TOM DEMAREST: 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.
TOM DEMAREST
Largest movements
- Tangible fixed assets +€55,839
up €55,839 (+87.2%), from €64,050 to €119,889
of which Plant, machinery and equipment: +€31,588
- Stocks and contracts -€7,604
down €7,604 (-56.0%), from €13,566 to €5,963
- Cash -€3,216
down €3,216 (-19.4%), from €16,568 to €13,352
mainly Investment in fixed assets (net) (-€78,082) and Tax, wage and social debts (-€4,637)
- Debts after one year +€30,683
up €30,683 (+318.7%), from €9,627 to €40,310
- Current portion of long-term debt +€13,020
up €13,020 (+210.0%), from €6,200 to €19,220
- Tax, wage and social debts -€4,637
down €4,637 (-60.0%), from €7,725 to €3,088
of which Taxes: -€4,637
- Other debts +€2,349
up €2,349 (+3.9%), from €60,396 to €62,746
- Gross operating margin -€11,743
down €11,743 (-27.1%), from €43,348 to €31,605
- Depreciation +€7,215
up €7,215 (+48.0%), from €15,028 to €22,243
- Taxes -€4,616
down €4,616 (-97.2%), from €4,748 to €132
- Other operating charges +€1,719
up €1,719 (+443.0%), from €388 to €2,107
- Financial charges -€1,317
down €1,317 (-17.0%), from €7,764 to €6,447
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 | €114,815 | €157,932 | +€43,118 | +37.6% |
| Fixed assets | 21/28 | €64,050 | €119,889 | +€55,839 | +87.2% |
| Tangible fixed assets | 22/27 | €64,050 | €119,889 | +€55,839 | +87.2% |
| Plant, machinery and equipment | 23 | €15,712 | €47,300 | +€31,588 | +201.0% |
| Furniture and vehicles | 24 | €47,287 | €71,652 | +€24,365 | +51.5% |
| Other tangible fixed assets | 26 | €1,051 | €938 | -€113 | -10.8% |
| Current assets | 29/58 | €50,764 | €38,043 | -€12,721 | -25.1% |
| Stocks and contracts in progress | 3 | €13,566 | €5,963 | -€7,604 | -56.0% |
| Stocks | 30/36 | €13,566 | €5,963 | -€7,604 | -56.0% |
| Amounts receivable within one year | 40/41 | €18,339 | €17,812 | -€528 | -2.9% |
| Trade receivables | 40 | €8,787 | €10,398 | +€1,611 | +18.3% |
| Other amounts receivable | 41 | €9,553 | €7,414 | -€2,138 | -22.4% |
| Cash at bank and in hand | 54/58 | €16,568 | €13,352 | -€3,216 | -19.4% |
| Deferred charges and accrued income | 490/1 | €2,291 | €917 | -€1,374 | -60.0% |
| Total equity and liabilities | 10/49 | €114,815 | €157,932 | +€43,118 | +37.6% |
| Equity | 10/15 | €26,512 | €27,901 | +€1,390 | +5.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €23,512 | €24,901 | +€1,390 | +5.9% |
| Distributable reserves | 133 | €23,512 | €24,901 | +€1,390 | +5.9% |
| Amounts payable | 17/49 | €88,303 | €130,031 | +€41,728 | +47.3% |
| Amounts payable after more than one year | 17 | €9,627 | €40,310 | +€30,683 | +318.7% |
| Financial debts | 170/4 | €9,627 | €40,310 | +€30,683 | +318.7% |
| Amounts payable within one year | 42/48 | €75,529 | €86,622 | +€11,093 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €6,200 | €19,220 | +€13,020 | +210.0% |
| Trade debts | 44 | €1,207 | €1,568 | +€360 | +29.8% |
| Suppliers | 440/4 | €1,207 | €1,568 | +€360 | +29.8% |
| Taxes, remuneration and social security | 45 | €7,725 | €3,088 | -€4,637 | -60.0% |
| Taxes | 450/3 | €6,097 | €1,460 | -€4,637 | -76.1% |
| Remuneration and social security | 454/9 | €1,628 | €1,628 | = | 0.0% |
| Other amounts payable | 47/48 | €60,396 | €62,746 | +€2,349 | +3.9% |
| Accrued charges and deferred income | 492/3 | €3,147 | €3,099 | -€48 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,028 | €22,243 | +€7,215 | +48.0% |
| Other operating charges | 640/8 | €388 | €2,107 | +€1,719 | +443.0% |
| Gross operating margin | 9900 | €43,348 | €31,605 | -€11,743 | -27.1% |
| Operating profit (loss) | 9901 | €27,931 | €7,254 | -€20,677 | -74.0% |
| Financial income | 75/76B | €499 | €714 | +€216 | +43.3% |
| Recurring financial income | 75 | €499 | €714 | +€216 | +43.3% |
| Financial charges | 65/66B | €7,764 | €6,447 | -€1,317 | -17.0% |
| Recurring financial charges | 65 | €7,764 | €6,447 | -€1,317 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | €20,666 | €1,522 | -€19,145 | -92.6% |
| Income taxes | 67/77 | €4,748 | €132 | -€4,616 | -97.2% |
| Profit (loss) for the period | 9904 | €15,918 | €1,390 | -€14,528 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | €15,918 | €1,390 | -€14,528 | -91.3% |
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 3 October 2026 via checked.be.