DEFELCO: 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.
DEFELCO
Largest movements
- Cash +€53,677
up €53,677 (+67.5%), from €79,518 to €133,195
mainly Net result for the year (+€25,066) and Receivables within one year (+€16,399)
- Receivables within one year -€16,399
down €16,399 (-92.3%), from €17,760 to €1,361
of which Trade receivables: -€13,194
- Tangible fixed assets -€15,029
down €15,029 (-5.1%), from €292,402 to €277,373
of which Land and buildings: -€8,931
- Reserves +€25,066
up €25,066 (+7.3%), from €343,941 to €369,007
of which Distributable reserves: +€25,066
- Debts after one year -€6,413
no longer reported in 2025 (was €6,413)
- Tax, wage and social debts +€4,438
up €4,438 (+55.8%), from €7,950 to €12,388
- Taxes +€2,270
up €2,270 (+20.5%), from €11,053 to €13,323
- Gross operating margin +€1,495
up €1,495 (+2.8%), from €53,531 to €55,025
- Financial charges -€846
down €846 (-54.7%), from €1,547 to €701
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 | €390,102 | €412,368 | +€22,266 | +5.7% |
| Fixed assets | 21/28 | €292,402 | €277,373 | -€15,029 | -5.1% |
| Tangible fixed assets | 22/27 | €292,402 | €277,373 | -€15,029 | -5.1% |
| Land and buildings | 22 | €272,824 | €263,893 | -€8,931 | -3.3% |
| Furniture and vehicles | 24 | €19,577 | €13,479 | -€6,098 | -31.1% |
| Current assets | 29/58 | €97,700 | €134,995 | +€37,296 | +38.2% |
| Amounts receivable within one year | 40/41 | €17,760 | €1,361 | -€16,399 | -92.3% |
| Trade receivables | 40 | €14,555 | €1,361 | -€13,194 | -90.6% |
| Other amounts receivable | 41 | €3,205 | - | -€3,205 | |
| Cash at bank and in hand | 54/58 | €79,518 | €133,195 | +€53,677 | +67.5% |
| Deferred charges and accrued income | 490/1 | €422 | €439 | +€17 | +4.1% |
| Total equity and liabilities | 10/49 | €390,102 | €412,368 | +€22,266 | +5.7% |
| Equity | 10/15 | €362,541 | €387,607 | +€25,066 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €343,941 | €369,007 | +€25,066 | +7.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €342,081 | €367,147 | +€25,066 | +7.3% |
| Amounts payable | 17/49 | €27,561 | €24,761 | -€2,800 | -10.2% |
| Amounts payable after more than one year | 17 | €6,413 | - | -€6,413 | |
| Financial debts | 170/4 | €6,413 | - | -€6,413 | |
| Amounts payable within one year | 42/48 | €20,368 | €24,541 | +€4,173 | +20.5% |
| Current portion of amounts payable after more than one year | 42 | €6,317 | €6,413 | +€95 | +1.5% |
| Trade debts | 44 | €2,787 | €585 | -€2,202 | -79.0% |
| Suppliers | 440/4 | €2,787 | €585 | -€2,202 | -79.0% |
| Taxes, remuneration and social security | 45 | €7,950 | €12,388 | +€4,438 | +55.8% |
| Taxes | 450/3 | €7,950 | €12,388 | +€4,438 | +55.8% |
| Other amounts payable | 47/48 | €3,314 | €5,155 | +€1,841 | +55.6% |
| Accrued charges and deferred income | 492/3 | €780 | €220 | -€560 | -71.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,148 | €15,029 | -€119 | -0.8% |
| Other operating charges | 640/8 | €881 | €906 | +€26 | +2.9% |
| Gross operating margin | 9900 | €53,531 | €55,025 | +€1,495 | +2.8% |
| Operating profit (loss) | 9901 | €37,502 | €39,090 | +€1,588 | +4.2% |
| Financial charges | 65/66B | €1,547 | €701 | -€846 | -54.7% |
| Recurring financial charges | 65 | €1,547 | €701 | -€846 | -54.7% |
| Profit (loss) for the period before taxes | 9903 | €35,955 | €38,389 | +€2,434 | +6.8% |
| Income taxes | 67/77 | €11,053 | €13,323 | +€2,270 | +20.5% |
| Profit (loss) for the period | 9904 | €24,902 | €25,066 | +€164 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €24,902 | €25,066 | +€164 | +0.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.