DEMVA: 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.
DEMVA
Largest movements
- Tangible fixed assets +€80,328
up €80,328 (+30.5%), from €262,989 to €343,317
of which Furniture and vehicles: +€99,131
- Deferred charges and accrued income +€74,549
up €74,549 (+5347.1%), from €1,394 to €75,944
- Cash -€74,324
down €74,324 (-64.7%), from €114,907 to €40,583
mainly Investment in fixed assets (net) (-€145,000) and Deferred charges and accrued income (-€74,549)
- Stocks and contracts +€41,470
up €41,470 (+58.3%), from €71,175 to €112,645
- Receivables within one year +€10,001
up €10,001 (+22.4%), from €44,716 to €54,717
of which Trade receivables: +€9,748
- Debts after one year +€65,067
up €65,067 (+88.5%), from €73,527 to €138,593
- Reserves +€49,800
up €49,800 (+23.5%), from €212,262 to €262,062
of which Distributable reserves: +€49,800
- Trade debts +€21,914
up €21,914 (+59.6%), from €36,787 to €58,700
- Tax, wage and social debts +€6,611
up €6,611 (+91.1%), from €7,254 to €13,864
of which Taxes: +€6,611
- Investment grants -€6,310
down €6,310 (-23.2%), from €27,186 to €20,875
- Gross operating margin +€33,860
up €33,860 (+33.7%), from €100,487 to €134,347
- Taxes +€11,611
up €11,611 (+187.2%), from €6,204 to €17,814
- Financial income +€6,283
up €6,283 (+5411.0%), from €116 to €6,399
- Depreciation +€6,167
up €6,167 (+10.5%), from €58,505 to €64,672
- Write-downs +€3,364
new in 2025: €3,364
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 | €495,181 | €627,206 | +€132,025 | +26.7% |
| Fixed assets | 21/28 | €262,989 | €343,317 | +€80,328 | +30.5% |
| Tangible fixed assets | 22/27 | €262,989 | €343,317 | +€80,328 | +30.5% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €194,097 | €175,294 | -€18,803 | -9.7% |
| Furniture and vehicles | 24 | €68,892 | €168,023 | +€99,131 | +143.9% |
| Current assets | 29/58 | €232,192 | €283,889 | +€51,696 | +22.3% |
| Stocks and contracts in progress | 3 | €71,175 | €112,645 | +€41,470 | +58.3% |
| Stocks | 30/36 | €71,175 | €112,645 | +€41,470 | +58.3% |
| Amounts receivable within one year | 40/41 | €44,716 | €54,717 | +€10,001 | +22.4% |
| Trade receivables | 40 | €39,793 | €49,541 | +€9,748 | +24.5% |
| Other amounts receivable | 41 | €4,923 | €5,176 | +€254 | +5.1% |
| Cash at bank and in hand | 54/58 | €114,907 | €40,583 | -€74,324 | -64.7% |
| Deferred charges and accrued income | 490/1 | €1,394 | €75,944 | +€74,549 | +5347.1% |
| Total equity and liabilities | 10/49 | €495,181 | €627,206 | +€132,025 | +26.7% |
| Equity | 10/15 | €258,047 | €301,537 | +€43,489 | +16.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €212,262 | €262,062 | +€49,800 | +23.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €212,262 | €262,062 | +€49,800 | +23.5% |
| Investment grants | 15 | €27,186 | €20,875 | -€6,310 | -23.2% |
| Provisions and deferred taxes | 16 | €1,431 | €1,099 | -€332 | -23.2% |
| Deferred taxes | 168 | €1,431 | €1,099 | -€332 | -23.2% |
| Amounts payable | 17/49 | €235,703 | €324,570 | +€88,868 | +37.7% |
| Amounts payable after more than one year | 17 | €73,527 | €138,593 | +€65,067 | +88.5% |
| Financial debts | 170/4 | €73,527 | €138,593 | +€65,067 | +88.5% |
| Amounts payable within one year | 42/48 | €125,512 | €155,265 | +€29,753 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €60,705 | €57,397 | -€3,308 | -5.4% |
| Trade debts | 44 | €36,787 | €58,700 | +€21,914 | +59.6% |
| Suppliers | 440/4 | €36,787 | €58,700 | +€21,914 | +59.6% |
| Advances received on contracts in progress | 46 | - | €1,959 | +€1,959 | |
| Taxes, remuneration and social security | 45 | €7,254 | €13,864 | +€6,611 | +91.1% |
| Taxes | 450/3 | €6,204 | €12,814 | +€6,611 | +106.6% |
| Remuneration and social security | 454/9 | €1,050 | €1,050 | = | 0.0% |
| Other amounts payable | 47/48 | €20,767 | €23,344 | +€2,577 | +12.4% |
| Accrued charges and deferred income | 492/3 | €36,664 | €30,712 | -€5,952 | -16.2% |
| Non-recurring operating income | 76A | €0 | €3,000 | +€3,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,505 | €64,672 | +€6,167 | +10.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €3,364 | +€3,364 | |
| Other operating charges | 640/8 | €1,609 | €1,381 | -€228 | -14.2% |
| Gross operating margin | 9900 | €100,487 | €134,347 | +€33,860 | +33.7% |
| Operating profit (loss) | 9901 | €40,374 | €64,930 | +€24,556 | +60.8% |
| Financial income | 75/76B | €116 | €6,399 | +€6,283 | +5411.0% |
| Recurring financial income | 75 | €116 | €6,399 | +€6,283 | +5411.0% |
| Financial charges | 65/66B | €4,089 | €4,047 | -€41 | -1.0% |
| Recurring financial charges | 65 | €4,089 | €4,047 | -€41 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €36,401 | €67,282 | +€30,881 | +84.8% |
| Transfer from deferred taxes | 780 | - | €332 | +€332 | |
| Income taxes | 67/77 | €6,204 | €17,814 | +€11,611 | +187.2% |
| Profit (loss) for the period | 9904 | €30,198 | €49,800 | +€19,602 | +64.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,198 | €49,800 | +€19,602 | +64.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.