DEFCOTEC: 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.
DEFCOTEC
Largest movements
- Cash -€440,263
down €440,263 (-100.0%), from €440,263 to €0
mainly Contributions, distributions and other (-€542,807) and Investment in fixed assets (net) (-€422,295)
- Tangible fixed assets +€303,852
up €303,852 (+16.6%), from €1.8m to €2.1m
of which Land and buildings: +€359,013
- Receivables within one year +€173,454
up €173,454 (+261.1%), from €66,441 to €239,895
- Other debts +€682,982
up €682,982 (+158.0%), from €432,135 to €1.1m
- Reserves -€441,582
down €441,582 (-62.6%), from €705,390 to €263,808
- Trade debts -€137,202
down €137,202 (-89.9%), from €152,630 to €15,428
- Debts after one year -€68,904
down €68,904 (-7.2%), from €958,854 to €889,950
- Gross operating margin +€101,561
up €101,561 (+58.1%), from €174,885 to €276,446
- Depreciation +€61,149
up €61,149 (+106.5%), from €57,443 to €118,592
- Taxes +€14,493
up €14,493 (+210.9%), from €6,873 to €21,365
- Financial charges +€8,790
up €8,790 (+22.5%), from €39,075 to €47,866
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 | €2,356,319 | €2,383,730 | +€27,411 | +1.2% |
| Fixed assets | 21/28 | €1,839,134 | €2,142,836 | +€303,702 | +16.5% |
| Tangible fixed assets | 22/27 | €1,831,245 | €2,135,097 | +€303,852 | +16.6% |
| Land and buildings | 22 | €1,776,084 | €2,135,097 | +€359,013 | +20.2% |
| Plant, machinery and equipment | 23 | €5,307 | €0 | -€5,307 | -100.0% |
| Furniture and vehicles | 24 | €49,854 | €0 | -€49,854 | -100.0% |
| Financial fixed assets | 28 | €7,889 | €7,739 | -€150 | -1.9% |
| Current assets | 29/58 | €517,185 | €240,893 | -€276,292 | -53.4% |
| Stocks and contracts in progress | 3 | €5,135 | €0 | -€5,135 | -100.0% |
| Stocks | 30/36 | €5,135 | €0 | -€5,135 | -100.0% |
| Amounts receivable within one year | 40/41 | €66,441 | €239,895 | +€173,454 | +261.1% |
| Trade receivables | 40 | €66,441 | €239,895 | +€173,454 | +261.1% |
| Cash at bank and in hand | 54/58 | €440,263 | €0 | -€440,263 | -100.0% |
| Deferred charges and accrued income | 490/1 | €5,345 | €998 | -€4,347 | -81.3% |
| Total equity and liabilities | 10/49 | €2,356,319 | €2,383,730 | +€27,411 | +1.2% |
| Equity | 10/15 | €724,276 | €268,159 | -€456,117 | -63.0% |
| Contributions | 10/11 | €18,886 | €4,351 | -€14,534 | -77.0% |
| Reserves | 13 | €705,390 | €263,808 | -€441,582 | -62.6% |
| Distributable reserves | 133 | €705,390 | €263,808 | -€441,582 | -62.6% |
| Amounts payable | 17/49 | €1,632,043 | €2,115,570 | +€483,527 | +29.6% |
| Amounts payable after more than one year | 17 | €958,854 | €889,950 | -€68,904 | -7.2% |
| Financial debts | 170/4 | €958,854 | €889,950 | -€68,904 | -7.2% |
| Amounts payable within one year | 42/48 | €673,189 | €1,225,620 | +€552,431 | +82.1% |
| Current portion of amounts payable after more than one year | 42 | €68,904 | €68,904 | = | 0.0% |
| Trade debts | 44 | €152,630 | €15,428 | -€137,202 | -89.9% |
| Suppliers | 440/4 | €152,630 | €15,428 | -€137,202 | -89.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €19,521 | €26,172 | +€6,651 | +34.1% |
| Taxes | 450/3 | €19,521 | €24,294 | +€4,773 | +24.5% |
| Remuneration and social security | 454/9 | - | €1,878 | +€1,878 | |
| Other amounts payable | 47/48 | €432,135 | €1,115,117 | +€682,982 | +158.0% |
| Non-recurring operating income | 76A | €32,744 | €0 | -€32,744 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,443 | €118,592 | +€61,149 | +106.5% |
| Other operating charges | 640/8 | €2,769 | €1,932 | -€837 | -30.2% |
| Gross operating margin | 9900 | €174,885 | €276,446 | +€101,561 | +58.1% |
| Operating profit (loss) | 9901 | €114,673 | €155,921 | +€41,248 | +36.0% |
| Financial income | 75/76B | €1 | €0 | -€1 | -100.0% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -100.0% |
| Financial charges | 65/66B | €39,075 | €47,866 | +€8,790 | +22.5% |
| Recurring financial charges | 65 | €39,075 | €47,866 | +€8,790 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €75,598 | €108,055 | +€32,457 | +42.9% |
| Income taxes | 67/77 | €6,873 | €21,365 | +€14,493 | +210.9% |
| Profit (loss) for the period | 9904 | €68,726 | €86,690 | +€17,964 | +26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €68,726 | €86,690 | +€17,964 | +26.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.