P. DEMARTHE: 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.
P. DEMARTHE
Largest movements
- Cash +€13,556
up €13,556 (+110%), from €12,269 to €25,825
mainly Depreciation (+€37,281) and Net result for the year (+€22,142)
- Tangible fixed assets +€2,469
up €2,469 (+1.5%), from €161,105 to €163,574
of which Plant, machinery and equipment: +€15,326
- Reserves +€11,921
up €11,921 (+641%), from €1,860 to €13,781
of which Distributable reserves: +€11,921
- Current portion of long-term debt -€10,366
down €10,366 (-23.2%), from €44,762 to €34,395
- Profit (loss) carried forward +€10,221
no longer reported in 2025 (was -€10,221)
- Other debts +€7,621
up €7,621 (+17.6%), from €43,415 to €51,036
- Debts after one year -€5,753
down €5,753 (-8.1%), from €71,116 to €65,362
- Financial charges -€957
down €957 (-16.2%), from €5,897 to €4,940
- Depreciation -€790
down €790 (-2.1%), from €38,071 to €37,281
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 | €189,710 | €206,864 | +€17,154 | +9.0% |
| Fixed assets | 21/28 | €161,105 | €163,574 | +€2,469 | +1.5% |
| Tangible fixed assets | 22/27 | €161,105 | €163,574 | +€2,469 | +1.5% |
| Land and buildings | 22 | €58,412 | €53,624 | -€4,788 | -8.2% |
| Plant, machinery and equipment | 23 | €61,887 | €77,213 | +€15,326 | +24.8% |
| Furniture and vehicles | 24 | €210 | €1,647 | +€1,437 | +685% |
| Leasing and similar rights | 25 | €40,597 | €31,091 | -€9,506 | -23.4% |
| Current assets | 29/58 | €28,604 | €43,289 | +€14,685 | +51.3% |
| Amounts receivable within one year | 40/41 | €65 | - | -€65 | |
| Trade receivables | 40 | €65 | - | -€65 | |
| Current investments | 50/53 | €7,571 | €8,171 | +€600 | +7.9% |
| Cash at bank and in hand | 54/58 | €12,269 | €25,825 | +€13,556 | +110% |
| Deferred charges and accrued income | 490/1 | €8,699 | €9,293 | +€594 | +6.8% |
| Total equity and liabilities | 10/49 | €189,710 | €206,864 | +€17,154 | +9.0% |
| Equity | 10/15 | €10,086 | €32,229 | +€22,142 | +220% |
| Contributions | 10/11 | €18,448 | €18,448 | = | 0.0% |
| Reserves | 13 | €1,860 | €13,781 | +€11,921 | +641% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €11,921 | +€11,921 | |
| Profit (loss) carried forward | 14 | -€10,221 | - | +€10,221 | |
| Amounts payable | 17/49 | €179,623 | €174,635 | -€4,988 | -2.8% |
| Amounts payable after more than one year | 17 | €71,116 | €65,362 | -€5,753 | -8.1% |
| Financial debts | 170/4 | €71,116 | €65,362 | -€5,753 | -8.1% |
| Amounts payable within one year | 42/48 | €108,508 | €109,273 | +€765 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €44,762 | €34,395 | -€10,366 | -23.2% |
| Trade debts | 44 | €13,560 | €16,109 | +€2,548 | +18.8% |
| Suppliers | 440/4 | €13,560 | €16,109 | +€2,548 | +18.8% |
| Taxes, remuneration and social security | 45 | €6,770 | €7,732 | +€962 | +14.2% |
| Taxes | 450/3 | €6,770 | €7,732 | +€962 | +14.2% |
| Other amounts payable | 47/48 | €43,415 | €51,036 | +€7,621 | +17.6% |
| Non-recurring operating income | 76A | €10,525 | €200 | -€10,325 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,071 | €37,281 | -€790 | -2.1% |
| Other operating charges | 640/8 | €2,099 | €2,159 | +€61 | +2.9% |
| Gross operating margin | 9900 | €78,068 | €77,501 | -€568 | -0.7% |
| Operating profit (loss) | 9901 | €37,899 | €38,061 | +€161 | +0.4% |
| Financial income | 75/76B | €703 | €28 | -€675 | -96.0% |
| Recurring financial income | 75 | €703 | €28 | -€675 | -96.0% |
| Financial charges | 65/66B | €5,897 | €4,940 | -€957 | -16.2% |
| Recurring financial charges | 65 | €5,897 | €4,940 | -€957 | -16.2% |
| Profit (loss) for the period before taxes | 9903 | €32,705 | €33,149 | +€444 | +1.4% |
| Income taxes | 67/77 | €11,727 | €11,007 | -€721 | -6.1% |
| Profit (loss) for the period | 9904 | €20,978 | €22,142 | +€1,164 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,978 | €22,142 | +€1,164 | +5.6% |
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 31 October 2026 via checked.be.