DEFOUR: what changed
Two fiscal 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.
DEFOUR
Largest movements
- Receivables within one year +€291,998
up €291,998 (+104.7%), from €278,843 to €570,841
of which Trade receivables: +€266,688
- Tangible fixed assets -€178,879
down €178,879 (-20.8%), from €858,517 to €679,638
of which Leasing and similar rights: -€147,135
- Deferred charges and accrued income -€113,137
down €113,137 (-100.0%), from €113,137 to €0
- Cash +€19,591
up €19,591 (+13.2%), from €147,962 to €167,553
mainly Depreciation (+€254,648) and Deferred charges and accrued income (+€113,137)
- Debts after one year +€98,147
up €98,147 (+28.4%), from €346,042 to €444,189
- Current portion of long-term debt -€71,434
down €71,434 (-24.7%), from €289,245 to €217,811
- Other debts -€22,587
down €22,587 (-14.7%), from €153,291 to €130,704
- Tax, wage and social debts +€21,227
up €21,227 (+121.5%), from €17,466 to €38,693
of which Taxes: +€15,922
- Trade debts -€17,649
down €17,649 (-9.9%), from €178,585 to €160,936
- Gross operating margin +€63,695
up €63,695 (+12.0%), from €531,731 to €595,426
- Financial charges +€23,470
up €23,470 (+136.0%), from €17,258 to €40,728
- Staff costs +€13,534
up €13,534 (+5.3%), from €257,468 to €271,002
- Depreciation +€10,194
up €10,194 (+4.2%), from €244,454 to €254,648
- Taxes +€7,619
up €7,619 (+2987.7%), from €255 to €7,874
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 | €1,428,228 | €1,445,452 | +€17,224 | +1.2% |
| Fixed assets | 21/28 | €866,917 | €688,038 | -€178,879 | -20.6% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €858,517 | €679,638 | -€178,879 | -20.8% |
| Land and buildings | 22 | €9,150 | €6,214 | -€2,936 | -32.1% |
| Plant, machinery and equipment | 23 | €184,729 | €101,377 | -€83,352 | -45.1% |
| Furniture and vehicles | 24 | €22,099 | €76,643 | +€54,544 | +246.8% |
| Leasing and similar rights | 25 | €642,539 | €495,404 | -€147,135 | -22.9% |
| Financial fixed assets | 28 | €8,400 | €8,400 | = | 0.0% |
| Current assets | 29/58 | €561,311 | €757,414 | +€196,103 | +34.9% |
| Stocks and contracts in progress | 3 | €21,369 | €19,019 | -€2,350 | -11.0% |
| Stocks | 30/36 | €21,369 | €19,019 | -€2,350 | -11.0% |
| Amounts receivable within one year | 40/41 | €278,843 | €570,841 | +€291,998 | +104.7% |
| Trade receivables | 40 | €250,666 | €517,354 | +€266,688 | +106.4% |
| Other amounts receivable | 41 | €28,177 | €53,488 | +€25,311 | +89.8% |
| Cash at bank and in hand | 54/58 | €147,962 | €167,553 | +€19,591 | +13.2% |
| Deferred charges and accrued income | 490/1 | €113,137 | €0 | -€113,137 | -100.0% |
| Total equity and liabilities | 10/49 | €1,428,228 | €1,445,452 | +€17,224 | +1.2% |
| Equity | 10/15 | €440,468 | €452,863 | +€12,395 | +2.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €378,468 | €390,863 | +€12,395 | +3.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €372,268 | €384,663 | +€12,395 | +3.3% |
| Amounts payable | 17/49 | €987,760 | €992,589 | +€4,829 | +0.5% |
| Amounts payable after more than one year | 17 | €346,042 | €444,189 | +€98,147 | +28.4% |
| Financial debts | 170/4 | €346,042 | €444,189 | +€98,147 | +28.4% |
| Amounts payable within one year | 42/48 | €638,587 | €548,143 | -€90,444 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €289,245 | €217,811 | -€71,434 | -24.7% |
| Trade debts | 44 | €178,585 | €160,936 | -€17,649 | -9.9% |
| Suppliers | 440/4 | €178,585 | €160,936 | -€17,649 | -9.9% |
| Taxes, remuneration and social security | 45 | €17,466 | €38,693 | +€21,227 | +121.5% |
| Taxes | 450/3 | €200 | €16,122 | +€15,922 | +7960.9% |
| Remuneration and social security | 454/9 | €17,266 | €22,572 | +€5,306 | +30.7% |
| Other amounts payable | 47/48 | €153,291 | €130,704 | -€22,587 | -14.7% |
| Accrued charges and deferred income | 492/3 | €3,131 | €257 | -€2,874 | -91.8% |
| Remuneration, social security and pensions | 62 | €257,468 | €271,002 | +€13,534 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €244,454 | €254,648 | +€10,194 | +4.2% |
| Other operating charges | 640/8 | €5,026 | €9,087 | +€4,061 | +80.8% |
| Gross operating margin | 9900 | €531,731 | €595,426 | +€63,695 | +12.0% |
| Operating profit (loss) | 9901 | €24,783 | €60,690 | +€35,907 | +144.9% |
| Financial income | 75/76B | €1,148 | €305 | -€843 | -73.4% |
| Recurring financial income | 75 | €1,148 | €305 | -€843 | -73.4% |
| Financial charges | 65/66B | €17,258 | €40,728 | +€23,470 | +136.0% |
| Recurring financial charges | 65 | €17,258 | €40,728 | +€23,470 | +136.0% |
| Profit (loss) for the period before taxes | 9903 | €8,673 | €20,268 | +€11,595 | +133.7% |
| Income taxes | 67/77 | €255 | €7,874 | +€7,619 | +2987.7% |
| Profit (loss) for the period | 9904 | €8,418 | €12,394 | +€3,976 | +47.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,418 | €12,394 | +€3,976 | +47.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.