Defap: 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.
Defap
Largest movements
- Current investments +€75,000
up €75,000 (+42.9%), from €175,000 to €250,000
- Cash +€35,385
up €35,385 (+8.1%), from €435,680 to €471,066
mainly Net result for the year (+€196,765) and Other debts (+€77,863)
- Receivables within one year -€20,307
down €20,307 (-14.4%), from €141,470 to €121,163
of which Trade receivables: -€17,000
- Other debts +€77,863
up €77,863 (+621.2%), from €12,534 to €90,397
- Reserves +€22,200
up €22,200 (+1.8%), from €1.2m to €1.3m
of which Distributable reserves: +€23,960
- Gross operating margin -€21,688
down €21,688 (-7.1%), from €305,308 to €283,620
- Taxes -€7,565
down €7,565 (-8.1%), from €93,159 to €85,594
- Financial charges +€5,217
up €5,217 (+721.7%), from €723 to €5,940
- Financial income +€4,635
up €4,635 (+36.6%), from €12,674 to €17,310
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 | €1,304,465 | €1,403,764 | +€99,298 | +7.6% |
| Fixed assets | 21/28 | €26,267 | €27,585 | +€1,318 | +5.0% |
| Tangible fixed assets | 22/27 | €26,267 | €27,585 | +€1,318 | +5.0% |
| Furniture and vehicles | 24 | €15,129 | €12,784 | -€2,345 | -15.5% |
| Other tangible fixed assets | 26 | €11,138 | €14,801 | +€3,663 | +32.9% |
| Current assets | 29/58 | €1,278,199 | €1,376,179 | +€97,980 | +7.7% |
| Amounts receivable after more than one year | 29 | €515,000 | €515,000 | = | 0.0% |
| Other amounts receivable | 291 | €515,000 | €515,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €141,470 | €121,163 | -€20,307 | -14.4% |
| Trade receivables | 40 | €126,399 | €109,399 | -€17,000 | -13.4% |
| Other amounts receivable | 41 | €15,071 | €11,764 | -€3,307 | -21.9% |
| Current investments | 50/53 | €175,000 | €250,000 | +€75,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €435,680 | €471,066 | +€35,385 | +8.1% |
| Deferred charges and accrued income | 490/1 | €11,049 | €18,950 | +€7,902 | +71.5% |
| Total equity and liabilities | 10/49 | €1,304,465 | €1,403,764 | +€99,298 | +7.6% |
| Equity | 10/15 | €1,256,267 | €1,278,532 | +€22,265 | +1.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,242,087 | €1,264,287 | +€22,200 | +1.8% |
| Non-distributable reserves | 130/1 | €1,760 | €0 | -€1,760 | -100.0% |
| Reserves not available under the articles | 1311 | €1,760 | €0 | -€1,760 | -100.0% |
| Tax-exempt reserves | 132 | €127 | €127 | = | 0.0% |
| Distributable reserves | 133 | €1,240,200 | €1,264,160 | +€23,960 | +1.9% |
| Profit (loss) carried forward | 14 | €1,780 | €1,845 | +€65 | +3.6% |
| Amounts payable | 17/49 | €48,198 | €125,232 | +€77,034 | +159.8% |
| Amounts payable within one year | 42/48 | €47,626 | €119,460 | +€71,834 | +150.8% |
| Trade debts | 44 | €3,743 | €1,419 | -€2,324 | -62.1% |
| Suppliers | 440/4 | €3,743 | €1,419 | -€2,324 | -62.1% |
| Taxes, remuneration and social security | 45 | €31,350 | €27,645 | -€3,705 | -11.8% |
| Taxes | 450/3 | €31,350 | €27,645 | -€3,705 | -11.8% |
| Other amounts payable | 47/48 | €12,534 | €90,397 | +€77,863 | +621.2% |
| Accrued charges and deferred income | 492/3 | €572 | €5,772 | +€5,199 | +908.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,395 | €11,184 | +€789 | +7.6% |
| Other operating charges | 640/8 | €1,347 | €1,447 | +€99 | +7.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €305,308 | €283,620 | -€21,688 | -7.1% |
| Operating profit (loss) | 9901 | €293,566 | €270,989 | -€22,576 | -7.7% |
| Financial income | 75/76B | €12,674 | €17,310 | +€4,635 | +36.6% |
| Recurring financial income | 75 | €12,674 | €17,310 | +€4,635 | +36.6% |
| Financial charges | 65/66B | €723 | €5,940 | +€5,217 | +721.7% |
| Recurring financial charges | 65 | €723 | €5,940 | +€5,217 | +721.7% |
| Profit (loss) for the period before taxes | 9903 | €305,517 | €282,359 | -€23,158 | -7.6% |
| Income taxes | 67/77 | €93,159 | €85,594 | -€7,565 | -8.1% |
| Profit (loss) for the period | 9904 | €212,358 | €196,765 | -€15,593 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €212,358 | €196,765 | -€15,593 | -7.3% |
Source: filed annual accounts (NBB), financial years ended 1 April 2024 and 1 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.