DEMHOLDING: 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.
DEMHOLDING
Largest movements
- Cash -€148,645
down €148,645 (-52.2%), from €284,724 to €136,079
mainly Debts after one year (-€211,447) and Contributions, distributions and other (-€117,667)
- Receivables within one year +€64,040
up €64,040 (+166.4%), from €38,484 to €102,524
of which Other amounts receivable: +€59,551
- Debts after one year -€211,447
down €211,447 (-19.6%), from €1.1m to €866,139
- Profit (loss) carried forward +€118,666
up €118,666 (+18.2%), from €651,546 to €770,211
- Trade debts +€42,441
up €42,441 (+540.9%), from €7,846 to €50,287
- Tax, wage and social debts -€29,916
down €29,916 (-47.1%), from €63,462 to €33,546
of which Taxes: -€29,635
- Financial income +€100,000
up €100,000 (+19999900.0%), from €1 to €100,000
- Gross operating margin -€34,140
down €34,140 (-14.4%), from €237,818 to €203,678
- Taxes -€6,708
down €6,708 (-14.2%), from €47,273 to €40,565
- Financial charges -€3,253
down €3,253 (-19.4%), from €16,800 to €13,547
of which Financial charges: -€3,252
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 | €2,280,640 | €2,198,644 | -€81,996 | -3.6% |
| Fixed assets | 21/28 | €1,956,090 | €1,945,552 | -€10,539 | -0.5% |
| Tangible fixed assets | 22/27 | €31,090 | €20,552 | -€10,539 | -33.9% |
| Furniture and vehicles | 24 | €31,090 | €20,552 | -€10,539 | -33.9% |
| Financial fixed assets | 28 | €1,925,000 | €1,925,000 | = | 0.0% |
| Current assets | 29/58 | €324,550 | €253,093 | -€71,457 | -22.0% |
| Amounts receivable within one year | 40/41 | €38,484 | €102,524 | +€64,040 | +166.4% |
| Trade receivables | 40 | €38,484 | €42,973 | +€4,490 | +11.7% |
| Other amounts receivable | 41 | - | €59,551 | +€59,551 | |
| Cash at bank and in hand | 54/58 | €284,724 | €136,079 | -€148,645 | -52.2% |
| Deferred charges and accrued income | 490/1 | €1,342 | €14,489 | +€13,147 | +979.8% |
| Total equity and liabilities | 10/49 | €2,280,640 | €2,198,644 | -€81,996 | -3.6% |
| Equity | 10/15 | €761,546 | €880,211 | +€118,666 | +15.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €651,546 | €770,211 | +€118,666 | +18.2% |
| Amounts payable | 17/49 | €1,519,094 | €1,318,433 | -€200,662 | -13.2% |
| Amounts payable after more than one year | 17 | €1,077,586 | €866,139 | -€211,447 | -19.6% |
| Financial debts | 170/4 | €1,077,586 | €866,139 | -€211,447 | -19.6% |
| Amounts payable within one year | 42/48 | €432,882 | €447,843 | +€14,960 | +3.5% |
| Current portion of amounts payable after more than one year | 42 | €261,503 | €263,996 | +€2,493 | +1.0% |
| Trade debts | 44 | €7,846 | €50,287 | +€42,441 | +540.9% |
| Suppliers | 440/4 | €7,846 | €50,287 | +€42,441 | +540.9% |
| Taxes, remuneration and social security | 45 | €63,462 | €33,546 | -€29,916 | -47.1% |
| Taxes | 450/3 | €63,180 | €33,546 | -€29,635 | -46.9% |
| Remuneration and social security | 454/9 | €282 | - | -€282 | |
| Other amounts payable | 47/48 | €100,072 | €100,014 | -€58 | -0.1% |
| Accrued charges and deferred income | 492/3 | €8,626 | €4,451 | -€4,175 | -48.4% |
| Remuneration, social security and pensions | 62 | €2,400 | €2,400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,100 | €10,539 | -€1,562 | -12.9% |
| Other operating charges | 640/8 | €286 | €296 | +€9 | +3.3% |
| Non-recurring operating charges | 66A | €198 | - | -€198 | |
| Gross operating margin | 9900 | €237,818 | €203,678 | -€34,140 | -14.4% |
| Operating profit (loss) | 9901 | €222,834 | €190,444 | -€32,389 | -14.5% |
| Financial income | 75/76B | €1 | €100,000 | +€100,000 | +19999900.0% |
| Recurring financial income | 75 | €1 | €100,000 | +€100,000 | +19999900.0% |
| Financial charges | 65/66B | €16,800 | €13,547 | -€3,253 | -19.4% |
| Recurring financial charges | 65 | €16,776 | €13,524 | -€3,252 | -19.4% |
| Non-recurring financial charges | 66B | €24 | €23 | -€1 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €206,034 | €276,897 | +€70,863 | +34.4% |
| Income taxes | 67/77 | €47,273 | €40,565 | -€6,708 | -14.2% |
| Profit (loss) for the period | 9904 | €158,762 | €236,333 | +€77,571 | +48.9% |
| Profit (loss) for the period to be appropriated | 9905 | €158,762 | €236,333 | +€77,571 | +48.9% |
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.