Joeri Demey: 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.
Joeri Demey
Largest movements
- Receivables within one year +€45,838
up €45,838 (+18.5%), from €247,487 to €293,325
of which Other amounts receivable: +€53,657
- Tangible fixed assets +€38,916
up €38,916 (+13,736%), from €283 to €39,199
of which Furniture and vehicles: +€36,727
- Cash +€7,202
up €7,202 (+27.4%), from €26,260 to €33,462
mainly Net result for the year (+€89,525) and Debts after one year (+€18,632)
- Profit (loss) carried forward +€89,525
up €89,525 (+51.1%), from €175,179 to €264,703
- Advances received -€34,596
no longer reported in 2025 (was €34,596)
- Debts after one year +€18,632
new in 2025: €18,632
- Tax, wage and social debts +€12,523
up €12,523 (+24.1%), from €51,967 to €64,490
- Current portion of long-term debt +€5,784
new in 2025: €5,784
- Gross operating margin +€56,323
up €56,323 (+49.9%), from €112,905 to €169,228
- Staff costs +€39,293
new in 2025: €39,293
- Depreciation +€9,216
up €9,216 (+1,677%), from €549 to €9,766
- Taxes +€3,189
up €3,189 (+10.2%), from €31,304 to €34,492
- Financial income +€2,138
up €2,138 (+34.5%), from €6,188 to €8,326
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 | €274,386 | €366,010 | +€91,624 | +33.4% |
| Fixed assets | 21/28 | €283 | €39,199 | +€38,916 | +13,736% |
| Tangible fixed assets | 22/27 | €283 | €39,199 | +€38,916 | +13,736% |
| Plant, machinery and equipment | 23 | €50 | €2,239 | +€2,189 | +4,344% |
| Furniture and vehicles | 24 | €233 | €36,960 | +€36,727 | +15,767% |
| Current assets | 29/58 | €274,103 | €326,811 | +€52,708 | +19.2% |
| Amounts receivable within one year | 40/41 | €247,487 | €293,325 | +€45,838 | +18.5% |
| Trade receivables | 40 | €103,151 | €95,332 | -€7,819 | -7.6% |
| Other amounts receivable | 41 | €144,335 | €197,993 | +€53,657 | +37.2% |
| Cash at bank and in hand | 54/58 | €26,260 | €33,462 | +€7,202 | +27.4% |
| Deferred charges and accrued income | 490/1 | €356 | €25 | -€331 | -93.0% |
| Total equity and liabilities | 10/49 | €274,386 | €366,010 | +€91,624 | +33.4% |
| Equity | 10/15 | €187,579 | €277,103 | +€89,525 | +47.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €175,179 | €264,703 | +€89,525 | +51.1% |
| Amounts payable | 17/49 | €86,808 | €88,907 | +€2,099 | +2.4% |
| Amounts payable after more than one year | 17 | - | €18,632 | +€18,632 | |
| Financial debts | 170/4 | - | €18,632 | +€18,632 | |
| Amounts payable within one year | 42/48 | €86,808 | €70,274 | -€16,534 | -19.0% |
| Current portion of amounts payable after more than one year | 42 | - | €5,784 | +€5,784 | |
| Trade debts | 44 | €244 | - | -€244 | |
| Suppliers | 440/4 | €244 | - | -€244 | |
| Advances received on contracts in progress | 46 | €34,596 | - | -€34,596 | |
| Taxes, remuneration and social security | 45 | €51,967 | €64,490 | +€12,523 | +24.1% |
| Taxes | 450/3 | €51,967 | €64,490 | +€12,523 | +24.1% |
| Remuneration, social security and pensions | 62 | - | €39,293 | +€39,293 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €549 | €9,766 | +€9,216 | +1,677% |
| Other operating charges | 640/8 | €1,693 | €3,405 | +€1,712 | +101% |
| Gross operating margin | 9900 | €112,905 | €169,228 | +€56,323 | +49.9% |
| Operating profit (loss) | 9901 | €110,662 | €116,764 | +€6,101 | +5.5% |
| Financial income | 75/76B | €6,188 | €8,326 | +€2,138 | +34.5% |
| Recurring financial income | 75 | €6,188 | €8,326 | +€2,138 | +34.5% |
| Financial charges | 65/66B | €269 | €1,073 | +€804 | +299% |
| Recurring financial charges | 65 | €269 | €1,073 | +€804 | +299% |
| Profit (loss) for the period before taxes | 9903 | €116,582 | €124,017 | +€7,435 | +6.4% |
| Income taxes | 67/77 | €31,304 | €34,492 | +€3,189 | +10.2% |
| Profit (loss) for the period | 9904 | €85,278 | €89,525 | +€4,246 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,278 | €89,525 | +€4,246 | +5.0% |
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 27 October 2026 via checked.be.