DEMO: 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.
What changed
DEMO
NACE 49.410, Freight transport by road
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€129,628
2024 · €94,100+€35,528
Equity
€1.8m
2024 · €1.8m-€782
Cash
€5,581
2024 · €39,302-€33,721
Balance sheet total
€2.3m
2024 · €2.4m-€162,635
Largest movements
Assets
- Tangible fixed assets -€85,725
down €85,725 (-4.1%), from €2.1m to €2.0m
of which Land and buildings: -€65,551
- Receivables after one year -€38,677
down €38,677 (-20.1%), from €192,594 to €153,917
- Cash -€33,721
down €33,721 (-85.8%), from €39,302 to €5,581
mainly Contributions, distributions and other (-€130,410) and Other debts (-€121,221)
Equity and liabilities
- Other debts -€121,221
down €121,221 (-26.5%), from €458,117 to €336,896
- Debts after one year -€30,179
down €30,179 (-53.4%), from €56,507 to €26,328
Income statement
- Gross operating margin +€44,306
up €44,306 (+12.8%), from €346,119 to €390,425
- Financial income -€40,598
down €40,598 (-90.8%), from €44,720 to €4,122
- Depreciation -€34,997
down €34,997 (-27.4%), from €127,795 to €92,798
- Taxes +€17,005
up €17,005 (+32.1%), from €52,937 to €69,941
- Financial charges -€9,358
down €9,358 (-58.3%), from €16,044 to €6,686
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.
Result 2024
€94,100
Gross operating margin
+€44,306
Staff costs
+€4,954
Depreciation
+€34,997
Write-downs
-€315
Other operating charges
-€169
Financial income
-€40,598
Financial charges
+€9,358
Taxes
-€17,005
Result 2025
€129,628
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.
From operations
+€154,589
Investment
-€7,073
Financing
-€181,236
Cash 2024
€39,302
From operations (derived)
+€154,589
Net result for the year
+€129,628
Depreciation
+€92,798
Receivables after one year
+€38,677
Receivables within one year
+€4,513
Provisions
-€9,188
Trade debts
-€2,089
Tax, wage and social debts
+€16,541
Other debts
-€121,221
Accrued charges and deferred income
+€4,930
Investment (derived)
-€7,073
Investment in fixed assets (net)
-€7,073
Financing
-€181,236
Debts after one year
-€30,179
Current portion of long-term debt
-€3,015
Short-term financial debts
-€17,633
Contributions, distributions and other
-€130,410
Cash 2025
€5,581
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,443,301 | €2,280,666 | -€162,635 | -6.7% |
| Fixed assets | 21/28 | €2,093,677 | €2,007,952 | -€85,725 | -4.1% |
| Tangible fixed assets | 22/27 | €2,093,677 | €2,007,952 | -€85,725 | -4.1% |
| Land and buildings | 22 | €2,033,787 | €1,968,236 | -€65,551 | -3.2% |
| Plant, machinery and equipment | 23 | €2,177 | €1,310 | -€866 | -39.8% |
| Furniture and vehicles | 24 | €37,755 | €32,755 | -€5,000 | -13.2% |
| Leasing and similar rights | 25 | €19,958 | €5,651 | -€14,308 | -71.7% |
| Current assets | 29/58 | €349,625 | €272,715 | -€76,910 | -22.0% |
| Amounts receivable after more than one year | 29 | €192,594 | €153,917 | -€38,677 | -20.1% |
| Other amounts receivable | 291 | €192,594 | €153,917 | -€38,677 | -20.1% |
| Amounts receivable within one year | 40/41 | €117,729 | €113,216 | -€4,513 | -3.8% |
| Trade receivables | 40 | €77,056 | €81,005 | +€3,949 | +5.1% |
| Other amounts receivable | 41 | €40,672 | €32,211 | -€8,462 | -20.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €39,302 | €5,581 | -€33,721 | -85.8% |
| Total equity and liabilities | 10/49 | €2,443,301 | €2,280,666 | -€162,635 | -6.7% |
| Equity | 10/15 | €1,754,510 | €1,753,729 | -€782 | 0.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,692,510 | €1,691,729 | -€782 | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €611,479 | €592,144 | -€19,335 | -3.2% |
| Distributable reserves | 133 | €1,074,831 | €1,093,384 | +€18,554 | +1.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €91,150 | €81,962 | -€9,188 | -10.1% |
| Deferred taxes | 168 | €91,150 | €81,962 | -€9,188 | -10.1% |
| Amounts payable | 17/49 | €597,641 | €444,976 | -€152,665 | -25.5% |
| Amounts payable after more than one year | 17 | €56,507 | €26,328 | -€30,179 | -53.4% |
| Financial debts | 170/4 | €56,507 | €26,328 | -€30,179 | -53.4% |
| Amounts payable within one year | 42/48 | €540,541 | €413,125 | -€127,417 | -23.6% |
| Current portion of amounts payable after more than one year | 42 | €33,194 | €30,179 | -€3,015 | -9.1% |
| Financial debts | 43 | €17,633 | €0 | -€17,633 | -100.0% |
| Credit institutions | 430/8 | €17,633 | €0 | -€17,633 | -100.0% |
| Trade debts | 44 | €6,491 | €4,403 | -€2,089 | -32.2% |
| Suppliers | 440/4 | €6,491 | €4,403 | -€2,089 | -32.2% |
| Taxes, remuneration and social security | 45 | €25,106 | €41,647 | +€16,541 | +65.9% |
| Taxes | 450/3 | €10,013 | €32,640 | +€22,627 | +226.0% |
| Remuneration and social security | 454/9 | €15,093 | €9,007 | -€6,086 | -40.3% |
| Other amounts payable | 47/48 | €458,117 | €336,896 | -€121,221 | -26.5% |
| Accrued charges and deferred income | 492/3 | €593 | €5,523 | +€4,930 | +832.0% |
| Non-recurring operating income | 76A | €0 | €28,000 | +€28,000 | |
| Remuneration, social security and pensions | 62 | €103,562 | €98,609 | -€4,954 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,795 | €92,798 | -€34,997 | -27.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€315 | €0 | +€315 | |
| Other operating charges | 640/8 | €5,904 | €6,073 | +€169 | +2.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €346,119 | €390,425 | +€44,306 | +12.8% |
| Operating profit (loss) | 9901 | €109,173 | €192,945 | +€83,772 | +76.7% |
| Financial income | 75/76B | €44,720 | €4,122 | -€40,598 | -90.8% |
| Recurring financial income | 75 | €44,720 | €4,122 | -€40,598 | -90.8% |
| Financial charges | 65/66B | €16,044 | €6,686 | -€9,358 | -58.3% |
| Recurring financial charges | 65 | €16,044 | €6,686 | -€9,358 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | €137,849 | €190,382 | +€52,533 | +38.1% |
| Transfer from deferred taxes | 780 | €9,188 | €9,188 | = | 0.0% |
| Income taxes | 67/77 | €52,937 | €69,941 | +€17,005 | +32.1% |
| Profit (loss) for the period | 9904 | €94,100 | €129,628 | +€35,528 | +37.8% |
| Transfer from tax-exempt reserves | 789 | €19,335 | €19,335 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €113,435 | €148,963 | +€35,528 | +31.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.