Demu Projects: 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.
Demu Projects
Largest movements
- Cash +€53,036
up €53,036 (+38.0%), from €139,733 to €192,770
mainly Net result for the year (+€45,676) and Depreciation (+€18,842)
- Tangible fixed assets -€20,704
down €20,704 (-10.5%), from €197,088 to €176,385
of which Land and buildings: -€18,739
- Receivables within one year -€4,557
down €4,557 (-36.9%), from €12,359 to €7,803
of which Trade receivables: -€6,852
- Reserves +€45,676
up €45,676 (+18.7%), from €243,946 to €289,622
- Other debts -€15,699
down €15,699 (-21.1%), from €74,442 to €58,744
- Accrued charges and deferred income -€4,071
down €4,071 (-27.1%), from €15,014 to €10,943
- Gross operating margin -€4,041
down €4,041 (-4.0%), from €101,848 to €97,807
- Financial income +€2,056
up €2,056 (+360.0%), from €571 to €2,626
- Other operating charges +€1,867
up €1,867 (+32.2%), from €5,806 to €7,673
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €349,807 | €378,430 | +€28,622 | +8.2% |
| Fixed assets | 21/28 | €197,143 | €176,440 | -€20,704 | -10.5% |
| Tangible fixed assets | 22/27 | €197,088 | €176,385 | -€20,704 | -10.5% |
| Land and buildings | 22 | €194,859 | €176,119 | -€18,739 | -9.6% |
| Furniture and vehicles | 24 | €2,230 | €265 | -€1,964 | -88.1% |
| Financial fixed assets | 28 | €55 | €55 | = | 0.0% |
| Current assets | 29/58 | €152,664 | €201,990 | +€49,326 | +32.3% |
| Amounts receivable within one year | 40/41 | €12,359 | €7,803 | -€4,557 | -36.9% |
| Trade receivables | 40 | €12,271 | €5,419 | -€6,852 | -55.8% |
| Other amounts receivable | 41 | €88 | €2,384 | +€2,296 | +2597.4% |
| Cash at bank and in hand | 54/58 | €139,733 | €192,770 | +€53,036 | +38.0% |
| Deferred charges and accrued income | 490/1 | €571 | €1,418 | +€847 | +148.3% |
| Total equity and liabilities | 10/49 | €349,807 | €378,430 | +€28,622 | +8.2% |
| Equity | 10/15 | €257,237 | €302,913 | +€45,676 | +17.8% |
| Contributions | 10/11 | €13,291 | €13,291 | = | 0.0% |
| Reserves | 13 | €243,946 | €289,622 | +€45,676 | +18.7% |
| Distributable reserves | 133 | €243,946 | €289,622 | +€45,676 | +18.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €92,570 | €75,517 | -€17,054 | -18.4% |
| Amounts payable within one year | 42/48 | €77,556 | €64,574 | -€12,982 | -16.7% |
| Trade debts | 44 | €1,046 | €983 | -€64 | -6.1% |
| Suppliers | 440/4 | €1,046 | €983 | -€64 | -6.1% |
| Taxes, remuneration and social security | 45 | €2,067 | €4,848 | +€2,780 | +134.5% |
| Taxes | 450/3 | €2,067 | €4,275 | +€2,208 | +106.8% |
| Remuneration and social security | 454/9 | €0 | €572 | +€572 | |
| Other amounts payable | 47/48 | €74,442 | €58,744 | -€15,699 | -21.1% |
| Accrued charges and deferred income | 492/3 | €15,014 | €10,943 | -€4,071 | -27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,386 | €18,842 | -€545 | -2.8% |
| Other operating charges | 640/8 | €5,806 | €7,673 | +€1,867 | +32.2% |
| Gross operating margin | 9900 | €101,848 | €97,807 | -€4,041 | -4.0% |
| Operating profit (loss) | 9901 | €76,656 | €71,292 | -€5,364 | -7.0% |
| Financial income | 75/76B | €571 | €2,626 | +€2,056 | +360.0% |
| Recurring financial income | 75 | €571 | €2,626 | +€2,056 | +360.0% |
| Financial charges | 65/66B | €5,302 | €5,273 | -€29 | -0.6% |
| Recurring financial charges | 65 | €5,302 | €5,273 | -€29 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €71,924 | €68,645 | -€3,279 | -4.6% |
| Income taxes | 67/77 | €23,912 | €22,969 | -€942 | -3.9% |
| Profit (loss) for the period | 9904 | €48,013 | €45,676 | -€2,337 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,013 | €45,676 | -€2,337 | -4.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.