DEMERO: 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.
DEMERO
Largest movements
- Receivables within one year -€315,530
down €315,530 (-97.6%), from €323,258 to €7,729
of which Trade receivables: -€315,037
- Current investments +€181,873
up €181,873, from €0 to €181,873
- Cash -€154,292
down €154,292 (-54.9%), from €280,914 to €126,623
mainly Trade debts (-€311,870) and Current investments (-€181,873)
- Tangible fixed assets -€51,886
down €51,886 (-3.0%), from €1.7m to €1.7m
of which Land and buildings: -€43,417
- Trade debts -€311,870
down €311,870 (-98.4%), from €316,967 to €5,097
- Gross operating margin +€33,658
up €33,658 (+421.0%), from €7,994 to €41,651
- Depreciation +€27,118
up €27,118 (+93.2%), from €29,083 to €56,202
- Financial income -€15,604
down €15,604 (-99.8%), from €15,641 to €37
- Taxes +€8,666
up €8,666 (+3662.2%), from €237 to €8,903
- Other operating charges +€1,605
up €1,605 (+70.8%), from €2,266 to €3,871
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 | €2,312,919 | €1,973,895 | -€339,024 | -14.7% |
| Fixed assets | 21/28 | €1,707,368 | €1,655,482 | -€51,886 | -3.0% |
| Tangible fixed assets | 22/27 | €1,707,368 | €1,655,482 | -€51,886 | -3.0% |
| Land and buildings | 22 | €1,667,989 | €1,624,572 | -€43,417 | -2.6% |
| Plant, machinery and equipment | 23 | €202 | €65 | -€138 | -68.1% |
| Furniture and vehicles | 24 | €39,176 | €30,845 | -€8,331 | -21.3% |
| Current assets | 29/58 | €605,551 | €318,413 | -€287,138 | -47.4% |
| Amounts receivable within one year | 40/41 | €323,258 | €7,729 | -€315,530 | -97.6% |
| Trade receivables | 40 | €318,262 | €3,225 | -€315,037 | -99.0% |
| Other amounts receivable | 41 | €4,996 | €4,504 | -€493 | -9.9% |
| Current investments | 50/53 | €0 | €181,873 | +€181,873 | |
| Cash at bank and in hand | 54/58 | €280,914 | €126,623 | -€154,292 | -54.9% |
| Deferred charges and accrued income | 490/1 | €1,378 | €2,188 | +€810 | +58.8% |
| Total equity and liabilities | 10/49 | €2,312,919 | €1,973,895 | -€339,024 | -14.7% |
| Equity | 10/15 | €1,654,301 | €1,637,027 | -€17,273 | -1.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €1,592,801 | €1,575,527 | -€17,273 | -1.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €1,308,292 | €1,263,180 | -€45,111 | -3.4% |
| Distributable reserves | 133 | €284,509 | €312,347 | +€27,838 | +9.8% |
| Provisions and deferred taxes | 16 | €327,073 | €315,795 | -€11,278 | -3.4% |
| Deferred taxes | 168 | €327,073 | €315,795 | -€11,278 | -3.4% |
| Amounts payable | 17/49 | €331,546 | €21,072 | -€310,473 | -93.6% |
| Amounts payable after more than one year | 17 | €3,856 | €0 | -€3,856 | -100.0% |
| Financial debts | 170/4 | €3,856 | €0 | -€3,856 | -100.0% |
| Amounts payable within one year | 42/48 | €327,689 | €21,072 | -€306,617 | -93.6% |
| Current portion of amounts payable after more than one year | 42 | €6,529 | €3,856 | -€2,672 | -40.9% |
| Trade debts | 44 | €316,967 | €5,097 | -€311,870 | -98.4% |
| Suppliers | 440/4 | €316,967 | €5,097 | -€311,870 | -98.4% |
| Taxes, remuneration and social security | 45 | €1,094 | €9,604 | +€8,510 | +778.2% |
| Taxes | 450/3 | €794 | €9,604 | +€8,810 | +1110.2% |
| Remuneration and social security | 454/9 | €300 | €0 | -€300 | -100.0% |
| Other amounts payable | 47/48 | €3,100 | €2,515 | -€585 | -18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,083 | €56,202 | +€27,118 | +93.2% |
| Other operating charges | 640/8 | €2,266 | €3,871 | +€1,605 | +70.8% |
| Gross operating margin | 9900 | €7,994 | €41,651 | +€33,658 | +421.0% |
| Operating profit (loss) | 9901 | -€23,356 | -€18,421 | +€4,935 | +21.1% |
| Financial income | 75/76B | €15,641 | €37 | -€15,604 | -99.8% |
| Recurring financial income | 75 | €15,641 | €37 | -€15,604 | -99.8% |
| Financial charges | 65/66B | €468 | €1,264 | +€796 | +169.9% |
| Recurring financial charges | 65 | €468 | €1,264 | +€796 | +169.9% |
| Profit (loss) for the period before taxes | 9903 | -€8,183 | -€19,648 | -€11,465 | -140.1% |
| Transfer from deferred taxes | 780 | €3,469 | €11,278 | +€7,809 | +225.1% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €237 | €8,903 | +€8,666 | +3662.2% |
| Profit (loss) for the period | 9904 | -€4,951 | -€17,273 | -€12,322 | -248.9% |
| Transfer from tax-exempt reserves | 789 | €13,876 | €45,111 | +€31,235 | +225.1% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €8,926 | €27,838 | +€18,913 | +211.9% |
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.