Demeco: 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.
Demeco
Largest movements
- Cash -€170,543
down €170,543 (-69.3%), from €245,987 to €75,444
mainly Net result for the year (-€186,332) and Receivables within one year (-€54,608)
- Tangible fixed assets -€84,788
down €84,788 (-3.3%), from €2.6m to €2.5m
of which Land and buildings: -€63,373
- Receivables within one year +€54,608
up €54,608 (+6.3%), from €860,905 to €915,513
of which Trade receivables: +€54,608
- Reserves -€186,332
down €186,332 (-24.7%), from €755,421 to €569,090
of which Distributable reserves: -€178,612
- Trade debts +€61,111
up €61,111 (+31.7%), from €192,851 to €253,961
- Tax, wage and social debts -€40,414
down €40,414 (-42.3%), from €95,625 to €55,210
of which Taxes: -€39,603
- Depreciation +€18,356
up €18,356 (+18.4%), from €99,723 to €118,080
- Other operating charges -€11,927
down €11,927 (-13.2%), from €90,463 to €78,536
- Staff costs -€11,885
down €11,885 (-3.8%), from €313,033 to €301,147
- Gross operating margin +€7,724
up €7,724 (+2.2%), from €357,865 to €365,589
- Financial charges +€5,635
up €5,635 (+10.7%), from €52,423 to €58,058
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 | €3,694,958 | €3,490,735 | -€204,223 | -5.5% |
| Fixed assets | 21/28 | €2,571,494 | €2,486,706 | -€84,788 | -3.3% |
| Tangible fixed assets | 22/27 | €2,570,601 | €2,485,813 | -€84,788 | -3.3% |
| Land and buildings | 22 | €2,486,056 | €2,422,683 | -€63,373 | -2.5% |
| Plant, machinery and equipment | 23 | €84,545 | €63,129 | -€21,415 | -25.3% |
| Financial fixed assets | 28 | €893 | €893 | = | 0.0% |
| Current assets | 29/58 | €1,123,464 | €1,004,029 | -€119,435 | -10.6% |
| Amounts receivable within one year | 40/41 | €860,905 | €915,513 | +€54,608 | +6.3% |
| Trade receivables | 40 | €510,905 | €565,513 | +€54,608 | +10.7% |
| Other amounts receivable | 41 | €350,000 | €350,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €245,987 | €75,444 | -€170,543 | -69.3% |
| Deferred charges and accrued income | 490/1 | €16,572 | €13,072 | -€3,500 | -21.1% |
| Total equity and liabilities | 10/49 | €3,694,958 | €3,490,735 | -€204,223 | -5.5% |
| Equity | 10/15 | €1,876,671 | €1,690,340 | -€186,332 | -9.9% |
| Contributions | 10/11 | €1,121,250 | €1,121,250 | = | 0.0% |
| Capital | 10 | €1,121,250 | €1,121,250 | = | 0.0% |
| Issued capital | 100 | €1,121,250 | €1,121,250 | = | 0.0% |
| Reserves | 13 | €755,421 | €569,090 | -€186,332 | -24.7% |
| Non-distributable reserves | 130/1 | €112,125 | €112,125 | = | 0.0% |
| Legal reserve | 130 | €112,125 | €112,125 | = | 0.0% |
| Tax-exempt reserves | 132 | €412,482 | €404,762 | -€7,720 | -1.9% |
| Distributable reserves | 133 | €230,814 | €52,203 | -€178,612 | -77.4% |
| Provisions and deferred taxes | 16 | €43,766 | €39,791 | -€3,975 | -9.1% |
| Deferred taxes | 168 | €43,766 | €39,791 | -€3,975 | -9.1% |
| Amounts payable | 17/49 | €1,774,520 | €1,760,604 | -€13,916 | -0.8% |
| Amounts payable after more than one year | 17 | €201,432 | €166,501 | -€34,931 | -17.3% |
| Financial debts | 170/4 | €201,432 | €166,501 | -€34,931 | -17.3% |
| Amounts payable within one year | 42/48 | €1,572,921 | €1,594,103 | +€21,182 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €34,446 | €34,931 | +€485 | +1.4% |
| Trade debts | 44 | €192,851 | €253,961 | +€61,111 | +31.7% |
| Suppliers | 440/4 | €192,851 | €253,961 | +€61,111 | +31.7% |
| Taxes, remuneration and social security | 45 | €95,625 | €55,210 | -€40,414 | -42.3% |
| Taxes | 450/3 | €61,506 | €21,903 | -€39,603 | -64.4% |
| Remuneration and social security | 454/9 | €34,119 | €33,308 | -€811 | -2.4% |
| Other amounts payable | 47/48 | €1,250,000 | €1,250,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €167 | €0 | -€167 | -100% |
| Remuneration, social security and pensions | 62 | €313,033 | €301,147 | -€11,885 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,723 | €118,080 | +€18,356 | +18.4% |
| Other operating charges | 640/8 | €90,463 | €78,536 | -€11,927 | -13.2% |
| Gross operating margin | 9900 | €357,865 | €365,589 | +€7,724 | +2.2% |
| Operating profit (loss) | 9901 | -€145,354 | -€132,174 | +€13,180 | +9.1% |
| Financial income | 75/76B | €264 | €0 | -€264 | -100% |
| Recurring financial income | 75 | €264 | €0 | -€264 | -100% |
| Financial charges | 65/66B | €52,423 | €58,058 | +€5,635 | +10.7% |
| Recurring financial charges | 65 | €52,423 | €58,058 | +€5,635 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | -€197,513 | -€190,232 | +€7,281 | +3.7% |
| Transfer from deferred taxes | 780 | €3,975 | €3,975 | = | 0.0% |
| Income taxes | 67/77 | €146 | €75 | -€71 | -48.8% |
| Profit (loss) for the period | 9904 | -€193,683 | -€186,332 | +€7,352 | +3.8% |
| Transfer from tax-exempt reserves | 789 | €7,720 | €7,720 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€185,963 | -€178,612 | +€7,352 | +4.0% |
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 16 October 2026 via checked.be.