DR. J. DEFERM: 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.
DR. J. DEFERM
Largest movements
- Receivables within one year +€9,651
up €9,651 (+72.8%), from €13,250 to €22,901
- Cash +€6,982
up €6,982 (+400.6%), from €1,743 to €8,724
mainly Net result for the year (+€16,730) and Other debts (+€3,557)
- Tangible fixed assets +€911
up €911 (+24.9%), from €3,654 to €4,565
of which Furniture and vehicles: +€499
- Reserves +€15,746
new in 2025: €15,746
- Other debts +€3,557
up €3,557 (+45.7%), from €7,784 to €11,341
- Tax, wage and social debts -€881
down €881 (-13.0%), from €6,785 to €5,904
- Profit (loss) carried forward -€682
no longer reported in 2025 (was €682)
- Gross operating margin +€22,247
up €22,247 (+1003.0%), from €2,218 to €24,465
- Taxes +€4,619
up €4,619 (+588.6%), from €785 to €5,404
- Depreciation +€1,486
up €1,486 (+438.1%), from €339 to €1,825
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 | €18,646 | €36,191 | +€17,544 | +94.1% |
| Fixed assets | 21/28 | €3,654 | €4,565 | +€911 | +24.9% |
| Tangible fixed assets | 22/27 | €3,654 | €4,565 | +€911 | +24.9% |
| Plant, machinery and equipment | 23 | €3,654 | €4,066 | +€412 | +11.3% |
| Furniture and vehicles | 24 | - | €499 | +€499 | |
| Current assets | 29/58 | €14,993 | €31,625 | +€16,633 | +110.9% |
| Amounts receivable within one year | 40/41 | €13,250 | €22,901 | +€9,651 | +72.8% |
| Trade receivables | 40 | €13,250 | €22,901 | +€9,651 | +72.8% |
| Cash at bank and in hand | 54/58 | €1,743 | €8,724 | +€6,982 | +400.6% |
| Total equity and liabilities | 10/49 | €18,646 | €36,191 | +€17,544 | +94.1% |
| Equity | 10/15 | €3,682 | €18,746 | +€15,064 | +409.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €15,746 | +€15,746 | |
| Distributable reserves | 133 | - | €15,746 | +€15,746 | |
| Profit (loss) carried forward | 14 | €682 | - | -€682 | |
| Amounts payable | 17/49 | €14,964 | €17,444 | +€2,480 | +16.6% |
| Amounts payable within one year | 42/48 | €14,964 | €17,444 | +€2,480 | +16.6% |
| Trade debts | 44 | €395 | €200 | -€196 | -49.5% |
| Suppliers | 440/4 | €395 | €200 | -€196 | -49.5% |
| Taxes, remuneration and social security | 45 | €6,785 | €5,904 | -€881 | -13.0% |
| Taxes | 450/3 | €6,785 | €5,904 | -€881 | -13.0% |
| Other amounts payable | 47/48 | €7,784 | €11,341 | +€3,557 | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €339 | €1,825 | +€1,486 | +438.1% |
| Other operating charges | 640/8 | €387 | €462 | +€74 | +19.2% |
| Gross operating margin | 9900 | €2,218 | €24,465 | +€22,247 | +1003.0% |
| Operating profit (loss) | 9901 | €1,492 | €22,179 | +€20,687 | +1387.0% |
| Financial charges | 65/66B | €25 | €45 | +€20 | +82.2% |
| Recurring financial charges | 65 | €25 | €45 | +€20 | +82.2% |
| Profit (loss) for the period before taxes | 9903 | €1,467 | €22,134 | +€20,667 | +1408.9% |
| Income taxes | 67/77 | €785 | €5,404 | +€4,619 | +588.6% |
| Profit (loss) for the period | 9904 | €682 | €16,730 | +€16,048 | +2352.7% |
| Profit (loss) for the period to be appropriated | 9905 | €682 | €16,730 | +€16,048 | +2352.7% |
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 5 October 2026 via checked.be.