | -€18,714 | -12.2% |
| Stocks and contracts in progress | 3 | €51,167 | €49,543 | -€1,624 | -3.2% |
| Stocks | 30/36 | €51,167 | €49,543 | -€1,624 | -3.2% |
| Amounts receivable within one year | 40/41 | €17,998 | €22,411 | +€4,413 | +24.5% |
| Trade receivables | 40 | €15,762 | €20,175 | +€4,413 | +28.0% |
| Other amounts receivable | 41 | €2,236 | €2,236 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €71,095 | €56,361 | -€14,734 | -20.7% |
| Deferred charges and accrued income | 490/1 | €13,472 | €6,703 | -€6,769 | -50.2% |
| Total equity and liabilities | 10/49 | €186,317 | €162,046 | -€24,271 | -13.0% |
| Equity | 10/15 | €31,204 | €2,214 | -€28,990 | -92.9% |
| Contributions | 10/11 | €38,000 | €38,000 | = | 0.0% |
| Reserves | 13 | €3,718 | €3,718 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €3,718 | €3,718 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,514 | -€39,505 | -€28,990 | -275.7% |
| Amounts payable | 17/49 | €155,113 | €159,832 | +€4,720 | +3.0% |
| Amounts payable within one year | 42/48 | €155,049 | €159,672 | +€4,623 | +3.0% |
| Trade debts | 44 | €40,758 | €50,445 | +€9,687 | +23.8% |
| Suppliers | 440/4 | €40,758 | €50,445 | +€9,687 | +23.8% |
| Taxes, remuneration and social security | 45 | €114,134 | €108,076 | -€6,058 | -5.3% |
| Taxes | 450/3 | €9,964 | €15,101 | +€5,138 | +51.6% |
| Remuneration and social security | 454/9 | €104,170 | €92,974 | -€11,196 | -10.7% |
| Other amounts payable | 47/48 | €157 | €1,152 | +€995 | +632.6% |
| Accrued charges and deferred income | 492/3 | €64 | €160 | +€96 | +150.8% |
| Remuneration, social security and pensions | 62 | €539,553 | €648,522 | +€108,970 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,699 | €7,157 | +€2,458 | +52.3% |
| Other operating charges | 640/8 | €5,296 | €1,762 | -€3,534 | -66.7% |
| Gross operating margin | 9900 | €662,145 | €650,451 | -€11,693 | -1.8% |
| Operating profit (loss) | 9901 | €112,597 | -€6,990 | -€119,587 | |
| Financial income | 75/76B | €168 | €115 | -€53 | -31.6% |
| Recurring financial income | 75 | €168 | €115 | -€53 | -31.6% |
| Financial charges | 65/66B | €18,259 | €22,116 | +€3,857 | +21.1% |
| Recurring financial charges | 65 | €18,259 | €22,116 | +€3,857 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €94,507 | -€28,990 | -€123,497 | |
| Profit (loss) for the period | 9904 | €94,507 | -€28,990 | -€123,497 | |
| Profit (loss) for the period to be appropriated | 9905 | €94,507 | -€28,990 | -€123,497 |
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 9 October 2026 via checked.be.