D.E.F.I.: 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.
D.E.F.I.
Largest movements
- Tangible fixed assets -€9,812
down €9,812 (-8.7%), from €113,162 to €103,350
of which Other tangible fixed assets: -€6,207
- Current portion of long-term debt -€16,191
down €16,191 (-53.3%), from €30,350 to €14,158
- Profit (loss) carried forward +€13,684
up €13,684 (+8.8%), from -€155,298 to -€141,614
- Other debts -€5,519
down €5,519 (-8.5%), from €65,176 to €59,657
- Debts after one year -€5,236
down €5,236 (-4.3%), from €120,693 to €115,457
- Tax, wage and social debts +€1,864
up €1,864 (+1068.5%), from €174 to €2,038
- Gross operating margin +€21,768
up €21,768 (+244.3%), from €8,912 to €30,680
- Other operating charges -€19,227
down €19,227 (-88.2%), from €21,802 to €2,575
- Financial charges -€3,073
down €3,073 (-40.6%), from €7,562 to €4,489
- Depreciation -€1,162
down €1,162 (-10.6%), from €10,919 to €9,757
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 | €120,545 | €109,947 | -€10,598 | -8.8% |
| Fixed assets | 21/28 | €113,678 | €103,866 | -€9,812 | -8.6% |
| Tangible fixed assets | 22/27 | €113,162 | €103,350 | -€9,812 | -8.7% |
| Land and buildings | 22 | €105,193 | €101,647 | -€3,546 | -3.4% |
| Furniture and vehicles | 24 | €129 | €69 | -€60 | -46.5% |
| Other tangible fixed assets | 26 | €7,841 | €1,634 | -€6,207 | -79.2% |
| Financial fixed assets | 28 | €516 | €516 | = | 0.0% |
| Current assets | 29/58 | €6,867 | €6,081 | -€786 | -11.4% |
| Amounts receivable within one year | 40/41 | €4,852 | €4,375 | -€477 | -9.8% |
| Trade receivables | 40 | €4,572 | €4,375 | -€197 | -4.3% |
| Other amounts receivable | 41 | €280 | - | -€280 | |
| Cash at bank and in hand | 54/58 | €1,706 | €1,706 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €309 | - | -€309 | |
| Total equity and liabilities | 10/49 | €120,545 | €109,947 | -€10,598 | -8.8% |
| Equity | 10/15 | -€97,744 | -€84,060 | +€13,684 | +14.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €45,154 | €45,154 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,694 | €10,694 | = | 0.0% |
| Distributable reserves | 133 | €32,600 | €32,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€155,298 | -€141,614 | +€13,684 | +8.8% |
| Amounts payable | 17/49 | €218,289 | €194,006 | -€24,282 | -11.1% |
| Amounts payable after more than one year | 17 | €120,693 | €115,457 | -€5,236 | -4.3% |
| Financial debts | 170/4 | €120,693 | €115,457 | -€5,236 | -4.3% |
| Amounts payable within one year | 42/48 | €97,596 | €78,549 | -€19,046 | -19.5% |
| Current portion of amounts payable after more than one year | 42 | €30,350 | €14,158 | -€16,191 | -53.3% |
| Financial debts | 43 | €1,417 | €1,839 | +€421 | +29.7% |
| Credit institutions | 430/8 | €1,417 | €1,839 | +€421 | +29.7% |
| Trade debts | 44 | €478 | €857 | +€379 | +79.2% |
| Suppliers | 440/4 | €478 | €857 | +€379 | +79.2% |
| Taxes, remuneration and social security | 45 | €174 | €2,038 | +€1,864 | +1068.5% |
| Taxes | 450/3 | €174 | €2,038 | +€1,864 | +1068.5% |
| Other amounts payable | 47/48 | €65,176 | €59,657 | -€5,519 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,919 | €9,757 | -€1,162 | -10.6% |
| Other operating charges | 640/8 | €21,802 | €2,575 | -€19,227 | -88.2% |
| Gross operating margin | 9900 | €8,912 | €30,680 | +€21,768 | +244.3% |
| Operating profit (loss) | 9901 | -€23,809 | €18,349 | +€42,158 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,562 | €4,489 | -€3,073 | -40.6% |
| Recurring financial charges | 65 | €7,562 | €4,489 | -€3,073 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | -€31,370 | €13,860 | +€45,230 | |
| Income taxes | 67/77 | €174 | €176 | +€2 | +1.0% |
| Profit (loss) for the period | 9904 | -€31,545 | €13,684 | +€45,229 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,545 | €13,684 | +€45,229 |
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.