DEMOBEL: 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.
DEMOBEL
Largest movements
- Tangible fixed assets -€64,461
down €64,461 (-3.9%), from €1.7m to €1.6m
of which Land and buildings: -€55,469
- Receivables within one year +€27,737
up €27,737 (+19.6%), from €141,309 to €169,046
of which Trade receivables: +€20,597
- Reserves +€101,000
up €101,000 (+7.4%), from €1.4m to €1.5m
of which Distributable reserves: +€101,000
- Debts after one year -€71,750
down €71,750 (-16.0%), from €448,438 to €376,688
- Trade debts -€52,686
down €52,686 (-82.5%), from €63,864 to €11,178
- Depreciation -€42,192
down €42,192 (-32.8%), from €128,625 to €86,433
- Gross operating margin +€22,394
up €22,394 (+8.7%), from €256,705 to €279,099
- Taxes +€18,795
up €18,795 (+80.8%), from €23,265 to €42,060
- Financial charges +€3,292
up €3,292 (+14.4%), from €22,794 to €26,086
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 | €2,389,532 | €2,353,570 | -€35,962 | -1.5% |
| Fixed assets | 21/28 | €1,962,299 | €1,897,839 | -€64,461 | -3.3% |
| Tangible fixed assets | 22/27 | €1,654,799 | €1,590,339 | -€64,461 | -3.9% |
| Land and buildings | 22 | €1,531,136 | €1,475,667 | -€55,469 | -3.6% |
| Plant, machinery and equipment | 23 | €96,721 | €81,288 | -€15,433 | -16.0% |
| Furniture and vehicles | 24 | €26,942 | €33,384 | +€6,441 | +23.9% |
| Financial fixed assets | 28 | €307,500 | €307,500 | = | 0.0% |
| Current assets | 29/58 | €427,233 | €455,732 | +€28,499 | +6.7% |
| Amounts receivable within one year | 40/41 | €141,309 | €169,046 | +€27,737 | +19.6% |
| Trade receivables | 40 | €31,597 | €52,193 | +€20,597 | +65.2% |
| Other amounts receivable | 41 | €109,712 | €116,852 | +€7,140 | +6.5% |
| Current investments | 50/53 | €526 | €414 | -€112 | -21.4% |
| Cash at bank and in hand | 54/58 | €52,489 | €51,127 | -€1,361 | -2.6% |
| Deferred charges and accrued income | 490/1 | €232,909 | €235,144 | +€2,236 | +1.0% |
| Total equity and liabilities | 10/49 | €2,389,532 | €2,353,570 | -€35,962 | -1.5% |
| Equity | 10/15 | €1,686,626 | €1,788,534 | +€101,908 | +6.0% |
| Contributions | 10/11 | €229,200 | €229,200 | = | 0.0% |
| Capital | 10 | €229,200 | €229,200 | = | 0.0% |
| Issued capital | 100 | €229,200 | €229,200 | = | 0.0% |
| Reserves | 13 | €1,372,920 | €1,473,920 | +€101,000 | +7.4% |
| Non-distributable reserves | 130/1 | €22,920 | €22,920 | = | 0.0% |
| Legal reserve | 130 | €22,920 | €22,920 | = | 0.0% |
| Distributable reserves | 133 | €1,350,000 | €1,451,000 | +€101,000 | +7.5% |
| Profit (loss) carried forward | 14 | €84,506 | €85,414 | +€908 | +1.1% |
| Amounts payable | 17/49 | €702,906 | €565,036 | -€137,869 | -19.6% |
| Amounts payable after more than one year | 17 | €448,438 | €376,688 | -€71,750 | -16.0% |
| Financial debts | 170/4 | €448,438 | €376,688 | -€71,750 | -16.0% |
| Amounts payable within one year | 42/48 | €226,489 | €166,498 | -€59,991 | -26.5% |
| Current portion of amounts payable after more than one year | 42 | €88,635 | €88,571 | -€64 | -0.1% |
| Trade debts | 44 | €63,864 | €11,178 | -€52,686 | -82.5% |
| Suppliers | 440/4 | €63,864 | €11,178 | -€52,686 | -82.5% |
| Advances received on contracts in progress | 46 | €10,000 | €0 | -€10,000 | -100% |
| Taxes, remuneration and social security | 45 | €11,139 | €9,545 | -€1,593 | -14.3% |
| Taxes | 450/3 | €11,139 | €9,545 | -€1,593 | -14.3% |
| Other amounts payable | 47/48 | €52,852 | €57,203 | +€4,352 | +8.2% |
| Accrued charges and deferred income | 492/3 | €27,979 | €21,851 | -€6,129 | -21.9% |
| Remuneration, social security and pensions | 62 | €13 | €53 | +€39 | +298% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,625 | €86,433 | -€42,192 | -32.8% |
| Other operating charges | 640/8 | €26,828 | €28,574 | +€1,745 | +6.5% |
| Gross operating margin | 9900 | €256,705 | €279,099 | +€22,394 | +8.7% |
| Operating profit (loss) | 9901 | €101,239 | €164,039 | +€62,800 | +62.0% |
| Financial income | 75/76B | €5,026 | €6,014 | +€989 | +19.7% |
| Recurring financial income | 75 | €5,026 | €6,014 | +€989 | +19.7% |
| Financial charges | 65/66B | €22,794 | €26,086 | +€3,292 | +14.4% |
| Recurring financial charges | 65 | €22,794 | €26,086 | +€3,292 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €83,470 | €143,968 | +€60,498 | +72.5% |
| Income taxes | 67/77 | €23,265 | €42,060 | +€18,795 | +80.8% |
| Profit (loss) for the period | 9904 | €60,205 | €101,908 | +€41,703 | +69.3% |
| Profit (loss) for the period to be appropriated | 9905 | €60,205 | €101,908 | +€41,703 | +69.3% |
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 31 October 2026 via checked.be.