DEMUYS: 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.
DEMUYS
Largest movements
- Tangible fixed assets -€187,360
down €187,360 (-6.9%), from €2.7m to €2.5m
of which Land and buildings: -€148,854
- Cash +€73,194
up €73,194 (+92.3%), from €79,312 to €152,506
mainly Net result for the year (+€290,662) and Depreciation (+€189,233)
- Receivables within one year +€50,780
up €50,780 (+13.1%), from €387,029 to €437,809
of which Trade receivables: +€50,521
- Debts after one year -€305,549
down €305,549 (-19.3%), from €1.6m to €1.3m
- Reserves +€290,662
up €290,662 (+35.2%), from €826,783 to €1.1m
of which Distributable reserves: +€164,362
- Other debts -€108,587
down €108,587 (-55.5%), from €195,560 to €86,973
- Tax, wage and social debts +€65,719
up €65,719 (+106%), from €61,859 to €127,578
of which Taxes: +€63,791
- Gross operating margin +€333,851
up €333,851 (+52.3%), from €638,376 to €972,227
- Taxes +€85,550
up €85,550 (+273%), from €31,325 to €116,875
- Staff costs +€44,112
up €44,112 (+17.5%), from €252,527 to €296,639
- Depreciation -€10,997
down €10,997 (-5.5%), from €200,230 to €189,233
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 | €3,324,505 | €3,280,715 | -€43,791 | -1.3% |
| Fixed assets | 21/28 | €2,733,166 | €2,545,806 | -€187,360 | -6.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €2,733,166 | €2,545,806 | -€187,360 | -6.9% |
| Land and buildings | 22 | €2,592,171 | €2,443,317 | -€148,854 | -5.7% |
| Plant, machinery and equipment | 23 | €123,720 | €95,098 | -€28,622 | -23.1% |
| Furniture and vehicles | 24 | €17,275 | €7,391 | -€9,884 | -57.2% |
| Current assets | 29/58 | €591,339 | €734,908 | +€143,569 | +24.3% |
| Stocks and contracts in progress | 3 | €76,040 | €84,087 | +€8,047 | +10.6% |
| Stocks | 30/36 | €76,040 | €84,087 | +€8,047 | +10.6% |
| Amounts receivable within one year | 40/41 | €387,029 | €437,809 | +€50,780 | +13.1% |
| Trade receivables | 40 | €386,436 | €436,957 | +€50,521 | +13.1% |
| Other amounts receivable | 41 | €593 | €852 | +€259 | +43.8% |
| Current investments | 50/53 | €30,250 | €33,238 | +€2,988 | +9.9% |
| Cash at bank and in hand | 54/58 | €79,312 | €152,506 | +€73,194 | +92.3% |
| Deferred charges and accrued income | 490/1 | €18,709 | €27,269 | +€8,560 | +45.8% |
| Total equity and liabilities | 10/49 | €3,324,505 | €3,280,715 | -€43,791 | -1.3% |
| Equity | 10/15 | €1,081,765 | €1,373,635 | +€291,871 | +27.0% |
| Contributions | 10/11 | €252,600 | €252,600 | = | 0.0% |
| Reserves | 13 | €826,783 | €1,117,445 | +€290,662 | +35.2% |
| Tax-exempt reserves | 132 | - | €126,300 | +€126,300 | |
| Distributable reserves | 133 | €826,783 | €991,145 | +€164,362 | +19.9% |
| Profit (loss) carried forward | 14 | €174 | €174 | = | 0.0% |
| Investment grants | 15 | €2,208 | €3,416 | +€1,209 | +54.8% |
| Provisions and deferred taxes | 16 | €552 | €854 | +€302 | +54.8% |
| Deferred taxes | 168 | €552 | €854 | +€302 | +54.8% |
| Amounts payable | 17/49 | €2,242,188 | €1,906,225 | -€335,963 | -15.0% |
| Amounts payable after more than one year | 17 | €1,580,611 | €1,275,062 | -€305,549 | -19.3% |
| Financial debts | 170/4 | €1,580,611 | €1,275,062 | -€305,549 | -19.3% |
| Amounts payable within one year | 42/48 | €638,965 | €611,536 | -€27,428 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €209,808 | €230,549 | +€20,741 | +9.9% |
| Trade debts | 44 | €132,801 | €101,084 | -€31,717 | -23.9% |
| Suppliers | 440/4 | €132,801 | €101,084 | -€31,717 | -23.9% |
| Advances received on contracts in progress | 46 | €38,936 | €65,352 | +€26,416 | +67.8% |
| Taxes, remuneration and social security | 45 | €61,859 | €127,578 | +€65,719 | +106% |
| Taxes | 450/3 | €27,629 | €91,420 | +€63,791 | +231% |
| Remuneration and social security | 454/9 | €34,230 | €36,158 | +€1,928 | +5.6% |
| Other amounts payable | 47/48 | €195,560 | €86,973 | -€108,587 | -55.5% |
| Accrued charges and deferred income | 492/3 | €22,612 | €19,627 | -€2,985 | -13.2% |
| Non-recurring operating income | 76A | - | €909 | +€909 | |
| Remuneration, social security and pensions | 62 | €252,527 | €296,639 | +€44,112 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €200,230 | €189,233 | -€10,997 | -5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,401 | +€7,401 | |
| Other operating charges | 640/8 | €22,354 | €25,908 | +€3,554 | +15.9% |
| Gross operating margin | 9900 | €638,376 | €972,227 | +€333,851 | +52.3% |
| Operating profit (loss) | 9901 | €163,264 | €453,045 | +€289,781 | +177% |
| Financial income | 75/76B | €1,288 | €2,902 | +€1,614 | +125% |
| Recurring financial income | 75 | €1,288 | €2,902 | +€1,614 | +125% |
| Financial charges | 65/66B | €55,663 | €48,592 | -€7,070 | -12.7% |
| Recurring financial charges | 65 | €55,663 | €48,592 | -€7,070 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €108,889 | €407,355 | +€298,466 | +274% |
| Transfer from deferred taxes | 780 | €35 | €182 | +€147 | +425% |
| Income taxes | 67/77 | €31,325 | €116,875 | +€85,550 | +273% |
| Profit (loss) for the period | 9904 | €77,599 | €290,662 | +€213,063 | +275% |
| Transfer to tax-exempt reserves | 689 | - | €126,300 | +€126,300 | |
| Profit (loss) for the period to be appropriated | 9905 | €77,599 | €164,362 | +€86,763 | +112% |
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 24 October 2026 via checked.be.