DEFAUW J.: 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.
DEFAUW J.
Largest movements
- Current investments +€2.4m
up €2.4m, from €0 to €2.4m
- Cash -€2.1m
down €2.1m (-91.5%), from €2.3m to €193,933
mainly Current investments (-€2.4m) and Contributions, distributions and other (-€661,075)
- Tangible fixed assets -€185,190
down €185,190 (-6.5%), from €2.9m to €2.7m
of which Land and buildings: -€119,034
- Other debts +€661,935
up €661,935 (+6,436%), from €10,285 to €672,220
- Reserves -€548,575
down €548,575 (-11.7%), from €4.7m to €4.2m
of which Distributable reserves: -€548,575
- Debts after one year -€82,551
down €82,551 (-34.9%), from €236,491 to €153,940
- Gross operating margin +€170,193
up €170,193 (+105%), from €161,460 to €331,654
- Depreciation -€121,471
down €121,471 (-39.4%), from €308,026 to €186,555
- Financial income -€60,851
down €60,851 (-49.9%), from €121,849 to €60,998
- Taxes +€57,849
up €57,849 (+15,376%), from €376 to €58,225
- Other operating charges +€16,941
up €16,941 (+166%), from €10,198 to €27,139
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 | €7,961,338 | €8,031,088 | +€69,750 | +0.9% |
| Fixed assets | 21/28 | €4,302,224 | €4,092,034 | -€210,190 | -4.9% |
| Tangible fixed assets | 22/27 | €2,861,583 | €2,676,393 | -€185,190 | -6.5% |
| Land and buildings | 22 | €2,112,279 | €1,993,244 | -€119,034 | -5.6% |
| Plant, machinery and equipment | 23 | €404,649 | €360,058 | -€44,591 | -11.0% |
| Furniture and vehicles | 24 | €27,143 | €21,964 | -€5,179 | -19.1% |
| Other tangible fixed assets | 26 | €317,513 | €301,127 | -€16,386 | -5.2% |
| Financial fixed assets | 28 | €1,440,641 | €1,415,641 | -€25,000 | -1.7% |
| Current assets | 29/58 | €3,659,114 | €3,939,053 | +€279,940 | +7.7% |
| Amounts receivable after more than one year | 29 | €750,000 | €750,000 | = | 0.0% |
| Other amounts receivable | 291 | €750,000 | €750,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €214,192 | €214,192 | = | 0.0% |
| Stocks | 30/36 | €214,192 | €214,192 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €415,619 | €382,134 | -€33,485 | -8.1% |
| Trade receivables | 40 | €110 | €110 | = | 0.0% |
| Other amounts receivable | 41 | €415,509 | €382,024 | -€33,485 | -8.1% |
| Current investments | 50/53 | €0 | €2,396,531 | +€2.4m | |
| Cash at bank and in hand | 54/58 | €2,277,352 | €193,933 | -€2.1m | -91.5% |
| Deferred charges and accrued income | 490/1 | €1,951 | €2,264 | +€313 | +16.0% |
| Total equity and liabilities | 10/49 | €7,961,338 | €8,031,088 | +€69,750 | +0.9% |
| Equity | 10/15 | €7,597,859 | €7,049,833 | -€548,026 | -7.2% |
| Contributions | 10/11 | €2,893,381 | €2,893,381 | = | 0.0% |
| Reserves | 13 | €4,704,478 | €4,155,903 | -€548,575 | -11.7% |
| Tax-exempt reserves | 132 | €8,138 | €8,138 | = | 0.0% |
| Distributable reserves | 133 | €4,696,340 | €4,147,766 | -€548,575 | -11.7% |
| Profit (loss) carried forward | 14 | - | €549 | +€549 | |
| Amounts payable | 17/49 | €363,479 | €981,255 | +€617,776 | +170% |
| Amounts payable after more than one year | 17 | €236,491 | €153,940 | -€82,551 | -34.9% |
| Financial debts | 170/4 | €236,491 | €153,940 | -€82,551 | -34.9% |
| Amounts payable within one year | 42/48 | €123,876 | €816,174 | +€692,298 | +559% |
| Current portion of amounts payable after more than one year | 42 | €88,320 | €89,304 | +€984 | +1.1% |
| Financial debts | 43 | €0 | €1,782 | +€1,782 | |
| Credit institutions | 430/8 | €0 | €1,782 | +€1,782 | |
| Trade debts | 44 | €12,716 | €19,277 | +€6,560 | +51.6% |
| Suppliers | 440/4 | €12,716 | €19,277 | +€6,560 | +51.6% |
| Taxes, remuneration and social security | 45 | €12,555 | €33,592 | +€21,037 | +168% |
| Taxes | 450/3 | €12,555 | €33,592 | +€21,037 | +168% |
| Other amounts payable | 47/48 | €10,285 | €672,220 | +€661,935 | +6,436% |
| Accrued charges and deferred income | 492/3 | €3,113 | €11,141 | +€8,028 | +258% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €308,026 | €186,555 | -€121,471 | -39.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €10,198 | €27,139 | +€16,941 | +166% |
| Gross operating margin | 9900 | €161,460 | €331,654 | +€170,193 | +105% |
| Operating profit (loss) | 9901 | -€156,764 | €117,959 | +€274,723 | |
| Financial income | 75/76B | €121,849 | €60,998 | -€60,851 | -49.9% |
| Recurring financial income | 75 | €121,849 | €60,998 | -€60,851 | -49.9% |
| Financial charges | 65/66B | €6,288 | €7,684 | +€1,396 | +22.2% |
| Recurring financial charges | 65 | €6,288 | €7,684 | +€1,396 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | -€41,203 | €171,274 | +€212,477 | |
| Income taxes | 67/77 | €376 | €58,225 | +€57,849 | +15,376% |
| Profit (loss) for the period | 9904 | -€41,579 | €113,049 | +€154,628 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,579 | €113,049 | +€154,628 |
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 22 October 2026 via checked.be.