DEMSCAF: 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.
DEMSCAF
Largest movements
- Tangible fixed assets +€30,028
up €30,028 (+6.3%), from €475,901 to €505,929
of which Leasing and similar rights: +€33,143
- Receivables within one year +€27,023
up €27,023 (+21.1%), from €128,152 to €155,174
of which Trade receivables: +€56,331
- Cash +€11,425
up €11,425 (+29.0%), from €39,399 to €50,824
mainly Net result for the year (+€202,826) and Depreciation (+€131,273)
- Profit (loss) carried forward +€202,826
up €202,826, from -€55,775 to €147,051
- Debts after one year -€192,015
down €192,015 (-36.9%), from €520,611 to €328,596
of which Other amounts payable: -€157,818
- Tax, wage and social debts +€52,950
up €52,950 (+216%), from €24,538 to €77,489
of which Taxes: +€53,696
- Current portion of long-term debt +€18,484
up €18,484 (+28.5%), from €64,879 to €83,364
- Trade debts -€14,149
down €14,149 (-17.8%), from €79,332 to €65,184
of which Bills of exchange payable: -€20,614
- Gross operating margin +€286,099
up €286,099 (+84.5%), from €338,436 to €624,535
- Depreciation +€23,568
up €23,568 (+21.9%), from €107,705 to €131,273
- Taxes +€23,125
up €23,125 (+8,532%), from €271 to €23,396
- Write-downs +€17,145
up €17,145 (+801%), from €2,139 to €19,285
- Staff costs +€14,602
up €14,602 (+6.9%), from €212,526 to €227,127
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 | €652,585 | €720,283 | +€67,698 | +10.4% |
| Fixed assets | 21/28 | €478,468 | €508,496 | +€30,028 | +6.3% |
| Tangible fixed assets | 22/27 | €475,901 | €505,929 | +€30,028 | +6.3% |
| Plant, machinery and equipment | 23 | €148,449 | €153,592 | +€5,143 | +3.5% |
| Furniture and vehicles | 24 | €14,117 | €5,439 | -€8,679 | -61.5% |
| Leasing and similar rights | 25 | €308,841 | €341,984 | +€33,143 | +10.7% |
| Other tangible fixed assets | 26 | €4,494 | €4,915 | +€421 | +9.4% |
| Financial fixed assets | 28 | €2,567 | €2,567 | = | 0.0% |
| Current assets | 29/58 | €174,117 | €211,787 | +€37,670 | +21.6% |
| Amounts receivable within one year | 40/41 | €128,152 | €155,174 | +€27,023 | +21.1% |
| Trade receivables | 40 | €90,413 | €146,744 | +€56,331 | +62.3% |
| Other amounts receivable | 41 | €37,738 | €8,430 | -€29,309 | -77.7% |
| Cash at bank and in hand | 54/58 | €39,399 | €50,824 | +€11,425 | +29.0% |
| Deferred charges and accrued income | 490/1 | €6,567 | €5,789 | -€778 | -11.8% |
| Total equity and liabilities | 10/49 | €652,585 | €720,283 | +€67,698 | +10.4% |
| Equity | 10/15 | -€37,175 | €165,651 | +€202,826 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,775 | €147,051 | +€202,826 | |
| Amounts payable | 17/49 | €689,760 | €554,632 | -€135,128 | -19.6% |
| Amounts payable after more than one year | 17 | €520,611 | €328,596 | -€192,015 | -36.9% |
| Financial debts | 170/4 | €174,433 | €140,237 | -€34,197 | -19.6% |
| Other amounts payable | 178/9 | €346,177 | €188,359 | -€157,818 | -45.6% |
| Amounts payable within one year | 42/48 | €168,750 | €226,036 | +€57,286 | +33.9% |
| Current portion of amounts payable after more than one year | 42 | €64,879 | €83,364 | +€18,484 | +28.5% |
| Trade debts | 44 | €79,332 | €65,184 | -€14,149 | -17.8% |
| Suppliers | 440/4 | €58,719 | €65,184 | +€6,465 | +11.0% |
| Bills of exchange payable | 441 | €20,614 | - | -€20,614 | |
| Taxes, remuneration and social security | 45 | €24,538 | €77,489 | +€52,950 | +216% |
| Taxes | 450/3 | €23,793 | €77,489 | +€53,696 | +226% |
| Remuneration and social security | 454/9 | €745 | - | -€745 | |
| Accrued charges and deferred income | 492/3 | €399 | - | -€399 | |
| Non-recurring operating income | 76A | €170 | - | -€170 | |
| Remuneration, social security and pensions | 62 | €212,526 | €227,127 | +€14,602 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,705 | €131,273 | +€23,568 | +21.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,139 | €19,285 | +€17,145 | +801% |
| Other operating charges | 640/8 | €1,877 | €1,213 | -€664 | -35.4% |
| Non-recurring operating charges | 66A | €8,149 | €521 | -€7,629 | -93.6% |
| Gross operating margin | 9900 | €338,436 | €624,535 | +€286,099 | +84.5% |
| Operating profit (loss) | 9901 | €6,039 | €245,116 | +€239,077 | +3,959% |
| Financial income | 75/76B | €95 | €1,322 | +€1,228 | +1,297% |
| Recurring financial income | 75 | €95 | €347 | +€252 | +266% |
| Non-recurring financial income | 76B | - | €976 | +€976 | |
| Financial charges | 65/66B | €18,053 | €20,217 | +€2,164 | +12.0% |
| Recurring financial charges | 65 | €18,053 | €20,217 | +€2,164 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | -€11,919 | €226,221 | +€238,140 | |
| Income taxes | 67/77 | €271 | €23,396 | +€23,125 | +8,532% |
| Profit (loss) for the period | 9904 | -€12,190 | €202,826 | +€215,016 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,190 | €202,826 | +€215,016 |
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 15 October 2026 via checked.be.