DEMUM: 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.
DEMUM
Largest movements
- Cash -€62,330
down €62,330 (-91.1%), from €68,426 to €6,096
mainly Net result for the year (-€42,728) and Other debts (-€27,947)
- Tangible fixed assets -€48,379
down €48,379 (-8.7%), from €558,336 to €509,957
of which Furniture and vehicles: -€30,928
- Receivables within one year +€25,421
up €25,421 (+27.0%), from €94,054 to €119,476
of which Trade receivables: +€22,018
- Profit (loss) carried forward -€42,728
down €42,728 (-10.5%), from €407,559 to €364,831
- Other debts -€27,947
down €27,947 (-4.5%), from €615,695 to €587,748
- Tax, wage and social debts -€14,793
down €14,793 (-54.8%), from €26,977 to €12,183
of which Taxes: -€10,531
- Gross operating margin -€63,618
down €63,618 (-51.6%), from €123,357 to €59,739
- Staff costs -€14,513
down €14,513 (-28.0%), from €51,806 to €37,294
- Taxes -€3,080
no longer reported in 2025 (was €3,080)
- Other operating charges +€2,377
up €2,377 (+43.1%), from €5,518 to €7,894
- Depreciation +€1,490
up €1,490 (+2.7%), from €55,465 to €56,955
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 | €1,130,073 | €1,044,763 | -€85,310 | -7.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €578,336 | €529,957 | -€48,379 | -8.4% |
| Tangible fixed assets | 22/27 | €558,336 | €509,957 | -€48,379 | -8.7% |
| Land and buildings | 22 | €435,652 | €422,545 | -€13,107 | -3.0% |
| Plant, machinery and equipment | 23 | €5,385 | €2,696 | -€2,689 | -49.9% |
| Furniture and vehicles | 24 | €115,328 | €84,401 | -€30,928 | -26.8% |
| Assets under construction and advance payments | 27 | €1,971 | €315 | -€1,656 | -84.0% |
| Financial fixed assets | 28 | €20,000 | €20,000 | = | 0.0% |
| Current assets | 29/58 | €551,737 | €514,806 | -€36,931 | -6.7% |
| Stocks and contracts in progress | 3 | €388,806 | €388,806 | = | 0.0% |
| Stocks | 30/36 | €388,806 | €388,806 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €94,054 | €119,476 | +€25,421 | +27.0% |
| Trade receivables | 40 | €94,054 | €116,073 | +€22,018 | +23.4% |
| Other amounts receivable | 41 | - | €3,403 | +€3,403 | |
| Cash at bank and in hand | 54/58 | €68,426 | €6,096 | -€62,330 | -91.1% |
| Deferred charges and accrued income | 490/1 | €450 | €429 | -€21 | -4.7% |
| Total equity and liabilities | 10/49 | €1,130,073 | €1,044,763 | -€85,310 | -7.5% |
| Equity | 10/15 | €475,759 | €433,031 | -€42,728 | -9.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €407,559 | €364,831 | -€42,728 | -10.5% |
| Amounts payable | 17/49 | €654,314 | €611,732 | -€42,581 | -6.5% |
| Amounts payable within one year | 42/48 | €654,314 | €610,922 | -€43,391 | -6.6% |
| Trade debts | 44 | €11,642 | €10,991 | -€651 | -5.6% |
| Suppliers | 440/4 | €11,642 | €10,991 | -€651 | -5.6% |
| Taxes, remuneration and social security | 45 | €26,977 | €12,183 | -€14,793 | -54.8% |
| Taxes | 450/3 | €14,615 | €4,084 | -€10,531 | -72.1% |
| Remuneration and social security | 454/9 | €12,362 | €8,100 | -€4,262 | -34.5% |
| Other amounts payable | 47/48 | €615,695 | €587,748 | -€27,947 | -4.5% |
| Accrued charges and deferred income | 492/3 | - | €810 | +€810 | |
| Non-recurring operating income | 76A | €19,285 | - | -€19,285 | |
| Remuneration, social security and pensions | 62 | €51,806 | €37,294 | -€14,513 | -28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,465 | €56,955 | +€1,490 | +2.7% |
| Other operating charges | 640/8 | €5,518 | €7,894 | +€2,377 | +43.1% |
| Non-recurring operating charges | 66A | €756 | - | -€756 | |
| Gross operating margin | 9900 | €123,357 | €59,739 | -€63,618 | -51.6% |
| Operating profit (loss) | 9901 | €9,812 | -€42,405 | -€52,217 | |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €314 | €326 | +€12 | +3.8% |
| Recurring financial charges | 65 | €314 | €326 | +€12 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €9,498 | -€42,728 | -€52,226 | |
| Income taxes | 67/77 | €3,080 | - | -€3,080 | |
| Profit (loss) for the period | 9904 | €6,418 | -€42,728 | -€49,146 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,418 | -€42,728 | -€49,146 |
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.