DEMETER: 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.
DEMETER
Largest movements
- Deferred charges and accrued income -€16,212
down €16,212 (-59.7%), from €27,173 to €10,961
- Cash -€8,540
down €8,540 (-1.6%), from €536,904 to €528,363
mainly Other debts (-€55,173) and Tax, wage and social debts (-€13,349)
- Other debts -€55,173
down €55,173 (-96.0%), from €57,493 to €2,320
- Reserves +€46,729
up €46,729 (+7.8%), from €596,413 to €643,142
of which Distributable reserves: +€49,229
- Tax, wage and social debts -€13,349
down €13,349 (-34.4%), from €38,799 to €25,450
of which Taxes: -€13,153
- Accrued charges and deferred income -€7,195
no longer reported in 2025 (was €7,195)
- Gross operating margin -€113,378
down €113,378 (-53.2%), from €213,312 to €99,933
- Taxes -€42,767
down €42,767 (-67.5%), from €63,388 to €20,620
- Depreciation +€5,041
up €5,041 (+92.0%), from €5,480 to €10,522
- Financial income -€4,914
down €4,914 (-69.6%), from €7,066 to €2,151
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 | €714,933 | €689,959 | -€24,974 | -3.5% |
| Fixed assets | 21/28 | €150,218 | €144,425 | -€5,794 | -3.9% |
| Tangible fixed assets | 22/27 | €22,781 | €16,987 | -€5,794 | -25.4% |
| Plant, machinery and equipment | 23 | €6,045 | €6,255 | +€210 | +3.5% |
| Furniture and vehicles | 24 | €15,511 | €9,707 | -€5,804 | -37.4% |
| Other tangible fixed assets | 26 | €1,225 | €1,025 | -€200 | -16.3% |
| Financial fixed assets | 28 | €127,437 | €127,437 | = | 0.0% |
| Current assets | 29/58 | €564,715 | €545,534 | -€19,181 | -3.4% |
| Amounts receivable within one year | 40/41 | €638 | €6,209 | +€5,571 | +874% |
| Trade receivables | 40 | €638 | €6,209 | +€5,571 | +874% |
| Cash at bank and in hand | 54/58 | €536,904 | €528,363 | -€8,540 | -1.6% |
| Deferred charges and accrued income | 490/1 | €27,173 | €10,961 | -€16,212 | -59.7% |
| Total equity and liabilities | 10/49 | €714,933 | €689,959 | -€24,974 | -3.5% |
| Equity | 10/15 | €609,019 | €655,747 | +€46,729 | +7.7% |
| Contributions | 10/11 | €12,605 | €12,605 | = | 0.0% |
| Reserves | 13 | €596,413 | €643,142 | +€46,729 | +7.8% |
| Non-distributable reserves | 130/1 | €2,500 | - | -€2,500 | |
| Reserves not available under the articles | 1311 | €2,500 | - | -€2,500 | |
| Distributable reserves | 133 | €593,913 | €643,142 | +€49,229 | +8.3% |
| Amounts payable | 17/49 | €105,914 | €34,212 | -€71,703 | -67.7% |
| Amounts payable within one year | 42/48 | €98,719 | €34,212 | -€64,508 | -65.3% |
| Trade debts | 44 | €2,427 | €6,442 | +€4,015 | +165% |
| Suppliers | 440/4 | €2,427 | €6,442 | +€4,015 | +165% |
| Taxes, remuneration and social security | 45 | €38,799 | €25,450 | -€13,349 | -34.4% |
| Taxes | 450/3 | €37,840 | €24,688 | -€13,153 | -34.8% |
| Remuneration and social security | 454/9 | €959 | €762 | -€197 | -20.5% |
| Other amounts payable | 47/48 | €57,493 | €2,320 | -€55,173 | -96.0% |
| Accrued charges and deferred income | 492/3 | €7,195 | - | -€7,195 | |
| Non-recurring operating income | 76A | - | €84 | +€84 | |
| Remuneration, social security and pensions | 62 | €11,098 | €10,567 | -€531 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,480 | €10,522 | +€5,041 | +92.0% |
| Other operating charges | 640/8 | €607 | €825 | +€219 | +36.0% |
| Non-recurring operating charges | 66A | €562 | €12,539 | +€11,977 | +2,130% |
| Gross operating margin | 9900 | €213,312 | €99,933 | -€113,378 | -53.2% |
| Operating profit (loss) | 9901 | €195,565 | €65,481 | -€130,084 | -66.5% |
| Financial income | 75/76B | €7,066 | €2,151 | -€4,914 | -69.6% |
| Recurring financial income | 75 | €7,066 | €2,151 | -€4,914 | -69.6% |
| Financial charges | 65/66B | €207 | €283 | +€76 | +36.9% |
| Recurring financial charges | 65 | €207 | €283 | +€76 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €202,424 | €67,349 | -€135,075 | -66.7% |
| Income taxes | 67/77 | €63,388 | €20,620 | -€42,767 | -67.5% |
| Profit (loss) for the period | 9904 | €139,036 | €46,729 | -€92,308 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €139,036 | €46,729 | -€92,308 | -66.4% |
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 21 October 2026 via checked.be.