DEMIRSOY: 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.
DEMIRSOY
Largest movements
- Tangible fixed assets -€13,962
down €13,962 (-48.8%), from €28,593 to €14,631
of which Furniture and vehicles: -€18,987
- Deferred charges and accrued income +€12,300
up €12,300 (+36.7%), from €33,531 to €45,831
- Receivables within one year +€6,477
up €6,477 (+22.2%), from €29,187 to €35,664
of which Other amounts receivable: +€25,124
- Cash +€4,751
up €4,751 (+24.8%), from €19,155 to €23,906
mainly Net result for the year (+€13,072) and Tax, wage and social debts (+€10,520)
- Reserves +€12,099
up €12,099 (+650%), from €1,860 to €13,959
- Tax, wage and social debts +€10,520
up €10,520 (+13.3%), from €78,835 to €89,356
of which Taxes: +€14,931
- Debts after one year -€10,124
down €10,124 (-91.0%), from €11,124 to €1,000
- Current portion of long-term debt -€7,574
down €7,574 (-31.3%), from €24,178 to €16,605
- Trade debts +€4,418
up €4,418 (+44.4%), from €9,939 to €14,357
- Gross operating margin +€145,348
up €145,348 (+43.7%), from €332,388 to €477,736
- Staff costs +€119,929
up €119,929 (+40.0%), from €299,931 to €419,859
- Financial charges +€14,318
up €14,318 (+116%), from €12,295 to €26,612
- Depreciation -€11,326
down €11,326 (-64.1%), from €17,677 to €6,352
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 | €143,564 | €154,281 | +€10,717 | +7.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €61,691 | €48,880 | -€12,811 | -20.8% |
| Tangible fixed assets | 22/27 | €28,593 | €14,631 | -€13,962 | -48.8% |
| Plant, machinery and equipment | 23 | €5,964 | €6,721 | +€757 | +12.7% |
| Furniture and vehicles | 24 | €19,352 | €365 | -€18,987 | -98.1% |
| Other tangible fixed assets | 26 | €3,277 | €7,546 | +€4,269 | +130% |
| Financial fixed assets | 28 | €33,098 | €34,249 | +€1,151 | +3.5% |
| Current assets | 29/58 | €81,873 | €105,401 | +€23,528 | +28.7% |
| Amounts receivable within one year | 40/41 | €29,187 | €35,664 | +€6,477 | +22.2% |
| Trade receivables | 40 | €19,680 | €1,033 | -€18,648 | -94.8% |
| Other amounts receivable | 41 | €9,507 | €34,631 | +€25,124 | +264% |
| Cash at bank and in hand | 54/58 | €19,155 | €23,906 | +€4,751 | +24.8% |
| Deferred charges and accrued income | 490/1 | €33,531 | €45,831 | +€12,300 | +36.7% |
| Total equity and liabilities | 10/49 | €143,564 | €154,281 | +€10,717 | +7.5% |
| Equity | 10/15 | €19,487 | €32,559 | +€13,072 | +67.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €13,959 | +€12,099 | +650% |
| Distributable reserves | 133 | €1,860 | €13,959 | +€12,099 | +650% |
| Profit (loss) carried forward | 14 | -€973 | - | +€973 | |
| Amounts payable | 17/49 | €124,077 | €121,722 | -€2,355 | -1.9% |
| Amounts payable after more than one year | 17 | €11,124 | €1,000 | -€10,124 | -91.0% |
| Financial debts | 170/4 | €11,124 | €1,000 | -€10,124 | -91.0% |
| Amounts payable within one year | 42/48 | €112,953 | €120,317 | +€7,364 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €24,178 | €16,605 | -€7,574 | -31.3% |
| Trade debts | 44 | €9,939 | €14,357 | +€4,418 | +44.4% |
| Suppliers | 440/4 | €9,939 | €14,357 | +€4,418 | +44.4% |
| Taxes, remuneration and social security | 45 | €78,835 | €89,356 | +€10,520 | +13.3% |
| Taxes | 450/3 | €37,399 | €52,330 | +€14,931 | +39.9% |
| Remuneration and social security | 454/9 | €41,436 | €37,026 | -€4,410 | -10.6% |
| Accrued charges and deferred income | 492/3 | - | €405 | +€405 | |
| Remuneration, social security and pensions | 62 | €299,931 | €419,859 | +€119,929 | +40.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,677 | €6,352 | -€11,326 | -64.1% |
| Other operating charges | 640/8 | €2,443 | €6,630 | +€4,187 | +171% |
| Gross operating margin | 9900 | €332,388 | €477,736 | +€145,348 | +43.7% |
| Operating profit (loss) | 9901 | €12,336 | €44,895 | +€32,558 | +264% |
| Financial income | 75/76B | €94 | €2 | -€92 | -97.5% |
| Recurring financial income | 75 | €94 | €2 | -€92 | -97.5% |
| Financial charges | 65/66B | €12,295 | €26,612 | +€14,318 | +116% |
| Recurring financial charges | 65 | €12,295 | €26,612 | +€14,318 | +116% |
| Profit (loss) for the period before taxes | 9903 | €136 | €18,285 | +€18,148 | +13,318% |
| Income taxes | 67/77 | €1,110 | €5,213 | +€4,103 | +370% |
| Profit (loss) for the period | 9904 | -€973 | €13,072 | +€14,045 | |
| Profit (loss) for the period to be appropriated | 9905 | -€973 | €13,072 | +€14,045 |
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 13 October 2026 via checked.be.