Demevar: 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.
Demevar
Largest movements
- Tangible fixed assets +€396,400
up €396,400 (+13.2%), from €3.0m to €3.4m
of which Land and buildings: +€351,890
- Stocks and contracts -€67,823
down €67,823 (-11.6%), from €586,949 to €519,126
- Cash +€67,324
up €67,324 (+18.7%), from €359,854 to €427,178
mainly Depreciation (+€378,904) and Net result for the year (+€335,842)
- Receivables within one year +€54,598
up €54,598 (+57.0%), from €95,742 to €150,340
of which Other amounts receivable: +€52,128
- Reserves +€883,250
up €883,250 (+95.9%), from €920,723 to €1.8m
of which Distributable reserves: +€734,000
- Profit (loss) carried forward -€549,073
down €549,073 (-99.9%), from €549,660 to €587
- Debts after one year +€158,756
up €158,756 (+13.0%), from €1.2m to €1.4m
of which Financial debts: +€158,756
- Trade debts -€157,643
down €157,643 (-57.5%), from €274,056 to €116,413
- Current portion of long-term debt +€149,317
up €149,317 (+38.2%), from €390,662 to €539,979
- Gross operating margin -€232,514
down €232,514 (-21.9%), from €1.1m to €829,446
- Taxes -€97,752
down €97,752 (-57.0%), from €171,449 to €73,697
- Write-downs +€31,482
up €31,482, from -€31,482 to €0
- Depreciation +€24,531
up €24,531 (+6.9%), from €354,373 to €378,904
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 | €4,079,416 | €4,516,709 | +€437,293 | +10.7% |
| Fixed assets | 21/28 | €2,999,932 | €3,396,267 | +€396,335 | +13.2% |
| Intangible fixed assets | 21 | €5,333 | €0 | -€5,333 | -100.0% |
| Tangible fixed assets | 22/27 | €2,994,598 | €3,390,999 | +€396,400 | +13.2% |
| Land and buildings | 22 | €2,166,898 | €2,518,787 | +€351,890 | +16.2% |
| Plant, machinery and equipment | 23 | €611,984 | €677,325 | +€65,340 | +10.7% |
| Furniture and vehicles | 24 | €215,717 | €194,887 | -€20,830 | -9.7% |
| Financial fixed assets | 28 | - | €5,268 | +€5,268 | |
| Current assets | 29/58 | €1,079,484 | €1,120,442 | +€40,958 | +3.8% |
| Stocks and contracts in progress | 3 | €586,949 | €519,126 | -€67,823 | -11.6% |
| Stocks | 30/36 | €586,949 | €519,126 | -€67,823 | -11.6% |
| Amounts receivable within one year | 40/41 | €95,742 | €150,340 | +€54,598 | +57.0% |
| Trade receivables | 40 | €47,045 | €49,516 | +€2,470 | +5.3% |
| Other amounts receivable | 41 | €48,696 | €100,824 | +€52,128 | +107.0% |
| Cash at bank and in hand | 54/58 | €359,854 | €427,178 | +€67,324 | +18.7% |
| Deferred charges and accrued income | 490/1 | €36,940 | €23,799 | -€13,141 | -35.6% |
| Total equity and liabilities | 10/49 | €4,079,416 | €4,516,709 | +€437,293 | +10.7% |
| Equity | 10/15 | €1,471,383 | €1,805,560 | +€334,176 | +22.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €920,723 | €1,803,973 | +€883,250 | +95.9% |
| Tax-exempt reserves | 132 | €291,723 | €440,973 | +€149,250 | +51.2% |
| Distributable reserves | 133 | €629,000 | €1,363,000 | +€734,000 | +116.7% |
| Profit (loss) carried forward | 14 | €549,660 | €587 | -€549,073 | -99.9% |
| Provisions and deferred taxes | 16 | €97,241 | €90,858 | -€6,383 | -6.6% |
| Deferred taxes | 168 | €97,241 | €90,858 | -€6,383 | -6.6% |
| Amounts payable | 17/49 | €2,510,791 | €2,620,292 | +€109,501 | +4.4% |
| Amounts payable after more than one year | 17 | €1,225,765 | €1,384,521 | +€158,756 | +13.0% |
| Financial debts | 170/4 | €1,225,765 | €1,384,521 | +€158,756 | +13.0% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,269,825 | €1,232,868 | -€36,957 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €390,662 | €539,979 | +€149,317 | +38.2% |
| Trade debts | 44 | €274,056 | €116,413 | -€157,643 | -57.5% |
| Suppliers | 440/4 | €274,056 | €116,413 | -€157,643 | -57.5% |
| Taxes, remuneration and social security | 45 | €62,903 | €25,588 | -€37,315 | -59.3% |
| Taxes | 450/3 | €62,903 | €22,201 | -€40,701 | -64.7% |
| Remuneration and social security | 454/9 | €0 | €3,387 | +€3,387 | |
| Other amounts payable | 47/48 | €542,204 | €550,887 | +€8,684 | +1.6% |
| Accrued charges and deferred income | 492/3 | €15,202 | €2,903 | -€12,299 | -80.9% |
| Non-recurring operating income | 76A | €0 | €22,253 | +€22,253 | |
| Remuneration, social security and pensions | 62 | - | €2,846 | +€2,846 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €354,373 | €378,904 | +€24,531 | +6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€31,482 | €0 | +€31,482 | |
| Other operating charges | 640/8 | €23,077 | €22,070 | -€1,007 | -4.4% |
| Gross operating margin | 9900 | €1,061,961 | €829,446 | -€232,514 | -21.9% |
| Operating profit (loss) | 9901 | €715,992 | €425,626 | -€290,366 | -40.6% |
| Financial income | 75/76B | €27,002 | €21,062 | -€5,940 | -22.0% |
| Recurring financial income | 75 | €27,002 | €21,062 | -€5,940 | -22.0% |
| Financial charges | 65/66B | €47,453 | €43,532 | -€3,921 | -8.3% |
| Recurring financial charges | 65 | €47,453 | €43,532 | -€3,921 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €695,541 | €403,156 | -€292,385 | -42.0% |
| Transfer from deferred taxes | 780 | €6,383 | €6,383 | = | 0.0% |
| Income taxes | 67/77 | €171,449 | €73,697 | -€97,752 | -57.0% |
| Profit (loss) for the period | 9904 | €530,476 | €335,842 | -€194,633 | -36.7% |
| Transfer from tax-exempt reserves | 789 | €19,150 | €19,150 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €168,400 | +€168,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €549,626 | €186,593 | -€363,033 | -66.1% |
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 5 October 2026 via checked.be.