DEMSONAR: 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
DEMSONAR
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€53,516
2024 · -€62,729+€9,213
Equity
€2.9m
2024 · €2.9m-€53,516
Cash
€34,068
2024 · €22,124+€11,944
Balance sheet total
€5.7m
2024 · €5.7m-€6,035
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Profit (loss) carried forward -€205,181
down €205,181 (-100.0%), from €205,181 to €0
- Reserves +€151,665
up €151,665 (+6.3%), from €2.4m to €2.6m
of which Distributable reserves: +€234,527
- Debts after one year +€66,383
up €66,383 (+3.6%), from €1.8m to €1.9m
of which Financial debts: +€1.9m
Income statement
- Gross operating margin +€14,624
up €14,624 (+5.3%), from €277,053 to €291,677
- Depreciation +€5,663
up €5,663 (+4.4%), from €128,529 to €134,192
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
-€62,729
Gross operating margin
+€14,624
Depreciation
-€5,663
Other operating charges
-€507
Financial income
+€1,684
Financial charges
+€259
Taxes
-€1,185
Result 2025
-€53,516
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
+€66,557
Investment
-€120,996
Financing
+€66,383
Cash 2024
€22,124
From operations (derived)
+€66,557
Net result for the year
-€53,516
Depreciation
+€134,192
Receivables within one year
+€4,783
Provisions
-€27,621
Trade debts
+€494
Tax, wage and social debts
+€1,363
Other debts
+€120
Accrued charges and deferred income
+€6,741
Investment (derived)
-€120,996
Investment in fixed assets (net)
-€120,996
Financing
+€66,383
Debts after one year
+€66,383
Cash 2025
€34,068
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,656,198 | €5,650,163 | -€6,035 | -0.1% |
| Fixed assets | 21/28 | €5,602,172 | €5,588,976 | -€13,196 | -0.2% |
| Tangible fixed assets | 22/27 | €3,960,842 | €3,947,646 | -€13,196 | -0.3% |
| Land and buildings | 22 | €3,960,842 | €3,947,646 | -€13,196 | -0.3% |
| Financial fixed assets | 28 | €1,641,330 | €1,641,330 | = | 0.0% |
| Current assets | 29/58 | €54,026 | €61,187 | +€7,161 | +13.3% |
| Amounts receivable within one year | 40/41 | €31,902 | €27,119 | -€4,783 | -15.0% |
| Trade receivables | 40 | €31,902 | €27,119 | -€4,783 | -15.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €22,124 | €34,068 | +€11,944 | +54.0% |
| Total equity and liabilities | 10/49 | €5,656,198 | €5,650,163 | -€6,035 | -0.1% |
| Equity | 10/15 | €2,917,667 | €2,864,151 | -€53,516 | -1.8% |
| Contributions | 10/11 | €309,867 | €309,867 | = | 0.0% |
| Capital | 10 | €309,867 | €309,867 | = | 0.0% |
| Issued capital | 100 | €309,867 | €309,867 | = | 0.0% |
| Reserves | 13 | €2,402,619 | €2,554,284 | +€151,665 | +6.3% |
| Non-distributable reserves | 130/1 | €30,987 | €30,987 | = | 0.0% |
| Legal reserve | 130 | €30,987 | €30,987 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,371,633 | €2,288,771 | -€82,862 | -3.5% |
| Distributable reserves | 133 | - | €234,527 | +€234,527 | |
| Profit (loss) carried forward | 14 | €205,181 | €0 | -€205,181 | -100.0% |
| Provisions and deferred taxes | 16 | €790,544 | €762,924 | -€27,621 | -3.5% |
| Deferred taxes | 168 | €790,544 | €762,924 | -€27,621 | -3.5% |
| Amounts payable | 17/49 | €1,947,986 | €2,023,088 | +€75,101 | +3.9% |
| Amounts payable after more than one year | 17 | €1,819,664 | €1,886,047 | +€66,383 | +3.6% |
| Financial debts | 170/4 | - | €1,886,047 | +€1.9m | |
| Other amounts payable | 178/9 | €1,819,664 | - | -€1.8m | |
| Amounts payable within one year | 42/48 | €120 | €2,097 | +€1,977 | +1647.1% |
| Trade debts | 44 | €0 | €494 | +€494 | |
| Suppliers | 440/4 | €0 | €494 | +€494 | |
| Taxes, remuneration and social security | 45 | - | €1,363 | +€1,363 | |
| Taxes | 450/3 | - | €1,363 | +€1,363 | |
| Other amounts payable | 47/48 | €120 | €240 | +€120 | +100.0% |
| Accrued charges and deferred income | 492/3 | €128,203 | €134,944 | +€6,741 | +5.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €128,529 | €134,192 | +€5,663 | +4.4% |
| Other operating charges | 640/8 | €1,434 | €1,941 | +€507 | +35.3% |
| Gross operating margin | 9900 | €277,053 | €291,677 | +€14,624 | +5.3% |
| Operating profit (loss) | 9901 | €147,089 | €155,545 | +€8,455 | +5.7% |
| Financial income | 75/76B | €295 | €1,980 | +€1,684 | +570.1% |
| Recurring financial income | 75 | €295 | €1,980 | +€1,684 | +570.1% |
| Financial charges | 65/66B | €237,645 | €237,386 | -€259 | -0.1% |
| Recurring financial charges | 65 | €237,645 | €237,386 | -€259 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€90,261 | -€79,862 | +€10,398 | +11.5% |
| Transfer from deferred taxes | 780 | €27,621 | €27,621 | = | 0.0% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €89 | €1,274 | +€1,185 | +1337.5% |
| Profit (loss) for the period | 9904 | -€62,729 | -€53,516 | +€9,213 | +14.7% |
| Transfer from tax-exempt reserves | 789 | €82,862 | €82,862 | -€0 | 0.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €20,133 | €29,346 | +€9,213 | +45.8% |
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 7 October 2026 via checked.be.