DEFENCE MARKET: what changed
DEFENCE MARKET
Largest movements
- Cash +€7,199
up €7,199 (+66.9%), from €10,765 to €17,964
mainly Net result for the year (+€9,152) and Tax, wage and social debts (+€3,486)
- Receivables within one year +€3,382
new in 2025: €3,382
- Stocks and contracts +€2,400
up €2,400 (+144%), from €1,670 to €4,070
- Profit (loss) carried forward +€9,152
up €9,152 (+484%), from €1,890 to €11,042
- Tax, wage and social debts +€3,486
up €3,486 (+159%), from €2,191 to €5,677
- Trade debts +€1,881
up €1,881 (+84.6%), from €2,224 to €4,105
- Current portion of long-term debt -€1,447
no longer reported in 2025 (was €1,447)
- Turnover +€66,616
up €66,616 (+32.5%), from €204,753 to €271,369
- Purchases and services +€46,839
up €46,839 (+23.3%), from €201,250 to €248,089
- Gross operating margin +€28,096
up €28,096 (+802%), from €3,503 to €31,599
- Staff costs +€18,000
new in 2025: €18,000
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,843 | €25,824 | +€12,981 | +101% |
| Fixed assets | 21/28 | €408 | €408 | = | 0.0% |
| Financial fixed assets | 28 | €408 | €408 | = | 0.0% |
| Current assets | 29/58 | €12,435 | €25,416 | +€12,981 | +104% |
| Stocks and contracts in progress | 3 | €1,670 | €4,070 | +€2,400 | +144% |
| Stocks | 30/36 | €1,670 | €4,070 | +€2,400 | +144% |
| Amounts receivable within one year | 40/41 | - | €3,382 | +€3,382 | |
| Other amounts receivable | 41 | - | €3,382 | +€3,382 | |
| Cash at bank and in hand | 54/58 | €10,765 | €17,964 | +€7,199 | +66.9% |
| Total equity and liabilities | 10/49 | €12,843 | €25,824 | +€12,981 | +101% |
| Equity | 10/15 | €6,890 | €16,042 | +€9,152 | +133% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Contributions outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €1,890 | €11,042 | +€9,152 | +484% |
| Amounts payable | 17/49 | €5,953 | €9,782 | +€3,829 | +64.3% |
| Amounts payable within one year | 42/48 | €5,953 | €9,782 | +€3,829 | +64.3% |
| Current portion of amounts payable after more than one year | 42 | €1,447 | - | -€1,447 | |
| Trade debts | 44 | €2,224 | €4,105 | +€1,881 | +84.6% |
| Suppliers | 440/4 | €2,224 | €4,105 | +€1,881 | +84.6% |
| Taxes, remuneration and social security | 45 | €2,191 | €5,677 | +€3,486 | +159% |
| Taxes | 450/3 | €2,191 | €5,677 | +€3,486 | +159% |
| Other amounts payable | 47/48 | €91 | - | -€91 | |
| Turnover | 70 | €204,753 | €271,369 | +€66,616 | +32.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €201,250 | €248,089 | +€46,839 | +23.3% |
| Remuneration, social security and pensions | 62 | - | €18,000 | +€18,000 | |
| Other operating charges | 640/8 | €964 | €948 | -€16 | -1.7% |
| Non-recurring operating charges | 66A | - | €200 | +€200 | |
| Gross operating margin | 9900 | €3,503 | €31,599 | +€28,096 | +802% |
| Operating profit (loss) | 9901 | €2,539 | €12,451 | +€9,912 | +390% |
| Financial charges | 65/66B | €19 | €248 | +€229 | +1,205% |
| Recurring financial charges | 65 | €19 | €248 | +€229 | +1,205% |
| Profit (loss) for the period before taxes | 9903 | €2,520 | €12,203 | +€9,683 | +384% |
| Income taxes | 67/77 | €630 | €3,051 | +€2,421 | +384% |
| Profit (loss) for the period | 9904 | €1,890 | €9,152 | +€7,262 | +384% |
| Profit (loss) for the period to be appropriated | 9905 | €1,890 | €9,152 | +€7,262 | +384% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.