DEFIMEX: 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.
DEFIMEX
Largest movements
- Cash +€857,322
up €857,322 (+86.5%), from €991,219 to €1.8m
mainly Current investments (+€821,829) and Tax, wage and social debts (+€330,606)
- Current investments -€821,829
no longer reported in 2025 (was €821,829)
- Stocks and contracts -€277,287
down €277,287 (-16.5%), from €1.7m to €1.4m
- Receivables within one year +€99,810
up €99,810 (+6.3%), from €1.6m to €1.7m
of which Trade receivables: +€99,312
- Reserves -€900,000
down €900,000 (-25.4%), from €3.5m to €2.6m
of which Distributable reserves: -€900,000
- Tax, wage and social debts +€330,606
up €330,606 (+285.1%), from €115,980 to €446,586
of which Taxes: +€319,774
- Trade debts +€301,528
up €301,528 (+66.4%), from €454,042 to €755,570
- Profit (loss) carried forward +€213,823
up €213,823 (+9991729.9%), from €2 to €213,825
- Short-term financial debts -€96,109
down €96,109 (-12.4%), from €777,555 to €681,446
- Gross operating margin +€353,423
up €353,423 (+52.7%), from €671,216 to €1.0m
- Staff costs +€97,146
up €97,146 (+23.0%), from €422,066 to €519,212
- Taxes +€65,627
up €65,627 (+387.4%), from €16,940 to €82,567
- Financial income +€60,611
up €60,611 (+132.6%), from €45,694 to €106,306
- Financial charges +€56,156
up €56,156 (+40.1%), from €140,057 to €196,213
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 | €5,156,682 | €4,996,593 | -€160,089 | -3.1% |
| Fixed assets | 21/28 | €63,445 | €38,959 | -€24,486 | -38.6% |
| Tangible fixed assets | 22/27 | €63,445 | €38,959 | -€24,486 | -38.6% |
| Furniture and vehicles | 24 | €63,164 | €38,959 | -€24,205 | -38.3% |
| Other tangible fixed assets | 26 | €281 | - | -€281 | |
| Current assets | 29/58 | €5,093,236 | €4,957,634 | -€135,603 | -2.7% |
| Stocks and contracts in progress | 3 | €1,677,840 | €1,400,553 | -€277,287 | -16.5% |
| Stocks | 30/36 | €1,677,840 | €1,400,553 | -€277,287 | -16.5% |
| Amounts receivable within one year | 40/41 | €1,594,297 | €1,694,106 | +€99,810 | +6.3% |
| Trade receivables | 40 | €1,494,203 | €1,593,515 | +€99,312 | +6.6% |
| Other amounts receivable | 41 | €100,094 | €100,592 | +€498 | +0.5% |
| Current investments | 50/53 | €821,829 | - | -€821,829 | |
| Cash at bank and in hand | 54/58 | €991,219 | €1,848,541 | +€857,322 | +86.5% |
| Deferred charges and accrued income | 490/1 | €8,051 | €14,433 | +€6,382 | +79.3% |
| Total equity and liabilities | 10/49 | €5,156,682 | €4,996,593 | -€160,089 | -3.1% |
| Equity | 10/15 | €3,734,416 | €3,048,239 | -€686,177 | -18.4% |
| Contributions | 10/11 | €185,500 | €185,500 | = | 0.0% |
| Capital | 10 | €185,500 | €185,500 | = | 0.0% |
| Issued capital | 100 | €185,500 | €185,500 | = | 0.0% |
| Reserves | 13 | €3,548,914 | €2,648,914 | -€900,000 | -25.4% |
| Non-distributable reserves | 130/1 | €24,800 | €24,800 | = | 0.0% |
| Legal reserve | 130 | €24,800 | €24,800 | = | 0.0% |
| Distributable reserves | 133 | €3,524,114 | €2,624,114 | -€900,000 | -25.5% |
| Profit (loss) carried forward | 14 | €2 | €213,825 | +€213,823 | +9991729.9% |
| Amounts payable | 17/49 | €1,422,265 | €1,948,354 | +€526,088 | +37.0% |
| Amounts payable after more than one year | 17 | €24,009 | €13,547 | -€10,462 | -43.6% |
| Financial debts | 170/4 | €24,009 | €13,547 | -€10,462 | -43.6% |
| Amounts payable within one year | 42/48 | €1,367,774 | €1,934,807 | +€567,033 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €19,939 | €10,462 | -€9,476 | -47.5% |
| Financial debts | 43 | €777,555 | €681,446 | -€96,109 | -12.4% |
| Credit institutions | 430/8 | €777,555 | €681,446 | -€96,109 | -12.4% |
| Trade debts | 44 | €454,042 | €755,570 | +€301,528 | +66.4% |
| Suppliers | 440/4 | €454,042 | €755,570 | +€301,528 | +66.4% |
| Advances received on contracts in progress | 46 | - | €36,729 | +€36,729 | |
| Taxes, remuneration and social security | 45 | €115,980 | €446,586 | +€330,606 | +285.1% |
| Taxes | 450/3 | €45,813 | €365,586 | +€319,774 | +698.0% |
| Remuneration and social security | 454/9 | €70,167 | €81,000 | +€10,832 | +15.4% |
| Other amounts payable | 47/48 | €258 | €4,013 | +€3,756 | +1456.4% |
| Accrued charges and deferred income | 492/3 | €30,483 | - | -€30,483 | |
| Non-recurring operating income | 76A | €11,380 | €2,889 | -€8,491 | -74.6% |
| Remuneration, social security and pensions | 62 | €422,066 | €519,212 | +€97,146 | +23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,823 | €29,745 | -€10,078 | -25.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€40,387 | -€40,387 | |
| Other operating charges | 640/8 | €83,275 | €129,772 | +€46,496 | +55.8% |
| Gross operating margin | 9900 | €671,216 | €1,024,639 | +€353,423 | +52.7% |
| Operating profit (loss) | 9901 | €126,052 | €386,298 | +€260,245 | +206.5% |
| Financial income | 75/76B | €45,694 | €106,306 | +€60,611 | +132.6% |
| Recurring financial income | 75 | €45,694 | €106,306 | +€60,611 | +132.6% |
| Financial charges | 65/66B | €140,057 | €196,213 | +€56,156 | +40.1% |
| Recurring financial charges | 65 | €140,057 | €196,213 | +€56,156 | +40.1% |
| Profit (loss) for the period before taxes | 9903 | €31,690 | €296,390 | +€264,701 | +835.3% |
| Income taxes | 67/77 | €16,940 | €82,567 | +€65,627 | +387.4% |
| Profit (loss) for the period | 9904 | €14,749 | €213,823 | +€199,074 | +1349.7% |
| Profit (loss) for the period to be appropriated | 9905 | €14,749 | €213,823 | +€199,074 | +1349.7% |
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.