DEFIAC: 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.
What changed
DEFIAC
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€359,360
2024 · €1.7m-€1.3m
Equity
€18.6m
2024 · €18.3m+€359,360
Cash
€263,503
2024 · €252,301+€11,201
Balance sheet total
€19.6m
2024 · €19.1m+€493,843
Largest movements
Assets
- Current investments +€257,950
up €257,950 (+2.9%), from €9.0m to €9.3m
Equity and liabilities
- Reserves +€358,589
up €358,589 (+4.9%), from €7.3m to €7.6m
of which Distributable reserves: +€360,000
Income statement
- Financial income -€989,821
down €989,821 (-75.4%), from €1.3m to €323,132
- Gross operating margin -€139,869
down €139,869 (-12.4%), from €1.1m to €984,058
- Taxes +€109,586
new in 2025: €109,586
- Other operating charges -€69,182
down €69,182 (-33.9%), from €204,128 to €134,946
- Financial charges +€19,914
up €19,914 (+24.0%), from €82,918 to €102,832
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.
Result 2024
€1.7m
Gross operating margin
-€139,869
Depreciation
+€4,990
Write-downs
-€17,882
Other operating charges
+€69,182
Other operating items
-€138,298
Financial income
-€989,821
Financial charges
-€19,914
Taxes
-€109,586
Deferred taxes and other
+€920
Result 2025
€359,360
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€904,496
Investment
-€893,294
Financing
€0
Cash 2024
€252,301
From operations (derived)
+€904,496
Net result for the year
+€359,360
Depreciation
+€451,090
Receivables within one year
-€37,824
Deferred charges and accrued income
-€2,614
Provisions
-€6,804
Trade debts
+€151,666
Smaller working-capital items
+€1,003
Other debts
-€4,359
Accrued charges and deferred income
-€7,024
Investment (derived)
-€893,294
Investment in fixed assets (net)
-€635,345
Current investments
-€257,950
Cash 2025
€263,503
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,129,563 | €19,623,406 | +€493,843 | +2.6% |
| Fixed assets | 21/28 | €9,759,839 | €9,944,093 | +€184,254 | +1.9% |
| Tangible fixed assets | 22/27 | €9,739,172 | €9,923,427 | +€184,254 | +1.9% |
| Land and buildings | 22 | €9,739,172 | €9,923,427 | +€184,254 | +1.9% |
| Financial fixed assets | 28 | €20,667 | €20,667 | = | 0.0% |
| Current assets | 29/58 | €9,369,724 | €9,679,313 | +€309,589 | +3.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €85,757 | €123,581 | +€37,824 | +44.1% |
| Trade receivables | 40 | €58,174 | €47,050 | -€11,125 | -19.1% |
| Other amounts receivable | 41 | €27,583 | €76,532 | +€48,949 | +177% |
| Current investments | 50/53 | €9,031,579 | €9,289,529 | +€257,950 | +2.9% |
| Cash at bank and in hand | 54/58 | €252,301 | €263,503 | +€11,201 | +4.4% |
| Deferred charges and accrued income | 490/1 | €86 | €2,700 | +€2,614 | +3,027% |
| Total equity and liabilities | 10/49 | €19,129,563 | €19,623,406 | +€493,843 | +2.6% |
| Equity | 10/15 | €18,257,551 | €18,616,911 | +€359,360 | +2.0% |
| Contributions | 10/11 | €11,000,000 | €11,000,000 | = | 0.0% |
| Capital | 10 | €11,000,000 | €11,000,000 | = | 0.0% |
| Issued capital | 100 | €11,000,000 | €11,000,000 | = | 0.0% |
| Reserves | 13 | €7,255,927 | €7,614,516 | +€358,589 | +4.9% |
| Non-distributable reserves | 130/1 | €277,000 | €296,000 | +€19,000 | +6.9% |
| Legal reserve | 130 | €277,000 | €296,000 | +€19,000 | +6.9% |
| Tax-exempt reserves | 132 | €383,927 | €363,516 | -€20,411 | -5.3% |
| Distributable reserves | 133 | €6,595,000 | €6,955,000 | +€360,000 | +5.5% |
| Profit (loss) carried forward | 14 | €1,624 | €2,395 | +€771 | +47.5% |
| Provisions and deferred taxes | 16 | €127,976 | €121,172 | -€6,804 | -5.3% |
| Deferred taxes | 168 | €127,976 | €121,172 | -€6,804 | -5.3% |
| Amounts payable | 17/49 | €744,036 | €885,323 | +€141,287 | +19.0% |
| Amounts payable after more than one year | 17 | €670,805 | €670,805 | = | 0.0% |
| Financial debts | 170/4 | €670,805 | €670,805 | = | 0.0% |
| Amounts payable within one year | 42/48 | €66,208 | €214,518 | +€148,310 | +224% |
| Trade debts | 44 | €4,077 | €155,743 | +€151,666 | +3,720% |
| Suppliers | 440/4 | €4,077 | €155,743 | +€151,666 | +3,720% |
| Advances received on contracts in progress | 46 | €3,647 | €3,395 | -€252 | -6.9% |
| Taxes, remuneration and social security | 45 | €20,169 | €21,425 | +€1,255 | +6.2% |
| Taxes | 450/3 | €16,140 | €17,395 | +€1,255 | +7.8% |
| Remuneration and social security | 454/9 | €4,030 | €4,030 | = | 0.0% |
| Other amounts payable | 47/48 | €38,314 | €33,955 | -€4,359 | -11.4% |
| Accrued charges and deferred income | 492/3 | €7,024 | €0 | -€7,024 | -100% |
| Non-recurring operating income | 76A | €91,271 | €0 | -€91,271 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €456,081 | €451,090 | -€4,990 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €17,882 | +€17,882 | |
| Other operating charges | 640/8 | €204,128 | €134,946 | -€69,182 | -33.9% |
| Non-recurring operating charges | 66A | - | €138,298 | +€138,298 | |
| Gross operating margin | 9900 | €1,123,927 | €984,058 | -€139,869 | -12.4% |
| Operating profit (loss) | 9901 | €463,718 | €241,842 | -€221,876 | -47.8% |
| Financial income | 75/76B | €1,312,953 | €323,132 | -€989,821 | -75.4% |
| Recurring financial income | 75 | €1,312,953 | €323,132 | -€989,821 | -75.4% |
| Financial charges | 65/66B | €82,918 | €102,832 | +€19,914 | +24.0% |
| Recurring financial charges | 65 | €82,918 | €102,832 | +€19,914 | +24.0% |
| Profit (loss) for the period before taxes | 9903 | €1,693,753 | €462,142 | -€1.2m | -72.7% |
| Transfer from deferred taxes | 780 | €5,884 | €6,804 | +€920 | +15.6% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | - | €109,586 | +€109,586 | |
| Profit (loss) for the period | 9904 | €1,699,637 | €359,360 | -€1.3m | -78.9% |
| Transfer from tax-exempt reserves | 789 | €17,652 | €20,411 | +€2,759 | +15.6% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €1,717,289 | €379,771 | -€1.3m | -77.9% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.