DEMULDERTEMSE: 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.
DEMULDERTEMSE
Largest movements
- Cash +€41,815
up €41,815 (+21.0%), from €199,433 to €241,248
mainly Net result for the year (+€137,905) and Other debts (+€110,450)
- Receivables within one year +€40,544
up €40,544 (+147.6%), from €27,469 to €68,013
- Other debts +€110,450
up €110,450 (+268.0%), from €41,217 to €151,667
- Reserves -€39,095
down €39,095 (-22.0%), from €177,766 to €138,672
- Tax, wage and social debts +€10,773
up €10,773 (+58.6%), from €18,383 to €29,156
- Gross operating margin +€34,038
up €34,038 (+18.9%), from €180,253 to €214,291
- Taxes +€22,731
up €22,731 (+52.4%), from €43,370 to €66,102
- Depreciation -€2,583
down €2,583 (-23.3%), from €11,075 to €8,492
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 | €247,429 | €329,639 | +€82,210 | +33.2% |
| Fixed assets | 21/28 | €16,556 | €16,407 | -€149 | -0.9% |
| Tangible fixed assets | 22/27 | €16,511 | €16,362 | -€149 | -0.9% |
| Plant, machinery and equipment | 23 | €11,701 | €9,253 | -€2,448 | -20.9% |
| Furniture and vehicles | 24 | €3,663 | €3,776 | +€113 | +3.1% |
| Other tangible fixed assets | 26 | €1,147 | €3,333 | +€2,186 | +190.6% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €230,873 | €313,232 | +€82,359 | +35.7% |
| Stocks and contracts in progress | 3 | €3,500 | €3,500 | = | 0.0% |
| Stocks | 30/36 | €3,500 | €3,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,469 | €68,013 | +€40,544 | +147.6% |
| Trade receivables | 40 | €27,469 | €68,013 | +€40,544 | +147.6% |
| Cash at bank and in hand | 54/58 | €199,433 | €241,248 | +€41,815 | +21.0% |
| Deferred charges and accrued income | 490/1 | €471 | €471 | = | 0.0% |
| Total equity and liabilities | 10/49 | €247,429 | €329,639 | +€82,210 | +33.2% |
| Equity | 10/15 | €182,766 | €143,672 | -€39,095 | -21.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €177,766 | €138,672 | -€39,095 | -22.0% |
| Distributable reserves | 133 | €177,766 | €138,672 | -€39,095 | -22.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €64,663 | €185,967 | +€121,305 | +187.6% |
| Amounts payable within one year | 42/48 | €61,802 | €183,257 | +€121,455 | +196.5% |
| Trade debts | 44 | €2,202 | €2,434 | +€232 | +10.5% |
| Suppliers | 440/4 | €2,202 | €2,434 | +€232 | +10.5% |
| Taxes, remuneration and social security | 45 | €18,383 | €29,156 | +€10,773 | +58.6% |
| Taxes | 450/3 | €18,383 | €29,156 | +€10,773 | +58.6% |
| Other amounts payable | 47/48 | €41,217 | €151,667 | +€110,450 | +268.0% |
| Accrued charges and deferred income | 492/3 | €2,860 | €2,711 | -€150 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,075 | €8,492 | -€2,583 | -23.3% |
| Other operating charges | 640/8 | €1,552 | €1,736 | +€184 | +11.9% |
| Gross operating margin | 9900 | €180,253 | €214,291 | +€34,038 | +18.9% |
| Operating profit (loss) | 9901 | €167,626 | €204,063 | +€36,437 | +21.7% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €51 | €56 | +€5 | +9.1% |
| Recurring financial charges | 65 | €51 | €56 | +€5 | +9.1% |
| Profit (loss) for the period before taxes | 9903 | €167,575 | €204,007 | +€36,432 | +21.7% |
| Income taxes | 67/77 | €43,370 | €66,102 | +€22,731 | +52.4% |
| Profit (loss) for the period | 9904 | €124,205 | €137,905 | +€13,701 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €124,205 | €137,905 | +€13,701 | +11.0% |
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.