DEFOUR BART: 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.
DEFOUR BART
Largest movements
- Stocks and contracts +€249,640
up €249,640 (+1,171%), from €21,323 to €270,963
of which Stocks: +€260,104
- Cash -€103,558
down €103,558 (-54.9%), from €188,683 to €85,125
mainly Stocks and contracts (-€249,640) and Trade debts (-€19,336)
- Tangible fixed assets -€18,346
down €18,346 (-38.5%), from €47,628 to €29,282
of which Furniture and vehicles: -€10,033
- Receivables within one year -€5,920
down €5,920 (-14.2%), from €41,576 to €35,656
of which Trade receivables: -€13,366
- Short-term financial debts +€140,000
new in 2025: €140,000
- Trade debts -€19,336
down €19,336 (-49.2%), from €39,291 to €19,955
- Debts after one year -€10,412
down €10,412 (-100%), from €10,412 to €0
- Reserves +€10,040
up €10,040 (+8.7%), from €115,545 to €125,585
- Other debts +€7,770
up €7,770 (+7.7%), from €100,417 to €108,187
- Gross operating margin +€10,295
up €10,295 (+33.8%), from €30,500 to €40,796
- Taxes +€3,419
up €3,419 (+380%), from €901 to €4,320
- Other operating charges -€1,113
down €1,113 (-24.3%), from €4,586 to €3,473
- Financial charges -€489
down €489 (-9.0%), from €5,428 to €4,939
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 | €305,450 | €427,994 | +€122,544 | +40.1% |
| Fixed assets | 21/28 | €47,628 | €29,282 | -€18,346 | -38.5% |
| Tangible fixed assets | 22/27 | €47,628 | €29,282 | -€18,346 | -38.5% |
| Land and buildings | 22 | €91 | €0 | -€91 | -100% |
| Plant, machinery and equipment | 23 | €3,604 | €2,812 | -€792 | -22.0% |
| Furniture and vehicles | 24 | €34,548 | €24,516 | -€10,033 | -29.0% |
| Leasing and similar rights | 25 | €9,385 | €1,954 | -€7,430 | -79.2% |
| Current assets | 29/58 | €257,822 | €398,712 | +€140,890 | +54.6% |
| Stocks and contracts in progress | 3 | €21,323 | €270,963 | +€249,640 | +1,171% |
| Stocks | 30/36 | - | €260,104 | +€260,104 | |
| Contracts in progress | 37 | €21,323 | €10,859 | -€10,464 | -49.1% |
| Amounts receivable within one year | 40/41 | €41,576 | €35,656 | -€5,920 | -14.2% |
| Trade receivables | 40 | €29,529 | €16,163 | -€13,366 | -45.3% |
| Other amounts receivable | 41 | €12,047 | €19,493 | +€7,446 | +61.8% |
| Cash at bank and in hand | 54/58 | €188,683 | €85,125 | -€103,558 | -54.9% |
| Deferred charges and accrued income | 490/1 | €6,240 | €6,967 | +€727 | +11.7% |
| Total equity and liabilities | 10/49 | €305,450 | €427,994 | +€122,544 | +40.1% |
| Equity | 10/15 | €135,545 | €145,585 | +€10,040 | +7.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €115,545 | €125,585 | +€10,040 | +8.7% |
| Distributable reserves | 133 | €115,545 | €125,585 | +€10,040 | +8.7% |
| Amounts payable | 17/49 | €169,905 | €282,409 | +€112,504 | +66.2% |
| Amounts payable after more than one year | 17 | €10,412 | €0 | -€10,412 | -100% |
| Financial debts | 170/4 | €10,412 | €0 | -€10,412 | -100% |
| Amounts payable within one year | 42/48 | €159,493 | €282,390 | +€122,897 | +77.1% |
| Current portion of amounts payable after more than one year | 42 | €17,650 | €10,412 | -€7,239 | -41.0% |
| Financial debts | 43 | - | €140,000 | +€140,000 | |
| Other loans | 439 | - | €140,000 | +€140,000 | |
| Trade debts | 44 | €39,291 | €19,955 | -€19,336 | -49.2% |
| Suppliers | 440/4 | €39,291 | €19,955 | -€19,336 | -49.2% |
| Taxes, remuneration and social security | 45 | €2,136 | €3,837 | +€1,701 | +79.7% |
| Taxes | 450/3 | €2,136 | €3,837 | +€1,701 | +79.7% |
| Other amounts payable | 47/48 | €100,417 | €108,187 | +€7,770 | +7.7% |
| Accrued charges and deferred income | 492/3 | €0 | €19 | +€19 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,512 | €18,346 | -€166 | -0.9% |
| Other operating charges | 640/8 | €4,586 | €3,473 | -€1,113 | -24.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €30,500 | €40,796 | +€10,295 | +33.8% |
| Operating profit (loss) | 9901 | €7,402 | €18,976 | +€11,574 | +156% |
| Financial income | 75/76B | €92 | €323 | +€231 | +251% |
| Recurring financial income | 75 | €92 | €323 | +€231 | +251% |
| Financial charges | 65/66B | €5,428 | €4,939 | -€489 | -9.0% |
| Recurring financial charges | 65 | €5,428 | €4,939 | -€489 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €2,066 | €14,360 | +€12,294 | +595% |
| Income taxes | 67/77 | €901 | €4,320 | +€3,419 | +380% |
| Profit (loss) for the period | 9904 | €1,165 | €10,040 | +€8,875 | +762% |
| Profit (loss) for the period to be appropriated | 9905 | €1,165 | €10,040 | +€8,875 | +762% |
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 14 October 2026 via checked.be.