DEMGRO: 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.
DEMGRO
Largest movements
- Receivables within one year +€802,586
up €802,586 (+133.7%), from €600,351 to €1.4m
of which Trade receivables: +€590,895
- Cash -€189,932
down €189,932 (-49.5%), from €383,494 to €193,561
mainly Receivables within one year (-€802,586) and Investment in fixed assets (net) (-€375,326)
- Stocks and contracts +€147,681
up €147,681 (+28.7%), from €515,117 to €662,798
of which Contracts in progress: +€126,601
- Tangible fixed assets -€102,597
down €102,597 (-4.9%), from €2.1m to €2.0m
of which Plant, machinery and equipment: -€179,678
- Reserves +€343,953
up €343,953 (+38.7%), from €889,455 to €1.2m
of which Distributable reserves: +€348,678
- Trade debts +€120,671
up €120,671 (+13.9%), from €865,566 to €986,237
- Short-term financial debts +€115,000
up €115,000 (+45.1%), from €255,000 to €370,000
- Tax, wage and social debts +€109,423
up €109,423 (+81.9%), from €133,592 to €243,015
of which Taxes: +€95,045
- Profit (loss) carried forward -€82,777
no longer reported in 2025 (was €82,777)
- Gross operating margin +€412,109
up €412,109 (+25.6%), from €1.6m to €2.0m
- Staff costs +€118,690
up €118,690 (+12.2%), from €973,153 to €1.1m
- Depreciation +€86,337
up €86,337 (+21.3%), from €404,688 to €491,025
- Taxes +€63,203
up €63,203 (+201.7%), from €31,338 to €94,541
- Other operating charges -€34,919
down €34,919 (-49.5%), from €70,499 to €35,579
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 | €3,728,831 | €4,353,902 | +€625,071 | +16.8% |
| Formation expenses | 20 | €9,309 | - | -€9,309 | |
| Fixed assets | 21/28 | €2,092,094 | €1,985,705 | -€106,389 | -5.1% |
| Intangible fixed assets | 21 | €16,396 | €12,604 | -€3,792 | -23.1% |
| Tangible fixed assets | 22/27 | €2,075,699 | €1,973,101 | -€102,597 | -4.9% |
| Land and buildings | 22 | €221,659 | €221,659 | = | 0.0% |
| Plant, machinery and equipment | 23 | €897,931 | €718,253 | -€179,678 | -20.0% |
| Furniture and vehicles | 24 | €845,974 | €946,027 | +€100,054 | +11.8% |
| Leasing and similar rights | 25 | €110,135 | €87,162 | -€22,973 | -20.9% |
| Current assets | 29/58 | €1,627,427 | €2,368,197 | +€740,769 | +45.5% |
| Amounts receivable after more than one year | 29 | €80,480 | €80,480 | = | 0.0% |
| Other amounts receivable | 291 | €80,480 | €80,480 | = | 0.0% |
| Stocks and contracts in progress | 3 | €515,117 | €662,798 | +€147,681 | +28.7% |
| Stocks | 30/36 | €113,534 | €134,615 | +€21,081 | +18.6% |
| Contracts in progress | 37 | €401,583 | €528,184 | +€126,601 | +31.5% |
| Amounts receivable within one year | 40/41 | €600,351 | €1,402,937 | +€802,586 | +133.7% |
| Trade receivables | 40 | €551,666 | €1,142,561 | +€590,895 | +107.1% |
| Other amounts receivable | 41 | €48,685 | €260,376 | +€211,691 | +434.8% |
| Cash at bank and in hand | 54/58 | €383,494 | €193,561 | -€189,932 | -49.5% |
| Deferred charges and accrued income | 490/1 | €47,986 | €28,420 | -€19,566 | -40.8% |
| Total equity and liabilities | 10/49 | €3,728,831 | €4,353,902 | +€625,071 | +16.8% |
| Equity | 10/15 | €1,533,949 | €1,735,219 | +€201,270 | +13.1% |
| Contributions | 10/11 | €142,539 | €142,539 | = | 0.0% |
| Capital | 10 | €142,539 | €142,539 | = | 0.0% |
| Issued capital | 100 | €142,539 | €142,539 | = | 0.0% |
| Revaluation surpluses | 12 | €419,178 | €359,272 | -€59,906 | -14.3% |
| Reserves | 13 | €889,455 | €1,233,408 | +€343,953 | +38.7% |
| Non-distributable reserves | 130/1 | €14,254 | €14,254 | = | 0.0% |
| Legal reserve | 130 | €14,254 | €14,254 | = | 0.0% |
| Tax-exempt reserves | 132 | €384,854 | €380,129 | -€4,725 | -1.2% |
| Distributable reserves | 133 | €490,347 | €839,026 | +€348,678 | +71.1% |
| Profit (loss) carried forward | 14 | €82,777 | - | -€82,777 | |
| Provisions and deferred taxes | 16 | €6,300 | €4,725 | -€1,575 | -25.0% |
| Deferred taxes | 168 | €6,300 | €4,725 | -€1,575 | -25.0% |
| Amounts payable | 17/49 | €2,188,582 | €2,613,958 | +€425,375 | +19.4% |
| Amounts payable after more than one year | 17 | €582,899 | €657,900 | +€75,001 | +12.9% |
| Financial debts | 170/4 | €582,899 | €657,620 | +€74,721 | +12.8% |
| Other amounts payable | 178/9 | - | €280 | +€280 | |
| Amounts payable within one year | 42/48 | €1,568,732 | €1,919,629 | +€350,897 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €270,317 | €275,571 | +€5,253 | +1.9% |
| Financial debts | 43 | €255,000 | €370,000 | +€115,000 | +45.1% |
| Credit institutions | 430/8 | €255,000 | €370,000 | +€115,000 | +45.1% |
| Trade debts | 44 | €865,566 | €986,237 | +€120,671 | +13.9% |
| Suppliers | 440/4 | €865,566 | €986,237 | +€120,671 | +13.9% |
| Taxes, remuneration and social security | 45 | €133,592 | €243,015 | +€109,423 | +81.9% |
| Taxes | 450/3 | €12,432 | €107,478 | +€95,045 | +764.5% |
| Remuneration and social security | 454/9 | €121,160 | €135,537 | +€14,378 | +11.9% |
| Other amounts payable | 47/48 | €44,256 | €44,806 | +€549 | +1.2% |
| Accrued charges and deferred income | 492/3 | €36,952 | €36,429 | -€523 | -1.4% |
| Remuneration, social security and pensions | 62 | €973,153 | €1,091,843 | +€118,690 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €404,688 | €491,025 | +€86,337 | +21.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €228 | - | -€228 | |
| Other operating charges | 640/8 | €70,499 | €35,579 | -€34,919 | -49.5% |
| Non-recurring operating charges | 66A | €17,923 | €53,443 | +€35,520 | +198.2% |
| Gross operating margin | 9900 | €1,612,421 | €2,024,530 | +€412,109 | +25.6% |
| Operating profit (loss) | 9901 | €145,930 | €352,639 | +€206,710 | +141.7% |
| Financial income | 75/76B | €18,099 | €2,677 | -€15,422 | -85.2% |
| Recurring financial income | 75 | €18,099 | €2,677 | -€15,422 | -85.2% |
| Financial charges | 65/66B | €80,962 | €61,080 | -€19,881 | -24.6% |
| Recurring financial charges | 65 | €80,962 | €61,080 | -€19,881 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €83,067 | €294,236 | +€211,169 | +254.2% |
| Transfer from deferred taxes | 780 | €1,575 | €1,575 | = | 0.0% |
| Income taxes | 67/77 | €31,338 | €94,541 | +€63,203 | +201.7% |
| Profit (loss) for the period | 9904 | €53,305 | €201,270 | +€147,966 | +277.6% |
| Transfer from tax-exempt reserves | 789 | €4,725 | €4,725 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,030 | €205,995 | +€147,966 | +255.0% |
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 7 October 2026 via checked.be.