DEFINANCE: 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.
DEFINANCE
Largest movements
- Tangible fixed assets +€668,802
up €668,802 (+2,043%), from €32,730 to €701,532
of which Land and buildings: +€682,173
- Cash -€273,880
down €273,880 (-98.5%), from €278,138 to €4,258
mainly Investment in fixed assets (net) (-€695,250) and Tax, wage and social debts (-€4,687)
- Debts after one year +€360,000
new in 2025: €360,000
- Profit (loss) carried forward +€27,393
up €27,393 (+9.1%), from €300,438 to €327,831
- Depreciation +€13,077
up €13,077 (+97.8%), from €13,371 to €26,448
- Gross operating margin +€7,668
up €7,668 (+7.6%), from €100,878 to €108,546
- Staff costs +€3,402
up €3,402 (+8.5%), from €40,014 to €43,416
- Taxes -€2,240
down €2,240 (-18.7%), from €12,011 to €9,771
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 | €341,970 | €729,944 | +€387,974 | +113% |
| Fixed assets | 21/28 | €32,905 | €701,707 | +€668,802 | +2,033% |
| Tangible fixed assets | 22/27 | €32,730 | €701,532 | +€668,802 | +2,043% |
| Land and buildings | 22 | - | €682,173 | +€682,173 | |
| Furniture and vehicles | 24 | €32,730 | €19,359 | -€13,371 | -40.9% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €309,065 | €28,237 | -€280,828 | -90.9% |
| Amounts receivable within one year | 40/41 | €29,363 | €22,380 | -€6,984 | -23.8% |
| Trade receivables | 40 | €29,363 | €22,151 | -€7,212 | -24.6% |
| Other amounts receivable | 41 | €0 | €229 | +€229 | |
| Cash at bank and in hand | 54/58 | €278,138 | €4,258 | -€273,880 | -98.5% |
| Deferred charges and accrued income | 490/1 | €1,564 | €1,599 | +€35 | +2.2% |
| Total equity and liabilities | 10/49 | €341,970 | €729,944 | +€387,974 | +113% |
| Equity | 10/15 | €320,898 | €348,291 | +€27,393 | +8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €300,438 | €327,831 | +€27,393 | +9.1% |
| Amounts payable | 17/49 | €21,071 | €381,652 | +€360,581 | +1,711% |
| Amounts payable after more than one year | 17 | - | €360,000 | +€360,000 | |
| Other amounts payable | 178/9 | - | €360,000 | +€360,000 | |
| Amounts payable within one year | 42/48 | €20,351 | €21,652 | +€1,301 | +6.4% |
| Trade debts | 44 | €139 | €5,898 | +€5,759 | +4,143% |
| Suppliers | 440/4 | €139 | €5,898 | +€5,759 | +4,143% |
| Taxes, remuneration and social security | 45 | €17,822 | €13,135 | -€4,687 | -26.3% |
| Taxes | 450/3 | €10,391 | €7,302 | -€3,089 | -29.7% |
| Remuneration and social security | 454/9 | €7,432 | €5,833 | -€1,598 | -21.5% |
| Other amounts payable | 47/48 | €2,390 | €2,619 | +€229 | +9.6% |
| Accrued charges and deferred income | 492/3 | €720 | €0 | -€720 | -100% |
| Remuneration, social security and pensions | 62 | €40,014 | €43,416 | +€3,402 | +8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,371 | €26,448 | +€13,077 | +97.8% |
| Other operating charges | 640/8 | €838 | €1,295 | +€457 | +54.6% |
| Gross operating margin | 9900 | €100,878 | €108,546 | +€7,668 | +7.6% |
| Operating profit (loss) | 9901 | €46,656 | €37,388 | -€9,268 | -19.9% |
| Financial income | 75/76B | €17 | €0 | -€17 | -99.5% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -99.5% |
| Financial charges | 65/66B | €268 | €223 | -€45 | -16.6% |
| Recurring financial charges | 65 | €268 | €223 | -€45 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €46,405 | €37,164 | -€9,240 | -19.9% |
| Income taxes | 67/77 | €12,011 | €9,771 | -€2,240 | -18.7% |
| Profit (loss) for the period | 9904 | €34,393 | €27,393 | -€7,000 | -20.4% |
| Profit (loss) for the period to be appropriated | 9905 | €34,393 | €27,393 | -€7,000 | -20.4% |
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 27 October 2026 via checked.be.