DEMERSTEE: 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.
DEMERSTEE
Largest movements
- Tangible fixed assets +€79,350
up €79,350 (+23.2%), from €342,318 to €421,668
of which Leasing and similar rights: +€75,048
- Cash -€67,698
down €67,698 (-56.4%), from €120,133 to €52,435
mainly Net result for the year (-€390,994) and Investment in fixed assets (net) (-€274,251)
- Receivables within one year -€45,692
down €45,692 (-19.3%), from €236,239 to €190,547
of which Other amounts receivable: -€82,178
- Deferred charges and accrued income +€36,372
up €36,372 (+2508.1%), from €1,450 to €37,822
- Profit (loss) carried forward -€390,994
down €390,994 (-244.9%), from -€159,673 to -€550,667
- Current portion of long-term debt +€104,174
up €104,174 (+89.2%), from €116,761 to €220,935
- Trade debts +€95,576
up €95,576 (+379.2%), from €25,206 to €120,782
- Accrued charges and deferred income +€59,949
up €59,949 (+1846.7%), from €3,246 to €63,196
- Short-term financial debts +€53,703
new in 2025: €53,703
- Gross operating margin -€212,814
down €212,814 (-34.6%), from €615,423 to €402,609
- Depreciation -€13,133
down €13,133 (-6.3%), from €208,034 to €194,900
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 | €700,140 | €702,473 | +€2,333 | +0.3% |
| Fixed assets | 21/28 | €342,318 | €421,668 | +€79,350 | +23.2% |
| Tangible fixed assets | 22/27 | €342,318 | €421,668 | +€79,350 | +23.2% |
| Plant, machinery and equipment | 23 | - | €14,410 | +€14,410 | |
| Furniture and vehicles | 24 | €142,191 | €132,083 | -€10,108 | -7.1% |
| Leasing and similar rights | 25 | €200,127 | €275,175 | +€75,048 | +37.5% |
| Current assets | 29/58 | €357,822 | €280,804 | -€77,018 | -21.5% |
| Amounts receivable within one year | 40/41 | €236,239 | €190,547 | -€45,692 | -19.3% |
| Trade receivables | 40 | €132,330 | €168,816 | +€36,486 | +27.6% |
| Other amounts receivable | 41 | €103,910 | €21,731 | -€82,178 | -79.1% |
| Cash at bank and in hand | 54/58 | €120,133 | €52,435 | -€67,698 | -56.4% |
| Deferred charges and accrued income | 490/1 | €1,450 | €37,822 | +€36,372 | +2508.1% |
| Total equity and liabilities | 10/49 | €700,140 | €702,473 | +€2,333 | +0.3% |
| Equity | 10/15 | €351,230 | -€39,764 | -€390,994 | |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €460,902 | €460,902 | = | 0.0% |
| Tax-exempt reserves | 132 | €245,000 | €245,000 | = | 0.0% |
| Distributable reserves | 133 | €215,902 | €215,902 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€159,673 | -€550,667 | -€390,994 | -244.9% |
| Amounts payable | 17/49 | €348,910 | €742,237 | +€393,327 | +112.7% |
| Amounts payable after more than one year | 17 | €150,131 | €161,012 | +€10,881 | +7.2% |
| Financial debts | 170/4 | €150,131 | €161,012 | +€10,881 | +7.2% |
| Amounts payable within one year | 42/48 | €195,533 | €518,029 | +€322,496 | +164.9% |
| Current portion of amounts payable after more than one year | 42 | €116,761 | €220,935 | +€104,174 | +89.2% |
| Financial debts | 43 | - | €53,703 | +€53,703 | |
| Other loans | 439 | - | €53,703 | +€53,703 | |
| Trade debts | 44 | €25,206 | €120,782 | +€95,576 | +379.2% |
| Suppliers | 440/4 | €25,206 | €120,782 | +€95,576 | +379.2% |
| Taxes, remuneration and social security | 45 | €53,567 | €82,609 | +€29,042 | +54.2% |
| Taxes | 450/3 | €2,210 | €20,709 | +€18,499 | +837.1% |
| Remuneration and social security | 454/9 | €51,357 | €61,900 | +€10,543 | +20.5% |
| Other amounts payable | 47/48 | - | €40,000 | +€40,000 | |
| Accrued charges and deferred income | 492/3 | €3,246 | €63,196 | +€59,949 | +1846.7% |
| Remuneration, social security and pensions | 62 | €582,921 | €584,310 | +€1,389 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €208,034 | €194,900 | -€13,133 | -6.3% |
| Other operating charges | 640/8 | €7,684 | €8,282 | +€599 | +7.8% |
| Non-recurring operating charges | 66A | - | €1,494 | +€1,494 | |
| Gross operating margin | 9900 | €615,423 | €402,609 | -€212,814 | -34.6% |
| Operating profit (loss) | 9901 | -€183,216 | -€386,377 | -€203,162 | -110.9% |
| Financial income | 75/76B | €219 | €250 | +€31 | +13.9% |
| Recurring financial income | 75 | €219 | €250 | +€31 | +13.9% |
| Financial charges | 65/66B | €3,581 | €4,866 | +€1,285 | +35.9% |
| Recurring financial charges | 65 | €3,581 | €4,866 | +€1,285 | +35.9% |
| Profit (loss) for the period before taxes | 9903 | -€186,577 | -€390,994 | -€204,416 | -109.6% |
| Profit (loss) for the period | 9904 | -€186,577 | -€390,994 | -€204,416 | -109.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€186,577 | -€390,994 | -€204,416 | -109.6% |
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 10 October 2026 via checked.be.