DEMCO: what changed
Two financial 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
- Financial fixed assets +€938,752
up €938,752 (+3,755%), from €25,000 to €963,752
- Cash +€355,539
up €355,539 (+237%), from €149,919 to €505,458
mainly Debts after one year (+€826,248) and Net result for the year (+€323,104)
- Tangible fixed assets -€58,764
down €58,764 (-7.9%), from €746,119 to €687,355
- Receivables within one year -€48,457
down €48,457 (-29.5%), from €164,137 to €115,679
of which Trade receivables: -€30,490
- Debts after one year +€826,248
up €826,248 (+204%), from €404,387 to €1.2m
of which Other amounts payable: +€500,000
- Other debts +€310,226
up €310,226 (+310%), from €100,000 to €410,226
- Tax, wage and social debts +€162,863
up €162,863 (+474%), from €34,375 to €197,238
- Profit (loss) carried forward -€147,496
down €147,496 (-30.7%), from €479,929 to €332,433
- Current portion of long-term debt +€34,915
up €34,915 (+84.9%), from €41,131 to €76,046
- Gross operating margin +€218,462
up €218,462 (+71.5%), from €305,334 to €523,796
- Taxes +€54,588
up €54,588 (+92.3%), from €59,130 to €113,718
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.
Derived cash bridge
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 | €1,089,998 | €2,277,429 | +€1.2m | +109% |
| Fixed assets | 21/28 | €771,119 | €1,651,107 | +€879,989 | +114% |
| Tangible fixed assets | 22/27 | €746,119 | €687,355 | -€58,764 | -7.9% |
| Land and buildings | 22 | €182,481 | €175,981 | -€6,499 | -3.6% |
| Furniture and vehicles | 24 | €52,684 | €37,917 | -€14,768 | -28.0% |
| Leasing and similar rights | 25 | €467,467 | €438,884 | -€28,584 | -6.1% |
| Other tangible fixed assets | 26 | €43,486 | €34,573 | -€8,913 | -20.5% |
| Financial fixed assets | 28 | €25,000 | €963,752 | +€938,752 | +3,755% |
| Current assets | 29/58 | €318,879 | €626,322 | +€307,443 | +96.4% |
| Amounts receivable within one year | 40/41 | €164,137 | €115,679 | -€48,457 | -29.5% |
| Trade receivables | 40 | €146,169 | €115,679 | -€30,490 | -20.9% |
| Other amounts receivable | 41 | €17,968 | €0 | -€17,968 | -100% |
| Cash at bank and in hand | 54/58 | €149,919 | €505,458 | +€355,539 | +237% |
| Deferred charges and accrued income | 490/1 | €4,823 | €5,185 | +€362 | +7.5% |
| Total equity and liabilities | 10/49 | €1,089,998 | €2,277,429 | +€1.2m | +109% |
| Equity | 10/15 | €500,389 | €352,893 | -€147,496 | -29.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €479,929 | €332,433 | -€147,496 | -30.7% |
| Amounts payable | 17/49 | €589,609 | €1,924,537 | +€1.3m | +226% |
| Amounts payable after more than one year | 17 | €404,387 | €1,230,636 | +€826,248 | +204% |
| Financial debts | 170/4 | €404,387 | €730,636 | +€326,248 | +80.7% |
| Other amounts payable | 178/9 | - | €500,000 | +€500,000 | |
| Amounts payable within one year | 42/48 | €185,053 | €692,720 | +€507,667 | +274% |
| Current portion of amounts payable after more than one year | 42 | €41,131 | €76,046 | +€34,915 | +84.9% |
| Trade debts | 44 | €9,547 | €9,210 | -€337 | -3.5% |
| Suppliers | 440/4 | €9,547 | €9,210 | -€337 | -3.5% |
| Taxes, remuneration and social security | 45 | €34,375 | €197,238 | +€162,863 | +474% |
| Taxes | 450/3 | €34,375 | €197,238 | +€162,863 | +474% |
| Other amounts payable | 47/48 | €100,000 | €410,226 | +€310,226 | +310% |
| Accrued charges and deferred income | 492/3 | €169 | €1,181 | +€1,012 | +600% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,863 | €60,061 | +€2,198 | +3.8% |
| Other operating charges | 640/8 | €16,417 | €13,383 | -€3,034 | -18.5% |
| Gross operating margin | 9900 | €305,334 | €523,796 | +€218,462 | +71.5% |
| Operating profit (loss) | 9901 | €231,054 | €450,352 | +€219,298 | +94.9% |
| Financial income | 75/76B | €1,160 | €724 | -€436 | -37.6% |
| Recurring financial income | 75 | €1,160 | €724 | -€436 | -37.6% |
| Financial charges | 65/66B | €18,687 | €14,254 | -€4,432 | -23.7% |
| Recurring financial charges | 65 | €18,687 | €14,254 | -€4,432 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €213,527 | €436,822 | +€223,295 | +105% |
| Income taxes | 67/77 | €59,130 | €113,718 | +€54,588 | +92.3% |
| Profit (loss) for the period | 9904 | €154,397 | €323,104 | +€168,707 | +109% |
| Profit (loss) for the period to be appropriated | 9905 | €154,397 | €323,104 | +€168,707 | +109% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.