DEMOFI: what changed
What changed
DEMOFI
NACE 68.322, Real estate appraisal on a fee or contract basis
filed annual accounts (NBB)
Net result for the year
€103,710
2024 · €223,390-€119,680
Equity
€5.4m
2024 · €5.3m+€103,710
Cash
€382,287
2024 · €395,052-€12,765
Balance sheet total
€9.8m
2024 · €9.5m+€278,588
Largest movements
Assets
- Tangible fixed assets +€3.3m
up €3.3m (+54.9%), from €6.0m to €9.4m
of which Land and buildings: +€3.3m
- Current investments -€3.1m
down €3.1m (-100%), from €3.1m to €0
Equity and liabilities
- Other debts +€171,661
up €171,661 (+4.4%), from €3.9m to €4.0m
- Profit (loss) carried forward +€128,426
up €128,426 (+9.5%), from €1.3m to €1.5m
Income statement
- Depreciation +€207,811
up €207,811 (+67.8%), from €306,365 to €514,176
- Other operating charges -€54,860
down €54,860 (-39.0%), from €140,508 to €85,648
- Taxes -€40,026
down €40,026 (-47.3%), from €84,588 to €44,562
- Financial income -€18,013
down €18,013 (-21.2%), from €84,965 to €66,952
- Financial charges -€12,722
down €12,722 (-4.5%), from €284,570 to €271,848
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€223,390
Gross operating margin
-€2,611
Depreciation
-€207,811
Other operating charges
+€54,860
Financial income
-€18,013
Financial charges
+€12,722
Taxes
+€40,026
Deferred taxes and other
+€1,146
Result 2025
€103,710
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€763,532
Investment
-€776,937
Financing
+€640
Cash 2024
€395,052
From operations (derived)
+€763,532
Net result for the year
+€103,710
Depreciation
+€514,176
Receivables within one year
-€23,726
Smaller working-capital items
-€12,657
Other debts
+€171,661
Accrued charges and deferred income
+€10,367
Investment (derived)
-€776,937
Investment in fixed assets (net)
-€3.8m
Current investments
+€3.1m
Financing
+€640
Debts after one year
+€640
Cash 2025
€382,287
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,519,679 | €9,798,267 | +€278,588 | +2.9% |
| Fixed assets | 21/28 | €6,045,295 | €9,364,668 | +€3.3m | +54.9% |
| Tangible fixed assets | 22/27 | €6,045,295 | €9,364,668 | +€3.3m | +54.9% |
| Land and buildings | 22 | €5,948,130 | €9,289,967 | +€3.3m | +56.2% |
| Plant, machinery and equipment | 23 | €5,571 | €6,792 | +€1,220 | +21.9% |
| Furniture and vehicles | 24 | €91,594 | €67,910 | -€23,684 | -25.9% |
| Current assets | 29/58 | €3,474,384 | €433,599 | -€3.0m | -87.5% |
| Amounts receivable within one year | 40/41 | €1,674 | €25,400 | +€23,726 | +1,417% |
| Trade receivables | 40 | €773 | €0 | -€773 | -100% |
| Other amounts receivable | 41 | €901 | €25,400 | +€24,499 | +2,718% |
| Current investments | 50/53 | €3,056,613 | €0 | -€3.1m | -100% |
| Cash at bank and in hand | 54/58 | €395,052 | €382,287 | -€12,765 | -3.2% |
| Deferred charges and accrued income | 490/1 | €21,045 | €25,912 | +€4,867 | +23.1% |
| Total equity and liabilities | 10/49 | €9,519,679 | €9,798,267 | +€278,588 | +2.9% |
| Equity | 10/15 | €5,340,665 | €5,444,375 | +€103,710 | +1.9% |
| Contributions | 10/11 | €2,500,015 | €2,500,015 | = | 0.0% |
| Reserves | 13 | €1,495,638 | €1,470,922 | -€24,716 | -1.7% |
| Tax-exempt reserves | 132 | €545,638 | €520,922 | -€24,716 | -4.5% |
| Distributable reserves | 133 | €950,000 | €950,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,345,012 | €1,473,438 | +€128,426 | +9.5% |
| Investment grants | 15 | €0 | €0 | = | 0.0% |
| Provisions and deferred taxes | 16 | €180,379 | €172,141 | -€8,239 | -4.6% |
| Deferred taxes | 168 | €180,379 | €172,141 | -€8,239 | -4.6% |
| Amounts payable | 17/49 | €3,998,634 | €4,181,752 | +€183,117 | +4.6% |
| Amounts payable after more than one year | 17 | €44,995 | €45,635 | +€640 | +1.4% |
| Other amounts payable | 178/9 | €44,995 | €45,635 | +€640 | +1.4% |
| Amounts payable within one year | 42/48 | €3,946,573 | €4,118,682 | +€172,110 | +4.4% |
| Trade debts | 44 | €1,343 | €6,955 | +€5,613 | +418% |
| Suppliers | 440/4 | €1,343 | €6,955 | +€5,613 | +418% |
| Taxes, remuneration and social security | 45 | €86,676 | €81,513 | -€5,164 | -6.0% |
| Taxes | 450/3 | €86,676 | €81,513 | -€5,164 | -6.0% |
| Other amounts payable | 47/48 | €3,858,554 | €4,030,214 | +€171,661 | +4.4% |
| Accrued charges and deferred income | 492/3 | €7,067 | €17,434 | +€10,367 | +147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €306,365 | €514,176 | +€207,811 | +67.8% |
| Other operating charges | 640/8 | €140,508 | €85,648 | -€54,860 | -39.0% |
| Gross operating margin | 9900 | €947,364 | €944,753 | -€2,611 | -0.3% |
| Operating profit (loss) | 9901 | €500,491 | €344,929 | -€155,562 | -31.1% |
| Financial income | 75/76B | €84,965 | €66,952 | -€18,013 | -21.2% |
| Recurring financial income | 75 | €84,965 | €66,952 | -€18,013 | -21.2% |
| Financial charges | 65/66B | €284,570 | €271,848 | -€12,722 | -4.5% |
| Recurring financial charges | 65 | €284,570 | €271,848 | -€12,722 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €300,886 | €140,033 | -€160,853 | -53.5% |
| Transfer from deferred taxes | 780 | €7,092 | €8,239 | +€1,146 | +16.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €84,588 | €44,562 | -€40,026 | -47.3% |
| Profit (loss) for the period | 9904 | €223,390 | €103,710 | -€119,680 | -53.6% |
| Transfer from tax-exempt reserves | 789 | €21,277 | €24,716 | +€3,439 | +16.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €244,667 | €128,426 | -€116,241 | -47.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.