DEMOFI: what changed
Two fiscal 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
DEMOFI
NACE 68.322, Real estate appraisal on a fee or contract basis
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€103,710
2024 · €223,390-€119,680
Equity
€5.4m
2024 · €5.3m+€103,710
Cash
€382,287
2024 · €395,052-€12,765
Balance sheet total
€9.8m
2024 · €9.5m+€278,588
Largest movements
Assets
- Tangible fixed assets +€3.3m
up €3.3m (+54.9%), from €6.0m to €9.4m
of which Land and buildings: +€3.3m
- Current investments -€3.1m
down €3.1m (-100.0%), from €3.1m to €0
Equity and liabilities
- Other debts +€171,661
up €171,661 (+4.4%), from €3.9m to €4.0m
- Profit (loss) carried forward +€128,426
up €128,426 (+9.5%), from €1.3m to €1.5m
Income statement
- Depreciation +€207,811
up €207,811 (+67.8%), from €306,365 to €514,176
- Other operating charges -€54,860
down €54,860 (-39.0%), from €140,508 to €85,648
- Taxes -€40,026
down €40,026 (-47.3%), from €84,588 to €44,562
- Financial income -€18,013
down €18,013 (-21.2%), from €84,965 to €66,952
- Financial charges -€12,722
down €12,722 (-4.5%), from €284,570 to €271,848
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
€223,390
Gross operating margin
-€2,611
Depreciation
-€207,811
Other operating charges
+€54,860
Financial income
-€18,013
Financial charges
+€12,722
Taxes
+€40,026
Deferred taxes and other
+€1,146
Result 2025
€103,710
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
+€763,532
Investment
-€776,937
Financing
+€640
Cash 2024
€395,052
From operations (derived)
+€763,532
Net result for the year
+€103,710
Depreciation
+€514,176
Receivables within one year
-€23,726
Smaller working-capital items
-€12,657
Other debts
+€171,661
Accrued charges and deferred income
+€10,367
Investment (derived)
-€776,937
Investment in fixed assets (net)
-€3.8m
Current investments
+€3.1m
Financing
+€640
Debts after one year
+€640
Cash 2025
€382,287
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,519,679 | €9,798,267 | +€278,588 | +2.9% |
| Fixed assets | 21/28 | €6,045,295 | €9,364,668 | +€3.3m | +54.9% |
| Tangible fixed assets | 22/27 | €6,045,295 | €9,364,668 | +€3.3m | +54.9% |
| Land and buildings | 22 | €5,948,130 | €9,289,967 | +€3.3m | +56.2% |
| Plant, machinery and equipment | 23 | €5,571 | €6,792 | +€1,220 | +21.9% |
| Furniture and vehicles | 24 | €91,594 | €67,910 | -€23,684 | -25.9% |
| Current assets | 29/58 | €3,474,384 | €433,599 | -€3.0m | -87.5% |
| Amounts receivable within one year | 40/41 | €1,674 | €25,400 | +€23,726 | +1417.1% |
| Trade receivables | 40 | €773 | €0 | -€773 | -100.0% |
| Other amounts receivable | 41 | €901 | €25,400 | +€24,499 | +2717.9% |
| Current investments | 50/53 | €3,056,613 | €0 | -€3.1m | -100.0% |
| Cash at bank and in hand | 54/58 | €395,052 | €382,287 | -€12,765 | -3.2% |
| Deferred charges and accrued income | 490/1 | €21,045 | €25,912 | +€4,867 | +23.1% |
| Total equity and liabilities | 10/49 | €9,519,679 | €9,798,267 | +€278,588 | +2.9% |
| Equity | 10/15 | €5,340,665 | €5,444,375 | +€103,710 | +1.9% |
| Contributions | 10/11 | €2,500,015 | €2,500,015 | = | 0.0% |
| Reserves | 13 | €1,495,638 | €1,470,922 | -€24,716 | -1.7% |
| Tax-exempt reserves | 132 | €545,638 | €520,922 | -€24,716 | -4.5% |
| Distributable reserves | 133 | €950,000 | €950,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,345,012 | €1,473,438 | +€128,426 | +9.5% |
| Investment grants | 15 | €0 | €0 | = | 0.0% |
| Provisions and deferred taxes | 16 | €180,379 | €172,141 | -€8,239 | -4.6% |
| Deferred taxes | 168 | €180,379 | €172,141 | -€8,239 | -4.6% |
| Amounts payable | 17/49 | €3,998,634 | €4,181,752 | +€183,117 | +4.6% |
| Amounts payable after more than one year | 17 | €44,995 | €45,635 | +€640 | +1.4% |
| Other amounts payable | 178/9 | €44,995 | €45,635 | +€640 | +1.4% |
| Amounts payable within one year | 42/48 | €3,946,573 | €4,118,682 | +€172,110 | +4.4% |
| Trade debts | 44 | €1,343 | €6,955 | +€5,613 | +418.1% |
| Suppliers | 440/4 | €1,343 | €6,955 | +€5,613 | +418.1% |
| Taxes, remuneration and social security | 45 | €86,676 | €81,513 | -€5,164 | -6.0% |
| Taxes | 450/3 | €86,676 | €81,513 | -€5,164 | -6.0% |
| Other amounts payable | 47/48 | €3,858,554 | €4,030,214 | +€171,661 | +4.4% |
| Accrued charges and deferred income | 492/3 | €7,067 | €17,434 | +€10,367 | +146.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306,365 | €514,176 | +€207,811 | +67.8% |
| Other operating charges | 640/8 | €140,508 | €85,648 | -€54,860 | -39.0% |
| Gross operating margin | 9900 | €947,364 | €944,753 | -€2,611 | -0.3% |
| Operating profit (loss) | 9901 | €500,491 | €344,929 | -€155,562 | -31.1% |
| Financial income | 75/76B | €84,965 | €66,952 | -€18,013 | -21.2% |
| Recurring financial income | 75 | €84,965 | €66,952 | -€18,013 | -21.2% |
| Financial charges | 65/66B | €284,570 | €271,848 | -€12,722 | -4.5% |
| Recurring financial charges | 65 | €284,570 | €271,848 | -€12,722 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €300,886 | €140,033 | -€160,853 | -53.5% |
| Transfer from deferred taxes | 780 | €7,092 | €8,239 | +€1,146 | +16.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €84,588 | €44,562 | -€40,026 | -47.3% |
| Profit (loss) for the period | 9904 | €223,390 | €103,710 | -€119,680 | -53.6% |
| Transfer from tax-exempt reserves | 789 | €21,277 | €24,716 | +€3,439 | +16.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €244,667 | €128,426 | -€116,241 | -47.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.