DEFERM-LOGIST: 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.
DEFERM-LOGIST
Largest movements
- Tangible fixed assets -€9,344
down €9,344 (-4.9%), from €190,246 to €180,901
of which Land and buildings: -€7,641
- Cash +€8,178
up €8,178 (+202.0%), from €4,049 to €12,227
mainly Depreciation (+€9,344) and Net result for the year (+€7,014)
- Receivables within one year -€3,270
no longer reported in 2025 (was €3,270)
- Other debts -€11,186
down €11,186 (-14.8%), from €75,360 to €64,174
- Reserves +€6,500
up €6,500 (+7.7%), from €84,629 to €91,129
- Depreciation -€6,364
down €6,364 (-40.5%), from €15,709 to €9,344
- Financial income -€3,000
no longer reported in 2025 (was €3,000)
of which Financial income: -€3,000
- Taxes +€1,324
up €1,324 (+40.7%), from €3,254 to €4,578
- Gross operating margin -€1,298
down €1,298 (-4.9%), from €26,309 to €25,012
- Other operating charges -€543
down €543 (-11.8%), from €4,616 to €4,073
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 | €197,564 | €193,128 | -€4,437 | -2.2% |
| Fixed assets | 21/28 | €190,246 | €180,901 | -€9,344 | -4.9% |
| Tangible fixed assets | 22/27 | €190,246 | €180,901 | -€9,344 | -4.9% |
| Land and buildings | 22 | €188,486 | €180,845 | -€7,641 | -4.1% |
| Plant, machinery and equipment | 23 | €168 | €56 | -€112 | -66.7% |
| Furniture and vehicles | 24 | €1,591 | - | -€1,591 | |
| Current assets | 29/58 | €7,319 | €12,227 | +€4,908 | +67.1% |
| Amounts receivable within one year | 40/41 | €3,270 | - | -€3,270 | |
| Trade receivables | 40 | €3,270 | - | -€3,270 | |
| Cash at bank and in hand | 54/58 | €4,049 | €12,227 | +€8,178 | +202.0% |
| Total equity and liabilities | 10/49 | €197,564 | €193,128 | -€4,437 | -2.2% |
| Equity | 10/15 | €119,827 | €126,841 | +€7,014 | +5.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,629 | €91,129 | +€6,500 | +7.7% |
| Distributable reserves | 133 | €84,629 | €91,129 | +€6,500 | +7.7% |
| Profit (loss) carried forward | 14 | €16,598 | €17,112 | +€514 | +3.1% |
| Amounts payable | 17/49 | €77,737 | €66,286 | -€11,451 | -14.7% |
| Amounts payable within one year | 42/48 | €77,737 | €66,286 | -€11,451 | -14.7% |
| Current portion of amounts payable after more than one year | 42 | €952 | - | -€952 | |
| Trade debts | 44 | €171 | €280 | +€108 | +63.3% |
| Suppliers | 440/4 | €171 | €280 | +€108 | +63.3% |
| Taxes, remuneration and social security | 45 | €1,254 | €1,833 | +€578 | +46.1% |
| Taxes | 450/3 | €1,254 | €1,833 | +€578 | +46.1% |
| Other amounts payable | 47/48 | €75,360 | €64,174 | -€11,186 | -14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,709 | €9,344 | -€6,364 | -40.5% |
| Other operating charges | 640/8 | €4,616 | €4,073 | -€543 | -11.8% |
| Gross operating margin | 9900 | €26,309 | €25,012 | -€1,298 | -4.9% |
| Operating profit (loss) | 9901 | €5,984 | €11,594 | +€5,610 | +93.7% |
| Financial income | 75/76B | €3,000 | - | -€3,000 | |
| Recurring financial income | 75 | €3,000 | - | -€3,000 | |
| Non-recurring financial income | 76B | €3,000 | - | -€3,000 | |
| Financial charges | 65/66B | €25 | €1 | -€24 | -94.9% |
| Recurring financial charges | 65 | €25 | €1 | -€24 | -94.9% |
| Profit (loss) for the period before taxes | 9903 | €8,960 | €11,593 | +€2,633 | +29.4% |
| Income taxes | 67/77 | €3,254 | €4,578 | +€1,324 | +40.7% |
| Profit (loss) for the period | 9904 | €5,705 | €7,014 | +€1,309 | +23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,705 | €7,014 | +€1,309 | +23.0% |
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 10 October 2026 via checked.be.