Dr. Demaeght Guy: 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.
Dr. Demaeght Guy
Largest movements
- Tangible fixed assets -€11,945
down €11,945 (-20.8%), from €57,503 to €45,558
of which Furniture and vehicles: -€10,265
- Cash +€7,426
up €7,426 (+16.2%), from €45,792 to €53,218
mainly Depreciation (+€14,195) and Net result for the year (+€1,732)
- Intangible fixed assets -€2,250
no longer reported in 2025 (was €2,250)
- Receivables within one year -€1,148
down €1,148 (-35.8%), from €3,211 to €2,063
of which Trade receivables: -€1,101
- Debts after one year -€8,323
down €8,323 (-28.5%), from €29,214 to €20,892
- Tax, wage and social debts -€2,724
down €2,724 (-17.0%), from €16,004 to €13,280
- Reserves +€1,732
up €1,732 (+4.3%), from €40,441 to €42,173
- Gross operating margin -€27,453
down €27,453 (-57.8%), from €47,483 to €20,030
- Taxes -€9,634
down €9,634 (-84.1%), from €11,457 to €1,823
- Depreciation +€795
up €795 (+5.9%), from €13,399 to €14,195
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 | €109,728 | €101,828 | -€7,899 | -7.2% |
| Fixed assets | 21/28 | €59,753 | €45,558 | -€14,195 | -23.8% |
| Intangible fixed assets | 21 | €2,250 | - | -€2,250 | |
| Tangible fixed assets | 22/27 | €57,503 | €45,558 | -€11,945 | -20.8% |
| Land and buildings | 22 | €7,324 | €6,220 | -€1,104 | -15.1% |
| Plant, machinery and equipment | 23 | €1,274 | €698 | -€575 | -45.2% |
| Furniture and vehicles | 24 | €48,905 | €38,640 | -€10,265 | -21.0% |
| Current assets | 29/58 | €49,975 | €56,270 | +€6,296 | +12.6% |
| Amounts receivable within one year | 40/41 | €3,211 | €2,063 | -€1,148 | -35.8% |
| Trade receivables | 40 | €1,197 | €95 | -€1,101 | -92.0% |
| Other amounts receivable | 41 | €2,014 | €1,968 | -€47 | -2.3% |
| Cash at bank and in hand | 54/58 | €45,792 | €53,218 | +€7,426 | +16.2% |
| Deferred charges and accrued income | 490/1 | €972 | €990 | +€18 | +1.9% |
| Total equity and liabilities | 10/49 | €109,728 | €101,828 | -€7,899 | -7.2% |
| Equity | 10/15 | €55,441 | €57,173 | +€1,732 | +3.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €40,441 | €42,173 | +€1,732 | +4.3% |
| Distributable reserves | 133 | €40,441 | €42,173 | +€1,732 | +4.3% |
| Amounts payable | 17/49 | €54,286 | €44,655 | -€9,631 | -17.7% |
| Amounts payable after more than one year | 17 | €29,214 | €20,892 | -€8,323 | -28.5% |
| Financial debts | 170/4 | €29,214 | €20,892 | -€8,323 | -28.5% |
| Amounts payable within one year | 42/48 | €25,072 | €23,764 | -€1,308 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €7,968 | €8,323 | +€355 | +4.5% |
| Trade debts | 44 | €1,100 | €2,161 | +€1,061 | +96.4% |
| Suppliers | 440/4 | €1,100 | €2,161 | +€1,061 | +96.4% |
| Taxes, remuneration and social security | 45 | €16,004 | €13,280 | -€2,724 | -17.0% |
| Taxes | 450/3 | €16,004 | €13,280 | -€2,724 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,399 | €14,195 | +€795 | +5.9% |
| Other operating charges | 640/8 | €687 | €752 | +€65 | +9.5% |
| Gross operating margin | 9900 | €47,483 | €20,030 | -€27,453 | -57.8% |
| Operating profit (loss) | 9901 | €33,396 | €5,083 | -€28,313 | -84.8% |
| Financial income | 75/76B | €175 | €168 | -€7 | -3.9% |
| Recurring financial income | 75 | €175 | €168 | -€7 | -3.9% |
| Financial charges | 65/66B | €1,634 | €1,696 | +€61 | +3.8% |
| Recurring financial charges | 65 | €1,634 | €1,696 | +€61 | +3.8% |
| Profit (loss) for the period before taxes | 9903 | €31,936 | €3,555 | -€28,381 | -88.9% |
| Income taxes | 67/77 | €11,457 | €1,823 | -€9,634 | -84.1% |
| Profit (loss) for the period | 9904 | €20,479 | €1,732 | -€18,748 | -91.5% |
| Profit (loss) for the period to be appropriated | 9905 | €20,479 | €1,732 | -€18,748 | -91.5% |
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 15 October 2026 via checked.be.