DEMSTER: 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.
DEMSTER
Largest movements
- Receivables within one year +€145,872
up €145,872 (+247%), from €58,955 to €204,827
of which Other amounts receivable: +€140,900
- Tangible fixed assets +€69,820
up €69,820 (+47.2%), from €147,916 to €217,736
of which Leasing and similar rights: +€61,335
- Stocks and contracts -€65,256
down €65,256 (-7.6%), from €854,466 to €789,209
- Cash +€14,354
up €14,354 (+9.5%), from €151,163 to €165,516
mainly Tax, wage and social debts (+€149,061) and Stocks and contracts (+€65,256)
- Tax, wage and social debts +€149,061
up €149,061 (+616%), from €24,203 to €173,264
of which Taxes: +€151,179
- Trade debts +€27,197
up €27,197 (+59.1%), from €46,055 to €73,252
- Debts after one year -€21,195
down €21,195 (-4.6%), from €456,090 to €434,896
of which Financial debts: -€15,743
- Gross operating margin -€105,093
down €105,093 (-27.7%), from €379,529 to €274,436
- Taxes -€24,309
down €24,309 (-96.6%), from €25,165 to €856
- Depreciation -€7,513
down €7,513 (-20.5%), from €36,606 to €29,093
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 | €1,225,738 | €1,391,470 | +€165,733 | +13.5% |
| Fixed assets | 21/28 | €150,069 | €219,889 | +€69,820 | +46.5% |
| Tangible fixed assets | 22/27 | €147,916 | €217,736 | +€69,820 | +47.2% |
| Land and buildings | 22 | €129,204 | €150,981 | +€21,777 | +16.9% |
| Plant, machinery and equipment | 23 | €11,086 | €2,510 | -€8,575 | -77.4% |
| Furniture and vehicles | 24 | €7,626 | €2,910 | -€4,716 | -61.8% |
| Leasing and similar rights | 25 | - | €61,335 | +€61,335 | |
| Financial fixed assets | 28 | €2,153 | €2,153 | = | 0.0% |
| Current assets | 29/58 | €1,075,669 | €1,171,581 | +€95,913 | +8.9% |
| Amounts receivable after more than one year | 29 | €4,974 | €0 | -€4,974 | -100% |
| Other amounts receivable | 291 | €4,974 | €0 | -€4,974 | -100% |
| Stocks and contracts in progress | 3 | €854,466 | €789,209 | -€65,256 | -7.6% |
| Stocks | 30/36 | €854,466 | €789,209 | -€65,256 | -7.6% |
| Amounts receivable within one year | 40/41 | €58,955 | €204,827 | +€145,872 | +247% |
| Trade receivables | 40 | €25,502 | €30,474 | +€4,972 | +19.5% |
| Other amounts receivable | 41 | €33,453 | €174,353 | +€140,900 | +421% |
| Cash at bank and in hand | 54/58 | €151,163 | €165,516 | +€14,354 | +9.5% |
| Deferred charges and accrued income | 490/1 | €6,111 | €12,028 | +€5,917 | +96.8% |
| Total equity and liabilities | 10/49 | €1,225,738 | €1,391,470 | +€165,733 | +13.5% |
| Equity | 10/15 | €466,638 | €471,659 | +€5,021 | +1.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €405,138 | €410,159 | +€5,021 | +1.2% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,483 | €12,483 | = | 0.0% |
| Distributable reserves | 133 | €386,505 | €391,527 | +€5,021 | +1.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €759,100 | €919,811 | +€160,711 | +21.2% |
| Amounts payable after more than one year | 17 | €456,090 | €434,896 | -€21,195 | -4.6% |
| Financial debts | 170/4 | €197,933 | €182,190 | -€15,743 | -8.0% |
| Other amounts payable | 178/9 | €258,157 | €252,705 | -€5,452 | -2.1% |
| Amounts payable within one year | 42/48 | €291,114 | €473,186 | +€182,072 | +62.5% |
| Current portion of amounts payable after more than one year | 42 | €59,125 | €61,766 | +€2,641 | +4.5% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €46,055 | €73,252 | +€27,197 | +59.1% |
| Suppliers | 440/4 | €46,055 | €73,252 | +€27,197 | +59.1% |
| Advances received on contracts in progress | 46 | €0 | €1,700 | +€1,700 | |
| Taxes, remuneration and social security | 45 | €24,203 | €173,264 | +€149,061 | +616% |
| Taxes | 450/3 | €0 | €151,179 | +€151,179 | |
| Remuneration and social security | 454/9 | €24,203 | €22,085 | -€2,118 | -8.8% |
| Other amounts payable | 47/48 | €11,731 | €13,204 | +€1,474 | +12.6% |
| Accrued charges and deferred income | 492/3 | €11,895 | €11,729 | -€166 | -1.4% |
| Remuneration, social security and pensions | 62 | €210,676 | €207,922 | -€2,754 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,606 | €29,093 | -€7,513 | -20.5% |
| Other operating charges | 640/8 | €15,369 | €16,516 | +€1,147 | +7.5% |
| Non-recurring operating charges | 66A | €226 | €0 | -€226 | -100% |
| Gross operating margin | 9900 | €379,529 | €274,436 | -€105,093 | -27.7% |
| Operating profit (loss) | 9901 | €116,652 | €20,904 | -€95,747 | -82.1% |
| Financial income | 75/76B | €4,341 | €3,762 | -€579 | -13.3% |
| Recurring financial income | 75 | €4,341 | €3,762 | -€579 | -13.3% |
| Financial charges | 65/66B | €19,936 | €18,789 | -€1,146 | -5.8% |
| Recurring financial charges | 65 | €19,936 | €18,789 | -€1,146 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €101,057 | €5,877 | -€95,180 | -94.2% |
| Income taxes | 67/77 | €25,165 | €856 | -€24,309 | -96.6% |
| Profit (loss) for the period | 9904 | €75,892 | €5,021 | -€70,870 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,892 | €5,021 | -€70,870 | -93.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.