DEMFOR: 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.
DEMFOR
Largest movements
- Tangible fixed assets -€13,102
down €13,102 (-54.4%), from €24,107 to €11,005
of which Leasing and similar rights: -€12,324
- Receivables within one year +€10,857
up €10,857 (+90.9%), from €11,945 to €22,803
of which Trade receivables: +€7,657
- Cash +€3,281
up €3,281 (+67.9%), from €4,835 to €8,116
mainly Depreciation (+€15,514) and Net result for the year (+€10,193)
- Reserves +€10,193
up €10,193 (+74.3%), from €13,723 to €23,916
- Debts after one year -€9,026
no longer reported in 2025 (was €9,026)
- Trade debts +€6,264
up €6,264 (+168.1%), from €3,727 to €9,991
- Other debts -€3,690
no longer reported in 2025 (was €3,690)
- Current portion of long-term debt -€2,319
down €2,319 (-20.4%), from €11,346 to €9,026
- Gross operating margin -€3,948
down €3,948 (-11.7%), from €33,699 to €29,752
- Financial income +€823
up €823 (+1602.5%), from €51 to €875
- Taxes -€468
down €468 (-15.3%), from €3,061 to €2,593
- Financial charges -€415
down €415 (-22.6%), from €1,831 to €1,416
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 | €42,513 | €43,934 | +€1,421 | +3.3% |
| Fixed assets | 21/28 | €24,107 | €11,005 | -€13,102 | -54.4% |
| Tangible fixed assets | 22/27 | €24,107 | €11,005 | -€13,102 | -54.4% |
| Plant, machinery and equipment | 23 | €4,394 | €3,955 | -€439 | -10.0% |
| Furniture and vehicles | 24 | €628 | €440 | -€189 | -30.0% |
| Leasing and similar rights | 25 | €18,571 | €6,247 | -€12,324 | -66.4% |
| Other tangible fixed assets | 26 | €513 | €363 | -€150 | -29.3% |
| Current assets | 29/58 | €18,406 | €32,930 | +€14,523 | +78.9% |
| Amounts receivable within one year | 40/41 | €11,945 | €22,803 | +€10,857 | +90.9% |
| Trade receivables | 40 | €6,233 | €13,890 | +€7,657 | +122.8% |
| Other amounts receivable | 41 | €5,712 | €8,913 | +€3,201 | +56.0% |
| Cash at bank and in hand | 54/58 | €4,835 | €8,116 | +€3,281 | +67.9% |
| Deferred charges and accrued income | 490/1 | €1,626 | €2,010 | +€384 | +23.6% |
| Total equity and liabilities | 10/49 | €42,513 | €43,934 | +€1,421 | +3.3% |
| Equity | 10/15 | €14,723 | €24,916 | +€10,193 | +69.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €13,723 | €23,916 | +€10,193 | +74.3% |
| Distributable reserves | 133 | €13,723 | €23,916 | +€10,193 | +74.3% |
| Amounts payable | 17/49 | €27,790 | €19,018 | -€8,772 | -31.6% |
| Amounts payable after more than one year | 17 | €9,026 | - | -€9,026 | |
| Financial debts | 170/4 | €9,026 | - | -€9,026 | |
| Amounts payable within one year | 42/48 | €18,763 | €19,018 | +€255 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €11,346 | €9,026 | -€2,319 | -20.4% |
| Trade debts | 44 | €3,727 | €9,991 | +€6,264 | +168.1% |
| Suppliers | 440/4 | €3,727 | €9,991 | +€6,264 | +168.1% |
| Other amounts payable | 47/48 | €3,690 | - | -€3,690 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,709 | €15,514 | -€195 | -1.2% |
| Other operating charges | 640/8 | €965 | €911 | -€55 | -5.7% |
| Gross operating margin | 9900 | €33,699 | €29,752 | -€3,948 | -11.7% |
| Operating profit (loss) | 9901 | €17,025 | €13,327 | -€3,698 | -21.7% |
| Financial income | 75/76B | €51 | €875 | +€823 | +1602.5% |
| Recurring financial income | 75 | €51 | €875 | +€823 | +1602.5% |
| Financial charges | 65/66B | €1,831 | €1,416 | -€415 | -22.6% |
| Recurring financial charges | 65 | €1,831 | €1,416 | -€415 | -22.6% |
| Profit (loss) for the period before taxes | 9903 | €15,246 | €12,786 | -€2,460 | -16.1% |
| Income taxes | 67/77 | €3,061 | €2,593 | -€468 | -15.3% |
| Profit (loss) for the period | 9904 | €12,185 | €10,193 | -€1,992 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,185 | €10,193 | -€1,992 | -16.3% |
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 9 October 2026 via checked.be.