DEMINOR: 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.
DEMINOR
Largest movements
- Current investments +€298,376
up €298,376 (+95.3%), from €313,015 to €611,391
- Receivables within one year +€136,079
up €136,079 (+17.9%), from €758,264 to €894,344
of which Other amounts receivable: +€167,557
- Cash +€30,278
up €30,278 (+12.3%), from €245,279 to €275,556
mainly Trade debts (+€270,648) and Net result for the year (+€225,069)
- Deferred charges and accrued income +€25,262
up €25,262 (+60.0%), from €42,132 to €67,394
- Intangible fixed assets -€21,872
down €21,872 (-36.1%), from €60,505 to €38,633
- Trade debts +€270,648
up €270,648 (+84.3%), from €321,111 to €591,759
- Other debts +€140,461
up €140,461, from €0 to €140,461
- Profit (loss) carried forward +€84,607
up €84,607 (+10.9%), from €775,138 to €859,745
- Tax, wage and social debts -€26,701
down €26,701 (-14.8%), from €180,789 to €154,088
of which Taxes: -€72,476
- Gross operating margin +€425,705
up €425,705 (+90.6%), from €469,736 to €895,441
- Other operating charges -€152,824
down €152,824 (-84.6%), from €180,712 to €27,888
- Staff costs +€107,553
up €107,553 (+23.9%), from €450,757 to €558,311
- Taxes +€39,423
up €39,423 (+2,821%), from €1,398 to €40,820
- Write-downs -€26,095
down €26,095 (-82.3%), from €31,700 to €5,606
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 | €1,448,719 | €1,917,735 | +€469,016 | +32.4% |
| Fixed assets | 21/28 | €90,029 | €69,050 | -€20,979 | -23.3% |
| Intangible fixed assets | 21 | €60,505 | €38,633 | -€21,872 | -36.1% |
| Tangible fixed assets | 22/27 | €23,371 | €16,534 | -€6,837 | -29.3% |
| Furniture and vehicles | 24 | €23,371 | €16,534 | -€6,837 | -29.3% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €6,153 | €13,883 | +€7,730 | +126% |
| Current assets | 29/58 | €1,358,690 | €1,848,685 | +€489,995 | +36.1% |
| Amounts receivable within one year | 40/41 | €758,264 | €894,344 | +€136,079 | +17.9% |
| Trade receivables | 40 | €745,528 | €714,051 | -€31,478 | -4.2% |
| Other amounts receivable | 41 | €12,736 | €180,293 | +€167,557 | +1,316% |
| Current investments | 50/53 | €313,015 | €611,391 | +€298,376 | +95.3% |
| Cash at bank and in hand | 54/58 | €245,279 | €275,556 | +€30,278 | +12.3% |
| Deferred charges and accrued income | 490/1 | €42,132 | €67,394 | +€25,262 | +60.0% |
| Total equity and liabilities | 10/49 | €1,448,719 | €1,917,735 | +€469,016 | +32.4% |
| Equity | 10/15 | €946,820 | €1,031,427 | +€84,607 | +8.9% |
| Contributions | 10/11 | €154,748 | €154,748 | = | 0.0% |
| Capital | 10 | €154,748 | €154,748 | = | 0.0% |
| Issued capital | 100 | €154,748 | €154,748 | = | 0.0% |
| Reserves | 13 | €16,934 | €16,934 | = | 0.0% |
| Non-distributable reserves | 130/1 | €16,934 | €16,934 | = | 0.0% |
| Legal reserve | 130 | €16,934 | €16,934 | = | 0.0% |
| Profit (loss) carried forward | 14 | €775,138 | €859,745 | +€84,607 | +10.9% |
| Amounts payable | 17/49 | €501,899 | €886,308 | +€384,409 | +76.6% |
| Amounts payable within one year | 42/48 | €501,899 | €886,308 | +€384,409 | +76.6% |
| Trade debts | 44 | €321,111 | €591,759 | +€270,648 | +84.3% |
| Suppliers | 440/4 | €321,111 | €591,759 | +€270,648 | +84.3% |
| Taxes, remuneration and social security | 45 | €180,789 | €154,088 | -€26,701 | -14.8% |
| Taxes | 450/3 | €159,651 | €87,175 | -€72,476 | -45.4% |
| Remuneration and social security | 454/9 | €21,138 | €66,913 | +€45,775 | +217% |
| Other amounts payable | 47/48 | €0 | €140,461 | +€140,461 | |
| Remuneration, social security and pensions | 62 | €450,757 | €558,311 | +€107,553 | +23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,273 | €36,839 | -€434 | -1.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €31,700 | €5,606 | -€26,095 | -82.3% |
| Other operating charges | 640/8 | €180,712 | €27,888 | -€152,824 | -84.6% |
| Gross operating margin | 9900 | €469,736 | €895,441 | +€425,705 | +90.6% |
| Operating profit (loss) | 9901 | -€230,707 | €266,798 | +€497,505 | |
| Financial income | 75/76B | €10,967 | €8,904 | -€2,063 | -18.8% |
| Recurring financial income | 75 | €10,967 | €8,904 | -€2,063 | -18.8% |
| Financial charges | 65/66B | €10,396 | €9,813 | -€583 | -5.6% |
| Recurring financial charges | 65 | €10,396 | €9,813 | -€583 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | -€230,136 | €265,889 | +€496,025 | |
| Income taxes | 67/77 | €1,398 | €40,820 | +€39,423 | +2,821% |
| Profit (loss) for the period | 9904 | -€231,534 | €225,069 | +€456,602 | |
| Profit (loss) for the period to be appropriated | 9905 | -€231,534 | €225,069 | +€456,602 |
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 1 November 2026 via checked.be.