DEMIRAL: 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.
DEMIRAL
Largest movements
- Cash +€51,560
up €51,560 (+255.8%), from €20,156 to €71,717
mainly Net result for the year (+€50,340) and Stocks and contracts (+€39,669)
- Stocks and contracts -€39,669
down €39,669 (-75.1%), from €52,813 to €13,143
- Receivables within one year +€20,915
up €20,915 (+13.7%), from €152,532 to €173,448
of which Trade receivables: +€49,696
- Profit (loss) carried forward +€50,340
up €50,340 (+41.0%), from €122,768 to €173,108
- Trade debts -€22,583
down €22,583 (-29.7%), from €75,984 to €53,400
- Tax, wage and social debts +€7,767
up €7,767 (+28.3%), from €27,423 to €35,190
of which Remuneration and social security: +€7,734
- Gross operating margin +€61,946
up €61,946 (+68.4%), from €90,527 to €152,473
- Taxes +€13,583
up €13,583 (+238.8%), from €5,688 to €19,271
- Other operating charges +€13,405
up €13,405 (+39.1%), from €34,248 to €47,652
- Depreciation +€1,812
up €1,812 (+52.0%), from €3,487 to €5,299
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 | €247,630 | €283,154 | +€35,523 | +14.3% |
| Fixed assets | 21/28 | €22,129 | €24,847 | +€2,717 | +12.3% |
| Tangible fixed assets | 22/27 | €17,029 | €19,747 | +€2,717 | +16.0% |
| Plant, machinery and equipment | 23 | €889 | €8,249 | +€7,360 | +827.6% |
| Furniture and vehicles | 24 | €16,140 | €11,497 | -€4,643 | -28.8% |
| Financial fixed assets | 28 | €5,100 | €5,100 | = | 0.0% |
| Current assets | 29/58 | €225,501 | €258,307 | +€32,806 | +14.5% |
| Stocks and contracts in progress | 3 | €52,813 | €13,143 | -€39,669 | -75.1% |
| Stocks | 30/36 | €52,813 | €13,143 | -€39,669 | -75.1% |
| Amounts receivable within one year | 40/41 | €152,532 | €173,448 | +€20,915 | +13.7% |
| Trade receivables | 40 | €66,067 | €115,763 | +€49,696 | +75.2% |
| Other amounts receivable | 41 | €86,466 | €57,685 | -€28,781 | -33.3% |
| Cash at bank and in hand | 54/58 | €20,156 | €71,717 | +€51,560 | +255.8% |
| Total equity and liabilities | 10/49 | €247,630 | €283,154 | +€35,523 | +14.3% |
| Equity | 10/15 | €143,219 | €193,559 | +€50,340 | +35.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €122,768 | €173,108 | +€50,340 | +41.0% |
| Amounts payable | 17/49 | €104,411 | €89,595 | -€14,816 | -14.2% |
| Amounts payable within one year | 42/48 | €104,411 | €89,595 | -€14,816 | -14.2% |
| Trade debts | 44 | €75,984 | €53,400 | -€22,583 | -29.7% |
| Suppliers | 440/4 | €75,984 | €53,400 | -€22,583 | -29.7% |
| Taxes, remuneration and social security | 45 | €27,423 | €35,190 | +€7,767 | +28.3% |
| Taxes | 450/3 | €23,633 | €23,666 | +€33 | +0.1% |
| Remuneration and social security | 454/9 | €3,790 | €11,524 | +€7,734 | +204.1% |
| Other amounts payable | 47/48 | €1,005 | €1,005 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €29,491 | €29,252 | -€238 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,487 | €5,299 | +€1,812 | +52.0% |
| Other operating charges | 640/8 | €34,248 | €47,652 | +€13,405 | +39.1% |
| Gross operating margin | 9900 | €90,527 | €152,473 | +€61,946 | +68.4% |
| Operating profit (loss) | 9901 | €23,302 | €70,270 | +€46,968 | +201.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €335 | €659 | +€325 | +97.0% |
| Recurring financial charges | 65 | €335 | €659 | +€325 | +97.0% |
| Profit (loss) for the period before taxes | 9903 | €22,968 | €69,610 | +€46,643 | +203.1% |
| Income taxes | 67/77 | €5,688 | €19,271 | +€13,583 | +238.8% |
| Profit (loss) for the period | 9904 | €17,280 | €50,340 | +€33,060 | +191.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,280 | €50,340 | +€33,060 | +191.3% |
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 8 October 2026 via checked.be.