DEFERME: 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.
DEFERME
Largest movements
- Receivables within one year -€126,204
down €126,204 (-33.8%), from €373,795 to €247,591
of which Other amounts receivable: -€145,742
- Cash +€30,067
up €30,067 (+50.6%), from €59,389 to €89,456
mainly Receivables within one year (+€126,204) and Depreciation (+€22,339)
- Intangible fixed assets +€21,657
new in 2025: €21,657
- Stocks and contracts -€11,755
down €11,755 (-15.4%), from €76,243 to €64,489
- Tangible fixed assets -€9,932
down €9,932 (-17.1%), from €57,965 to €48,033
of which Furniture and vehicles: -€9,240
- Tax, wage and social debts -€79,398
down €79,398 (-41.0%), from €193,518 to €114,120
of which Taxes: -€82,017
- Reserves +€34,250
up €34,250 (+21.4%), from €160,273 to €194,523
- Short-term financial debts -€25,000
down €25,000 (-33.3%), from €75,000 to €50,000
- Profit (loss) carried forward -€18,368
down €18,368 (-53.6%), from €34,250 to €15,882
- Debts after one year -€11,823
down €11,823 (-70.7%), from €16,721 to €4,897
- Staff costs +€39,080
up €39,080 (+8.1%), from €480,273 to €519,353
- Taxes -€8,690
down €8,690 (-53.9%), from €16,131 to €7,440
- Gross operating margin +€8,113
up €8,113 (+1.4%), from €567,682 to €575,795
- Other operating charges -€7,358
down €7,358 (-54.2%), from €13,586 to €6,228
- Depreciation +€6,726
up €6,726 (+43.1%), from €15,614 to €22,339
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 | €575,104 | €476,369 | -€98,736 | -17.2% |
| Fixed assets | 21/28 | €58,850 | €70,109 | +€11,259 | +19.1% |
| Intangible fixed assets | 21 | - | €21,657 | +€21,657 | |
| Tangible fixed assets | 22/27 | €57,965 | €48,033 | -€9,932 | -17.1% |
| Plant, machinery and equipment | 23 | €23,119 | €24,363 | +€1,244 | +5.4% |
| Furniture and vehicles | 24 | €23,532 | €14,292 | -€9,240 | -39.3% |
| Other tangible fixed assets | 26 | €11,314 | €9,379 | -€1,936 | -17.1% |
| Financial fixed assets | 28 | €885 | €419 | -€466 | -52.7% |
| Current assets | 29/58 | €516,254 | €406,259 | -€109,995 | -21.3% |
| Stocks and contracts in progress | 3 | €76,243 | €64,489 | -€11,755 | -15.4% |
| Stocks | 30/36 | €76,243 | €64,489 | -€11,755 | -15.4% |
| Amounts receivable within one year | 40/41 | €373,795 | €247,591 | -€126,204 | -33.8% |
| Trade receivables | 40 | €153,613 | €173,152 | +€19,539 | +12.7% |
| Other amounts receivable | 41 | €220,182 | €74,440 | -€145,742 | -66.2% |
| Cash at bank and in hand | 54/58 | €59,389 | €89,456 | +€30,067 | +50.6% |
| Deferred charges and accrued income | 490/1 | €6,827 | €4,723 | -€2,103 | -30.8% |
| Total equity and liabilities | 10/49 | €575,104 | €476,369 | -€98,736 | -17.2% |
| Equity | 10/15 | €216,523 | €232,405 | +€15,882 | +7.3% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €160,273 | €194,523 | +€34,250 | +21.4% |
| Distributable reserves | 133 | €160,273 | €194,523 | +€34,250 | +21.4% |
| Profit (loss) carried forward | 14 | €34,250 | €15,882 | -€18,368 | -53.6% |
| Amounts payable | 17/49 | €358,581 | €243,964 | -€114,617 | -32.0% |
| Amounts payable after more than one year | 17 | €16,721 | €4,897 | -€11,823 | -70.7% |
| Financial debts | 170/4 | €16,721 | €4,897 | -€11,823 | -70.7% |
| Amounts payable within one year | 42/48 | €341,860 | €239,067 | -€102,794 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €48,615 | €51,910 | +€3,295 | +6.8% |
| Financial debts | 43 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Credit institutions | 430/8 | €75,000 | €50,000 | -€25,000 | -33.3% |
| Trade debts | 44 | €24,727 | €22,516 | -€2,211 | -8.9% |
| Suppliers | 440/4 | €24,727 | €22,516 | -€2,211 | -8.9% |
| Taxes, remuneration and social security | 45 | €193,518 | €114,120 | -€79,398 | -41.0% |
| Taxes | 450/3 | €135,967 | €53,951 | -€82,017 | -60.3% |
| Remuneration and social security | 454/9 | €57,551 | €60,169 | +€2,618 | +4.5% |
| Other amounts payable | 47/48 | - | €521 | +€521 | |
| Remuneration, social security and pensions | 62 | €480,273 | €519,353 | +€39,080 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,614 | €22,339 | +€6,726 | +43.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2,955 | €371 | +€3,327 | |
| Other operating charges | 640/8 | €13,586 | €6,228 | -€7,358 | -54.2% |
| Gross operating margin | 9900 | €567,682 | €575,795 | +€8,113 | +1.4% |
| Operating profit (loss) | 9901 | €61,165 | €27,504 | -€33,661 | -55.0% |
| Financial income | 75/76B | €2,614 | €3,025 | +€411 | +15.7% |
| Recurring financial income | 75 | €2,614 | €3,025 | +€411 | +15.7% |
| Financial charges | 65/66B | €13,398 | €7,207 | -€6,191 | -46.2% |
| Recurring financial charges | 65 | €13,398 | €7,207 | -€6,191 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | €50,381 | €23,322 | -€27,059 | -53.7% |
| Income taxes | 67/77 | €16,131 | €7,440 | -€8,690 | -53.9% |
| Profit (loss) for the period | 9904 | €34,250 | €15,882 | -€18,368 | -53.6% |
| Profit (loss) for the period to be appropriated | 9905 | €34,250 | €15,882 | -€18,368 | -53.6% |
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 15 October 2026 via checked.be.