DEMUL TOM: 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.
DEMUL TOM
Largest movements
- Tangible fixed assets +€218,763
up €218,763 (+20.9%), from €1.0m to €1.3m
of which Land and buildings: +€149,325
- Cash -€50,147
down €50,147 (-74.9%), from €66,966 to €16,819
mainly Investment in fixed assets (net) (-€327,970) and Receivables within one year (-€7,134)
- Reserves +€103,079
up €103,079 (+38.9%), from €265,001 to €368,079
- Debts after one year +€30,957
up €30,957 (+4.8%), from €641,696 to €672,653
- Other debts +€18,979
up €18,979 (+14.8%), from €128,553 to €147,532
- Staff costs -€48,283
down €48,283 (-71.9%), from €67,185 to €18,901
- Gross operating margin +€45,620
up €45,620 (+17.1%), from €267,209 to €312,830
- Taxes +€25,713
up €25,713 (+305.4%), from €8,419 to €34,132
- Depreciation -€8,407
down €8,407 (-7.1%), from €117,614 to €109,207
- Financial charges +€6,720
up €6,720 (+18.4%), from €36,490 to €43,210
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 | €1,248,699 | €1,426,436 | +€177,737 | +14.2% |
| Fixed assets | 21/28 | €1,047,042 | €1,265,805 | +€218,763 | +20.9% |
| Tangible fixed assets | 22/27 | €1,047,042 | €1,265,805 | +€218,763 | +20.9% |
| Land and buildings | 22 | €850,812 | €1,000,138 | +€149,325 | +17.6% |
| Plant, machinery and equipment | 23 | €24,202 | €16,943 | -€7,259 | -30.0% |
| Furniture and vehicles | 24 | €10,818 | €5,719 | -€5,099 | -47.1% |
| Leasing and similar rights | 25 | €161,210 | €243,006 | +€81,796 | +50.7% |
| Current assets | 29/58 | €201,657 | €160,631 | -€41,026 | -20.3% |
| Stocks and contracts in progress | 3 | €7,769 | €3,278 | -€4,491 | -57.8% |
| Stocks | 30/36 | €7,769 | €3,278 | -€4,491 | -57.8% |
| Amounts receivable within one year | 40/41 | €120,741 | €127,874 | +€7,134 | +5.9% |
| Trade receivables | 40 | €119,760 | €95,244 | -€24,516 | -20.5% |
| Other amounts receivable | 41 | €981 | €32,630 | +€31,649 | +3225.6% |
| Cash at bank and in hand | 54/58 | €66,966 | €16,819 | -€50,147 | -74.9% |
| Deferred charges and accrued income | 490/1 | €6,182 | €12,660 | +€6,479 | +104.8% |
| Total equity and liabilities | 10/49 | €1,248,699 | €1,426,436 | +€177,737 | +14.2% |
| Equity | 10/15 | €275,001 | €378,079 | +€103,079 | +37.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €265,001 | €368,079 | +€103,079 | +38.9% |
| Distributable reserves | 133 | €265,001 | €368,079 | +€103,079 | +38.9% |
| Amounts payable | 17/49 | €973,698 | €1,048,357 | +€74,659 | +7.7% |
| Amounts payable after more than one year | 17 | €641,696 | €672,653 | +€30,957 | +4.8% |
| Financial debts | 170/4 | €641,696 | €672,653 | +€30,957 | +4.8% |
| Amounts payable within one year | 42/48 | €332,002 | €375,704 | +€43,701 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €88,341 | €101,894 | +€13,553 | +15.3% |
| Trade debts | 44 | €89,106 | €100,995 | +€11,889 | +13.3% |
| Suppliers | 440/4 | €89,106 | €100,995 | +€11,889 | +13.3% |
| Taxes, remuneration and social security | 45 | €26,002 | €25,282 | -€720 | -2.8% |
| Taxes | 450/3 | €21,179 | €18,650 | -€2,529 | -11.9% |
| Remuneration and social security | 454/9 | €4,823 | €6,632 | +€1,809 | +37.5% |
| Other amounts payable | 47/48 | €128,553 | €147,532 | +€18,979 | +14.8% |
| Remuneration, social security and pensions | 62 | €67,185 | €18,901 | -€48,283 | -71.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,614 | €109,207 | -€8,407 | -7.1% |
| Other operating charges | 640/8 | €3,927 | €4,476 | +€549 | +14.0% |
| Gross operating margin | 9900 | €267,209 | €312,830 | +€45,620 | +17.1% |
| Operating profit (loss) | 9901 | €78,484 | €180,246 | +€101,762 | +129.7% |
| Financial income | 75/76B | €234 | €175 | -€59 | -25.2% |
| Recurring financial income | 75 | €234 | €175 | -€59 | -25.2% |
| Financial charges | 65/66B | €36,490 | €43,210 | +€6,720 | +18.4% |
| Recurring financial charges | 65 | €36,490 | €43,210 | +€6,720 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €42,228 | €137,211 | +€94,983 | +224.9% |
| Income taxes | 67/77 | €8,419 | €34,132 | +€25,713 | +305.4% |
| Profit (loss) for the period | 9904 | €33,809 | €103,079 | +€69,270 | +204.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,809 | €103,079 | +€69,270 | +204.9% |
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 8 October 2026 via checked.be.