DEFNE & ADA: 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.
DEFNE & ADA
Largest movements
- Cash +€451,832
up €451,832 (+128%), from €353,963 to €805,794
mainly Current investments (+€261,196) and Net result for the year (+€151,436)
- Current investments -€261,196
down €261,196 (-80.1%), from €325,968 to €64,772
- Tangible fixed assets -€40,915
down €40,915 (-8.0%), from €512,574 to €471,659
of which Land and buildings: -€39,904
- Receivables within one year -€18,511
down €18,511 (-50.1%), from €36,951 to €18,440
of which Trade receivables: -€22,554
- Reserves +€151,436
up €151,436 (+14.1%), from €1.1m to €1.2m
of which Distributable reserves: +€151,436
- Debts after one year -€25,235
down €25,235 (-33.5%), from €75,292 to €50,057
- Gross operating margin -€31,814
down €31,814 (-10.4%), from €305,743 to €273,929
- Taxes -€6,440
down €6,440 (-8.3%), from €77,480 to €71,040
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 | €1,232,106 | €1,363,749 | +€131,643 | +10.7% |
| Fixed assets | 21/28 | €512,574 | €471,659 | -€40,915 | -8.0% |
| Tangible fixed assets | 22/27 | €512,574 | €471,659 | -€40,915 | -8.0% |
| Land and buildings | 22 | €499,771 | €459,866 | -€39,904 | -8.0% |
| Furniture and vehicles | 24 | €12,803 | €11,793 | -€1,011 | -7.9% |
| Current assets | 29/58 | €719,532 | €892,090 | +€172,558 | +24.0% |
| Amounts receivable within one year | 40/41 | €36,951 | €18,440 | -€18,511 | -50.1% |
| Trade receivables | 40 | €35,994 | €13,440 | -€22,554 | -62.7% |
| Other amounts receivable | 41 | €957 | €5,000 | +€4,043 | +423% |
| Current investments | 50/53 | €325,968 | €64,772 | -€261,196 | -80.1% |
| Cash at bank and in hand | 54/58 | €353,963 | €805,794 | +€451,832 | +128% |
| Deferred charges and accrued income | 490/1 | €2,651 | €3,084 | +€433 | +16.3% |
| Total equity and liabilities | 10/49 | €1,232,106 | €1,363,749 | +€131,643 | +10.7% |
| Equity | 10/15 | €1,092,743 | €1,244,179 | +€151,436 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,074,143 | €1,225,579 | +€151,436 | +14.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,072,283 | €1,223,719 | +€151,436 | +14.1% |
| Amounts payable | 17/49 | €139,363 | €119,570 | -€19,793 | -14.2% |
| Amounts payable after more than one year | 17 | €75,292 | €50,057 | -€25,235 | -33.5% |
| Financial debts | 170/4 | €75,292 | €50,057 | -€25,235 | -33.5% |
| Amounts payable within one year | 42/48 | €64,071 | €69,514 | +€5,442 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €25,744 | €25,235 | -€509 | -2.0% |
| Trade debts | 44 | €1,039 | €337 | -€702 | -67.6% |
| Suppliers | 440/4 | €1,039 | €337 | -€702 | -67.6% |
| Taxes, remuneration and social security | 45 | €37,288 | €42,380 | +€5,092 | +13.7% |
| Taxes | 450/3 | €37,288 | €42,380 | +€5,092 | +13.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €1,561 | +€1,561 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,236 | €44,599 | +€363 | +0.8% |
| Other operating charges | 640/8 | €6,870 | €8,820 | +€1,950 | +28.4% |
| Gross operating margin | 9900 | €305,743 | €273,929 | -€31,814 | -10.4% |
| Operating profit (loss) | 9901 | €254,637 | €220,510 | -€34,127 | -13.4% |
| Financial income | 75/76B | €1,577 | €3,465 | +€1,888 | +120% |
| Recurring financial income | 75 | €1,577 | €3,465 | +€1,888 | +120% |
| Financial charges | 65/66B | €1,590 | €1,499 | -€91 | -5.7% |
| Recurring financial charges | 65 | €1,590 | €1,499 | -€91 | -5.7% |
| Profit (loss) for the period before taxes | 9903 | €254,624 | €222,476 | -€32,148 | -12.6% |
| Income taxes | 67/77 | €77,480 | €71,040 | -€6,440 | -8.3% |
| Profit (loss) for the period | 9904 | €177,143 | €151,436 | -€25,708 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €177,143 | €151,436 | -€25,708 | -14.5% |
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.