DEMOCO GROUP: what changed
What changed
DEMOCO GROUP
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€549,826
2024 · €533,669+€16,156
Equity
€22.4m
2024 · €21.8m+€549,826
Cash
€677,477
2024 · €2.0m-€1.3m
Balance sheet total
€26.1m
2024 · €26.9m-€834,436
Largest movements
Assets
- Cash -€1.3m
down €1.3m (-66.0%), from €2.0m to €677,477
mainly Other debts (-€1.6m) and Investment in fixed assets (net) (-€1.3m)
- Tangible fixed assets +€974,002
up €974,002 (+162%), from €601,369 to €1.6m
of which Assets under construction and advance payments: +€621,292
- Receivables within one year -€660,815
down €660,815 (-21.8%), from €3.0m to €2.4m
of which Trade receivables: -€636,891
Equity and liabilities
- Other debts -€1.6m
down €1.6m (-49.3%), from €3.2m to €1.6m
- Profit (loss) carried forward +€549,826
up €549,826 (+6.8%), from €8.1m to €8.6m
Income statement
- Turnover +€3.2m
up €3.2m (+33.3%), from €9.7m to €13.0m
- Goods and materials +€2.2m
new in 2025: €2.2m
- Services and other goods +€615,586
up €615,586 (+9.9%), from €6.2m to €6.8m
- Staff costs +€527,484
up €527,484 (+15.5%), from €3.4m to €3.9m
- Other operating income +€183,092
up €183,092 (+145%), from €126,404 to €309,496
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€533,669
Turnover
+€3.2m
Other operating income
+€183,092
Goods and materials
-€2.2m
Services and other goods
-€615,586
Staff costs
-€527,484
Depreciation
-€110,198
Other operating charges
-€3,252
Other operating items
+€91,461
Financial income
-€83,647
Financial charges
+€80,011
Taxes
-€8,314
Result 2025
€549,826
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€39,403
Investment
-€1.4m
Financing
€0
Cash 2024
€2.0m
From operations (derived)
+€39,403
Net result for the year
+€549,826
Depreciation
+€177,407
Receivables within one year
+€660,815
Deferred charges and accrued income
+€35,618
Trade debts
+€11,903
Tax, wage and social debts
+€193,223
Other debts
-€1.6m
Investment (derived)
-€1.4m
Investment in fixed assets (net)
-€1.3m
Current investments
-€18,306
Cash 2025
€677,477
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,899,333 | €26,064,896 | -€834,436 | -3.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €20,153,375 | €21,309,967 | +€1.2m | +5.7% |
| Intangible fixed assets | 21 | €0 | €24,631 | +€24,631 | |
| Tangible fixed assets | 22/27 | €601,369 | €1,575,371 | +€974,002 | +162% |
| Furniture and vehicles | 24 | €427,482 | €752,048 | +€324,567 | +75.9% |
| Other tangible fixed assets | 26 | - | €28,144 | +€28,144 | |
| Assets under construction and advance payments | 27 | €173,887 | €795,179 | +€621,292 | +357% |
| Financial fixed assets | 28 | €19,552,007 | €19,709,966 | +€157,959 | +0.8% |
| Affiliated companies | 280/1 | €19,552,007 | €19,709,966 | +€157,959 | +0.8% |
| Participating interests | 280 | €19,552,007 | €19,709,966 | +€157,959 | +0.8% |
| Current assets | 29/58 | €6,745,957 | €4,754,929 | -€2.0m | -29.5% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €3,026,856 | €2,366,041 | -€660,815 | -21.8% |
| Trade receivables | 40 | €1,079,931 | €443,040 | -€636,891 | -59.0% |
| Other amounts receivable | 41 | €1,946,924 | €1,923,001 | -€23,924 | -1.2% |
| Current investments | 50/53 | €1,306,499 | €1,324,805 | +€18,306 | +1.4% |
| Other investments | 51/53 | €1,306,499 | €1,324,805 | +€18,306 | +1.4% |
| Cash at bank and in hand | 54/58 | €1,990,379 | €677,477 | -€1.3m | -66.0% |
| Deferred charges and accrued income | 490/1 | €422,223 | €386,605 | -€35,618 | -8.4% |
| Total equity and liabilities | 10/49 | €26,899,333 | €26,064,896 | -€834,436 | -3.1% |
| Equity | 10/15 | €21,849,196 | €22,399,022 | +€549,826 | +2.5% |
| Contributions | 10/11 | €12,500,000 | €12,500,000 | = | 0.0% |
| Capital | 10 | €12,500,000 | €12,500,000 | = | 0.0% |
| Issued capital | 100 | €12,500,000 | €12,500,000 | = | 0.0% |
| Reserves | 13 | €1,250,000 | €1,250,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,250,000 | €1,250,000 | = | 0.0% |
| Legal reserve | 130 | €1,250,000 | €1,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,099,196 | €8,649,022 | +€549,826 | +6.8% |
| Amounts payable | 17/49 | €5,050,137 | €3,665,875 | -€1.4m | -27.4% |
| Amounts payable within one year | 42/48 | €5,050,137 | €3,665,875 | -€1.4m | -27.4% |
| Trade debts | 44 | €1,273,565 | €1,285,467 | +€11,903 | +0.9% |
| Suppliers | 440/4 | €1,273,565 | €1,285,467 | +€11,903 | +0.9% |
| Taxes, remuneration and social security | 45 | €549,922 | €743,145 | +€193,223 | +35.1% |
| Taxes | 450/3 | €88,700 | €108,896 | +€20,196 | +22.8% |
| Remuneration and social security | 454/9 | €461,223 | €634,249 | +€173,027 | +37.5% |
| Other amounts payable | 47/48 | €3,226,650 | €1,637,263 | -€1.6m | -49.3% |
| Operating income | 70/76A | €9,771,732 | €13,281,472 | +€3.5m | +35.9% |
| Turnover | 70 | €9,728,271 | €12,963,459 | +€3.2m | +33.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€117,263 | - | +€117,263 | |
| Other operating income | 74 | €126,404 | €309,496 | +€183,092 | +145% |
| Non-recurring operating income | 76A | €34,320 | €8,517 | -€25,803 | -75.2% |
| Operating charges | 60/66A | €9,713,605 | €13,195,239 | +€3.5m | +35.8% |
| Goods for resale, raw materials and consumables | 60 | - | €2,225,114 | +€2.2m | |
| Purchases | 600/8 | - | €2,225,114 | +€2.2m | |
| Services and other goods | 61 | €6,197,518 | €6,813,104 | +€615,586 | +9.9% |
| Remuneration, social security and pensions | 62 | €3,397,718 | €3,925,202 | +€527,484 | +15.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,209 | €177,407 | +€110,198 | +164% |
| Other operating charges | 640/8 | €51,161 | €54,413 | +€3,252 | +6.4% |
| Operating profit (loss) | 9901 | €58,128 | €86,233 | +€28,106 | +48.4% |
| Financial income | 75/76B | €577,936 | €494,290 | -€83,647 | -14.5% |
| Recurring financial income | 75 | €577,936 | €494,290 | -€83,647 | -14.5% |
| Income from financial fixed assets | 750 | €570,911 | €490,486 | -€80,425 | -14.1% |
| Income from current assets | 751 | €2,747 | €3,313 | +€566 | +20.6% |
| Other financial income | 752/9 | €4,278 | €490 | -€3,788 | -88.5% |
| Financial charges | 65/66B | €93,157 | €13,146 | -€80,011 | -85.9% |
| Recurring financial charges | 65 | €20,646 | €13,146 | -€7,500 | -36.3% |
| Debt charges | 650 | €10,406 | €8,591 | -€1,815 | -17.4% |
| Other financial charges | 652/9 | €10,240 | €4,555 | -€5,685 | -55.5% |
| Non-recurring financial charges | 66B | €72,511 | - | -€72,511 | |
| Profit (loss) for the period before taxes | 9903 | €542,907 | €567,377 | +€24,470 | +4.5% |
| Income taxes | 67/77 | €9,238 | €17,552 | +€8,314 | +90.0% |
| Taxes | 670/3 | €9,238 | €17,552 | +€8,314 | +90.0% |
| Profit (loss) for the period | 9904 | €533,669 | €549,826 | +€16,156 | +3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €533,669 | €549,826 | +€16,156 | +3.0% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.