Demute: 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.
Demute
Largest movements
- Cash +€96,697
up €96,697 (+52.8%), from €183,136 to €279,833
mainly Debts after one year (+€196,238) and Current investments (+€30,000)
- Financial fixed assets +€60,995
up €60,995 (+1,371%), from €4,448 to €65,443
- Current investments -€30,000
down €30,000 (-30.0%), from €100,000 to €70,000
- Receivables within one year -€28,030
down €28,030 (-30.3%), from €92,447 to €64,417
of which Trade receivables: -€17,741
- Tangible fixed assets +€5,427
up €5,427 (+19.2%), from €28,242 to €33,669
of which Furniture and vehicles: +€8,274
- Debts after one year +€196,238
new in 2025: €196,238
- Profit (loss) carried forward -€56,359
down €56,359 (-25.5%), from €221,159 to €164,799
- Other debts -€31,889
down €31,889 (-98.6%), from €32,327 to €438
- Tax, wage and social debts -€16,088
down €16,088 (-29.8%), from €53,980 to €37,892
of which Taxes: -€15,826
- Gross operating margin -€237,381
down €237,381 (-42.0%), from €565,406 to €328,024
- Taxes -€46,749
down €46,749 (-99.6%), from €46,957 to €208
- Other operating charges -€23,485
down €23,485 (-97.6%), from €24,065 to €581
- Write-downs +€7,150
up €7,150 (+74.6%), from €9,588 to €16,738
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 | €427,257 | €527,320 | +€100,063 | +23.4% |
| Fixed assets | 21/28 | €35,061 | €100,120 | +€65,059 | +186% |
| Intangible fixed assets | 21 | €2,372 | €1,009 | -€1,363 | -57.5% |
| Tangible fixed assets | 22/27 | €28,242 | €33,669 | +€5,427 | +19.2% |
| Plant, machinery and equipment | 23 | €3,187 | €2,192 | -€995 | -31.2% |
| Furniture and vehicles | 24 | €8,561 | €16,835 | +€8,274 | +96.6% |
| Other tangible fixed assets | 26 | €16,494 | €14,642 | -€1,852 | -11.2% |
| Financial fixed assets | 28 | €4,448 | €65,443 | +€60,995 | +1,371% |
| Current assets | 29/58 | €392,196 | €427,200 | +€35,004 | +8.9% |
| Amounts receivable within one year | 40/41 | €92,447 | €64,417 | -€28,030 | -30.3% |
| Trade receivables | 40 | €77,409 | €59,668 | -€17,741 | -22.9% |
| Other amounts receivable | 41 | €15,038 | €4,749 | -€10,289 | -68.4% |
| Current investments | 50/53 | €100,000 | €70,000 | -€30,000 | -30.0% |
| Cash at bank and in hand | 54/58 | €183,136 | €279,833 | +€96,697 | +52.8% |
| Deferred charges and accrued income | 490/1 | €16,613 | €12,950 | -€3,663 | -22.1% |
| Total equity and liabilities | 10/49 | €427,257 | €527,320 | +€100,063 | +23.4% |
| Equity | 10/15 | €301,619 | €245,259 | -€56,359 | -18.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €61,860 | €61,860 | = | 0.0% |
| Distributable reserves | 133 | €61,860 | €61,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €221,159 | €164,799 | -€56,359 | -25.5% |
| Amounts payable | 17/49 | €125,638 | €282,061 | +€156,422 | +125% |
| Amounts payable after more than one year | 17 | - | €196,238 | +€196,238 | |
| Financial debts | 170/4 | - | €196,238 | +€196,238 | |
| Amounts payable within one year | 42/48 | €100,638 | €60,823 | -€39,816 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | - | €3,762 | +€3,762 | |
| Financial debts | 43 | €2,171 | €1,681 | -€490 | -22.6% |
| Other loans | 439 | €2,171 | €1,681 | -€490 | -22.6% |
| Trade debts | 44 | €12,160 | €17,049 | +€4,889 | +40.2% |
| Suppliers | 440/4 | €12,160 | €17,049 | +€4,889 | +40.2% |
| Taxes, remuneration and social security | 45 | €53,980 | €37,892 | -€16,088 | -29.8% |
| Taxes | 450/3 | €16,433 | €607 | -€15,826 | -96.3% |
| Remuneration and social security | 454/9 | €37,547 | €37,286 | -€262 | -0.7% |
| Other amounts payable | 47/48 | €32,327 | €438 | -€31,889 | -98.6% |
| Accrued charges and deferred income | 492/3 | €25,000 | €25,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €347,470 | €350,129 | +€2,659 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,529 | €11,936 | -€592 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,588 | €16,738 | +€7,150 | +74.6% |
| Other operating charges | 640/8 | €24,065 | €581 | -€23,485 | -97.6% |
| Non-recurring operating charges | 66A | €302 | €0 | -€302 | -100% |
| Gross operating margin | 9900 | €565,406 | €328,024 | -€237,381 | -42.0% |
| Operating profit (loss) | 9901 | €171,453 | -€51,359 | -€222,812 | |
| Financial income | 75/76B | €4,568 | €4,416 | -€152 | -3.3% |
| Recurring financial income | 75 | €4,568 | €4,416 | -€152 | -3.3% |
| Financial charges | 65/66B | €5,912 | €9,207 | +€3,295 | +55.7% |
| Recurring financial charges | 65 | €5,912 | €9,207 | +€3,295 | +55.7% |
| Profit (loss) for the period before taxes | 9903 | €170,108 | -€56,151 | -€226,259 | |
| Income taxes | 67/77 | €46,957 | €208 | -€46,749 | -99.6% |
| Profit (loss) for the period | 9904 | €123,151 | -€56,359 | -€179,510 | |
| Profit (loss) for the period to be appropriated | 9905 | €123,151 | -€56,359 | -€179,510 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.