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.
What changed
DEMCO
NACE 10.111, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€76,753
2024 · €45,708+€31,046
Equity
€364,489
2024 · €287,736+€76,753
Cash
€29,743
2024 · €28,976+€767
Balance sheet total
€1.4m
2024 · €1.4m-€17,210
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€136,083
down €136,083 (-16.5%), from €826,656 to €690,573
- Reserves +€76,753
up €76,753 (+41.2%), from €186,328 to €263,081
- Current portion of long-term debt +€21,081
up €21,081 (+13.1%), from €160,557 to €181,639
- Accrued charges and deferred income +€15,143
up €15,143 (+30.4%), from €49,857 to €65,000
Income statement
- Gross operating margin +€76,046
up €76,046 (+29.5%), from €258,116 to €334,162
- Depreciation +€13,010
up €13,010 (+13.0%), from €99,878 to €112,888
- Staff costs +€11,949
up €11,949 (+17.1%), from €69,969 to €81,918
- Taxes +€11,723
up €11,723 (+66.4%), from €17,653 to €29,375
- Financial charges +€9,302
up €9,302 (+60.4%), from €15,396 to €24,698
of which Financial charges: +€7,436
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.
Result 2024
€45,708
Gross operating margin
+€76,046
Staff costs
-€11,949
Depreciation
-€13,010
Other operating charges
-€1,513
Other operating items
+€2,486
Financial income
+€11
Financial charges
-€9,302
Taxes
-€11,723
Result 2025
€76,753
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.
From operations
+€214,669
Investment
-€98,869
Financing
-€115,033
Cash 2024
€28,976
From operations (derived)
+€214,669
Net result for the year
+€76,753
Depreciation
+€112,888
Receivables after one year
-€35
Stocks and contracts
+€3,189
Receivables within one year
-€2,923
Deferred charges and accrued income
+€3,727
Trade debts
-€5,782
Tax, wage and social debts
+€1,644
Other debts
+€10,064
Accrued charges and deferred income
+€15,143
Investment (derived)
-€98,869
Investment in fixed assets (net)
-€98,869
Financing
-€115,033
Debts after one year
-€136,083
Current portion of long-term debt
+€21,081
Short-term financial debts
-€31
Cash 2025
€29,743
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,399,569 | €1,382,359 | -€17,210 | -1.2% |
| Fixed assets | 21/28 | €1,346,227 | €1,332,208 | -€14,019 | -1.0% |
| Intangible fixed assets | 21 | €19,962 | €14,402 | -€5,560 | -27.9% |
| Tangible fixed assets | 22/27 | €1,019,203 | €1,010,745 | -€8,459 | -0.8% |
| Land and buildings | 22 | €757,509 | €722,490 | -€35,019 | -4.6% |
| Plant, machinery and equipment | 23 | €260,563 | €249,825 | -€10,738 | -4.1% |
| Furniture and vehicles | 24 | €1,132 | €38,430 | +€37,299 | +3296.3% |
| Financial fixed assets | 28 | €307,061 | €307,061 | = | 0.0% |
| Current assets | 29/58 | €53,342 | €50,151 | -€3,191 | -6.0% |
| Amounts receivable after more than one year | 29 | €0 | €35 | +€35 | |
| Other amounts receivable | 291 | €0 | €35 | +€35 | |
| Stocks and contracts in progress | 3 | €14,555 | €11,367 | -€3,189 | -21.9% |
| Stocks | 30/36 | €14,555 | €11,367 | -€3,189 | -21.9% |
| Amounts receivable within one year | 40/41 | €6,084 | €9,007 | +€2,923 | +48.0% |
| Trade receivables | 40 | €3,595 | €6,492 | +€2,897 | +80.6% |
| Other amounts receivable | 41 | €2,489 | €2,515 | +€26 | +1.0% |
| Cash at bank and in hand | 54/58 | €28,976 | €29,743 | +€767 | +2.6% |
| Deferred charges and accrued income | 490/1 | €3,727 | - | -€3,727 | |
| Total equity and liabilities | 10/49 | €1,399,569 | €1,382,359 | -€17,210 | -1.2% |
| Equity | 10/15 | €287,736 | €364,489 | +€76,753 | +26.7% |
| Contributions | 10/11 | €101,408 | €101,408 | = | 0.0% |
| Reserves | 13 | €186,328 | €263,081 | +€76,753 | +41.2% |
| Distributable reserves | 133 | €186,328 | €263,081 | +€76,753 | +41.2% |
| Amounts payable | 17/49 | €1,111,833 | €1,017,870 | -€93,963 | -8.5% |
| Amounts payable after more than one year | 17 | €826,656 | €690,573 | -€136,083 | -16.5% |
| Financial debts | 170/4 | €826,656 | €690,573 | -€136,083 | -16.5% |
| Amounts payable within one year | 42/48 | €235,320 | €262,297 | +€26,977 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €160,557 | €181,639 | +€21,081 | +13.1% |
| Financial debts | 43 | €6,762 | €6,731 | -€31 | -0.5% |
| Credit institutions | 430/8 | €6,762 | €6,731 | -€31 | -0.5% |
| Trade debts | 44 | €21,127 | €15,345 | -€5,782 | -27.4% |
| Suppliers | 440/4 | €21,127 | €15,345 | -€5,782 | -27.4% |
| Taxes, remuneration and social security | 45 | €34,874 | €36,519 | +€1,644 | +4.7% |
| Taxes | 450/3 | €26,714 | €32,076 | +€5,363 | +20.1% |
| Remuneration and social security | 454/9 | €8,160 | €4,442 | -€3,718 | -45.6% |
| Other amounts payable | 47/48 | €12,000 | €22,064 | +€10,064 | +83.9% |
| Accrued charges and deferred income | 492/3 | €49,857 | €65,000 | +€15,143 | +30.4% |
| Remuneration, social security and pensions | 62 | €69,969 | €81,918 | +€11,949 | +17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,878 | €112,888 | +€13,010 | +13.0% |
| Other operating charges | 640/8 | €7,039 | €8,552 | +€1,513 | +21.5% |
| Non-recurring operating charges | 66A | €2,486 | - | -€2,486 | |
| Gross operating margin | 9900 | €258,116 | €334,162 | +€76,046 | +29.5% |
| Operating profit (loss) | 9901 | €78,745 | €130,804 | +€52,059 | +66.1% |
| Financial income | 75/76B | €12 | €22 | +€11 | +93.5% |
| Recurring financial income | 75 | €12 | €22 | +€11 | +93.5% |
| Financial charges | 65/66B | €15,396 | €24,698 | +€9,302 | +60.4% |
| Recurring financial charges | 65 | €15,396 | €22,832 | +€7,436 | +48.3% |
| Non-recurring financial charges | 66B | €0 | €1,865 | +€1,865 | |
| Profit (loss) for the period before taxes | 9903 | €63,360 | €106,129 | +€42,769 | +67.5% |
| Income taxes | 67/77 | €17,653 | €29,375 | +€11,723 | +66.4% |
| Profit (loss) for the period | 9904 | €45,708 | €76,753 | +€31,046 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €45,708 | €76,753 | +€31,046 | +67.9% |
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.