DEFMA: 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
DEFMA
NACE 77.320, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€9,985
2024 · €225-€10,210
Equity
€215,648
2024 · €225,633-€9,985
Cash
€3,727
2024 · €6,866-€3,140
Balance sheet total
€629,165
2024 · €389,354+€239,812
Largest movements
Assets
- Tangible fixed assets +€216,047
up €216,047 (+59.4%), from €363,884 to €579,931
of which Land and buildings: +€207,892
- Receivables within one year +€15,049
up €15,049 (+342%), from €4,402 to €19,451
of which Trade receivables: +€9,409
- Deferred charges and accrued income +€8,855
up €8,855 (+402%), from €2,201 to €11,056
Equity and liabilities
- Other debts +€268,753
up €268,753 (+246%), from €109,452 to €378,204
- Trade debts -€15,414
down €15,414 (-55.4%), from €27,814 to €12,399
Income statement
- Depreciation +€8,254
up €8,254 (+32.9%), from €25,088 to €33,343
- Staff costs +€400
up €400, from €0 to €400
- Other operating charges -€373
down €373 (-8.5%), from €4,397 to €4,024
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
€225
Gross operating margin
-€215
Staff costs
-€400
Depreciation
-€8,254
Other operating charges
+€373
Financial income
-€2
Financial charges
+€246
Taxes
+€1
Deferred taxes and other
-€1,958
Result 2025
-€9,985
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
+€250,758
Investment
-€249,390
Financing
-€4,507
Cash 2024
€6,866
From operations (derived)
+€250,758
Net result for the year
-€9,985
Depreciation
+€33,343
Stocks and contracts
-€3,000
Receivables within one year
-€15,049
Deferred charges and accrued income
-€8,855
Provisions
-€2,231
Trade debts
-€15,414
Tax, wage and social debts
+€1,725
Other debts
+€268,753
Accrued charges and deferred income
+€1,471
Investment (derived)
-€249,390
Investment in fixed assets (net)
-€249,390
Financing
-€4,507
Debts after one year
-€6,112
Current portion of long-term debt
+€1,605
Cash 2025
€3,727
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €389,354 | €629,165 | +€239,812 | +61.6% |
| Fixed assets | 21/28 | €363,884 | €579,931 | +€216,047 | +59.4% |
| Tangible fixed assets | 22/27 | €363,884 | €579,931 | +€216,047 | +59.4% |
| Land and buildings | 22 | €300,075 | €507,966 | +€207,892 | +69.3% |
| Plant, machinery and equipment | 23 | €45,214 | €49,096 | +€3,882 | +8.6% |
| Furniture and vehicles | 24 | €18,595 | €22,869 | +€4,274 | +23.0% |
| Current assets | 29/58 | €25,470 | €49,234 | +€23,765 | +93.3% |
| Stocks and contracts in progress | 3 | €12,000 | €15,000 | +€3,000 | +25.0% |
| Stocks | 30/36 | €12,000 | €15,000 | +€3,000 | +25.0% |
| Amounts receivable within one year | 40/41 | €4,402 | €19,451 | +€15,049 | +342% |
| Trade receivables | 40 | €3,626 | €13,035 | +€9,409 | +259% |
| Other amounts receivable | 41 | €776 | €6,416 | +€5,640 | +727% |
| Cash at bank and in hand | 54/58 | €6,866 | €3,727 | -€3,140 | -45.7% |
| Deferred charges and accrued income | 490/1 | €2,201 | €11,056 | +€8,855 | +402% |
| Total equity and liabilities | 10/49 | €389,354 | €629,165 | +€239,812 | +61.6% |
| Equity | 10/15 | €225,633 | €215,648 | -€9,985 | -4.4% |
| Contributions | 10/11 | €99,157 | €99,157 | = | 0.0% |
| Capital | 10 | €99,157 | €99,157 | = | 0.0% |
| Issued capital | 100 | €99,157 | €99,157 | = | 0.0% |
| Reserves | 13 | €26,227 | €21,894 | -€4,333 | -16.5% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,311 | €11,978 | -€4,333 | -26.6% |
| Profit (loss) carried forward | 14 | €100,249 | €94,597 | -€5,652 | -5.6% |
| Provisions and deferred taxes | 16 | €8,399 | €6,168 | -€2,231 | -26.6% |
| Deferred taxes | 168 | €8,399 | €6,168 | -€2,231 | -26.6% |
| Amounts payable | 17/49 | €155,321 | €407,349 | +€252,028 | +162% |
| Amounts payable after more than one year | 17 | €10,756 | €4,644 | -€6,112 | -56.8% |
| Financial debts | 170/4 | €10,756 | €4,644 | -€6,112 | -56.8% |
| Amounts payable within one year | 42/48 | €144,565 | €401,233 | +€256,668 | +178% |
| Current portion of amounts payable after more than one year | 42 | €6,021 | €7,626 | +€1,605 | +26.6% |
| Trade debts | 44 | €27,814 | €12,399 | -€15,414 | -55.4% |
| Suppliers | 440/4 | €27,814 | €12,399 | -€15,414 | -55.4% |
| Taxes, remuneration and social security | 45 | €1,278 | €3,004 | +€1,725 | +135% |
| Taxes | 450/3 | €1,278 | €3,004 | +€1,725 | +135% |
| Other amounts payable | 47/48 | €109,452 | €378,204 | +€268,753 | +246% |
| Accrued charges and deferred income | 492/3 | - | €1,471 | +€1,471 | |
| Remuneration, social security and pensions | 62 | €0 | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,088 | €33,343 | +€8,254 | +32.9% |
| Other operating charges | 640/8 | €4,397 | €4,024 | -€373 | -8.5% |
| Gross operating margin | 9900 | €27,653 | €27,438 | -€215 | -0.8% |
| Operating profit (loss) | 9901 | -€1,832 | -€10,328 | -€8,496 | -464% |
| Financial income | 75/76B | €2 | €0 | -€2 | -90.8% |
| Recurring financial income | 75 | €2 | €0 | -€2 | -90.8% |
| Financial charges | 65/66B | €2,134 | €1,889 | -€246 | -11.5% |
| Recurring financial charges | 65 | €2,134 | €1,889 | -€246 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,964 | -€12,216 | -€8,252 | -208% |
| Transfer from deferred taxes | 780 | €4,190 | €2,231 | -€1,958 | -46.7% |
| Income taxes | 67/77 | €1 | €0 | -€1 | -100% |
| Profit (loss) for the period | 9904 | €225 | -€9,985 | -€10,210 | |
| Transfer from tax-exempt reserves | 789 | €8,137 | €4,333 | -€3,803 | -46.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,362 | -€5,652 | -€14,013 |
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 24 October 2026 via checked.be.