DEFRARON: 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.
DEFRARON
Largest movements
- Cash -€882,005
down €882,005 (-42.7%), from €2.1m to €1.2m
mainly Current investments (-€640,938) and Contributions, distributions and other (-€500,000)
- Current investments +€640,938
up €640,938 (+32.0%), from €2.0m to €2.6m
- Receivables within one year -€303,866
down €303,866 (-96.2%), from €315,844 to €11,978
of which Other amounts receivable: -€307,866
- Debts after one year -€251,142
down €251,142 (-27.2%), from €921,892 to €670,750
- Reserves -€230,670
down €230,670 (-5.4%), from €4.3m to €4.0m
of which Distributable reserves: -€219,500
- Tax, wage and social debts -€176,352
down €176,352 (-47.9%), from €368,413 to €192,062
- Other debts +€93,369
up €93,369 (+4.8%), from €2.0m to €2.1m
- Financial income -€448,099
down €448,099 (-78.7%), from €569,120 to €121,021
of which Non-recurring financial income: -€457,553
- Gross operating margin -€104,842
down €104,842 (-17.8%), from €588,501 to €483,659
- Taxes -€34,796
down €34,796 (-27.3%), from €127,458 to €92,662
- Financial charges +€26,092
up €26,092 (+21.4%), from €122,074 to €148,166
- Depreciation +€21,458
up €21,458 (+29.0%), from €73,954 to €95,412
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 | €8,067,643 | €7,500,569 | -€567,074 | -7.0% |
| Fixed assets | 21/28 | €3,681,630 | €3,651,701 | -€29,929 | -0.8% |
| Tangible fixed assets | 22/27 | €3,681,130 | €3,651,201 | -€29,929 | -0.8% |
| Land and buildings | 22 | €3,490,438 | €3,474,530 | -€15,908 | -0.5% |
| Furniture and vehicles | 24 | €134,997 | €115,076 | -€19,921 | -14.8% |
| Other tangible fixed assets | 26 | €55,695 | €61,595 | +€5,900 | +10.6% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €4,386,013 | €3,848,868 | -€537,145 | -12.2% |
| Amounts receivable within one year | 40/41 | €315,844 | €11,978 | -€303,866 | -96.2% |
| Trade receivables | 40 | - | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | €315,844 | €7,978 | -€307,866 | -97.5% |
| Current investments | 50/53 | €2,000,000 | €2,640,938 | +€640,938 | +32.0% |
| Cash at bank and in hand | 54/58 | €2,065,972 | €1,183,967 | -€882,005 | -42.7% |
| Deferred charges and accrued income | 490/1 | €4,197 | €11,985 | +€7,789 | +185.6% |
| Total equity and liabilities | 10/49 | €8,067,643 | €7,500,569 | -€567,074 | -7.0% |
| Equity | 10/15 | €4,330,796 | €4,100,126 | -€230,670 | -5.3% |
| 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 | €4,268,796 | €4,038,126 | -€230,670 | -5.4% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €392,971 | €381,801 | -€11,170 | -2.8% |
| Distributable reserves | 133 | €3,850,825 | €3,631,325 | -€219,500 | -5.7% |
| Provisions and deferred taxes | 16 | €130,990 | €127,267 | -€3,723 | -2.8% |
| Deferred taxes | 168 | €130,990 | €127,267 | -€3,723 | -2.8% |
| Amounts payable | 17/49 | €3,605,856 | €3,273,176 | -€332,680 | -9.2% |
| Amounts payable after more than one year | 17 | €921,892 | €670,750 | -€251,142 | -27.2% |
| Financial debts | 170/4 | €921,892 | €670,750 | -€251,142 | -27.2% |
| Amounts payable within one year | 42/48 | €2,622,138 | €2,516,960 | -€105,178 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | €270,334 | €251,142 | -€19,192 | -7.1% |
| Financial debts | 43 | €25,368 | €11,776 | -€13,592 | -53.6% |
| Other loans | 439 | €25,368 | €11,776 | -€13,592 | -53.6% |
| Trade debts | 44 | €375 | €10,964 | +€10,589 | +2823.7% |
| Suppliers | 440/4 | €375 | €10,964 | +€10,589 | +2823.7% |
| Taxes, remuneration and social security | 45 | €368,413 | €192,062 | -€176,352 | -47.9% |
| Taxes | 450/3 | €368,413 | €192,062 | -€176,352 | -47.9% |
| Other amounts payable | 47/48 | €1,957,647 | €2,051,016 | +€93,369 | +4.8% |
| Accrued charges and deferred income | 492/3 | €61,827 | €85,467 | +€23,640 | +38.2% |
| Non-recurring operating income | 76A | €2,852 | - | -€2,852 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,954 | €95,412 | +€21,458 | +29.0% |
| Other operating charges | 640/8 | €12,468 | €2,833 | -€9,635 | -77.3% |
| Gross operating margin | 9900 | €588,501 | €483,659 | -€104,842 | -17.8% |
| Operating profit (loss) | 9901 | €502,079 | €385,413 | -€116,665 | -23.2% |
| Financial income | 75/76B | €569,120 | €121,021 | -€448,099 | -78.7% |
| Recurring financial income | 75 | €111,567 | €121,021 | +€9,454 | +8.5% |
| Non-recurring financial income | 76B | €457,553 | - | -€457,553 | |
| Financial charges | 65/66B | €122,074 | €148,166 | +€26,092 | +21.4% |
| Recurring financial charges | 65 | €122,074 | €148,166 | +€26,092 | +21.4% |
| Profit (loss) for the period before taxes | 9903 | €949,125 | €358,269 | -€590,856 | -62.3% |
| Transfer from deferred taxes | 780 | €3,723 | €3,723 | = | 0.0% |
| Income taxes | 67/77 | €127,458 | €92,662 | -€34,796 | -27.3% |
| Profit (loss) for the period | 9904 | €825,390 | €269,330 | -€556,060 | -67.4% |
| Transfer from tax-exempt reserves | 789 | €11,170 | €11,170 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €836,560 | €280,500 | -€556,060 | -66.5% |
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 3 October 2026 via checked.be.