Demol - Sphinx: 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.
Demol - Sphinx
Largest movements
- Cash +€97,548
up €97,548 (+284.9%), from €34,240 to €131,788
mainly Depreciation (+€59,133) and Receivables within one year (+€53,517)
- Receivables within one year -€53,517
down €53,517 (-50.6%), from €105,847 to €52,329
of which Other amounts receivable: -€44,441
- Stocks and contracts -€33,795
down €33,795 (-32.9%), from €102,718 to €68,924
- Other debts +€13,648
new in 2025: €13,648
- Accrued charges and deferred income -€6,714
no longer reported in 2025 (was €6,714)
- Gross operating margin +€94,931
up €94,931, from -€16,069 to €78,862
- Depreciation +€22,672
up €22,672 (+62.2%), from €36,461 to €59,133
- Other operating charges +€4,105
up €4,105 (+26.6%), from €15,457 to €19,562
- Financial income -€3,779
down €3,779 (-60.0%), from €6,298 to €2,519
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €449,348 | €461,383 | +€12,035 | +2.7% |
| Fixed assets | 21/28 | €205,515 | €208,342 | +€2,827 | +1.4% |
| Tangible fixed assets | 22/27 | €205,515 | €208,342 | +€2,827 | +1.4% |
| Land and buildings | 22 | €33,407 | €35,534 | +€2,127 | +6.4% |
| Furniture and vehicles | 24 | €97,576 | €63,714 | -€33,862 | -34.7% |
| Other tangible fixed assets | 26 | €74,532 | €109,095 | +€34,562 | +46.4% |
| Current assets | 29/58 | €243,833 | €253,040 | +€9,208 | +3.8% |
| Stocks and contracts in progress | 3 | €102,718 | €68,924 | -€33,795 | -32.9% |
| Stocks | 30/36 | €102,718 | €68,924 | -€33,795 | -32.9% |
| Amounts receivable within one year | 40/41 | €105,847 | €52,329 | -€53,517 | -50.6% |
| Trade receivables | 40 | €61,405 | €52,329 | -€9,076 | -14.8% |
| Other amounts receivable | 41 | €44,441 | - | -€44,441 | |
| Cash at bank and in hand | 54/58 | €34,240 | €131,788 | +€97,548 | +284.9% |
| Deferred charges and accrued income | 490/1 | €1,028 | - | -€1,028 | |
| Total equity and liabilities | 10/49 | €449,348 | €461,383 | +€12,035 | +2.7% |
| Equity | 10/15 | €440,854 | €438,371 | -€2,482 | -0.6% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €420,015 | €416,826 | -€3,188 | -0.8% |
| Tax-exempt reserves | 132 | €6,864 | €6,864 | = | 0.0% |
| Distributable reserves | 133 | €413,151 | €409,963 | -€3,188 | -0.8% |
| Profit (loss) carried forward | 14 | -€55,645 | -€54,939 | +€706 | +1.3% |
| Investment grants | 15 | €2,116 | €2,116 | = | 0.0% |
| Amounts payable | 17/49 | €8,494 | €23,011 | +€14,517 | +170.9% |
| Amounts payable within one year | 42/48 | €1,781 | €23,011 | +€21,231 | +1192.3% |
| Trade debts | 44 | - | €4,103 | +€4,103 | |
| Suppliers | 440/4 | - | €4,103 | +€4,103 | |
| Taxes, remuneration and social security | 45 | €1,781 | €5,261 | +€3,480 | +195.5% |
| Taxes | 450/3 | €1,781 | €5,261 | +€3,480 | +195.5% |
| Other amounts payable | 47/48 | - | €13,648 | +€13,648 | |
| Accrued charges and deferred income | 492/3 | €6,714 | - | -€6,714 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,461 | €59,133 | +€22,672 | +62.2% |
| Other operating charges | 640/8 | €15,457 | €19,562 | +€4,105 | +26.6% |
| Gross operating margin | 9900 | -€16,069 | €78,862 | +€94,931 | |
| Operating profit (loss) | 9901 | -€67,987 | €167 | +€68,154 | |
| Financial income | 75/76B | €6,298 | €2,519 | -€3,779 | -60.0% |
| Recurring financial income | 75 | €6,298 | €2,519 | -€3,779 | -60.0% |
| Financial charges | 65/66B | €648 | €490 | -€157 | -24.3% |
| Recurring financial charges | 65 | €648 | €490 | -€157 | -24.3% |
| Profit (loss) for the period before taxes | 9903 | -€62,336 | €2,196 | +€64,533 | |
| Income taxes | 67/77 | €746 | €1,490 | +€744 | +99.8% |
| Profit (loss) for the period | 9904 | -€63,082 | €706 | +€63,788 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,082 | €706 | +€63,788 |
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 6 October 2026 via checked.be.