DEFER VINCENT: 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.
DEFER VINCENT
Largest movements
- Receivables within one year +€203,013
up €203,013 (+842%), from €24,112 to €227,124
of which Trade receivables: +€216,414
- Cash -€179,609
down €179,609 (-57.4%), from €312,938 to €133,329
mainly Receivables within one year (-€203,013) and Other debts (-€143,952)
- Tangible fixed assets +€52,688
up €52,688 (+9.4%), from €563,337 to €616,025
of which Furniture and vehicles: +€57,012
- Reserves +€309,974
up €309,974 (+97.7%), from €317,342 to €627,316
of which Distributable reserves: +€309,974
- Other debts -€143,952
down €143,952 (-97.1%), from €148,244 to €4,293
- Current portion of long-term debt -€79,185
down €79,185 (-67.2%), from €117,772 to €38,587
- Debts after one year -€38,587
down €38,587 (-13.9%), from €277,776 to €239,189
- Tax, wage and social debts +€26,009
up €26,009 (+423%), from €6,143 to €32,152
- Gross operating margin +€240,834
up €240,834 (+75.6%), from €318,694 to €559,528
- Taxes +€90,383
up €90,383 (+128%), from €70,499 to €160,883
- Depreciation +€23,625
up €23,625 (+43.5%), from €54,346 to €77,971
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 | €904,034 | €983,295 | +€79,261 | +8.8% |
| Fixed assets | 21/28 | €563,337 | €616,025 | +€52,688 | +9.4% |
| Tangible fixed assets | 22/27 | €563,337 | €616,025 | +€52,688 | +9.4% |
| Land and buildings | 22 | €330,344 | €318,573 | -€11,771 | -3.6% |
| Plant, machinery and equipment | 23 | €106,546 | €113,992 | +€7,446 | +7.0% |
| Furniture and vehicles | 24 | €126,447 | €183,459 | +€57,012 | +45.1% |
| Current assets | 29/58 | €340,696 | €367,270 | +€26,574 | +7.8% |
| Amounts receivable within one year | 40/41 | €24,112 | €227,124 | +€203,013 | +842% |
| Trade receivables | 40 | €7,661 | €224,075 | +€216,414 | +2,825% |
| Other amounts receivable | 41 | €16,451 | €3,049 | -€13,402 | -81.5% |
| Cash at bank and in hand | 54/58 | €312,938 | €133,329 | -€179,609 | -57.4% |
| Deferred charges and accrued income | 490/1 | €3,646 | €6,816 | +€3,170 | +86.9% |
| Total equity and liabilities | 10/49 | €904,034 | €983,295 | +€79,261 | +8.8% |
| Equity | 10/15 | €351,471 | €661,445 | +€309,974 | +88.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €317,342 | €627,316 | +€309,974 | +97.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,931 | €21,931 | = | 0.0% |
| Distributable reserves | 133 | €293,551 | €603,525 | +€309,974 | +106% |
| Profit (loss) carried forward | 14 | €15,529 | €15,529 | = | 0.0% |
| Amounts payable | 17/49 | €552,563 | €321,850 | -€230,713 | -41.8% |
| Amounts payable after more than one year | 17 | €277,776 | €239,189 | -€38,587 | -13.9% |
| Financial debts | 170/4 | €277,776 | €239,189 | -€38,587 | -13.9% |
| Amounts payable within one year | 42/48 | €274,787 | €77,661 | -€197,126 | -71.7% |
| Current portion of amounts payable after more than one year | 42 | €117,772 | €38,587 | -€79,185 | -67.2% |
| Trade debts | 44 | €2,628 | €2,629 | +€2 | +0.1% |
| Suppliers | 440/4 | €2,628 | €2,629 | +€2 | +0.1% |
| Taxes, remuneration and social security | 45 | €6,143 | €32,152 | +€26,009 | +423% |
| Taxes | 450/3 | €6,143 | €32,152 | +€26,009 | +423% |
| Other amounts payable | 47/48 | €148,244 | €4,293 | -€143,952 | -97.1% |
| Accrued charges and deferred income | 492/3 | - | €5,000 | +€5,000 | |
| Non-recurring operating income | 76A | €6,760 | - | -€6,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,346 | €77,971 | +€23,625 | +43.5% |
| Other operating charges | 640/8 | €4,851 | €5,742 | +€891 | +18.4% |
| Gross operating margin | 9900 | €318,694 | €559,528 | +€240,834 | +75.6% |
| Operating profit (loss) | 9901 | €259,497 | €475,815 | +€216,318 | +83.4% |
| Financial income | 75/76B | €2,151 | €2,651 | +€501 | +23.3% |
| Recurring financial income | 75 | €2,151 | €2,651 | +€501 | +23.3% |
| Financial charges | 65/66B | €6,100 | €7,609 | +€1,509 | +24.7% |
| Recurring financial charges | 65 | €6,100 | €7,609 | +€1,509 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €255,547 | €470,857 | +€215,310 | +84.3% |
| Income taxes | 67/77 | €70,499 | €160,883 | +€90,383 | +128% |
| Profit (loss) for the period | 9904 | €185,048 | €309,974 | +€124,926 | +67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €185,048 | €309,974 | +€124,926 | +67.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.