Guy Demarle: what changed
Two fiscal 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.
Guy Demarle
Largest movements
- Receivables within one year +€604,300
up €604,300 (+67.3%), from €898,245 to €1.5m
of which Trade receivables: +€610,786
- Cash +€183,892
up €183,892 (+116.4%), from €158,023 to €341,915
mainly Trade debts (+€587,386) and Net result for the year (+€152,943)
- Trade debts +€587,386
up €587,386 (+69.9%), from €840,532 to €1.4m
- Reserves +€152,943
up €152,943 (+85.3%), from €179,236 to €332,179
- Tax, wage and social debts +€50,610
up €50,610 (+253.7%), from €19,945 to €70,555
- Gross operating margin +€57,055
up €57,055 (+39.9%), from €143,027 to €200,082
- Taxes +€15,885
up €15,885 (+43.3%), from €36,714 to €52,600
- Financial income +€6,136
up €6,136 (+812.8%), from €755 to €6,890
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 | €1,058,314 | €1,849,252 | +€790,938 | +74.7% |
| Fixed assets | 21/28 | €838 | €838 | = | 0.0% |
| Financial fixed assets | 28 | €838 | €838 | = | 0.0% |
| Current assets | 29/58 | €1,057,476 | €1,848,414 | +€790,938 | +74.8% |
| Amounts receivable within one year | 40/41 | €898,245 | €1,502,545 | +€604,300 | +67.3% |
| Trade receivables | 40 | €771,759 | €1,382,545 | +€610,786 | +79.1% |
| Other amounts receivable | 41 | €126,486 | €120,000 | -€6,486 | -5.1% |
| Cash at bank and in hand | 54/58 | €158,023 | €341,915 | +€183,892 | +116.4% |
| Deferred charges and accrued income | 490/1 | €1,208 | €3,955 | +€2,747 | +227.4% |
| Total equity and liabilities | 10/49 | €1,058,314 | €1,849,252 | +€790,938 | +74.7% |
| Equity | 10/15 | €197,836 | €350,779 | +€152,943 | +77.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,236 | €332,179 | +€152,943 | +85.3% |
| Distributable reserves | 133 | €179,236 | €332,179 | +€152,943 | +85.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €860,478 | €1,498,473 | +€637,996 | +74.1% |
| Amounts payable within one year | 42/48 | €860,478 | €1,498,473 | +€637,996 | +74.1% |
| Trade debts | 44 | €840,532 | €1,427,918 | +€587,386 | +69.9% |
| Suppliers | 440/4 | €840,532 | €1,427,918 | +€587,386 | +69.9% |
| Taxes, remuneration and social security | 45 | €19,945 | €70,555 | +€50,610 | +253.7% |
| Taxes | 450/3 | €19,945 | €70,555 | +€50,610 | +253.7% |
| Non-recurring operating income | 76A | €255 | €0 | -€255 | -100.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€442 | -€788 | -€346 | -78.1% |
| Other operating charges | 640/8 | €1,387 | €1,731 | +€344 | +24.8% |
| Gross operating margin | 9900 | €143,027 | €200,082 | +€57,055 | +39.9% |
| Operating profit (loss) | 9901 | €142,083 | €199,139 | +€57,056 | +40.2% |
| Financial income | 75/76B | €755 | €6,890 | +€6,136 | +812.8% |
| Recurring financial income | 75 | €755 | €6,890 | +€6,136 | +812.8% |
| Financial charges | 65/66B | €325 | €487 | +€162 | +49.9% |
| Recurring financial charges | 65 | €325 | €487 | +€162 | +49.9% |
| Profit (loss) for the period before taxes | 9903 | €142,513 | €205,543 | +€63,030 | +44.2% |
| Income taxes | 67/77 | €36,714 | €52,600 | +€15,885 | +43.3% |
| Profit (loss) for the period | 9904 | €105,798 | €152,943 | +€47,144 | +44.6% |
| Profit (loss) for the period to be appropriated | 9905 | €105,798 | €152,943 | +€47,144 | +44.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.