Demeester & De Saer: 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.
Demeester & De Saer
Largest movements
- Tangible fixed assets -€91,239
down €91,239 (-13.2%), from €690,508 to €599,269
- Receivables after one year +€67,331
new in 2025: €67,331
- Receivables within one year -€45,890
down €45,890 (-85.7%), from €53,534 to €7,643
of which Trade receivables: -€45,853
- Cash -€14,347
down €14,347 (-3.8%), from €375,163 to €360,815
mainly Contributions, distributions and other (-€148,434) and Receivables after one year (-€67,331)
- Trade debts -€49,182
down €49,182 (-65.4%), from €75,222 to €26,040
- Reserves -€32,433
down €32,433 (-4.5%), from €716,962 to €684,529
of which Distributable reserves: -€32,433
- Debts after one year -€24,515
down €24,515 (-6.2%), from €395,173 to €370,659
- Gross operating margin +€70,148
up €70,148 (+24.0%), from €291,687 to €361,835
- Depreciation +€31,009
up €31,009 (+45.9%), from €67,538 to €98,547
- Staff costs +€14,400
up €14,400 (+20.4%), from €70,496 to €84,896
- Taxes +€11,534
up €11,534 (+28.8%), from €40,115 to €51,649
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 | €1,283,709 | €1,197,913 | -€85,796 | -6.7% |
| Fixed assets | 21/28 | €697,806 | €603,333 | -€94,472 | -13.5% |
| Intangible fixed assets | 21 | €7,273 | €4,039 | -€3,233 | -44.5% |
| Tangible fixed assets | 22/27 | €690,508 | €599,269 | -€91,239 | -13.2% |
| Land and buildings | 22 | €446,715 | €410,655 | -€36,060 | -8.1% |
| Plant, machinery and equipment | 23 | €46,690 | €34,710 | -€11,980 | -25.7% |
| Furniture and vehicles | 24 | €197,103 | €153,904 | -€43,199 | -21.9% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €585,903 | €594,579 | +€8,676 | +1.5% |
| Amounts receivable after more than one year | 29 | - | €67,331 | +€67,331 | |
| Other amounts receivable | 291 | - | €67,331 | +€67,331 | |
| Stocks and contracts in progress | 3 | €149,800 | €147,587 | -€2,213 | -1.5% |
| Stocks | 30/36 | €149,800 | €147,587 | -€2,213 | -1.5% |
| Amounts receivable within one year | 40/41 | €53,534 | €7,643 | -€45,890 | -85.7% |
| Trade receivables | 40 | €52,716 | €6,863 | -€45,853 | -87.0% |
| Other amounts receivable | 41 | €818 | €781 | -€37 | -4.6% |
| Cash at bank and in hand | 54/58 | €375,163 | €360,815 | -€14,347 | -3.8% |
| Deferred charges and accrued income | 490/1 | €7,407 | €11,202 | +€3,795 | +51.2% |
| Total equity and liabilities | 10/49 | €1,283,709 | €1,197,913 | -€85,796 | -6.7% |
| Equity | 10/15 | €740,548 | €708,115 | -€32,433 | -4.4% |
| Contributions | 10/11 | €23,586 | €23,586 | = | 0.0% |
| Reserves | 13 | €716,962 | €684,529 | -€32,433 | -4.5% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €691,962 | €659,529 | -€32,433 | -4.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €543,160 | €489,797 | -€53,363 | -9.8% |
| Amounts payable after more than one year | 17 | €395,173 | €370,659 | -€24,515 | -6.2% |
| Financial debts | 170/4 | €395,173 | €370,659 | -€24,515 | -6.2% |
| Amounts payable within one year | 42/48 | €147,987 | €119,139 | -€28,849 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €24,307 | €24,515 | +€208 | +0.9% |
| Financial debts | 43 | €469 | €2,530 | +€2,061 | +439% |
| Credit institutions | 430/8 | €469 | €2,530 | +€2,061 | +439% |
| Trade debts | 44 | €75,222 | €26,040 | -€49,182 | -65.4% |
| Suppliers | 440/4 | €75,222 | €26,040 | -€49,182 | -65.4% |
| Advances received on contracts in progress | 46 | €7,258 | €15,269 | +€8,011 | +110% |
| Taxes, remuneration and social security | 45 | €38,832 | €48,355 | +€9,522 | +24.5% |
| Taxes | 450/3 | €22,031 | €38,231 | +€16,200 | +73.5% |
| Remuneration and social security | 454/9 | €16,801 | €10,124 | -€6,678 | -39.7% |
| Other amounts payable | 47/48 | €1,898 | €2,430 | +€532 | +28.0% |
| Remuneration, social security and pensions | 62 | €70,496 | €84,896 | +€14,400 | +20.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,538 | €98,547 | +€31,009 | +45.9% |
| Other operating charges | 640/8 | €7,516 | €8,126 | +€611 | +8.1% |
| Non-recurring operating charges | 66A | €8,101 | €0 | -€8,101 | -100% |
| Gross operating margin | 9900 | €291,687 | €361,835 | +€70,148 | +24.0% |
| Operating profit (loss) | 9901 | €138,036 | €170,266 | +€32,230 | +23.3% |
| Financial income | 75/76B | €918 | €1,782 | +€864 | +94.1% |
| Recurring financial income | 75 | €918 | €1,782 | +€864 | +94.1% |
| Financial charges | 65/66B | €5,190 | €4,397 | -€794 | -15.3% |
| Recurring financial charges | 65 | €5,190 | €4,397 | -€794 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €133,763 | €167,651 | +€33,888 | +25.3% |
| Income taxes | 67/77 | €40,115 | €51,649 | +€11,534 | +28.8% |
| Profit (loss) for the period | 9904 | €93,648 | €116,001 | +€22,353 | +23.9% |
| Profit (loss) for the period to be appropriated | 9905 | €93,648 | €116,001 | +€22,353 | +23.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.