DEFECHEREUX - LEUFGEN: 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.
DEFECHEREUX - LEUFGEN
Largest movements
- Receivables within one year +€156,864
up €156,864 (+28.4%), from €551,527 to €708,391
of which Trade receivables: +€159,663
- Cash +€55,311
up €55,311 (+196%), from €28,212 to €83,523
mainly Trade debts (+€366,323) and Depreciation (+€119,109)
- Stocks and contracts +€52,053
up €52,053 (+54.8%), from €94,982 to €147,035
- Trade debts +€366,323
up €366,323 (+97.3%), from €376,328 to €742,651
- Other debts -€55,670
down €55,670 (-54.2%), from €102,792 to €47,122
- Reserves -€42,122
down €42,122 (-24.3%), from €173,606 to €131,485
of which Distributable reserves: -€42,122
- Investment grants +€35,070
new in 2025: €35,070
- Current portion of long-term debt -€32,091
down €32,091 (-17.4%), from €184,818 to €152,727
- Gross operating margin -€13,987
down €13,987 (-3.6%), from €392,437 to €378,450
- Write-downs -€12,950
no longer reported in 2025 (was €12,950)
- Staff costs +€10,527
up €10,527 (+5.3%), from €198,988 to €209,516
- Depreciation +€10,406
up €10,406 (+9.6%), from €108,703 to €119,109
- Taxes -€8,146
down €8,146 (-65.8%), from €12,386 to €4,241
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 | €1,159,581 | €1,436,576 | +€276,995 | +23.9% |
| Fixed assets | 21/28 | €470,512 | €478,846 | +€8,334 | +1.8% |
| Tangible fixed assets | 22/27 | €457,204 | €465,538 | +€8,334 | +1.8% |
| Plant, machinery and equipment | 23 | €61,975 | €55,459 | -€6,516 | -10.5% |
| Furniture and vehicles | 24 | €51,751 | €46,903 | -€4,847 | -9.4% |
| Leasing and similar rights | 25 | €90,204 | €144,048 | +€53,844 | +59.7% |
| Other tangible fixed assets | 26 | €253,274 | €219,127 | -€34,147 | -13.5% |
| Financial fixed assets | 28 | €13,308 | €13,308 | = | 0.0% |
| Current assets | 29/58 | €689,069 | €957,730 | +€268,661 | +39.0% |
| Stocks and contracts in progress | 3 | €94,982 | €147,035 | +€52,053 | +54.8% |
| Stocks | 30/36 | €94,982 | €147,035 | +€52,053 | +54.8% |
| Amounts receivable within one year | 40/41 | €551,527 | €708,391 | +€156,864 | +28.4% |
| Trade receivables | 40 | €543,276 | €702,939 | +€159,663 | +29.4% |
| Other amounts receivable | 41 | €8,251 | €5,452 | -€2,799 | -33.9% |
| Current investments | 50/53 | €2,394 | €863 | -€1,530 | -63.9% |
| Cash at bank and in hand | 54/58 | €28,212 | €83,523 | +€55,311 | +196% |
| Deferred charges and accrued income | 490/1 | €11,956 | €17,919 | +€5,963 | +49.9% |
| Total equity and liabilities | 10/49 | €1,159,581 | €1,436,576 | +€276,995 | +23.9% |
| Equity | 10/15 | €240,817 | €234,479 | -€6,339 | -2.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €173,606 | €131,485 | -€42,122 | -24.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,557 | €23,557 | = | 0.0% |
| Distributable reserves | 133 | €143,850 | €101,728 | -€42,122 | -29.3% |
| Profit (loss) carried forward | 14 | €5,211 | €5,924 | +€713 | +13.7% |
| Investment grants | 15 | - | €35,070 | +€35,070 | |
| Amounts payable | 17/49 | €918,764 | €1,202,098 | +€283,334 | +30.8% |
| Amounts payable after more than one year | 17 | €239,287 | €246,132 | +€6,845 | +2.9% |
| Financial debts | 170/4 | €239,287 | €246,132 | +€6,845 | +2.9% |
| Amounts payable within one year | 42/48 | €678,764 | €955,966 | +€277,202 | +40.8% |
| Current portion of amounts payable after more than one year | 42 | €184,818 | €152,727 | -€32,091 | -17.4% |
| Trade debts | 44 | €376,328 | €742,651 | +€366,323 | +97.3% |
| Suppliers | 440/4 | €376,328 | €742,651 | +€366,323 | +97.3% |
| Taxes, remuneration and social security | 45 | €14,827 | €13,466 | -€1,360 | -9.2% |
| Taxes | 450/3 | €2,386 | - | -€2,386 | |
| Remuneration and social security | 454/9 | €12,440 | €13,466 | +€1,026 | +8.2% |
| Other amounts payable | 47/48 | €102,792 | €47,122 | -€55,670 | -54.2% |
| Accrued charges and deferred income | 492/3 | €713 | - | -€713 | |
| Remuneration, social security and pensions | 62 | €198,988 | €209,516 | +€10,527 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,703 | €119,109 | +€10,406 | +9.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,950 | - | -€12,950 | |
| Other operating charges | 640/8 | €6,649 | €12,192 | +€5,544 | +83.4% |
| Gross operating margin | 9900 | €392,437 | €378,450 | -€13,987 | -3.6% |
| Operating profit (loss) | 9901 | €65,147 | €37,634 | -€27,513 | -42.2% |
| Financial income | 75/76B | €2,348 | €68 | -€2,280 | -97.1% |
| Recurring financial income | 75 | €2,348 | €68 | -€2,280 | -97.1% |
| Financial charges | 65/66B | €28,171 | €27,748 | -€424 | -1.5% |
| Recurring financial charges | 65 | €28,171 | €27,748 | -€424 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | €39,323 | €9,954 | -€29,369 | -74.7% |
| Income taxes | 67/77 | €12,386 | €4,241 | -€8,146 | -65.8% |
| Profit (loss) for the period | 9904 | €26,936 | €5,713 | -€21,223 | -78.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,936 | €5,713 | -€21,223 | -78.8% |
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.