DEMIR ERCAN: 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.
DEMIR ERCAN
Largest movements
- Receivables after one year -€156,684
no longer reported in 2025 (was €156,684)
- Receivables within one year +€119,743
up €119,743 (+156%), from €76,534 to €196,276
of which Other amounts receivable: +€133,743
- Cash +€86,501
up €86,501 (+705%), from €12,270 to €98,771
mainly Receivables after one year (+€156,684) and Net result for the year (+€41,002)
- Profit (loss) carried forward +€41,002
up €41,002 (+18.8%), from €218,122 to €259,124
- Other debts +€19,716
up €19,716 (+66.8%), from €29,525 to €49,241
- Debts after one year -€12,987
down €12,987 (-14.0%), from €92,651 to €79,665
- Taxes -€5,248
down €5,248 (-28.6%), from €18,330 to €13,082
- Financial income -€2,862
down €2,862 (-52.2%), from €5,479 to €2,616
- Gross operating margin -€2,687
down €2,687 (-3.9%), from €68,686 to €65,999
- Other operating charges +€974
up €974 (+1,481%), from €66 to €1,040
- Financial charges +€921
up €921 (+29.5%), from €3,129 to €4,050
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 | €395,072 | €443,309 | +€48,237 | +12.2% |
| Fixed assets | 21/28 | €148,682 | €147,328 | -€1,354 | -0.9% |
| Tangible fixed assets | 22/27 | €18,682 | €17,328 | -€1,354 | -7.2% |
| Plant, machinery and equipment | 23 | - | €666 | +€666 | |
| Furniture and vehicles | 24 | €16,274 | €7,536 | -€8,738 | -53.7% |
| Other tangible fixed assets | 26 | €2,409 | €9,126 | +€6,718 | +279% |
| Financial fixed assets | 28 | €130,000 | €130,000 | = | 0.0% |
| Current assets | 29/58 | €246,390 | €295,981 | +€49,591 | +20.1% |
| Amounts receivable after more than one year | 29 | €156,684 | - | -€156,684 | |
| Other amounts receivable | 291 | €156,684 | - | -€156,684 | |
| Amounts receivable within one year | 40/41 | €76,534 | €196,276 | +€119,743 | +156% |
| Trade receivables | 40 | €37,029 | €23,029 | -€14,000 | -37.8% |
| Other amounts receivable | 41 | €39,505 | €173,247 | +€133,743 | +339% |
| Cash at bank and in hand | 54/58 | €12,270 | €98,771 | +€86,501 | +705% |
| Deferred charges and accrued income | 490/1 | €903 | €934 | +€30 | +3.4% |
| Total equity and liabilities | 10/49 | €395,072 | €443,309 | +€48,237 | +12.2% |
| Equity | 10/15 | €258,582 | €299,584 | +€41,002 | +15.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,860 | €21,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €218,122 | €259,124 | +€41,002 | +18.8% |
| Amounts payable | 17/49 | €136,490 | €143,726 | +€7,235 | +5.3% |
| Amounts payable after more than one year | 17 | €92,651 | €79,665 | -€12,987 | -14.0% |
| Financial debts | 170/4 | €92,651 | €79,665 | -€12,987 | -14.0% |
| Amounts payable within one year | 42/48 | €43,839 | €64,061 | +€20,222 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €8,363 | €5,869 | -€2,494 | -29.8% |
| Trade debts | 44 | €3,195 | €2,609 | -€587 | -18.4% |
| Suppliers | 440/4 | €3,195 | €2,609 | -€587 | -18.4% |
| Taxes, remuneration and social security | 45 | €2,756 | €6,342 | +€3,586 | +130% |
| Taxes | 450/3 | €2,756 | €6,342 | +€3,586 | +130% |
| Other amounts payable | 47/48 | €29,525 | €49,241 | +€19,716 | +66.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,017 | €9,443 | -€574 | -5.7% |
| Other operating charges | 640/8 | €66 | €1,040 | +€974 | +1,481% |
| Gross operating margin | 9900 | €68,686 | €65,999 | -€2,687 | -3.9% |
| Operating profit (loss) | 9901 | €58,604 | €55,517 | -€3,087 | -5.3% |
| Financial income | 75/76B | €5,479 | €2,616 | -€2,862 | -52.2% |
| Recurring financial income | 75 | €5,479 | €2,616 | -€2,862 | -52.2% |
| Financial charges | 65/66B | €3,129 | €4,050 | +€921 | +29.5% |
| Recurring financial charges | 65 | €3,129 | €4,050 | +€921 | +29.5% |
| Profit (loss) for the period before taxes | 9903 | €60,953 | €54,083 | -€6,870 | -11.3% |
| Income taxes | 67/77 | €18,330 | €13,082 | -€5,248 | -28.6% |
| Profit (loss) for the period | 9904 | €42,623 | €41,002 | -€1,622 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,623 | €41,002 | -€1,622 | -3.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.