DERMUL: 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.
DERMUL
Largest movements
- Current investments -€1.8m
no longer reported in 2025 (was €1.8m)
- Cash +€276,437
up €276,437 (+131.1%), from €210,917 to €487,354
mainly Current investments (+€1.8m) and Net result for the year (+€397,652)
- Tangible fixed assets -€155,644
down €155,644 (-7.6%), from €2.0m to €1.9m
of which Plant, machinery and equipment: -€127,057
- Receivables within one year -€135,453
down €135,453 (-23.9%), from €567,384 to €431,931
of which Trade receivables: -€162,227
- Stocks and contracts -€125,951
down €125,951 (-17.7%), from €710,580 to €584,629
- Reserves -€1.5m
down €1.5m (-34.0%), from €4.3m to €2.8m
of which Distributable reserves: -€1.1m
- Other debts -€360,789
no longer reported in 2025 (was €360,789)
- Debts after one year -€82,311
down €82,311 (-45.3%), from €181,752 to €99,441
of which Financial debts: -€82,021
- Tax, wage and social debts -€62,710
down €62,710 (-39.1%), from €160,474 to €97,764
of which Taxes: -€48,265
- Gross operating margin -€1.2m
down €1.2m (-47.0%), from €2.6m to €1.4m
- Financial income +€323,540
up €323,540 (+692.4%), from €46,731 to €370,271
of which Financial income: +€322,540
- Staff costs -€271,514
down €271,514 (-21.7%), from €1.2m to €978,196
- Taxes -€167,125
down €167,125 (-81.1%), from €206,038 to €38,912
- Financial charges -€42,484
down €42,484 (-43.2%), from €98,415 to €55,930
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 | €5,365,592 | €3,405,538 | -€2.0m | -36.5% |
| Fixed assets | 21/28 | €2,060,007 | €1,898,979 | -€161,027 | -7.8% |
| Intangible fixed assets | 21 | €10,488 | €5,328 | -€5,160 | -49.2% |
| Tangible fixed assets | 22/27 | €2,049,295 | €1,893,651 | -€155,644 | -7.6% |
| Land and buildings | 22 | €1,174,875 | €1,167,903 | -€6,972 | -0.6% |
| Plant, machinery and equipment | 23 | €828,764 | €701,707 | -€127,057 | -15.3% |
| Furniture and vehicles | 24 | €45,656 | €24,040 | -€21,616 | -47.3% |
| Financial fixed assets | 28 | €223 | - | -€223 | |
| Current assets | 29/58 | €3,305,585 | €1,506,558 | -€1.8m | -54.4% |
| Stocks and contracts in progress | 3 | €710,580 | €584,629 | -€125,951 | -17.7% |
| Stocks | 30/36 | €710,580 | €584,629 | -€125,951 | -17.7% |
| Amounts receivable within one year | 40/41 | €567,384 | €431,931 | -€135,453 | -23.9% |
| Trade receivables | 40 | €439,149 | €276,921 | -€162,227 | -36.9% |
| Other amounts receivable | 41 | €128,235 | €155,010 | +€26,775 | +20.9% |
| Current investments | 50/53 | €1,812,042 | - | -€1.8m | |
| Cash at bank and in hand | 54/58 | €210,917 | €487,354 | +€276,437 | +131.1% |
| Deferred charges and accrued income | 490/1 | €4,663 | €2,644 | -€2,019 | -43.3% |
| Total equity and liabilities | 10/49 | €5,365,592 | €3,405,538 | -€2.0m | -36.5% |
| Equity | 10/15 | €4,300,966 | €2,844,355 | -€1.5m | -33.9% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €4,281,966 | €2,825,355 | -€1.5m | -34.0% |
| Tax-exempt reserves | 132 | €397,650 | €57,612 | -€340,038 | -85.5% |
| Distributable reserves | 133 | €3,884,316 | €2,767,744 | -€1.1m | -28.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,064,626 | €561,182 | -€503,443 | -47.3% |
| Amounts payable after more than one year | 17 | €181,752 | €99,441 | -€82,311 | -45.3% |
| Financial debts | 170/4 | €181,462 | €99,441 | -€82,021 | -45.2% |
| Other amounts payable | 178/9 | €290 | - | -€290 | |
| Amounts payable within one year | 42/48 | €882,874 | €461,741 | -€421,133 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €120,078 | €82,021 | -€38,058 | -31.7% |
| Trade debts | 44 | €165,609 | €172,556 | +€6,948 | +4.2% |
| Suppliers | 440/4 | €165,609 | €172,556 | +€6,948 | +4.2% |
| Advances received on contracts in progress | 46 | €75,923 | €109,400 | +€33,477 | +44.1% |
| Taxes, remuneration and social security | 45 | €160,474 | €97,764 | -€62,710 | -39.1% |
| Taxes | 450/3 | €64,195 | €15,930 | -€48,265 | -75.2% |
| Remuneration and social security | 454/9 | €96,280 | €81,834 | -€14,446 | -15.0% |
| Other amounts payable | 47/48 | €360,789 | - | -€360,789 | |
| Non-recurring operating income | 76A | €14,855 | - | -€14,855 | |
| Remuneration, social security and pensions | 62 | €1,249,710 | €978,196 | -€271,514 | -21.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238,214 | €252,645 | +€14,432 | +6.1% |
| Other operating charges | 640/8 | €29,607 | €30,882 | +€1,275 | +4.3% |
| Non-recurring operating charges | 66A | €749 | €1,539 | +€790 | +105.5% |
| Gross operating margin | 9900 | €2,614,890 | €1,385,487 | -€1.2m | -47.0% |
| Operating profit (loss) | 9901 | €1,096,610 | €122,224 | -€974,386 | -88.9% |
| Financial income | 75/76B | €46,731 | €370,271 | +€323,540 | +692.4% |
| Recurring financial income | 75 | €46,731 | €369,271 | +€322,540 | +690.2% |
| Non-recurring financial income | 76B | - | €1,000 | +€1,000 | |
| Financial charges | 65/66B | €98,415 | €55,930 | -€42,484 | -43.2% |
| Recurring financial charges | 65 | €98,415 | €55,930 | -€42,484 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | €1,044,926 | €436,564 | -€608,362 | -58.2% |
| Income taxes | 67/77 | €206,038 | €38,912 | -€167,125 | -81.1% |
| Profit (loss) for the period | 9904 | €838,888 | €397,652 | -€441,236 | -52.6% |
| Transfer from tax-exempt reserves | 789 | €126,300 | €340,038 | +€213,738 | +169.2% |
| Profit (loss) for the period to be appropriated | 9905 | €965,188 | €737,690 | -€227,498 | -23.6% |
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 10 October 2026 via checked.be.