ETS DEMARET: 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.
ETS DEMARET
Largest movements
- Tangible fixed assets -€18,187
down €18,187 (-43.3%), from €42,015 to €23,828
of which Furniture and vehicles: -€16,183
- Stocks and contracts -€14,096
down €14,096 (-11.9%), from €118,691 to €104,595
- Cash +€4,991
up €4,991 (+9.9%), from €50,482 to €55,472
mainly Depreciation (+€18,187) and Stocks and contracts (+€14,096)
- Debts after one year -€16,909
down €16,909 (-75.6%), from €22,370 to €5,461
- Reserves +€10,367
up €10,367 (+8.5%), from €122,605 to €132,972
- Trade debts -€8,859
down €8,859 (-33.2%), from €26,648 to €17,789
- Tax, wage and social debts -€8,159
down €8,159 (-31.6%), from €25,780 to €17,620
- Other debts -€6,074
down €6,074 (-100%), from €6,074 to €0
- Gross operating margin -€39,541
down €39,541 (-51.5%), from €76,755 to €37,215
- Taxes -€16,222
down €16,222 (-77.7%), from €20,884 to €4,662
- Depreciation -€1,053
down €1,053 (-5.5%), from €19,240 to €18,187
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 | €241,146 | €215,786 | -€25,360 | -10.5% |
| Fixed assets | 21/28 | €43,565 | €25,378 | -€18,187 | -41.7% |
| Tangible fixed assets | 22/27 | €42,015 | €23,828 | -€18,187 | -43.3% |
| Plant, machinery and equipment | 23 | €6,161 | €4,156 | -€2,004 | -32.5% |
| Furniture and vehicles | 24 | €35,855 | €19,672 | -€16,183 | -45.1% |
| Financial fixed assets | 28 | €1,550 | €1,550 | = | 0.0% |
| Current assets | 29/58 | €197,581 | €190,408 | -€7,173 | -3.6% |
| Stocks and contracts in progress | 3 | €118,691 | €104,595 | -€14,096 | -11.9% |
| Stocks | 30/36 | €118,691 | €104,595 | -€14,096 | -11.9% |
| Amounts receivable within one year | 40/41 | €26,324 | €28,172 | +€1,848 | +7.0% |
| Trade receivables | 40 | €26,324 | €21,981 | -€4,342 | -16.5% |
| Other amounts receivable | 41 | €1 | €6,191 | +€6,190 | +736,880% |
| Cash at bank and in hand | 54/58 | €50,482 | €55,472 | +€4,991 | +9.9% |
| Deferred charges and accrued income | 490/1 | €2,085 | €2,169 | +€84 | +4.1% |
| Total equity and liabilities | 10/49 | €241,146 | €215,786 | -€25,360 | -10.5% |
| Equity | 10/15 | €141,205 | €151,572 | +€10,367 | +7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €122,605 | €132,972 | +€10,367 | +8.5% |
| Distributable reserves | 133 | €122,605 | €132,972 | +€10,367 | +8.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | 0.0% |
| Amounts payable | 17/49 | €99,941 | €64,215 | -€35,727 | -35.7% |
| Amounts payable after more than one year | 17 | €22,370 | €5,461 | -€16,909 | -75.6% |
| Financial debts | 170/4 | €22,370 | €5,461 | -€16,909 | -75.6% |
| Amounts payable within one year | 42/48 | €77,571 | €58,718 | -€18,853 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €17,439 | €16,909 | -€531 | -3.0% |
| Financial debts | 43 | - | €5,875 | +€5,875 | |
| Credit institutions | 430/8 | - | €5,875 | +€5,875 | |
| Trade debts | 44 | €26,648 | €17,789 | -€8,859 | -33.2% |
| Suppliers | 440/4 | €26,648 | €17,789 | -€8,859 | -33.2% |
| Advances received on contracts in progress | 46 | €1,630 | €525 | -€1,105 | -67.8% |
| Taxes, remuneration and social security | 45 | €25,780 | €17,620 | -€8,159 | -31.6% |
| Taxes | 450/3 | €25,780 | €17,620 | -€8,159 | -31.6% |
| Other amounts payable | 47/48 | €6,074 | €0 | -€6,074 | -100% |
| Accrued charges and deferred income | 492/3 | - | €35 | +€35 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,240 | €18,187 | -€1,053 | -5.5% |
| Other operating charges | 640/8 | €2,111 | €2,456 | +€345 | +16.3% |
| Gross operating margin | 9900 | €76,755 | €37,215 | -€39,541 | -51.5% |
| Operating profit (loss) | 9901 | €55,404 | €16,572 | -€38,833 | -70.1% |
| Financial income | 75/76B | €63 | €47 | -€17 | -26.3% |
| Recurring financial income | 75 | €63 | €47 | -€17 | -26.3% |
| Financial charges | 65/66B | €2,240 | €1,589 | -€650 | -29.0% |
| Recurring financial charges | 65 | €2,240 | €1,589 | -€650 | -29.0% |
| Profit (loss) for the period before taxes | 9903 | €53,228 | €15,029 | -€38,199 | -71.8% |
| Income taxes | 67/77 | €20,884 | €4,662 | -€16,222 | -77.7% |
| Profit (loss) for the period | 9904 | €32,344 | €10,367 | -€21,978 | -67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,344 | €10,367 | -€21,978 | -67.9% |
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 30 October 2026 via checked.be.