DEF EXPERTISES: 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.
DEF EXPERTISES
Largest movements
- Cash -€138,799
down €138,799 (-65.3%), from €212,475 to €73,675
mainly Investment in fixed assets (net) (-€109,260) and Net result for the year (-€40,429)
- Tangible fixed assets +€37,756
up €37,756 (+3.9%), from €960,431 to €998,187
of which Land and buildings: +€43,453
- Receivables within one year +€29,148
up €29,148 (+26.7%), from €109,235 to €138,383
- Receivables after one year +€19,130
up €19,130 (+19.8%), from €96,540 to €115,670
- Profit (loss) carried forward -€40,429
down €40,429, from €284 to -€40,145
- Tax, wage and social debts +€35,531
up €35,531 (+94.5%), from €37,611 to €73,141
of which Taxes: +€27,485
- Accrued charges and deferred income -€30,895
down €30,895 (-100%), from €30,895 to €0
- Gross operating margin -€53,606
down €53,606 (-16.8%), from €319,657 to €266,051
- Depreciation +€22,124
up €22,124 (+46.4%), from €47,679 to €69,803
- Taxes -€12,592
down €12,592 (-81.0%), from €15,552 to €2,960
- Other operating charges -€8,146
down €8,146 (-54.5%), from €14,958 to €6,812
- Staff costs +€5,014
up €5,014 (+2.8%), from €177,634 to €182,649
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 | €1,590,067 | €1,540,977 | -€49,090 | -3.1% |
| Fixed assets | 21/28 | €960,431 | €999,888 | +€39,457 | +4.1% |
| Intangible fixed assets | 21 | - | €1,701 | +€1,701 | |
| Tangible fixed assets | 22/27 | €960,431 | €998,187 | +€37,756 | +3.9% |
| Land and buildings | 22 | €945,755 | €989,208 | +€43,453 | +4.6% |
| Furniture and vehicles | 24 | €11,476 | €5,779 | -€5,697 | -49.6% |
| Other tangible fixed assets | 26 | €3,200 | €3,200 | = | 0.0% |
| Current assets | 29/58 | €629,637 | €541,089 | -€88,547 | -14.1% |
| Amounts receivable after more than one year | 29 | €96,540 | €115,670 | +€19,130 | +19.8% |
| Other amounts receivable | 291 | €96,540 | €115,670 | +€19,130 | +19.8% |
| Amounts receivable within one year | 40/41 | €109,235 | €138,383 | +€29,148 | +26.7% |
| Trade receivables | 40 | €109,235 | €138,383 | +€29,148 | +26.7% |
| Current investments | 50/53 | €200,000 | €200,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €212,475 | €73,675 | -€138,799 | -65.3% |
| Deferred charges and accrued income | 490/1 | €11,387 | €13,362 | +€1,975 | +17.3% |
| Total equity and liabilities | 10/49 | €1,590,067 | €1,540,977 | -€49,090 | -3.1% |
| Equity | 10/15 | €195,001 | €154,572 | -€40,429 | -20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €188,517 | €188,517 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,464 | €1,464 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,464 | €1,464 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,053 | €7,053 | = | 0.0% |
| Distributable reserves | 133 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €284 | -€40,145 | -€40,429 | |
| Amounts payable | 17/49 | €1,395,067 | €1,386,405 | -€8,661 | -0.6% |
| Amounts payable after more than one year | 17 | €1,040,540 | €1,026,681 | -€13,858 | -1.3% |
| Financial debts | 170/4 | €1,040,540 | €1,026,681 | -€13,858 | -1.3% |
| Amounts payable within one year | 42/48 | €323,632 | €359,724 | +€36,092 | +11.2% |
| Current portion of amounts payable after more than one year | 42 | €120,160 | €116,533 | -€3,627 | -3.0% |
| Trade debts | 44 | €52,225 | €41,743 | -€10,481 | -20.1% |
| Suppliers | 440/4 | €52,225 | €41,743 | -€10,481 | -20.1% |
| Taxes, remuneration and social security | 45 | €37,611 | €73,141 | +€35,531 | +94.5% |
| Taxes | 450/3 | €21,089 | €48,574 | +€27,485 | +130% |
| Remuneration and social security | 454/9 | €16,522 | €24,568 | +€8,046 | +48.7% |
| Other amounts payable | 47/48 | €113,636 | €128,306 | +€14,670 | +12.9% |
| Accrued charges and deferred income | 492/3 | €30,895 | €0 | -€30,895 | -100% |
| Non-recurring operating income | 76A | €122,500 | €36,184 | -€86,316 | -70.5% |
| Remuneration, social security and pensions | 62 | €177,634 | €182,649 | +€5,014 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,679 | €69,803 | +€22,124 | +46.4% |
| Other operating charges | 640/8 | €14,958 | €6,812 | -€8,146 | -54.5% |
| Non-recurring operating charges | 66A | €2,891 | €3,412 | +€521 | +18.0% |
| Gross operating margin | 9900 | €319,657 | €266,051 | -€53,606 | -16.8% |
| Operating profit (loss) | 9901 | €76,494 | €3,375 | -€73,119 | -95.6% |
| Financial income | 75/76B | €0 | €29 | +€29 | +12,709% |
| Recurring financial income | 75 | €0 | €29 | +€29 | +12,709% |
| Financial charges | 65/66B | €42,365 | €40,873 | -€1,491 | -3.5% |
| Recurring financial charges | 65 | €42,365 | €40,873 | -€1,491 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €34,129 | -€37,469 | -€71,598 | |
| Income taxes | 67/77 | €15,552 | €2,960 | -€12,592 | -81.0% |
| Profit (loss) for the period | 9904 | €18,577 | -€40,429 | -€59,005 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,577 | -€40,429 | -€59,005 |
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 15 October 2026 via checked.be.