Defen: 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.
Defen
Largest movements
- Tangible fixed assets +€51,986
up €51,986 (+66.4%), from €78,235 to €130,220
of which Assets under construction and advance payments: +€63,474
- Cash +€48,844
up €48,844 (+10,643%), from €459 to €49,303
mainly Debts after one year (+€38,578) and Net result for the year (+€33,206)
- Receivables within one year -€12,750
down €12,750 (-67.2%), from €18,962 to €6,213
of which Trade receivables: -€7,189
- Debts after one year +€38,578
new in 2025: €38,578
- Reserves +€33,206
up €33,206 (+88.3%), from €37,615 to €70,821
- Tax, wage and social debts +€7,786
up €7,786 (+53.9%), from €14,446 to €22,232
- Current portion of long-term debt +€6,612
new in 2025: €6,612
- Trade debts -€3,277
down €3,277 (-89.0%), from €3,682 to €405
- Depreciation +€7,383
up €7,383 (+129%), from €5,736 to €13,120
- Taxes -€5,925
down €5,925 (-41.0%), from €14,446 to €8,521
- Financial charges +€4,360
up €4,360 (+13,245%), from €33 to €4,393
- Gross operating margin +€1,931
up €1,931 (+3.3%), from €58,670 to €60,600
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 | €99,868 | €187,026 | +€87,158 | +87.3% |
| Formation expenses | 20 | €953 | €0 | -€953 | -100% |
| Fixed assets | 21/28 | €78,235 | €130,220 | +€51,986 | +66.4% |
| Tangible fixed assets | 22/27 | €78,235 | €130,220 | +€51,986 | +66.4% |
| Plant, machinery and equipment | 23 | €27,135 | €21,897 | -€5,238 | -19.3% |
| Furniture and vehicles | 24 | €15,582 | €9,332 | -€6,250 | -40.1% |
| Assets under construction and advance payments | 27 | €35,518 | €98,992 | +€63,474 | +179% |
| Current assets | 29/58 | €20,681 | €56,805 | +€36,125 | +175% |
| Amounts receivable within one year | 40/41 | €18,962 | €6,213 | -€12,750 | -67.2% |
| Trade receivables | 40 | €13,402 | €6,213 | -€7,189 | -53.6% |
| Other amounts receivable | 41 | €5,561 | €0 | -€5,561 | -100% |
| Cash at bank and in hand | 54/58 | €459 | €49,303 | +€48,844 | +10,643% |
| Deferred charges and accrued income | 490/1 | €1,259 | €1,290 | +€31 | +2.4% |
| Total equity and liabilities | 10/49 | €99,868 | €187,026 | +€87,158 | +87.3% |
| Equity | 10/15 | €40,615 | €73,821 | +€33,206 | +81.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €37,615 | €70,821 | +€33,206 | +88.3% |
| Distributable reserves | 133 | €37,615 | €70,821 | +€33,206 | +88.3% |
| Amounts payable | 17/49 | €59,253 | €113,205 | +€53,952 | +91.1% |
| Amounts payable after more than one year | 17 | - | €38,578 | +€38,578 | |
| Financial debts | 170/4 | - | €38,578 | +€38,578 | |
| Amounts payable within one year | 42/48 | €59,253 | €71,662 | +€12,409 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | - | €6,612 | +€6,612 | |
| Trade debts | 44 | €3,682 | €405 | -€3,277 | -89.0% |
| Suppliers | 440/4 | €3,682 | €405 | -€3,277 | -89.0% |
| Taxes, remuneration and social security | 45 | €14,446 | €22,232 | +€7,786 | +53.9% |
| Taxes | 450/3 | €14,446 | €22,232 | +€7,786 | +53.9% |
| Other amounts payable | 47/48 | €41,125 | €42,413 | +€1,288 | +3.1% |
| Accrued charges and deferred income | 492/3 | - | €2,966 | +€2,966 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,736 | €13,120 | +€7,383 | +129% |
| Other operating charges | 640/8 | €845 | €1,375 | +€531 | +62.8% |
| Gross operating margin | 9900 | €58,670 | €60,600 | +€1,931 | +3.3% |
| Operating profit (loss) | 9901 | €52,089 | €46,105 | -€5,984 | -11.5% |
| Financial income | 75/76B | €5 | €15 | +€10 | +195% |
| Recurring financial income | 75 | €5 | €15 | +€10 | +195% |
| Financial charges | 65/66B | €33 | €4,393 | +€4,360 | +13,245% |
| Recurring financial charges | 65 | €33 | €4,393 | +€4,360 | +13,245% |
| Profit (loss) for the period before taxes | 9903 | €52,061 | €41,727 | -€10,334 | -19.8% |
| Income taxes | 67/77 | €14,446 | €8,521 | -€5,925 | -41.0% |
| Profit (loss) for the period | 9904 | €37,615 | €33,206 | -€4,409 | -11.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,615 | €33,206 | -€4,409 | -11.7% |
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 17 October 2026 via checked.be.