DEMSAR: 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.
DEMSAR
Largest movements
- Receivables within one year -€13,017
down €13,017 (-74.2%), from €17,539 to €4,522
of which Trade receivables: -€13,855
- Intangible fixed assets -€4,956
down €4,956 (-100%), from €4,956 to €0
- Deferred charges and accrued income +€2,517
up €2,517 (+164%), from €1,538 to €4,055
- Cash -€1,213
down €1,213 (-9.0%), from €13,471 to €12,258
mainly Net result for the year (-€20,864) and Deferred charges and accrued income (-€2,517)
- Tangible fixed assets -€883
down €883 (-72.2%), from €1,223 to €340
- Reserves -€20,864
down €20,864 (-81.3%), from €25,660 to €4,797
- Other debts +€5,257
up €5,257 (+89.5%), from €5,872 to €11,129
- Accrued charges and deferred income -€1,110
down €1,110 (-100%), from €1,110 to €0
- Tax, wage and social debts -€731
down €731 (-45.9%), from €1,592 to €861
of which Remuneration and social security: -€1,000
- Gross operating margin -€26,408
down €26,408, from €15,140 to -€11,268
- Taxes -€3,682
down €3,682 (-95.8%), from €3,844 to €162
- Financial charges +€514
up €514 (+18.6%), from €2,764 to €3,278
- Depreciation -€448
down €448 (-7.1%), from €6,286 to €5,839
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 | €38,727 | €21,175 | -€17,552 | -45.3% |
| Fixed assets | 21/28 | €6,179 | €340 | -€5,839 | -94.5% |
| Intangible fixed assets | 21 | €4,956 | €0 | -€4,956 | -100% |
| Tangible fixed assets | 22/27 | €1,223 | €340 | -€883 | -72.2% |
| Furniture and vehicles | 24 | €1,223 | €340 | -€883 | -72.2% |
| Current assets | 29/58 | €32,548 | €20,835 | -€11,713 | -36.0% |
| Amounts receivable within one year | 40/41 | €17,539 | €4,522 | -€13,017 | -74.2% |
| Trade receivables | 40 | €14,883 | €1,029 | -€13,855 | -93.1% |
| Other amounts receivable | 41 | €2,656 | €3,493 | +€838 | +31.5% |
| Cash at bank and in hand | 54/58 | €13,471 | €12,258 | -€1,213 | -9.0% |
| Deferred charges and accrued income | 490/1 | €1,538 | €4,055 | +€2,517 | +164% |
| Total equity and liabilities | 10/49 | €38,727 | €21,175 | -€17,552 | -45.3% |
| Equity | 10/15 | €26,660 | €5,797 | -€20,864 | -78.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €25,660 | €4,797 | -€20,864 | -81.3% |
| Distributable reserves | 133 | €25,660 | €4,797 | -€20,864 | -81.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,067 | €15,379 | +€3,312 | +27.4% |
| Amounts payable within one year | 42/48 | €10,957 | €15,379 | +€4,422 | +40.4% |
| Financial debts | 43 | €386 | €19 | -€367 | -95.1% |
| Credit institutions | 430/8 | €386 | €19 | -€367 | -95.1% |
| Trade debts | 44 | €3,107 | €3,370 | +€263 | +8.4% |
| Suppliers | 440/4 | €3,107 | €3,370 | +€263 | +8.4% |
| Taxes, remuneration and social security | 45 | €1,592 | €861 | -€731 | -45.9% |
| Taxes | 450/3 | €592 | €861 | +€269 | +45.5% |
| Remuneration and social security | 454/9 | €1,000 | €0 | -€1,000 | -100% |
| Other amounts payable | 47/48 | €5,872 | €11,129 | +€5,257 | +89.5% |
| Accrued charges and deferred income | 492/3 | €1,110 | €0 | -€1,110 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,286 | €5,839 | -€448 | -7.1% |
| Other operating charges | 640/8 | €387 | €317 | -€70 | -18.1% |
| Gross operating margin | 9900 | €15,140 | -€11,268 | -€26,408 | |
| Operating profit (loss) | 9901 | €8,467 | -€17,424 | -€25,890 | |
| Financial income | 75/76B | €0 | €0 | +€0 | +400% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +400% |
| Financial charges | 65/66B | €2,764 | €3,278 | +€514 | +18.6% |
| Recurring financial charges | 65 | €2,764 | €3,278 | +€514 | +18.6% |
| Profit (loss) for the period before taxes | 9903 | €5,702 | -€20,701 | -€26,404 | |
| Income taxes | 67/77 | €3,844 | €162 | -€3,682 | -95.8% |
| Profit (loss) for the period | 9904 | €1,858 | -€20,864 | -€22,722 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,858 | -€20,864 | -€22,722 |
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 29 October 2026 via checked.be.