DEFER: 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.
DEFER
Largest movements
- Cash +€17,822
up €17,822 (+38.5%), from €46,235 to €64,057
mainly Other debts (+€50,869) and Debts after one year (+€17,428)
- Tangible fixed assets -€14,866
down €14,866 (-24.1%), from €61,774 to €46,907
of which Furniture and vehicles: -€13,534
- Stocks and contracts +€3,447
up €3,447 (+10.2%), from €33,750 to €37,197
- Receivables within one year -€2,700
down €2,700 (-10.2%), from €26,449 to €23,749
of which Other amounts receivable: -€5,824
- Trade debts -€54,662
down €54,662 (-97.8%), from €55,906 to €1,243
- Other debts +€50,869
up €50,869 (+308.3%), from €16,500 to €67,369
- Debts after one year +€17,428
new in 2025: €17,428
- Profit (loss) carried forward -€11,649
down €11,649 (-19.9%), from €58,665 to €47,015
- Current portion of long-term debt +€7,561
new in 2025: €7,561
- Gross operating margin +€97,437
up €97,437, from -€88,558 to €8,878
- Depreciation +€4,932
up €4,932 (+40.9%), from €12,061 to €16,993
- Staff costs -€3,014
no longer reported in 2025 (was €3,014)
- Financial charges +€1,099
up €1,099 (+373.6%), from €294 to €1,393
- Other operating charges +€1,065
up €1,065 (+93.6%), from €1,138 to €2,202
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 | €168,208 | €171,910 | +€3,703 | +2.2% |
| Fixed assets | 21/28 | €61,774 | €46,907 | -€14,866 | -24.1% |
| Tangible fixed assets | 22/27 | €61,774 | €46,907 | -€14,866 | -24.1% |
| Plant, machinery and equipment | 23 | €7,338 | €6,005 | -€1,333 | -18.2% |
| Furniture and vehicles | 24 | €54,436 | €40,902 | -€13,534 | -24.9% |
| Current assets | 29/58 | €106,434 | €125,003 | +€18,569 | +17.4% |
| Stocks and contracts in progress | 3 | €33,750 | €37,197 | +€3,447 | +10.2% |
| Stocks | 30/36 | €33,750 | €37,197 | +€3,447 | +10.2% |
| Amounts receivable within one year | 40/41 | €26,449 | €23,749 | -€2,700 | -10.2% |
| Trade receivables | 40 | - | €3,125 | +€3,125 | |
| Other amounts receivable | 41 | €26,449 | €20,625 | -€5,824 | -22.0% |
| Cash at bank and in hand | 54/58 | €46,235 | €64,057 | +€17,822 | +38.5% |
| Total equity and liabilities | 10/49 | €168,208 | €171,910 | +€3,703 | +2.2% |
| Equity | 10/15 | €79,410 | €67,761 | -€11,649 | -14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,146 | €2,146 | = | 0.0% |
| Tax-exempt reserves | 132 | €286 | €286 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,665 | €47,015 | -€11,649 | -19.9% |
| Amounts payable | 17/49 | €88,797 | €104,149 | +€15,352 | +17.3% |
| Amounts payable after more than one year | 17 | - | €17,428 | +€17,428 | |
| Financial debts | 170/4 | - | €17,428 | +€17,428 | |
| Amounts payable within one year | 42/48 | €88,797 | €86,721 | -€2,076 | -2.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,561 | +€7,561 | |
| Trade debts | 44 | €55,906 | €1,243 | -€54,662 | -97.8% |
| Suppliers | 440/4 | €55,906 | €1,243 | -€54,662 | -97.8% |
| Taxes, remuneration and social security | 45 | €16,391 | €10,547 | -€5,844 | -35.7% |
| Taxes | 450/3 | €6,000 | €156 | -€5,844 | -97.4% |
| Remuneration and social security | 454/9 | €10,391 | €10,391 | = | 0.0% |
| Other amounts payable | 47/48 | €16,500 | €67,369 | +€50,869 | +308.3% |
| Non-recurring operating income | 76A | €27,938 | - | -€27,938 | |
| Remuneration, social security and pensions | 62 | €3,014 | - | -€3,014 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,061 | €16,993 | +€4,932 | +40.9% |
| Other operating charges | 640/8 | €1,138 | €2,202 | +€1,065 | +93.6% |
| Non-recurring operating charges | 66A | €9,960 | - | -€9,960 | |
| Gross operating margin | 9900 | -€88,558 | €8,878 | +€97,437 | |
| Operating profit (loss) | 9901 | -€114,731 | -€10,317 | +€104,414 | +91.0% |
| Financial income | 75/76B | €501 | €309 | -€192 | -38.4% |
| Recurring financial income | 75 | €501 | €309 | -€192 | -38.4% |
| Financial charges | 65/66B | €294 | €1,393 | +€1,099 | +373.6% |
| Recurring financial charges | 65 | €294 | €1,393 | +€1,099 | +373.6% |
| Profit (loss) for the period before taxes | 9903 | -€114,524 | -€11,401 | +€103,123 | +90.0% |
| Income taxes | 67/77 | €178 | €248 | +€70 | +39.6% |
| Profit (loss) for the period | 9904 | -€114,702 | -€11,649 | +€103,053 | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€114,702 | -€11,649 | +€103,053 | +89.8% |
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 4 October 2026 via checked.be.