DEMEY-SINNAEVE: 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.
DEMEY-SINNAEVE
Largest movements
- Tangible fixed assets +€237,947
up €237,947 (+128%), from €185,633 to €423,580
of which Land and buildings: +€245,434
- Receivables within one year +€42,481
up €42,481 (+122%), from €34,847 to €77,328
of which Other amounts receivable: +€25,412
- Debts after one year +€209,060
up €209,060 (+327%), from €64,004 to €273,064
- Reserves +€89,311
up €89,311 (+29.1%), from €306,410 to €395,721
- Other debts -€31,905
down €31,905 (-100%), from €31,905 to €0
- Current portion of long-term debt +€14,118
up €14,118 (+52.6%), from €26,822 to €40,940
- Depreciation +€33,330
up €33,330 (+92.5%), from €36,043 to €69,372
- Staff costs +€7,802
up €7,802 (+79.4%), from €9,825 to €17,627
- Taxes -€6,429
down €6,429 (-19.4%), from €33,156 to €26,727
- Financial charges -€2,863
down €2,863 (-44.9%), from €6,377 to €3,513
- Gross operating margin +€2,815
up €2,815 (+1.4%), from €204,648 to €207,463
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 | €466,673 | €746,011 | +€279,338 | +59.9% |
| Fixed assets | 21/28 | €185,768 | €423,715 | +€237,947 | +128% |
| Tangible fixed assets | 22/27 | €185,633 | €423,580 | +€237,947 | +128% |
| Land and buildings | 22 | - | €245,434 | +€245,434 | |
| Furniture and vehicles | 24 | €185,633 | €178,146 | -€7,486 | -4.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €280,905 | €322,296 | +€41,391 | +14.7% |
| Amounts receivable within one year | 40/41 | €34,847 | €77,328 | +€42,481 | +122% |
| Trade receivables | 40 | €33,190 | €50,259 | +€17,069 | +51.4% |
| Other amounts receivable | 41 | €1,657 | €27,069 | +€25,412 | +1,534% |
| Cash at bank and in hand | 54/58 | €237,907 | €237,909 | +€3 | 0.0% |
| Deferred charges and accrued income | 490/1 | €8,152 | €7,058 | -€1,093 | -13.4% |
| Total equity and liabilities | 10/49 | €466,673 | €746,011 | +€279,338 | +59.9% |
| Equity | 10/15 | €316,410 | €405,721 | +€89,311 | +28.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €306,410 | €395,721 | +€89,311 | +29.1% |
| Distributable reserves | 133 | €306,410 | €395,721 | +€89,311 | +29.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €150,263 | €340,290 | +€190,027 | +126% |
| Amounts payable after more than one year | 17 | €64,004 | €273,064 | +€209,060 | +327% |
| Financial debts | 170/4 | €64,004 | €273,064 | +€209,060 | +327% |
| Amounts payable within one year | 42/48 | €82,821 | €65,976 | -€16,845 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €26,822 | €40,940 | +€14,118 | +52.6% |
| Trade debts | 44 | €640 | €4,324 | +€3,685 | +576% |
| Suppliers | 440/4 | €640 | €4,324 | +€3,685 | +576% |
| Taxes, remuneration and social security | 45 | €23,455 | €20,712 | -€2,743 | -11.7% |
| Taxes | 450/3 | €22,303 | €18,618 | -€3,685 | -16.5% |
| Remuneration and social security | 454/9 | €1,152 | €2,095 | +€943 | +81.8% |
| Other amounts payable | 47/48 | €31,905 | €0 | -€31,905 | -100% |
| Accrued charges and deferred income | 492/3 | €3,437 | €1,250 | -€2,187 | -63.6% |
| Non-recurring operating income | 76A | €0 | €1,161 | +€1,161 | |
| Remuneration, social security and pensions | 62 | €9,825 | €17,627 | +€7,802 | +79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,043 | €69,372 | +€33,330 | +92.5% |
| Other operating charges | 640/8 | €538 | €935 | +€397 | +73.7% |
| Gross operating margin | 9900 | €204,648 | €207,463 | +€2,815 | +1.4% |
| Operating profit (loss) | 9901 | €158,242 | €119,529 | -€38,713 | -24.5% |
| Financial income | 75/76B | €0 | €23 | +€23 | +75,733% |
| Recurring financial income | 75 | €0 | €23 | +€23 | +75,733% |
| Financial charges | 65/66B | €6,377 | €3,513 | -€2,863 | -44.9% |
| Recurring financial charges | 65 | €6,377 | €3,513 | -€2,863 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €151,865 | €116,039 | -€35,827 | -23.6% |
| Income taxes | 67/77 | €33,156 | €26,727 | -€6,429 | -19.4% |
| Profit (loss) for the period | 9904 | €118,709 | €89,311 | -€29,398 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €118,709 | €89,311 | -€29,398 | -24.8% |
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 31 October 2026 via checked.be.