DEFRAL: 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.
DEFRAL
Largest movements
- Tangible fixed assets +€73,166
up €73,166 (+578.3%), from €12,651 to €85,816
of which Land and buildings: +€77,658
- Cash -€11,752
down €11,752 (-55.4%), from €21,223 to €9,470
mainly Investment in fixed assets (net) (-€81,290) and Net result for the year (-€5,775)
- Stocks and contracts +€5,184
up €5,184 (+110.5%), from €4,691 to €9,875
- Debts after one year +€62,587
up €62,587 (+2774.2%), from €2,256 to €64,843
- Profit (loss) carried forward -€5,775
down €5,775, from €203 to -€5,572
- Trade debts +€5,287
up €5,287 (+214.0%), from €2,470 to €7,757
- Current portion of long-term debt +€2,962
up €2,962 (+100.0%), from €2,963 to €5,924
- Gross operating margin -€16,425
down €16,425 (-73.8%), from €22,267 to €5,842
- Taxes -€3,754
no longer reported in 2025 (was €3,754)
- Financial charges +€2,713
up €2,713 (+1050.0%), from €258 to €2,972
- Financial income -€666
down €666 (-62.8%), from €1,061 to €395
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 | €54,842 | €120,816 | +€65,974 | +120.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €12,652 | €85,817 | +€73,165 | +578.3% |
| Intangible fixed assets | 21 | €1 | €1 | -€0 | -25.6% |
| Tangible fixed assets | 22/27 | €12,651 | €85,816 | +€73,166 | +578.3% |
| Land and buildings | 22 | - | €77,658 | +€77,658 | |
| Plant, machinery and equipment | 23 | €5,304 | €3,696 | -€1,607 | -30.3% |
| Furniture and vehicles | 24 | €7,347 | €4,462 | -€2,885 | -39.3% |
| Current assets | 29/58 | €42,191 | €34,999 | -€7,191 | -17.0% |
| Stocks and contracts in progress | 3 | €4,691 | €9,875 | +€5,184 | +110.5% |
| Stocks | 30/36 | €4,691 | €9,875 | +€5,184 | +110.5% |
| Amounts receivable within one year | 40/41 | €14,003 | €13,054 | -€949 | -6.8% |
| Trade receivables | 40 | €14,003 | €13,054 | -€949 | -6.8% |
| Other amounts receivable | 41 | €0 | €0 | = | |
| Cash at bank and in hand | 54/58 | €21,223 | €9,470 | -€11,752 | -55.4% |
| Deferred charges and accrued income | 490/1 | €2,274 | €2,599 | +€325 | +14.3% |
| Total equity and liabilities | 10/49 | €54,842 | €120,816 | +€65,974 | +120.3% |
| Equity | 10/15 | €15,203 | €9,428 | -€5,775 | -38.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €203 | -€5,572 | -€5,775 | |
| Amounts payable | 17/49 | €39,639 | €111,388 | +€71,749 | +181.0% |
| Amounts payable after more than one year | 17 | €2,256 | €64,843 | +€62,587 | +2774.2% |
| Financial debts | 170/4 | €2,256 | €64,843 | +€62,587 | +2774.2% |
| Amounts payable within one year | 42/48 | €34,211 | €43,716 | +€9,505 | +27.8% |
| Current portion of amounts payable after more than one year | 42 | €2,963 | €5,924 | +€2,962 | +100.0% |
| Trade debts | 44 | €2,470 | €7,757 | +€5,287 | +214.0% |
| Suppliers | 440/4 | €2,470 | €7,757 | +€5,287 | +214.0% |
| Taxes, remuneration and social security | 45 | €5,503 | €6,106 | +€603 | +11.0% |
| Taxes | 450/3 | €5,503 | €6,106 | +€603 | +11.0% |
| Other amounts payable | 47/48 | €23,276 | €23,929 | +€654 | +2.8% |
| Accrued charges and deferred income | 492/3 | €3,172 | €2,829 | -€342 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,219 | €8,125 | -€95 | -1.2% |
| Other operating charges | 640/8 | €893 | €915 | +€22 | +2.5% |
| Gross operating margin | 9900 | €22,267 | €5,842 | -€16,425 | -73.8% |
| Operating profit (loss) | 9901 | €13,155 | -€3,198 | -€16,353 | |
| Financial income | 75/76B | €1,061 | €395 | -€666 | -62.8% |
| Recurring financial income | 75 | €1,061 | €395 | -€666 | -62.8% |
| Financial charges | 65/66B | €258 | €2,972 | +€2,713 | +1050.0% |
| Recurring financial charges | 65 | €258 | €2,972 | +€2,713 | +1050.0% |
| Profit (loss) for the period before taxes | 9903 | €13,957 | -€5,775 | -€19,732 | |
| Income taxes | 67/77 | €3,754 | - | -€3,754 | |
| Profit (loss) for the period | 9904 | €10,203 | -€5,775 | -€15,978 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,203 | -€5,775 | -€15,978 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.