DEFEDER SAMAGRO: 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.
What changed
DEFEDER SAMAGRO
NACE 38.330, Waste collection, recovery and disposal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€649,686
2024 · €57,909-€707,594
Equity
€2.5m
2024 · €3.1m-€649,686
Cash
€145,004
2024 · €230,040-€85,036
Balance sheet total
€5.0m
2024 · €5.0m-€29,568
Largest movements
Assets
- Tangible fixed assets +€140,687
up €140,687 (+9.5%), from €1.5m to €1.6m
of which Assets under construction and advance payments: +€380,492
- Cash -€85,036
down €85,036 (-37.0%), from €230,040 to €145,004
mainly Net result for the year (-€649,686) and Investment in fixed assets (net) (-€581,951)
- Receivables within one year -€51,436
down €51,436 (-1.8%), from €2.8m to €2.8m
of which Other amounts receivable: -€163,775
Equity and liabilities
- Reserves -€652,758
down €652,758 (-21.4%), from €3.1m to €2.4m
of which Distributable reserves: -€530,000
- Trade debts +€487,444
up €487,444 (+78.8%), from €618,651 to €1.1m
- Short-term financial debts +€300,000
new in 2025: €300,000
- Debts after one year -€198,740
down €198,740 (-31.9%), from €622,743 to €424,003
Income statement
- Gross operating margin -€706,356
down €706,356 (-69.2%), from €1.0m to €314,425
- Staff costs +€109,044
up €109,044 (+29.2%), from €373,637 to €482,681
- Depreciation -€81,207
down €81,207 (-15.5%), from €522,470 to €441,264
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.
Result 2024
€57,909
Gross operating margin
-€706,356
Staff costs
-€109,044
Depreciation
+€81,207
Other operating charges
-€5,574
Financial income
-€4,410
Financial charges
+€5,175
Taxes
+€514
Deferred taxes and other
+€30,894
Result 2025
-€649,686
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€394,127
Investment
-€581,951
Financing
+€102,787
Cash 2024
€230,040
From operations (derived)
+€394,127
Net result for the year
-€649,686
Depreciation
+€441,264
Stocks and contracts
+€47,697
Receivables within one year
+€51,436
Deferred charges and accrued income
-€13,913
Provisions
-€5,836
Trade debts
+€487,444
Tax, wage and social debts
+€44,962
Advances received
-€15,341
Other debts
-€11,742
Accrued charges and deferred income
+€17,843
Investment (derived)
-€581,951
Investment in fixed assets (net)
-€581,951
Financing
+€102,787
Debts after one year
-€198,740
Current portion of long-term debt
+€1,527
Short-term financial debts
+€300,000
Cash 2025
€145,004
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,032,561 | €5,002,993 | -€29,568 | -0.6% |
| Fixed assets | 21/28 | €1,485,161 | €1,625,848 | +€140,687 | +9.5% |
| Tangible fixed assets | 22/27 | €1,485,161 | €1,625,848 | +€140,687 | +9.5% |
| Plant, machinery and equipment | 23 | €682,695 | €592,740 | -€89,955 | -13.2% |
| Furniture and vehicles | 24 | €401,123 | €272,272 | -€128,850 | -32.1% |
| Other tangible fixed assets | 26 | €401,343 | €380,343 | -€21,000 | -5.2% |
| Assets under construction and advance payments | 27 | - | €380,492 | +€380,492 | |
| Current assets | 29/58 | €3,547,401 | €3,377,145 | -€170,256 | -4.8% |
| Stocks and contracts in progress | 3 | €434,827 | €387,129 | -€47,697 | -11.0% |
| Stocks | 30/36 | €434,827 | €387,129 | -€47,697 | -11.0% |
| Amounts receivable within one year | 40/41 | €2,804,018 | €2,752,582 | -€51,436 | -1.8% |
| Trade receivables | 40 | €642,116 | €754,455 | +€112,339 | +17.5% |
| Other amounts receivable | 41 | €2,161,902 | €1,998,127 | -€163,775 | -7.6% |
| Cash at bank and in hand | 54/58 | €230,040 | €145,004 | -€85,036 | -37.0% |
| Deferred charges and accrued income | 490/1 | €78,516 | €92,429 | +€13,913 | +17.7% |
| Total equity and liabilities | 10/49 | €5,032,561 | €5,002,993 | -€29,568 | -0.6% |
| Equity | 10/15 | €3,145,544 | €2,495,859 | -€649,686 | -20.7% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €3,054,333 | €2,401,575 | -€652,758 | -21.4% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €665,333 | €542,575 | -€122,758 | -18.5% |
| Distributable reserves | 133 | €2,380,000 | €1,850,000 | -€530,000 | -22.3% |
| Profit (loss) carried forward | 14 | €1,211 | €4,284 | +€3,073 | +254% |
| Provisions and deferred taxes | 16 | €33,259 | €27,423 | -€5,836 | -17.5% |
| Deferred taxes | 168 | €33,259 | €27,423 | -€5,836 | -17.5% |
| Amounts payable | 17/49 | €1,853,758 | €2,479,712 | +€625,953 | +33.8% |
| Amounts payable after more than one year | 17 | €622,743 | €424,003 | -€198,740 | -31.9% |
| Financial debts | 170/4 | €622,743 | €424,003 | -€198,740 | -31.9% |
| Amounts payable within one year | 42/48 | €1,231,016 | €2,037,866 | +€806,850 | +65.5% |
| Current portion of amounts payable after more than one year | 42 | €200,213 | €201,740 | +€1,527 | +0.8% |
| Financial debts | 43 | - | €300,000 | +€300,000 | |
| Credit institutions | 430/8 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €618,651 | €1,106,095 | +€487,444 | +78.8% |
| Suppliers | 440/4 | €618,651 | €1,106,095 | +€487,444 | +78.8% |
| Advances received on contracts in progress | 46 | €56,827 | €41,486 | -€15,341 | -27.0% |
| Taxes, remuneration and social security | 45 | €62,883 | €107,844 | +€44,962 | +71.5% |
| Taxes | 450/3 | €504 | €13,359 | +€12,855 | +2,550% |
| Remuneration and social security | 454/9 | €62,378 | €94,485 | +€32,107 | +51.5% |
| Other amounts payable | 47/48 | €292,443 | €280,701 | -€11,742 | -4.0% |
| Accrued charges and deferred income | 492/3 | €0 | €17,843 | +€17,843 | |
| Non-recurring operating income | 76A | €124,500 | €240,164 | +€115,664 | +92.9% |
| Remuneration, social security and pensions | 62 | €373,637 | €482,681 | +€109,044 | +29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €522,470 | €441,264 | -€81,207 | -15.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €27,827 | €33,401 | +€5,574 | +20.0% |
| Gross operating margin | 9900 | €1,020,782 | €314,425 | -€706,356 | -69.2% |
| Operating profit (loss) | 9901 | €96,847 | -€642,921 | -€739,767 | |
| Financial income | 75/76B | €27,616 | €23,206 | -€4,410 | -16.0% |
| Recurring financial income | 75 | €27,616 | €23,206 | -€4,410 | -16.0% |
| Financial charges | 65/66B | €40,670 | €35,495 | -€5,175 | -12.7% |
| Recurring financial charges | 65 | €40,670 | €35,495 | -€5,175 | -12.7% |
| Profit (loss) for the period before taxes | 9903 | €83,793 | -€655,210 | -€739,002 | |
| Transfer from deferred taxes | 780 | €2,442 | €5,836 | +€3,394 | +139% |
| Transfer to deferred taxes | 680 | €27,500 | €0 | -€27,500 | -100% |
| Income taxes | 67/77 | €826 | €312 | -€514 | -62.2% |
| Profit (loss) for the period | 9904 | €57,909 | -€649,686 | -€707,594 | |
| Transfer from tax-exempt reserves | 789 | €112,576 | €122,758 | +€10,182 | +9.0% |
| Transfer to tax-exempt reserves | 689 | €82,500 | €0 | -€82,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €87,985 | -€526,927 | -€614,912 |
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.