DEFERM M&C: 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 M&C
Largest movements
- Cash -€44,891
down €44,891 (-66.2%), from €67,821 to €22,931
mainly Contributions, distributions and other (-€35,257) and Other debts (-€26,743)
- Receivables within one year +€21,031
up €21,031 (+74.1%), from €28,393 to €49,425
of which Other amounts receivable: +€24,216
- Receivables after one year -€12,000
no longer reported in 2025 (was €12,000)
- Tangible fixed assets -€8,208
down €8,208 (-76.7%), from €10,705 to €2,496
of which Furniture and vehicles: -€9,264
- Other debts -€26,743
down €26,743 (-43.1%), from €62,000 to €35,257
- Reserves -€19,159
down €19,159 (-54.3%), from €35,257 to €16,097
- Trade debts +€3,078
up €3,078 (+192%), from €1,600 to €4,679
- Tax, wage and social debts -€1,434
down €1,434 (-8.5%), from €16,923 to €15,490
of which Taxes: -€3,934
- Gross operating margin -€6,340
down €6,340 (-17.5%), from €36,135 to €29,795
- Depreciation -€4,383
down €4,383 (-31.6%), from €13,854 to €9,471
- Taxes -€482
down €482 (-9.5%), from €5,056 to €4,574
- Financial income -€408
down €408 (-26.8%), from €1,520 to €1,112
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 | €120,880 | €77,072 | -€43,808 | -36.2% |
| Fixed assets | 21/28 | €10,705 | €2,496 | -€8,208 | -76.7% |
| Tangible fixed assets | 22/27 | €10,705 | €2,496 | -€8,208 | -76.7% |
| Plant, machinery and equipment | 23 | €89 | €1,145 | +€1,056 | +1,191% |
| Furniture and vehicles | 24 | €10,616 | €1,352 | -€9,264 | -87.3% |
| Current assets | 29/58 | €110,176 | €74,576 | -€35,600 | -32.3% |
| Amounts receivable after more than one year | 29 | €12,000 | - | -€12,000 | |
| Other amounts receivable | 291 | €12,000 | - | -€12,000 | |
| Amounts receivable within one year | 40/41 | €28,393 | €49,425 | +€21,031 | +74.1% |
| Trade receivables | 40 | €28,393 | €25,209 | -€3,184 | -11.2% |
| Other amounts receivable | 41 | - | €24,216 | +€24,216 | |
| Cash at bank and in hand | 54/58 | €67,821 | €22,931 | -€44,891 | -66.2% |
| Deferred charges and accrued income | 490/1 | €1,961 | €2,220 | +€259 | +13.2% |
| Total equity and liabilities | 10/49 | €120,880 | €77,072 | -€43,808 | -36.2% |
| Equity | 10/15 | €40,357 | €21,197 | -€19,159 | -47.5% |
| Contributions | 10/11 | €5,100 | €5,100 | = | 0.0% |
| Reserves | 13 | €35,257 | €16,097 | -€19,159 | -54.3% |
| Distributable reserves | 133 | €35,257 | €16,097 | -€19,159 | -54.3% |
| Amounts payable | 17/49 | €80,524 | €55,875 | -€24,649 | -30.6% |
| Amounts payable within one year | 42/48 | €80,524 | €55,425 | -€25,099 | -31.2% |
| Trade debts | 44 | €1,600 | €4,679 | +€3,078 | +192% |
| Suppliers | 440/4 | €1,600 | €4,679 | +€3,078 | +192% |
| Taxes, remuneration and social security | 45 | €16,923 | €15,490 | -€1,434 | -8.5% |
| Taxes | 450/3 | €16,923 | €12,990 | -€3,934 | -23.2% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €62,000 | €35,257 | -€26,743 | -43.1% |
| Accrued charges and deferred income | 492/3 | - | €450 | +€450 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,854 | €9,471 | -€4,383 | -31.6% |
| Other operating charges | 640/8 | €774 | €547 | -€227 | -29.3% |
| Gross operating margin | 9900 | €36,135 | €29,795 | -€6,340 | -17.5% |
| Operating profit (loss) | 9901 | €21,508 | €19,777 | -€1,731 | -8.0% |
| Financial income | 75/76B | €1,520 | €1,112 | -€408 | -26.8% |
| Recurring financial income | 75 | €1,520 | €1,112 | -€408 | -26.8% |
| Financial charges | 65/66B | €189 | €219 | +€30 | +16.1% |
| Recurring financial charges | 65 | €189 | €219 | +€30 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | €22,839 | €20,671 | -€2,169 | -9.5% |
| Income taxes | 67/77 | €5,056 | €4,574 | -€482 | -9.5% |
| Profit (loss) for the period | 9904 | €17,784 | €16,097 | -€1,687 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,784 | €16,097 | -€1,687 | -9.5% |
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 18 October 2026 via checked.be.