DEMUCON: 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.
DEMUCON
Largest movements
- Stocks and contracts +€443,748
up €443,748 (+93.3%), from €475,604 to €919,351
- Receivables within one year +€61,025
up €61,025 (+803.4%), from €7,596 to €68,622
of which Trade receivables: +€65,634
- Tangible fixed assets -€29,227
down €29,227 (-3.6%), from €813,218 to €783,990
- Cash -€25,007
down €25,007 (-28.4%), from €88,091 to €63,085
mainly Stocks and contracts (-€443,748) and Net result for the year (-€105,984)
- Short-term financial debts +€556,348
up €556,348 (+190.5%), from €292,000 to €848,348
- Profit (loss) carried forward -€105,984
down €105,984 (-52.3%), from -€202,618 to -€308,602
- Gross operating margin +€35,091
up €35,091 (+53.4%), from -€65,724 to -€30,633
- Financial charges +€20,635
up €20,635 (+77.4%), from €26,665 to €47,300
- Depreciation -€1,145
down €1,145 (-4.9%), from €23,227 to €22,082
- Financial income +€835
up €835 (+673.1%), from €124 to €959
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 | €1,659,509 | €2,111,840 | +€452,332 | +27.3% |
| Fixed assets | 21/28 | €1,088,218 | €1,058,990 | -€29,227 | -2.7% |
| Tangible fixed assets | 22/27 | €813,218 | €783,990 | -€29,227 | -3.6% |
| Land and buildings | 22 | €779,685 | €771,027 | -€8,658 | -1.1% |
| Plant, machinery and equipment | 23 | €11,754 | €2,349 | -€9,405 | -80.0% |
| Furniture and vehicles | 24 | €21,779 | €10,614 | -€11,165 | -51.3% |
| Financial fixed assets | 28 | €275,000 | €275,000 | = | 0.0% |
| Current assets | 29/58 | €571,291 | €1,052,850 | +€481,559 | +84.3% |
| Stocks and contracts in progress | 3 | €475,604 | €919,351 | +€443,748 | +93.3% |
| Stocks | 30/36 | €475,604 | €919,351 | +€443,748 | +93.3% |
| Amounts receivable within one year | 40/41 | €7,596 | €68,622 | +€61,025 | +803.4% |
| Trade receivables | 40 | €1,453 | €67,088 | +€65,634 | +4516.8% |
| Other amounts receivable | 41 | €6,143 | €1,534 | -€4,609 | -75.0% |
| Cash at bank and in hand | 54/58 | €88,091 | €63,085 | -€25,007 | -28.4% |
| Deferred charges and accrued income | 490/1 | - | €1,792 | +€1,792 | |
| Total equity and liabilities | 10/49 | €1,659,509 | €2,111,840 | +€452,332 | +27.3% |
| Equity | 10/15 | €916,861 | €810,878 | -€105,984 | -11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €700,135 | €700,135 | = | 0.0% |
| Reserves | 13 | €400,744 | €400,744 | = | 0.0% |
| Distributable reserves | 133 | €400,744 | €400,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€202,618 | -€308,602 | -€105,984 | -52.3% |
| Amounts payable | 17/49 | €742,647 | €1,300,963 | +€558,316 | +75.2% |
| Amounts payable within one year | 42/48 | €695,928 | €1,246,947 | +€551,019 | +79.2% |
| Financial debts | 43 | €292,000 | €848,348 | +€556,348 | +190.5% |
| Credit institutions | 430/8 | €292,000 | €848,348 | +€556,348 | +190.5% |
| Trade debts | 44 | €3,415 | €801 | -€2,614 | -76.6% |
| Suppliers | 440/4 | €3,415 | €801 | -€2,614 | -76.6% |
| Taxes, remuneration and social security | 45 | €386 | €372 | -€14 | -3.5% |
| Taxes | 450/3 | €386 | €372 | -€14 | -3.5% |
| Other amounts payable | 47/48 | €400,127 | €397,427 | -€2,701 | -0.7% |
| Accrued charges and deferred income | 492/3 | €46,719 | €54,016 | +€7,297 | +15.6% |
| Non-recurring operating income | 76A | - | €860 | +€860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,227 | €22,082 | -€1,145 | -4.9% |
| Other operating charges | 640/8 | €6,786 | €6,593 | -€193 | -2.8% |
| Gross operating margin | 9900 | -€65,724 | -€30,633 | +€35,091 | +53.4% |
| Operating profit (loss) | 9901 | -€95,737 | -€59,308 | +€36,430 | +38.1% |
| Financial income | 75/76B | €124 | €959 | +€835 | +673.1% |
| Recurring financial income | 75 | €124 | €959 | +€835 | +673.1% |
| Financial charges | 65/66B | €26,665 | €47,300 | +€20,635 | +77.4% |
| Recurring financial charges | 65 | €26,665 | €47,300 | +€20,635 | +77.4% |
| Profit (loss) for the period before taxes | 9903 | -€122,278 | -€105,649 | +€16,629 | +13.6% |
| Income taxes | 67/77 | €343 | €335 | -€8 | -2.3% |
| Profit (loss) for the period | 9904 | -€122,621 | -€105,984 | +€16,637 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€122,621 | -€105,984 | +€16,637 | +13.6% |
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 6 October 2026 via checked.be.