DEMEGRAM: 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.
DEMEGRAM
Largest movements
- Receivables after one year +€60,000
new in 2025: €60,000
- Tangible fixed assets -€36,335
down €36,335 (-12.3%), from €295,561 to €259,226
of which Land and buildings: -€26,635
- Cash -€16,306
down €16,306 (-23.5%), from €69,394 to €53,088
mainly Receivables after one year (-€60,000) and Debts after one year (-€26,520)
- Receivables within one year +€5,218
up €5,218 (+19.6%), from €26,647 to €31,864
of which Trade receivables: +€5,218
- Debts after one year -€26,520
down €26,520 (-21.1%), from €125,423 to €98,903
- Reserves +€24,842
up €24,842 (+14.4%), from €172,693 to €197,535
of which Distributable reserves: +€26,099
- Accrued charges and deferred income +€10,000
up €10,000, from €0 to €10,000
- Other debts +€4,445
up €4,445 (+14.6%), from €30,448 to €34,893
- Gross operating margin -€20,499
down €20,499 (-20.3%), from €100,906 to €80,407
- Taxes -€4,830
down €4,830 (-27.9%), from €17,297 to €12,467
- Depreciation -€1,495
down €1,495 (-4.0%), from €37,830 to €36,335
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 | €393,254 | €405,058 | +€11,804 | +3.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €295,841 | €259,506 | -€36,335 | -12.3% |
| Tangible fixed assets | 22/27 | €295,561 | €259,226 | -€36,335 | -12.3% |
| Land and buildings | 22 | €254,655 | €228,020 | -€26,635 | -10.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €40,905 | €31,205 | -€9,700 | -23.7% |
| Financial fixed assets | 28 | €280 | €280 | = | 0.0% |
| Current assets | 29/58 | €97,413 | €145,552 | +€48,139 | +49.4% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 291 | - | €60,000 | +€60,000 | |
| Amounts receivable within one year | 40/41 | €26,647 | €31,864 | +€5,218 | +19.6% |
| Trade receivables | 40 | €26,647 | €31,864 | +€5,218 | +19.6% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €69,394 | €53,088 | -€16,306 | -23.5% |
| Deferred charges and accrued income | 490/1 | €1,372 | €600 | -€772 | -56.3% |
| Total equity and liabilities | 10/49 | €393,254 | €405,058 | +€11,804 | +3.0% |
| Equity | 10/15 | €191,347 | €216,189 | +€24,842 | +13.0% |
| Contributions | 10/11 | €18,654 | €18,654 | = | 0.0% |
| Reserves | 13 | €172,693 | €197,535 | +€24,842 | +14.4% |
| Tax-exempt reserves | 132 | €35,845 | €34,588 | -€1,257 | -3.5% |
| Distributable reserves | 133 | €136,848 | €162,947 | +€26,099 | +19.1% |
| Provisions and deferred taxes | 16 | €3,615 | €3,196 | -€419 | -11.6% |
| Deferred taxes | 168 | €3,615 | €3,196 | -€419 | -11.6% |
| Amounts payable | 17/49 | €198,292 | €185,673 | -€12,618 | -6.4% |
| Amounts payable after more than one year | 17 | €125,423 | €98,903 | -€26,520 | -21.1% |
| Financial debts | 170/4 | €125,423 | €98,903 | -€26,520 | -21.1% |
| Amounts payable within one year | 42/48 | €72,869 | €76,770 | +€3,902 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €25,525 | €26,520 | +€995 | +3.9% |
| Trade debts | 44 | €1,485 | €1,352 | -€132 | -8.9% |
| Suppliers | 440/4 | €1,485 | €1,352 | -€132 | -8.9% |
| Taxes, remuneration and social security | 45 | €15,410 | €14,005 | -€1,406 | -9.1% |
| Taxes | 450/3 | €12,534 | €11,973 | -€561 | -4.5% |
| Remuneration and social security | 454/9 | €2,877 | €2,031 | -€845 | -29.4% |
| Other amounts payable | 47/48 | €30,448 | €34,893 | +€4,445 | +14.6% |
| Accrued charges and deferred income | 492/3 | €0 | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,830 | €36,335 | -€1,495 | -4.0% |
| Other operating charges | 640/8 | €2,283 | €1,730 | -€553 | -24.2% |
| Gross operating margin | 9900 | €100,906 | €80,407 | -€20,499 | -20.3% |
| Operating profit (loss) | 9901 | €60,793 | €42,342 | -€18,451 | -30.4% |
| Financial income | 75/76B | €440 | €423 | -€17 | -3.9% |
| Recurring financial income | 75 | €440 | €423 | -€17 | -3.9% |
| Financial charges | 65/66B | €6,568 | €5,875 | -€692 | -10.5% |
| Recurring financial charges | 65 | €6,568 | €5,875 | -€692 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €54,666 | €36,890 | -€17,776 | -32.5% |
| Transfer from deferred taxes | 780 | €419 | €419 | = | 0.0% |
| Income taxes | 67/77 | €17,297 | €12,467 | -€4,830 | -27.9% |
| Profit (loss) for the period | 9904 | €37,788 | €24,842 | -€12,946 | -34.3% |
| Transfer from tax-exempt reserves | 789 | €1,257 | €1,257 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,045 | €26,099 | -€12,946 | -33.2% |
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 6 October 2026 via checked.be.