DEFRABO: 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.
DEFRABO
Largest movements
- Stocks and contracts -€4.8m
down €4.8m (-42.2%), from €11.3m to €6.5m
- Receivables within one year -€1.0m
down €1.0m (-21.3%), from €4.9m to €3.8m
of which Other amounts receivable: -€1.0m
- Cash -€466,630
down €466,630 (-58.7%), from €794,947 to €328,317
mainly Advances received (-€7.3m) and Short-term financial debts (-€2.8m)
- Advances received -€7.3m
down €7.3m (-86.4%), from €8.4m to €1.1m
- Short-term financial debts -€2.8m
down €2.8m (-100.0%), from €2.8m to €0
- Profit (loss) carried forward +€1.3m
up €1.3m, from -€1.3m to €0
- Other debts +€1.2m
up €1.2m (+268.0%), from €450,872 to €1.7m
- Current portion of long-term debt +€1.1m
new in 2025: €1.1m
- Gross operating margin +€2.8m
up €2.8m, from -€47,280 to €2.8m
- Taxes +€51,324
up €51,324 (+23031.6%), from €223 to €51,546
- Financial charges +€46,581
up €46,581 (+33.0%), from €141,170 to €187,751
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 | €17,052,794 | €10,701,804 | -€6.4m | -37.2% |
| Fixed assets | 21/28 | €2,673 | €0 | -€2,673 | -100.0% |
| Tangible fixed assets | 22/27 | €2,673 | €0 | -€2,673 | -100.0% |
| Furniture and vehicles | 24 | €2,673 | €0 | -€2,673 | -100.0% |
| Current assets | 29/58 | €17,050,120 | €10,701,804 | -€6.3m | -37.2% |
| Stocks and contracts in progress | 3 | €11,298,492 | €6,532,987 | -€4.8m | -42.2% |
| Contracts in progress | 37 | €11,298,492 | €6,532,987 | -€4.8m | -42.2% |
| Amounts receivable within one year | 40/41 | €4,852,642 | €3,821,369 | -€1.0m | -21.3% |
| Trade receivables | 40 | €19,898 | €12,446 | -€7,452 | -37.4% |
| Other amounts receivable | 41 | €4,832,744 | €3,808,922 | -€1.0m | -21.2% |
| Current investments | 50/53 | €18,410 | €18,410 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €794,947 | €328,317 | -€466,630 | -58.7% |
| Deferred charges and accrued income | 490/1 | €85,629 | €721 | -€84,908 | -99.2% |
| Total equity and liabilities | 10/49 | €17,052,794 | €10,701,804 | -€6.4m | -37.2% |
| Equity | 10/15 | €2,825,428 | €4,198,457 | +€1.4m | +48.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €4,061,985 | €4,173,457 | +€111,473 | +2.7% |
| Tax-exempt reserves | 132 | €4,029,485 | €4,029,485 | = | 0.0% |
| Distributable reserves | 133 | €32,500 | €143,973 | +€111,473 | +343.0% |
| Profit (loss) carried forward | 14 | -€1,261,557 | €0 | +€1.3m | |
| Provisions and deferred taxes | 16 | €2,142,015 | €2,142,015 | = | 0.0% |
| Deferred taxes | 168 | €2,142,015 | €2,142,015 | = | 0.0% |
| Amounts payable | 17/49 | €12,085,351 | €4,361,332 | -€7.7m | -63.9% |
| Amounts payable within one year | 42/48 | €12,085,351 | €4,361,332 | -€7.7m | -63.9% |
| Current portion of amounts payable after more than one year | 42 | - | €1,114,250 | +€1.1m | |
| Financial debts | 43 | €2,824,588 | €0 | -€2.8m | -100.0% |
| Credit institutions | 430/8 | €2,824,588 | €0 | -€2.8m | -100.0% |
| Trade debts | 44 | €385,336 | €268,242 | -€117,094 | -30.4% |
| Suppliers | 440/4 | €385,336 | €268,242 | -€117,094 | -30.4% |
| Advances received on contracts in progress | 46 | €8,387,873 | €1,137,586 | -€7.3m | -86.4% |
| Taxes, remuneration and social security | 45 | €36,683 | €182,254 | +€145,572 | +396.8% |
| Taxes | 450/3 | €27,412 | €170,076 | +€142,664 | +520.4% |
| Remuneration and social security | 454/9 | €9,271 | €12,178 | +€2,907 | +31.4% |
| Other amounts payable | 47/48 | €450,872 | €1,658,999 | +€1.2m | +268.0% |
| Non-recurring operating income | 76A | €83,063 | €0 | -€83,063 | -100.0% |
| Remuneration, social security and pensions | 62 | €107,587 | €95,016 | -€12,571 | -11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,120 | €2,673 | -€3,446 | -56.3% |
| Other operating charges | 640/8 | €2,193 | €2,255 | +€61 | +2.8% |
| Non-recurring operating charges | 66A | - | €86 | +€86 | |
| Gross operating margin | 9900 | -€47,280 | €2,751,274 | +€2.8m | |
| Operating profit (loss) | 9901 | -€163,180 | €2,651,245 | +€2.8m | |
| Financial income | 75/76B | €148,796 | €161,083 | +€12,287 | +8.3% |
| Recurring financial income | 75 | €148,796 | €161,083 | +€12,287 | +8.3% |
| Financial charges | 65/66B | €141,170 | €187,751 | +€46,581 | +33.0% |
| Recurring financial charges | 65 | €141,170 | €187,751 | +€46,581 | +33.0% |
| Profit (loss) for the period before taxes | 9903 | -€155,554 | €2,624,576 | +€2.8m | |
| Income taxes | 67/77 | €223 | €51,546 | +€51,324 | +23031.6% |
| Profit (loss) for the period | 9904 | -€155,777 | €2,573,030 | +€2.7m | |
| Profit (loss) for the period to be appropriated | 9905 | -€155,777 | €2,573,030 | +€2.7m |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.