DEMUS INVEST: what changed
Two financial 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.
DEMUS INVEST
Largest movements
- Tangible fixed assets -€21,406
down €21,406 (-4.3%), from €502,444 to €481,038
of which Other tangible fixed assets: -€21,356
- Deferred charges and accrued income -€14,360
down €14,360 (-76.7%), from €18,725 to €4,365
- Cash -€6,470
down €6,470 (-58.8%), from €11,010 to €4,541
mainly Net result for the year (-€81,502) and Investment in fixed assets (net) (-€11,098)
- Profit (loss) carried forward -€81,502
down €81,502, from €4,064 to -€77,438
- Trade debts +€28,100
up €28,100 (+205%), from €13,679 to €41,779
- Debts after one year +€8,283
up €8,283 (+2.6%), from €316,640 to €324,923
of which Other amounts payable: +€55,710
- Gross operating margin -€74,532
down €74,532, from €56,544 to -€17,988
- Financial charges -€5,825
down €5,825 (-67.2%), from €8,664 to €2,839
- Other operating charges +€2,188
up €2,188 (+19.1%), from €11,452 to €13,640
- Depreciation -€725
down €725 (-2.1%), from €34,770 to €34,045
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.
Derived cash bridge
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 | €545,181 | €496,379 | -€48,802 | -9.0% |
| Formation expenses | 20 | €7,976 | €6,436 | -€1,540 | -19.3% |
| Fixed assets | 21/28 | €502,444 | €481,038 | -€21,406 | -4.3% |
| Tangible fixed assets | 22/27 | €502,444 | €481,038 | -€21,406 | -4.3% |
| Land and buildings | 22 | €481,088 | €481,038 | -€50 | 0.0% |
| Other tangible fixed assets | 26 | €21,356 | - | -€21,356 | |
| Current assets | 29/58 | €34,761 | €8,906 | -€25,855 | -74.4% |
| Current investments | 50/53 | €5,026 | - | -€5,026 | |
| Cash at bank and in hand | 54/58 | €11,010 | €4,541 | -€6,470 | -58.8% |
| Deferred charges and accrued income | 490/1 | €18,725 | €4,365 | -€14,360 | -76.7% |
| Total equity and liabilities | 10/49 | €545,181 | €496,379 | -€48,802 | -9.0% |
| Equity | 10/15 | €153,064 | €71,562 | -€81,502 | -53.2% |
| Contributions | 10/11 | €144,000 | €144,000 | = | 0.0% |
| Capital | 10 | €144,000 | €144,000 | = | 0.0% |
| Issued capital | 100 | €144,000 | €144,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,000 | €5,000 | = | 0.0% |
| Legal reserve | 130 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,064 | -€77,438 | -€81,502 | |
| Amounts payable | 17/49 | €392,117 | €424,817 | +€32,700 | +8.3% |
| Amounts payable after more than one year | 17 | €316,640 | €324,923 | +€8,283 | +2.6% |
| Financial debts | 170/4 | €166,640 | €119,213 | -€47,427 | -28.5% |
| Other amounts payable | 178/9 | €150,000 | €205,710 | +€55,710 | +37.1% |
| Amounts payable within one year | 42/48 | €68,579 | €97,130 | +€28,551 | +41.6% |
| Current portion of amounts payable after more than one year | 42 | €48,612 | €49,242 | +€630 | +1.3% |
| Trade debts | 44 | €13,679 | €41,779 | +€28,100 | +205% |
| Suppliers | 440/4 | €13,679 | €41,779 | +€28,100 | +205% |
| Other amounts payable | 47/48 | €6,288 | €6,109 | -€179 | -2.8% |
| Accrued charges and deferred income | 492/3 | €6,898 | €2,764 | -€4,134 | -59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,770 | €34,045 | -€725 | -2.1% |
| Other operating charges | 640/8 | €11,452 | €13,640 | +€2,188 | +19.1% |
| Non-recurring operating charges | 66A | €5,443 | €13,000 | +€7,557 | +139% |
| Gross operating margin | 9900 | €56,544 | -€17,988 | -€74,532 | |
| Operating profit (loss) | 9901 | €4,879 | -€78,673 | -€83,552 | |
| Financial income | 75/76B | €23 | €15 | -€8 | -33.8% |
| Recurring financial income | 75 | €23 | €15 | -€8 | -33.8% |
| Financial charges | 65/66B | €8,664 | €2,839 | -€5,825 | -67.2% |
| Recurring financial charges | 65 | €8,664 | €2,839 | -€5,825 | -67.2% |
| Profit (loss) for the period before taxes | 9903 | -€3,762 | -€81,497 | -€77,735 | -2,066% |
| Income taxes | 67/77 | -€9 | €4 | +€13 | |
| Profit (loss) for the period | 9904 | -€3,753 | -€81,502 | -€77,749 | -2,072% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,753 | -€81,502 | -€77,749 | -2,072% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.