DEMKREAS: 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.
DEMKREAS
Largest movements
- Receivables within one year +€357,888
up €357,888 (+107%), from €333,875 to €691,763
- Current investments -€155,000
down €155,000 (-13.1%), from €1.2m to €1.0m
- Cash -€65,044
down €65,044 (-39.8%), from €163,479 to €98,435
mainly Other debts (-€384,440) and Receivables within one year (-€357,888)
- Reserves +€497,423
up €497,423 (+25.2%), from €2.0m to €2.5m
of which Distributable reserves: +€510,000
- Other debts -€384,440
down €384,440 (-27.9%), from €1.4m to €991,740
- Gross operating margin +€187,728
up €187,728 (+29.4%), from €637,550 to €825,278
- Taxes +€56,392
up €56,392 (+51.2%), from €110,227 to €166,619
- Staff costs -€47,067
down €47,067 (-26.9%), from €175,250 to €128,183
- Financial income -€19,385
down €19,385 (-37.4%), from €51,849 to €32,464
- Financial charges -€9,224
down €9,224 (-12.3%), from €74,900 to €65,676
of which Non-recurring financial charges: -€8,058
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 | €4,483,884 | €4,618,663 | +€134,779 | +3.0% |
| Fixed assets | 21/28 | €2,800,649 | €2,800,649 | = | 0.0% |
| Financial fixed assets | 28 | €2,800,649 | €2,800,649 | = | 0.0% |
| Current assets | 29/58 | €1,683,234 | €1,818,013 | +€134,779 | +8.0% |
| Amounts receivable within one year | 40/41 | €333,875 | €691,763 | +€357,888 | +107% |
| Trade receivables | 40 | €333,875 | €691,763 | +€357,888 | +107% |
| Current investments | 50/53 | €1,180,000 | €1,025,000 | -€155,000 | -13.1% |
| Cash at bank and in hand | 54/58 | €163,479 | €98,435 | -€65,044 | -39.8% |
| Deferred charges and accrued income | 490/1 | €5,880 | €2,816 | -€3,064 | -52.1% |
| Total equity and liabilities | 10/49 | €4,483,884 | €4,618,663 | +€134,779 | +3.0% |
| Equity | 10/15 | €2,998,902 | €3,496,022 | +€497,120 | +16.6% |
| Contributions | 10/11 | €1,026,896 | €1,026,896 | = | 0.0% |
| Capital | 10 | €1,026,731 | €1,026,731 | = | 0.0% |
| Issued capital | 100 | €1,026,731 | €1,026,731 | = | 0.0% |
| Contributions outside capital | 11 | €166 | €166 | = | 0.0% |
| Share premium | 1100/10 | €166 | €166 | = | 0.0% |
| Reserves | 13 | €1,971,173 | €2,468,596 | +€497,423 | +25.2% |
| Non-distributable reserves | 130/1 | €102,673 | €102,673 | = | 0.0% |
| Legal reserve | 130 | €102,673 | €102,673 | = | 0.0% |
| Tax-exempt reserves | 132 | €210,500 | €197,923 | -€12,577 | -6.0% |
| Distributable reserves | 133 | €1,658,000 | €2,168,000 | +€510,000 | +30.8% |
| Profit (loss) carried forward | 14 | €833 | €530 | -€303 | -36.3% |
| Amounts payable | 17/49 | €1,484,981 | €1,122,641 | -€362,341 | -24.4% |
| Amounts payable within one year | 42/48 | €1,484,981 | €1,122,641 | -€362,341 | -24.4% |
| Trade debts | 44 | €79,209 | €70,270 | -€8,939 | -11.3% |
| Suppliers | 440/4 | €79,209 | €70,270 | -€8,939 | -11.3% |
| Taxes, remuneration and social security | 45 | €29,592 | €60,630 | +€31,039 | +105% |
| Taxes | 450/3 | €19,074 | €39,304 | +€20,230 | +106% |
| Remuneration and social security | 454/9 | €10,518 | €21,326 | +€10,808 | +103% |
| Other amounts payable | 47/48 | €1,376,180 | €991,740 | -€384,440 | -27.9% |
| Remuneration, social security and pensions | 62 | €175,250 | €128,183 | -€47,067 | -26.9% |
| Other operating charges | 640/8 | €141 | €144 | +€4 | +2.6% |
| Gross operating margin | 9900 | €637,550 | €825,278 | +€187,728 | +29.4% |
| Operating profit (loss) | 9901 | €462,160 | €696,951 | +€234,791 | +50.8% |
| Financial income | 75/76B | €51,849 | €32,464 | -€19,385 | -37.4% |
| Recurring financial income | 75 | €51,849 | €32,464 | -€19,385 | -37.4% |
| Financial charges | 65/66B | €74,900 | €65,676 | -€9,224 | -12.3% |
| Recurring financial charges | 65 | €66,842 | €65,676 | -€1,166 | -1.7% |
| Non-recurring financial charges | 66B | €8,058 | - | -€8,058 | |
| Profit (loss) for the period before taxes | 9903 | €439,109 | €663,738 | +€224,630 | +51.2% |
| Income taxes | 67/77 | €110,227 | €166,619 | +€56,392 | +51.2% |
| Profit (loss) for the period | 9904 | €328,882 | €497,120 | +€168,238 | +51.2% |
| Transfer from tax-exempt reserves | 789 | €147,991 | €12,577 | -€135,414 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | €476,873 | €509,697 | +€32,824 | +6.9% |
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 25 October 2026 via checked.be.