DEMU: 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.
DEMU
Largest movements
- Receivables within one year +€54,805
up €54,805 (+343%), from €16,000 to €70,805
of which Trade receivables: +€52,905
- Tangible fixed assets +€49,439
up €49,439 (+162%), from €30,563 to €80,001
of which Furniture and vehicles: +€36,218
- Deferred charges and accrued income -€2,161
no longer reported in 2025 (was €2,161)
- Trade debts +€60,253
up €60,253 (+2,651%), from €2,273 to €62,526
- Tax, wage and social debts +€18,748
up €18,748 (+222%), from €8,453 to €27,201
of which Remuneration and social security: +€14,185
- Profit (loss) carried forward +€12,533
up €12,533 (+43.6%), from €28,754 to €41,287
- Other debts +€7,179
up €7,179 (+350%), from €2,051 to €9,230
- Current portion of long-term debt +€4,424
new in 2025: €4,424
- Staff costs +€19,713
new in 2025: €19,713
- Gross operating margin +€14,756
up €14,756 (+37.6%), from €39,219 to €53,975
- Depreciation +€13,901
up €13,901 (+463%), from €3,004 to €16,905
- Taxes -€3,749
down €3,749 (-51.3%), from €7,308 to €3,559
- Other operating charges +€1,474
new in 2025: €1,474
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 | €49,531 | €152,667 | +€103,137 | +208% |
| Fixed assets | 21/28 | €30,563 | €80,001 | +€49,439 | +162% |
| Tangible fixed assets | 22/27 | €30,563 | €80,001 | +€49,439 | +162% |
| Furniture and vehicles | 24 | €30,563 | €66,780 | +€36,218 | +119% |
| Leasing and similar rights | 25 | - | €13,221 | +€13,221 | |
| Current assets | 29/58 | €18,968 | €72,666 | +€53,698 | +283% |
| Amounts receivable within one year | 40/41 | €16,000 | €70,805 | +€54,805 | +343% |
| Trade receivables | 40 | €16,000 | €68,905 | +€52,905 | +331% |
| Other amounts receivable | 41 | - | €1,900 | +€1,900 | |
| Cash at bank and in hand | 54/58 | €807 | €1,861 | +€1,054 | +131% |
| Deferred charges and accrued income | 490/1 | €2,161 | - | -€2,161 | |
| Total equity and liabilities | 10/49 | €49,531 | €152,667 | +€103,137 | +208% |
| Equity | 10/15 | €36,754 | €49,287 | +€12,533 | +34.1% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,754 | €41,287 | +€12,533 | +43.6% |
| Amounts payable | 17/49 | €12,776 | €103,380 | +€90,604 | +709% |
| Amounts payable within one year | 42/48 | €12,776 | €103,380 | +€90,604 | +709% |
| Current portion of amounts payable after more than one year | 42 | - | €4,424 | +€4,424 | |
| Trade debts | 44 | €2,273 | €62,526 | +€60,253 | +2,651% |
| Suppliers | 440/4 | €2,273 | €62,526 | +€60,253 | +2,651% |
| Taxes, remuneration and social security | 45 | €8,453 | €27,201 | +€18,748 | +222% |
| Taxes | 450/3 | €8,453 | €13,015 | +€4,563 | +54.0% |
| Remuneration and social security | 454/9 | - | €14,185 | +€14,185 | |
| Other amounts payable | 47/48 | €2,051 | €9,230 | +€7,179 | +350% |
| Remuneration, social security and pensions | 62 | - | €19,713 | +€19,713 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,004 | €16,905 | +€13,901 | +463% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €100 | - | -€100 | |
| Other operating charges | 640/8 | - | €1,474 | +€1,474 | |
| Gross operating margin | 9900 | €39,219 | €53,975 | +€14,756 | +37.6% |
| Operating profit (loss) | 9901 | €36,115 | €15,884 | -€20,231 | -56.0% |
| Financial income | 75/76B | - | €784 | +€784 | |
| Recurring financial income | 75 | - | €784 | +€784 | |
| Non-recurring financial income | 76B | - | €784 | +€784 | |
| Financial charges | 65/66B | €54 | €577 | +€524 | +979% |
| Recurring financial charges | 65 | €54 | €577 | +€524 | +979% |
| Profit (loss) for the period before taxes | 9903 | €36,062 | €16,091 | -€19,970 | -55.4% |
| Income taxes | 67/77 | €7,308 | €3,559 | -€3,749 | -51.3% |
| Profit (loss) for the period | 9904 | €28,754 | €12,533 | -€16,222 | -56.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,754 | €12,533 | -€16,222 | -56.4% |
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 17 October 2026 via checked.be.