DEMERRE: 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.
DEMERRE
Largest movements
- Cash -€79,185
down €79,185 (-30.1%), from €262,646 to €183,462
mainly Contributions, distributions and other (-€237,515) and Debts after one year (-€152,111)
- Deferred charges and accrued income -€55,377
down €55,377 (-99.0%), from €55,941 to €564
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Debts after one year -€152,111
down €152,111 (-38.6%), from €393,937 to €241,826
- Reserves -€58,180
down €58,180 (-8.1%), from €719,005 to €660,825
- Other debts +€49,267
up €49,267 (+17.1%), from €288,639 to €337,906
- Tax, wage and social debts -€22,886
down €22,886 (-74.9%), from €30,569 to €7,683
- Gross operating margin +€16,371
up €16,371 (+6.0%), from €271,662 to €288,032
- Taxes +€5,266
up €5,266 (+7.2%), from €73,452 to €78,718
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,610,541 | €1,427,793 | -€182,748 | -11.3% |
| Fixed assets | 21/28 | €1,230,703 | €1,218,020 | -€12,683 | -1.0% |
| Tangible fixed assets | 22/27 | €332,164 | €319,481 | -€12,683 | -3.8% |
| Land and buildings | 22 | €330,125 | €318,625 | -€11,500 | -3.5% |
| Furniture and vehicles | 24 | €2,039 | €856 | -€1,183 | -58.0% |
| Financial fixed assets | 28 | €898,539 | €898,539 | = | 0.0% |
| Current assets | 29/58 | €379,838 | €209,773 | -€170,065 | -44.8% |
| Amounts receivable within one year | 40/41 | €11,251 | €25,747 | +€14,496 | +128.8% |
| Trade receivables | 40 | €11,251 | €3,653 | -€7,598 | -67.5% |
| Other amounts receivable | 41 | €0 | €22,094 | +€22,094 | |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €262,646 | €183,462 | -€79,185 | -30.1% |
| Deferred charges and accrued income | 490/1 | €55,941 | €564 | -€55,377 | -99.0% |
| Total equity and liabilities | 10/49 | €1,610,541 | €1,427,793 | -€182,748 | -11.3% |
| Equity | 10/15 | €769,005 | €710,825 | -€58,180 | -7.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €719,005 | €660,825 | -€58,180 | -8.1% |
| Distributable reserves | 133 | €719,005 | €660,825 | -€58,180 | -8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €841,535 | €716,967 | -€124,568 | -14.8% |
| Amounts payable after more than one year | 17 | €393,937 | €241,826 | -€152,111 | -38.6% |
| Financial debts | 170/4 | €393,937 | €241,826 | -€152,111 | -38.6% |
| Amounts payable within one year | 42/48 | €447,141 | €465,383 | +€18,242 | +4.1% |
| Current portion of amounts payable after more than one year | 42 | €110,641 | €102,111 | -€8,530 | -7.7% |
| Financial debts | 43 | €16,942 | €16,877 | -€65 | -0.4% |
| Credit institutions | 430/8 | €16,942 | €16,877 | -€65 | -0.4% |
| Trade debts | 44 | €350 | €806 | +€455 | +129.9% |
| Suppliers | 440/4 | €350 | €806 | +€455 | +129.9% |
| Taxes, remuneration and social security | 45 | €30,569 | €7,683 | -€22,886 | -74.9% |
| Taxes | 450/3 | €30,569 | €7,683 | -€22,886 | -74.9% |
| Other amounts payable | 47/48 | €288,639 | €337,906 | +€49,267 | +17.1% |
| Accrued charges and deferred income | 492/3 | €457 | €9,759 | +€9,302 | +2035.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,683 | €12,683 | = | 0.0% |
| Other operating charges | 640/8 | €2,512 | €2,563 | +€50 | +2.0% |
| Gross operating margin | 9900 | €271,662 | €288,032 | +€16,371 | +6.0% |
| Operating profit (loss) | 9901 | €256,466 | €272,787 | +€16,321 | +6.4% |
| Financial income | 75/76B | €2,894 | €2,708 | -€186 | -6.4% |
| Recurring financial income | 75 | €2,894 | €2,708 | -€186 | -6.4% |
| Financial charges | 65/66B | €17,422 | €17,441 | +€19 | +0.1% |
| Recurring financial charges | 65 | €17,422 | €17,441 | +€19 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €241,939 | €258,054 | +€16,115 | +6.7% |
| Income taxes | 67/77 | €73,452 | €78,718 | +€5,266 | +7.2% |
| Profit (loss) for the period | 9904 | €168,487 | €179,336 | +€10,849 | +6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €168,487 | €179,336 | +€10,849 | +6.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.