DEFANDIS: 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.
DEFANDIS
Largest movements
- Cash +€100,107
up €100,107 (+142.3%), from €70,362 to €170,469
mainly Net result for the year (+€47,714) and Receivables within one year (+€24,711)
- Receivables within one year -€24,711
down €24,711 (-44.5%), from €55,581 to €30,870
of which Trade receivables: -€24,617
- Tangible fixed assets -€17,054
down €17,054 (-12.7%), from €134,498 to €117,444
of which Plant, machinery and equipment: -€11,903
- Stocks and contracts -€5,903
down €5,903 (-16.4%), from €35,889 to €29,986
of which Stocks: -€5,903
- Reserves +€46,000
up €46,000 (+79.5%), from €57,860 to €103,860
of which Distributable reserves: +€46,000
- Debts after one year -€20,285
down €20,285 (-100.0%), from €20,285 to €0
- Other debts +€19,047
up €19,047 (+145.7%), from €13,073 to €32,121
- Tax, wage and social debts +€8,121
up €8,121 (+44.3%), from €18,328 to €26,448
of which Remuneration and social security: +€4,172
- Gross operating margin +€36,396
up €36,396 (+46.4%), from €78,369 to €114,765
- Staff costs +€15,890
new in 2025: €15,890
- Taxes +€7,591
up €7,591 (+48.0%), from €15,818 to €23,408
- Depreciation +€6,997
up €6,997 (+55.0%), from €12,723 to €19,720
- Financial charges -€3,333
down €3,333 (-100.0%), from €3,333 to €0
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 | €298,632 | €353,102 | +€54,470 | +18.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €135,535 | €118,481 | -€17,054 | -12.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €134,498 | €117,444 | -€17,054 | -12.7% |
| Land and buildings | 22 | €10,554 | €8,962 | -€1,591 | -15.1% |
| Plant, machinery and equipment | 23 | €105,673 | €93,771 | -€11,903 | -11.3% |
| Furniture and vehicles | 24 | €10,180 | €8,009 | -€2,171 | -21.3% |
| Leasing and similar rights | 25 | €0 | €0 | = | |
| Other tangible fixed assets | 26 | €8,091 | €6,702 | -€1,389 | -17.2% |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €1,037 | €1,037 | = | 0.0% |
| Current assets | 29/58 | €163,097 | €234,621 | +€71,524 | +43.9% |
| Amounts receivable after more than one year | 29 | €0 | €0 | = | |
| Trade receivables | 290 | €0 | €0 | = | |
| Other amounts receivable | 291 | €0 | €0 | = | |
| Stocks and contracts in progress | 3 | €35,889 | €29,986 | -€5,903 | -16.4% |
| Stocks | 30/36 | €35,889 | €29,986 | -€5,903 | -16.4% |
| Contracts in progress | 37 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €55,581 | €30,870 | -€24,711 | -44.5% |
| Trade receivables | 40 | €51,147 | €26,530 | -€24,617 | -48.1% |
| Other amounts receivable | 41 | €4,433 | €4,340 | -€94 | -2.1% |
| Current investments | 50/53 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €70,362 | €170,469 | +€100,107 | +142.3% |
| Deferred charges and accrued income | 490/1 | €1,266 | €3,296 | +€2,030 | +160.4% |
| Total equity and liabilities | 10/49 | €298,632 | €353,102 | +€54,470 | +18.2% |
| Equity | 10/15 | €235,636 | €281,683 | +€46,048 | +19.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €57,860 | €103,860 | +€46,000 | +79.5% |
| 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 | €56,000 | €102,000 | +€46,000 | +82.1% |
| Profit (loss) carried forward | 14 | €159,176 | €159,223 | +€48 | 0.0% |
| Amounts payable | 17/49 | €62,996 | €71,419 | +€8,422 | +13.4% |
| Amounts payable after more than one year | 17 | €20,285 | €0 | -€20,285 | -100.0% |
| Other amounts payable | 178/9 | €20,285 | €0 | -€20,285 | -100.0% |
| Amounts payable within one year | 42/48 | €39,335 | €67,773 | +€28,438 | +72.3% |
| Trade debts | 44 | €7,934 | €9,204 | +€1,270 | +16.0% |
| Suppliers | 440/4 | €7,934 | €9,204 | +€1,270 | +16.0% |
| Taxes, remuneration and social security | 45 | €18,328 | €26,448 | +€8,121 | +44.3% |
| Taxes | 450/3 | €18,328 | €22,277 | +€3,949 | +21.5% |
| Remuneration and social security | 454/9 | - | €4,172 | +€4,172 | |
| Other amounts payable | 47/48 | €13,073 | €32,121 | +€19,047 | +145.7% |
| Accrued charges and deferred income | 492/3 | €3,376 | €3,645 | +€270 | +8.0% |
| Remuneration, social security and pensions | 62 | - | €15,890 | +€15,890 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,723 | €19,720 | +€6,997 | +55.0% |
| Other operating charges | 640/8 | €7,299 | €8,033 | +€734 | +10.1% |
| Gross operating margin | 9900 | €78,369 | €114,765 | +€36,396 | +46.4% |
| Operating profit (loss) | 9901 | €58,347 | €71,122 | +€12,775 | +21.9% |
| Financial charges | 65/66B | €3,333 | €0 | -€3,333 | -100.0% |
| Recurring financial charges | 65 | €3,333 | €0 | -€3,333 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €55,013 | €71,122 | +€16,109 | +29.3% |
| Income taxes | 67/77 | €15,818 | €23,408 | +€7,591 | +48.0% |
| Profit (loss) for the period | 9904 | €39,195 | €47,714 | +€8,518 | +21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €39,195 | €47,714 | +€8,518 | +21.7% |
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.