DEFISCO: 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.
DEFISCO
Largest movements
- Cash -€33,871
down €33,871 (-78.6%), from €43,068 to €9,198
mainly Contributions, distributions and other (-€20,000) and Current portion of long-term debt (-€16,483)
- Deferred charges and accrued income +€2,639
up €2,639 (+86.7%), from €3,042 to €5,680
- Receivables within one year -€1,956
down €1,956 (-6.1%), from €31,963 to €30,007
of which Trade receivables: -€7,777
- Current portion of long-term debt -€16,483
down €16,483 (-93.3%), from €17,666 to €1,183
- Profit (loss) carried forward -€11,619
down €11,619 (-47.9%), from €24,264 to €12,645
- Tax, wage and social debts -€3,202
down €3,202 (-48.3%), from €6,633 to €3,431
- Gross operating margin -€26,799
down €26,799 (-71.5%), from €37,470 to €10,670
- Taxes -€5,782
down €5,782 (-97.8%), from €5,914 to €132
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 | €192,162 | €159,594 | -€32,568 | -16.9% |
| Fixed assets | 21/28 | €14,089 | €14,708 | +€620 | +4.4% |
| Tangible fixed assets | 22/27 | €13,545 | €14,165 | +€620 | +4.6% |
| Land and buildings | 22 | €3,000 | €2,000 | -€1,000 | -33.3% |
| Furniture and vehicles | 24 | €2,138 | €4,591 | +€2,453 | +114.7% |
| Leasing and similar rights | 25 | €8,407 | €7,574 | -€833 | -9.9% |
| Financial fixed assets | 28 | €544 | €544 | = | 0.0% |
| Current assets | 29/58 | €178,073 | €144,885 | -€33,188 | -18.6% |
| Amounts receivable within one year | 40/41 | €31,963 | €30,007 | -€1,956 | -6.1% |
| Trade receivables | 40 | €31,865 | €24,088 | -€7,777 | -24.4% |
| Other amounts receivable | 41 | €98 | €5,919 | +€5,821 | +5932.4% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €43,068 | €9,198 | -€33,871 | -78.6% |
| Deferred charges and accrued income | 490/1 | €3,042 | €5,680 | +€2,639 | +86.7% |
| Total equity and liabilities | 10/49 | €192,162 | €159,594 | -€32,568 | -16.9% |
| Equity | 10/15 | €139,215 | €127,596 | -€11,619 | -8.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €96,359 | €96,359 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €89,859 | €89,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,264 | €12,645 | -€11,619 | -47.9% |
| Amounts payable | 17/49 | €52,947 | €31,998 | -€20,949 | -39.6% |
| Amounts payable within one year | 42/48 | €52,947 | €31,998 | -€20,949 | -39.6% |
| Current portion of amounts payable after more than one year | 42 | €17,666 | €1,183 | -€16,483 | -93.3% |
| Trade debts | 44 | €8,648 | €7,384 | -€1,264 | -14.6% |
| Suppliers | 440/4 | €8,648 | €7,384 | -€1,264 | -14.6% |
| Taxes, remuneration and social security | 45 | €6,633 | €3,431 | -€3,202 | -48.3% |
| Taxes | 450/3 | €6,633 | €3,431 | -€3,202 | -48.3% |
| Other amounts payable | 47/48 | €20,000 | €20,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,258 | €3,559 | +€301 | +9.2% |
| Other operating charges | 640/8 | €1,929 | €1,921 | -€8 | -0.4% |
| Gross operating margin | 9900 | €37,470 | €10,670 | -€26,799 | -71.5% |
| Operating profit (loss) | 9901 | €32,283 | €5,190 | -€27,092 | -83.9% |
| Financial income | 75/76B | €3,876 | €3,523 | -€353 | -9.1% |
| Recurring financial income | 75 | €3,876 | €3,523 | -€353 | -9.1% |
| Financial charges | 65/66B | €396 | €200 | -€195 | -49.4% |
| Recurring financial charges | 65 | €396 | €200 | -€195 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | €35,763 | €8,513 | -€27,250 | -76.2% |
| Income taxes | 67/77 | €5,914 | €132 | -€5,782 | -97.8% |
| Profit (loss) for the period | 9904 | €29,849 | €8,381 | -€21,468 | -71.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,849 | €8,381 | -€21,468 | -71.9% |
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 11 October 2026 via checked.be.