Desmedt: 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.
What changed
Desmedt
NACE 17.250, Manufacture of paper and paper products
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€455,815
2024 · €340,518+€115,297
Equity
€5.7m
2024 · €5.2m+€455,815
Cash
€1.7m
2024 · €728,552+€964,274
Balance sheet total
€17.9m
2024 · €15.1m+€2.8m
Largest movements
Assets
- Tangible fixed assets +€2.4m
up €2.4m (+24.9%), from €9.8m to €12.2m
of which Land and buildings: +€4.3m
- Cash +€964,274
up €964,274 (+132%), from €728,552 to €1.7m
mainly Debts after one year (+€2.3m) and Depreciation (+€1.6m)
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Stocks and contracts -€227,607
down €227,607 (-15.4%), from €1.5m to €1.2m
Equity and liabilities
- Debts after one year +€2.3m
up €2.3m (+36.0%), from €6.5m to €8.9m
- Profit (loss) carried forward +€978,426
up €978,426 (+41.3%), from -€2.4m to -€1.4m
- Reserves -€522,611
down €522,611 (-18.7%), from €2.8m to €2.3m
of which Non-distributable reserves: -€500,000
Income statement
- Goods and materials -€860,941
down €860,941 (-10.3%), from €8.4m to €7.5m
of which Purchases: -€858,607
- Depreciation +€385,064
up €385,064 (+32.7%), from €1.2m to €1.6m
- Turnover +€208,249
up €208,249 (+1.3%), from €15.5m to €15.7m
- Services and other goods +€161,618
up €161,618 (+6.8%), from €2.4m to €2.6m
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.
Result 2024
€340,518
Turnover
+€208,249
Other operating income
-€53,645
Goods and materials
+€860,941
Services and other goods
-€161,618
Staff costs
+€152,822
Depreciation
-€385,064
Provisions
-€60,170
Other operating charges
-€19,112
Other operating items
-€329,084
Financial income
-€5,572
Financial charges
-€99,857
Taxes
-€131
Deferred taxes and other
+€7,537
Result 2025
€455,815
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.0m
Investment
-€3.5m
Financing
+€2.4m
Cash 2024
€728,552
From operations (derived)
+€2.0m
Net result for the year
+€455,815
Depreciation
+€1.6m
Stocks and contracts
+€227,607
Receivables within one year
-€115,483
Deferred charges and accrued income
-€35,838
Smaller working-capital items
-€17,141
Trade debts
-€87,131
Tax, wage and social debts
-€42,379
Other debts
+€45,098
Investment (derived)
-€3.5m
Investment in fixed assets (net)
-€4.0m
Current investments
+€500,000
Financing
+€2.4m
Debts after one year
+€2.3m
Current portion of long-term debt
+€45,306
Short-term financial debts
+€31,358
Cash 2025
€1.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,139,656 | €17,918,838 | +€2.8m | +18.4% |
| Fixed assets | 21/28 | €9,880,200 | €12,271,394 | +€2.4m | +24.2% |
| Intangible fixed assets | 21 | €116,430 | €75,757 | -€40,673 | -34.9% |
| Tangible fixed assets | 22/27 | €9,763,770 | €12,195,637 | +€2.4m | +24.9% |
| Land and buildings | 22 | - | €4,314,598 | +€4.3m | |
| Plant, machinery and equipment | 23 | €369,748 | €2,375,844 | +€2.0m | +543% |
| Furniture and vehicles | 24 | €410,578 | €345,564 | -€65,014 | -15.8% |
| Leasing and similar rights | 25 | €4,649,433 | €4,413,225 | -€236,208 | -5.1% |
| Other tangible fixed assets | 26 | €952,119 | €746,407 | -€205,712 | -21.6% |
| Assets under construction and advance payments | 27 | €3,381,892 | - | -€3.4m | |
| Current assets | 29/58 | €5,259,455 | €5,647,444 | +€387,989 | +7.4% |
| Stocks and contracts in progress | 3 | €1,475,254 | €1,247,647 | -€227,607 | -15.4% |
| Stocks | 30/36 | €1,475,254 | €1,247,647 | -€227,607 | -15.4% |
| Raw materials and consumables | 30/31 | €726,981 | €701,732 | -€25,249 | -3.5% |
| Finished goods | 33 | €748,273 | €545,915 | -€202,359 | -27.0% |
| Amounts receivable within one year | 40/41 | €2,503,033 | €2,618,517 | +€115,483 | +4.6% |
| Trade receivables | 40 | €2,350,747 | €2,591,130 | +€240,383 | +10.2% |
| Other amounts receivable | 41 | €152,287 | €27,387 | -€124,900 | -82.0% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Own shares | 50 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €728,552 | €1,692,825 | +€964,274 | +132% |
| Deferred charges and accrued income | 490/1 | €52,616 | €88,454 | +€35,838 | +68.1% |
| Total equity and liabilities | 10/49 | €15,139,656 | €17,918,838 | +€2.8m | +18.4% |
| Equity | 10/15 | €5,221,217 | €5,677,032 | +€455,815 | +8.7% |
| Contributions | 10/11 | €4,788,581 | €4,788,581 | = | 0.0% |
| Reserves | 13 | €2,801,836 | €2,279,225 | -€522,611 | -18.7% |
| Non-distributable reserves | 130/1 | €608,644 | €108,644 | -€500,000 | -82.1% |
| Reserves not available under the articles | 1311 | €54,142 | €54,142 | = | 0.0% |
| Own shares acquired | 1312 | €500,000 | - | -€500,000 | |
| Other | 1319 | €54,502 | €54,502 | = | 0.0% |
| Tax-exempt reserves | 132 | €575,193 | €552,581 | -€22,611 | -3.9% |
| Distributable reserves | 133 | €1,618,000 | €1,618,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,369,200 | -€1,390,774 | +€978,426 | +41.3% |
| Provisions and deferred taxes | 16 | €188,426 | €180,889 | -€7,537 | -4.0% |
| Deferred taxes | 168 | €188,426 | €180,889 | -€7,537 | -4.0% |
| Amounts payable | 17/49 | €9,730,013 | €12,060,917 | +€2.3m | +24.0% |
| Amounts payable after more than one year | 17 | €6,530,195 | €8,878,451 | +€2.3m | +36.0% |
| Financial debts | 170/4 | €6,530,195 | €8,878,451 | +€2.3m | +36.0% |
| Leasing and similar obligations | 172 | €3,127,016 | €2,953,491 | -€173,526 | -5.5% |
| Credit institutions | 173 | €2,430,285 | €4,802,067 | +€2.4m | +97.6% |
| Other loans | 174 | €972,894 | €1,122,894 | +€150,000 | +15.4% |
| Amounts payable within one year | 42/48 | €3,091,817 | €3,084,070 | -€7,747 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €1,126,073 | €1,171,378 | +€45,306 | +4.0% |
| Financial debts | 43 | €199,752 | €231,110 | +€31,358 | +15.7% |
| Credit institutions | 430/8 | €199,752 | €231,110 | +€31,358 | +15.7% |
| Trade debts | 44 | €907,739 | €820,608 | -€87,131 | -9.6% |
| Suppliers | 440/4 | €907,739 | €820,608 | -€87,131 | -9.6% |
| Taxes, remuneration and social security | 45 | €582,420 | €540,040 | -€42,379 | -7.3% |
| Taxes | 450/3 | €76,503 | €80,877 | +€4,374 | +5.7% |
| Remuneration and social security | 454/9 | €505,917 | €459,163 | -€46,754 | -9.2% |
| Other amounts payable | 47/48 | €275,835 | €320,933 | +€45,098 | +16.3% |
| Accrued charges and deferred income | 492/3 | €108,000 | €98,396 | -€9,604 | -8.9% |
| Operating income | 70/76A | €16,008,332 | €15,877,934 | -€130,399 | -0.8% |
| Turnover | 70 | €15,496,785 | €15,705,035 | +€208,249 | +1.3% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €94,282 | -€202,359 | -€296,641 | |
| Other operating income | 74 | €337,634 | €283,989 | -€53,645 | -15.9% |
| Non-recurring operating income | 76A | €79,631 | €91,269 | +€11,637 | +14.6% |
| Operating charges | 60/66A | €15,575,475 | €15,231,757 | -€343,718 | -2.2% |
| Goods for resale, raw materials and consumables | 60 | €8,396,187 | €7,535,246 | -€860,941 | -10.3% |
| Purchases | 600/8 | €8,368,604 | €7,509,997 | -€858,607 | -10.3% |
| Change in stocks: decrease (increase) | 609 | €27,583 | €25,249 | -€2,335 | -8.5% |
| Services and other goods | 61 | €2,391,260 | €2,552,878 | +€161,618 | +6.8% |
| Remuneration, social security and pensions | 62 | €3,659,683 | €3,506,862 | -€152,822 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,176,767 | €1,561,832 | +€385,064 | +32.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€60,170 | - | +€60,170 | |
| Other operating charges | 640/8 | €11,747 | €30,859 | +€19,112 | +163% |
| Non-recurring operating charges | 66A | - | €44,080 | +€44,080 | |
| Operating profit (loss) | 9901 | €432,857 | €646,177 | +€213,320 | +49.3% |
| Financial income | 75/76B | €196,199 | €190,627 | -€5,572 | -2.8% |
| Recurring financial income | 75 | €196,199 | €190,627 | -€5,572 | -2.8% |
| Income from current assets | 751 | €17,026 | - | -€17,026 | |
| Other financial income | 752/9 | €179,173 | €190,627 | +€11,454 | +6.4% |
| Financial charges | 65/66B | €286,030 | €385,887 | +€99,857 | +34.9% |
| Recurring financial charges | 65 | €286,030 | €385,887 | +€99,857 | +34.9% |
| Debt charges | 650 | €278,760 | €381,116 | +€102,355 | +36.7% |
| Other financial charges | 652/9 | €7,270 | €4,772 | -€2,498 | -34.4% |
| Profit (loss) for the period before taxes | 9903 | €343,026 | €450,917 | +€107,891 | +31.5% |
| Transfer from deferred taxes | 780 | - | €7,537 | +€7,537 | |
| Income taxes | 67/77 | €2,508 | €2,639 | +€131 | +5.2% |
| Taxes | 670/3 | €2,508 | €2,639 | +€131 | +5.2% |
| Profit (loss) for the period | 9904 | €340,518 | €455,815 | +€115,297 | +33.9% |
| Transfer from tax-exempt reserves | 789 | - | €22,611 | +€22,611 | |
| Profit (loss) for the period to be appropriated | 9905 | €340,518 | €478,426 | +€137,908 | +40.5% |
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 20 October 2026 via checked.be.