F. DEMEULEMEESTER: 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.
F. DEMEULEMEESTER
Largest movements
- Tangible fixed assets -€23,615
down €23,615 (-28.6%), from €82,436 to €58,821
of which Furniture and vehicles: -€19,315
- Current investments -€14,379
down €14,379 (-29.0%), from €49,597 to €35,218
- Stocks and contracts -€8,500
no longer reported in 2025 (was €8,500)
- Receivables within one year +€7,624
up €7,624 (+74.0%), from €10,298 to €17,922
of which Trade receivables: +€10,920
- Cash -€4,362
down €4,362 (-40.7%), from €10,715 to €6,354
mainly Net result for the year (-€28,864) and Debts after one year (-€22,107)
- Profit (loss) carried forward -€28,864
down €28,864 (-123.3%), from -€23,403 to -€52,267
- Debts after one year -€22,107
down €22,107 (-56.2%), from €39,328 to €17,222
- Accrued charges and deferred income +€2,617
up €2,617 (+99.1%), from €2,640 to €5,257
- Gross operating margin -€14,861
down €14,861 (-90.6%), from €16,399 to €1,538
- Financial charges -€1,125
down €1,125 (-19.5%), from €5,783 to €4,657
- Financial income -€270
down €270 (-59.0%), from €457 to €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.
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 | €168,129 | €122,383 | -€45,746 | -27.2% |
| Fixed assets | 21/28 | €85,256 | €58,956 | -€26,300 | -30.8% |
| Tangible fixed assets | 22/27 | €82,436 | €58,821 | -€23,615 | -28.6% |
| Plant, machinery and equipment | 23 | €10,681 | €6,381 | -€4,300 | -40.3% |
| Furniture and vehicles | 24 | €71,755 | €52,441 | -€19,315 | -26.9% |
| Financial fixed assets | 28 | €2,820 | €135 | -€2,685 | -95.2% |
| Current assets | 29/58 | €82,873 | €63,427 | -€19,446 | -23.5% |
| Stocks and contracts in progress | 3 | €8,500 | - | -€8,500 | |
| Contracts in progress | 37 | €8,500 | - | -€8,500 | |
| Amounts receivable within one year | 40/41 | €10,298 | €17,922 | +€7,624 | +74.0% |
| Trade receivables | 40 | €2,536 | €13,456 | +€10,920 | +430.7% |
| Other amounts receivable | 41 | €7,762 | €4,466 | -€3,296 | -42.5% |
| Current investments | 50/53 | €49,597 | €35,218 | -€14,379 | -29.0% |
| Cash at bank and in hand | 54/58 | €10,715 | €6,354 | -€4,362 | -40.7% |
| Deferred charges and accrued income | 490/1 | €3,763 | €3,933 | +€171 | +4.5% |
| Total equity and liabilities | 10/49 | €168,129 | €122,383 | -€45,746 | -27.2% |
| Equity | 10/15 | €71,918 | €43,054 | -€28,864 | -40.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,721 | €76,721 | = | 0.0% |
| Distributable reserves | 133 | €76,721 | €76,721 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,403 | -€52,267 | -€28,864 | -123.3% |
| Amounts payable | 17/49 | €96,212 | €79,329 | -€16,882 | -17.5% |
| Amounts payable after more than one year | 17 | €39,328 | €17,222 | -€22,107 | -56.2% |
| Financial debts | 170/4 | €39,328 | €17,222 | -€22,107 | -56.2% |
| Amounts payable within one year | 42/48 | €54,244 | €56,851 | +€2,607 | +4.8% |
| Current portion of amounts payable after more than one year | 42 | €21,167 | €22,107 | +€939 | +4.4% |
| Trade debts | 44 | €3,516 | €3,531 | +€15 | +0.4% |
| Suppliers | 440/4 | €3,516 | €3,531 | +€15 | +0.4% |
| Other amounts payable | 47/48 | €29,560 | €31,213 | +€1,653 | +5.6% |
| Accrued charges and deferred income | 492/3 | €2,640 | €5,257 | +€2,617 | +99.1% |
| Non-recurring operating income | 76A | - | €71 | +€71 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,615 | €23,615 | = | 0.0% |
| Other operating charges | 640/8 | €1,653 | €1,670 | +€17 | +1.0% |
| Gross operating margin | 9900 | €16,399 | €1,538 | -€14,861 | -90.6% |
| Operating profit (loss) | 9901 | -€8,869 | -€23,747 | -€14,878 | -167.8% |
| Financial income | 75/76B | €457 | €187 | -€270 | -59.0% |
| Recurring financial income | 75 | €457 | €187 | -€270 | -59.0% |
| Financial charges | 65/66B | €5,783 | €4,657 | -€1,125 | -19.5% |
| Recurring financial charges | 65 | €5,783 | €4,657 | -€1,125 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | -€14,195 | -€28,217 | -€14,023 | -98.8% |
| Income taxes | 67/77 | €632 | €646 | +€14 | +2.3% |
| Profit (loss) for the period | 9904 | -€14,827 | -€28,864 | -€14,037 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,827 | -€28,864 | -€14,037 | -94.7% |
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.