DEMUNCO: 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.
DEMUNCO
Largest movements
- Cash +€64,562
up €64,562 (+505.0%), from €12,784 to €77,346
mainly Net result for the year (+€131,641) and Deferred charges and accrued income (+€10,000)
- Tangible fixed assets +€52,640
up €52,640 (+15.4%), from €342,115 to €394,755
of which Assets under construction and advance payments: +€29,622
- Financial fixed assets -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year +€11,010
up €11,010 (+267.9%), from €4,110 to €15,120
- Deferred charges and accrued income -€10,000
no longer reported in 2025 (was €10,000)
- Reserves +€131,641
up €131,641 (+110.1%), from €119,613 to €251,253
- Debts after one year -€35,996
down €35,996 (-15.3%), from €235,470 to €199,474
- Tax, wage and social debts -€15,547
down €15,547 (-99.7%), from €15,595 to €48
of which Taxes: -€13,287
- Short-term financial debts -€7,000
down €7,000 (-36.8%), from €19,000 to €12,000
- Financial income +€129,946
up €129,946 (+81069.2%), from €160 to €130,106
- Gross operating margin -€44,241
down €44,241 (-76.3%), from €58,004 to €13,763
- Taxes -€8,404
down €8,404 (-82.4%), from €10,203 to €1,799
- Depreciation -€982
down €982 (-14.1%), from €6,966 to €5,984
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 | €435,951 | €504,163 | +€68,213 | +15.6% |
| Fixed assets | 21/28 | €392,115 | €394,755 | +€2,640 | +0.7% |
| Tangible fixed assets | 22/27 | €342,115 | €394,755 | +€52,640 | +15.4% |
| Land and buildings | 22 | €111,593 | €111,477 | -€116 | -0.1% |
| Plant, machinery and equipment | 23 | €3,596 | €3,066 | -€529 | -14.7% |
| Furniture and vehicles | 24 | €2,192 | €25,856 | +€23,663 | +1079.3% |
| Other tangible fixed assets | 26 | €224,733 | €224,733 | = | 0.0% |
| Assets under construction and advance payments | 27 | - | €29,622 | +€29,622 | |
| Financial fixed assets | 28 | €50,000 | - | -€50,000 | |
| Current assets | 29/58 | €43,836 | €109,408 | +€65,572 | +149.6% |
| Stocks and contracts in progress | 3 | €16,942 | €16,942 | = | 0.0% |
| Stocks | 30/36 | €16,942 | €16,942 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,110 | €15,120 | +€11,010 | +267.9% |
| Other amounts receivable | 41 | €4,110 | €15,120 | +€11,010 | +267.9% |
| Cash at bank and in hand | 54/58 | €12,784 | €77,346 | +€64,562 | +505.0% |
| Deferred charges and accrued income | 490/1 | €10,000 | - | -€10,000 | |
| Total equity and liabilities | 10/49 | €435,951 | €504,163 | +€68,213 | +15.6% |
| Equity | 10/15 | €125,813 | €257,453 | +€131,641 | +104.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €119,613 | €251,253 | +€131,641 | +110.1% |
| Distributable reserves | 133 | €119,613 | €251,253 | +€131,641 | +110.1% |
| Amounts payable | 17/49 | €310,138 | €246,710 | -€63,428 | -20.5% |
| Amounts payable after more than one year | 17 | €235,470 | €199,474 | -€35,996 | -15.3% |
| Financial debts | 170/4 | €235,470 | €199,474 | -€35,996 | -15.3% |
| Amounts payable within one year | 42/48 | €74,668 | €47,236 | -€27,432 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €34,009 | €35,165 | +€1,156 | +3.4% |
| Financial debts | 43 | €19,000 | €12,000 | -€7,000 | -36.8% |
| Credit institutions | 430/8 | €19,000 | €12,000 | -€7,000 | -36.8% |
| Trade debts | 44 | €1,064 | €23 | -€1,041 | -97.9% |
| Suppliers | 440/4 | €1,064 | €23 | -€1,041 | -97.9% |
| Taxes, remuneration and social security | 45 | €15,595 | €48 | -€15,547 | -99.7% |
| Taxes | 450/3 | €13,336 | €48 | -€13,287 | -99.6% |
| Remuneration and social security | 454/9 | €2,259 | - | -€2,259 | |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,966 | €5,984 | -€982 | -14.1% |
| Other operating charges | 640/8 | €1,900 | €1,613 | -€287 | -15.1% |
| Gross operating margin | 9900 | €58,004 | €13,763 | -€44,241 | -76.3% |
| Operating profit (loss) | 9901 | €49,139 | €6,167 | -€42,972 | -87.5% |
| Financial income | 75/76B | €160 | €130,106 | +€129,946 | +81069.2% |
| Recurring financial income | 75 | €160 | €130,106 | +€129,946 | +81069.2% |
| Financial charges | 65/66B | €3,300 | €2,833 | -€467 | -14.1% |
| Recurring financial charges | 65 | €3,300 | €2,833 | -€467 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €45,998 | €133,439 | +€87,441 | +190.1% |
| Income taxes | 67/77 | €10,203 | €1,799 | -€8,404 | -82.4% |
| Profit (loss) for the period | 9904 | €35,795 | €131,641 | +€95,845 | +267.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,795 | €131,641 | +€95,845 | +267.8% |
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 5 October 2026 via checked.be.