DEMETER SECUNDUS: 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.
DEMETER SECUNDUS
Largest movements
- Tangible fixed assets -€10,408
down €10,408 (-4.0%), from €260,862 to €250,454
of which Land and buildings: -€8,218
- Debts after one year -€35,166
down €35,166 (-11.4%), from €308,645 to €273,480
- Other debts +€12,260
up €12,260 (+9.3%), from €132,209 to €144,469
- Reserves +€10,554
up €10,554 (+32.2%), from €32,728 to €43,283
of which Distributable reserves: +€10,554
- Financial charges -€1,021
down €1,021 (-17.3%), from €5,891 to €4,870
- Other operating charges +€919
up €919 (+53.7%), from €1,711 to €2,630
- Depreciation +€553
up €553 (+5.6%), from €9,856 to €10,408
- Gross operating margin +€506
up €506 (+1.5%), from €32,809 to €33,315
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 | €515,463 | €505,804 | -€9,660 | -1.9% |
| Fixed assets | 21/28 | €260,862 | €250,454 | -€10,408 | -4.0% |
| Tangible fixed assets | 22/27 | €260,862 | €250,454 | -€10,408 | -4.0% |
| Land and buildings | 22 | €242,517 | €234,299 | -€8,218 | -3.4% |
| Plant, machinery and equipment | 23 | €18,345 | €16,155 | -€2,190 | -11.9% |
| Current assets | 29/58 | €254,601 | €255,350 | +€749 | +0.3% |
| Stocks and contracts in progress | 3 | €253,059 | €253,059 | = | 0.0% |
| Stocks | 30/36 | €253,059 | €253,059 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €162 | €149 | -€14 | -8.5% |
| Other amounts receivable | 41 | €162 | €149 | -€14 | -8.5% |
| Cash at bank and in hand | 54/58 | €1,380 | €2,142 | +€762 | +55.3% |
| Total equity and liabilities | 10/49 | €515,463 | €505,804 | -€9,660 | -1.9% |
| Equity | 10/15 | €38,928 | €49,483 | +€10,554 | +27.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €32,728 | €43,283 | +€10,554 | +32.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,868 | €41,423 | +€10,554 | +34.2% |
| Amounts payable | 17/49 | €476,535 | €456,321 | -€20,214 | -4.2% |
| Amounts payable after more than one year | 17 | €308,645 | €273,480 | -€35,166 | -11.4% |
| Financial debts | 170/4 | €308,645 | €273,480 | -€35,166 | -11.4% |
| Amounts payable within one year | 42/48 | €167,890 | €182,841 | +€14,952 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €34,155 | €36,849 | +€2,694 | +7.9% |
| Trade debts | 44 | €1,526 | €1,524 | -€3 | -0.2% |
| Suppliers | 440/4 | €1,526 | €1,524 | -€3 | -0.2% |
| Other amounts payable | 47/48 | €132,209 | €144,469 | +€12,260 | +9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,856 | €10,408 | +€553 | +5.6% |
| Other operating charges | 640/8 | €1,711 | €2,630 | +€919 | +53.7% |
| Gross operating margin | 9900 | €32,809 | €33,315 | +€506 | +1.5% |
| Operating profit (loss) | 9901 | €21,242 | €20,276 | -€966 | -4.5% |
| Financial charges | 65/66B | €5,891 | €4,870 | -€1,021 | -17.3% |
| Recurring financial charges | 65 | €5,891 | €4,870 | -€1,021 | -17.3% |
| Profit (loss) for the period before taxes | 9903 | €15,351 | €15,406 | +€55 | +0.4% |
| Income taxes | 67/77 | €4,838 | €4,851 | +€14 | +0.3% |
| Profit (loss) for the period | 9904 | €10,513 | €10,554 | +€41 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,513 | €10,554 | +€41 | +0.4% |
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 8 October 2026 via checked.be.