DEMIRHAN GROUP: 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.
DEMIRHAN GROUP
Largest movements
- Receivables within one year +€26,124
up €26,124 (+64.6%), from €40,421 to €66,545
- Tangible fixed assets -€10,766
down €10,766 (-83.4%), from €12,902 to €2,136
of which Leasing and similar rights: -€7,241
- Financial fixed assets +€5,000
up €5,000 (+23.3%), from €21,500 to €26,500
- Deferred charges and accrued income +€1,797
up €1,797 (+141%), from €1,277 to €3,074
- Cash +€1,142
up €1,142 (+200%), from €570 to €1,711
mainly Tax, wage and social debts (+€26,121) and Depreciation (+€10,966)
- Tax, wage and social debts +€26,121
up €26,121 (+79.2%), from €32,999 to €59,120
of which Taxes: +€20,554
- Trade debts +€9,592
up €9,592 (+43.1%), from €22,237 to €31,829
- Current portion of long-term debt -€9,284
no longer reported in 2026 (was €9,284)
- Other debts -€7,234
down €7,234 (-17.5%), from €41,232 to €33,998
- Profit (loss) carried forward +€4,101
up €4,101 (+10.5%), from -€39,080 to -€34,979
- Gross operating margin +€82,193
up €82,193 (+54.3%), from €151,401 to €233,594
- Staff costs +€80,077
up €80,077 (+60.8%), from €131,808 to €211,885
- Depreciation -€14,344
down €14,344 (-56.7%), from €25,310 to €10,966
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,671 | €99,967 | +€23,297 | +30.4% |
| Fixed assets | 21/28 | €34,402 | €28,636 | -€5,766 | -16.8% |
| Tangible fixed assets | 22/27 | €12,902 | €2,136 | -€10,766 | -83.4% |
| Furniture and vehicles | 24 | €5,661 | €2,136 | -€3,525 | -62.3% |
| Leasing and similar rights | 25 | €7,241 | - | -€7,241 | |
| Financial fixed assets | 28 | €21,500 | €26,500 | +€5,000 | +23.3% |
| Current assets | 29/58 | €42,269 | €71,331 | +€29,062 | +68.8% |
| Amounts receivable within one year | 40/41 | €40,421 | €66,545 | +€26,124 | +64.6% |
| Trade receivables | 40 | €40,421 | €66,545 | +€26,124 | +64.6% |
| Cash at bank and in hand | 54/58 | €570 | €1,711 | +€1,142 | +200% |
| Deferred charges and accrued income | 490/1 | €1,277 | €3,074 | +€1,797 | +141% |
| Total equity and liabilities | 10/49 | €76,671 | €99,967 | +€23,297 | +30.4% |
| Equity | 10/15 | -€29,080 | -€24,979 | +€4,101 | +14.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,080 | -€34,979 | +€4,101 | +10.5% |
| Amounts payable | 17/49 | €105,751 | €124,946 | +€19,195 | +18.2% |
| Amounts payable within one year | 42/48 | €105,751 | €124,946 | +€19,195 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €9,284 | - | -€9,284 | |
| Trade debts | 44 | €22,237 | €31,829 | +€9,592 | +43.1% |
| Suppliers | 440/4 | €22,237 | €31,829 | +€9,592 | +43.1% |
| Taxes, remuneration and social security | 45 | €32,999 | €59,120 | +€26,121 | +79.2% |
| Taxes | 450/3 | €21,329 | €41,883 | +€20,554 | +96.4% |
| Remuneration and social security | 454/9 | €11,670 | €17,237 | +€5,567 | +47.7% |
| Other amounts payable | 47/48 | €41,232 | €33,998 | -€7,234 | -17.5% |
| Remuneration, social security and pensions | 62 | €131,808 | €211,885 | +€80,077 | +60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,310 | €10,966 | -€14,344 | -56.7% |
| Other operating charges | 640/8 | €5,033 | €4,836 | -€197 | -3.9% |
| Gross operating margin | 9900 | €151,401 | €233,594 | +€82,193 | +54.3% |
| Operating profit (loss) | 9901 | -€10,750 | €5,907 | +€16,657 | |
| Financial charges | 65/66B | €2,407 | €1,806 | -€601 | -25.0% |
| Recurring financial charges | 65 | €2,407 | €1,806 | -€601 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | -€13,157 | €4,101 | +€17,259 | |
| Profit (loss) for the period | 9904 | -€13,157 | €4,101 | +€17,259 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,157 | €4,101 | +€17,259 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.