ETS DEFRESNE: 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.
ETS DEFRESNE
Largest movements
- Receivables within one year +€107,125
up €107,125 (+573.6%), from €18,676 to €125,801
of which Other amounts receivable: +€119,186
- Stocks and contracts -€38,226
down €38,226 (-93.5%), from €40,897 to €2,671
- Cash +€10,513
up €10,513 (+12.6%), from €83,173 to €93,686
mainly Net result for the year (+€120,438) and Tax, wage and social debts (+€56,982)
- Tangible fixed assets -€2,663
down €2,663 (-13.8%), from €19,280 to €16,617
of which Land and buildings: -€1,393
- Reserves +€120,438
up €120,438 (+254.9%), from €47,256 to €167,694
- Trade debts -€77,486
down €77,486 (-95.4%), from €81,213 to €3,727
- Tax, wage and social debts +€56,982
up €56,982 (+1040.7%), from €5,475 to €62,457
of which Taxes: +€57,134
- Advances received -€19,900
no longer reported in 2025 (was €19,900)
- Gross operating margin +€131,000
up €131,000 (+234.9%), from €55,760 to €186,760
- Taxes +€57,560
up €57,560 (+1677.3%), from €3,432 to €60,991
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 | €163,558 | €240,075 | +€76,517 | +46.8% |
| Fixed assets | 21/28 | €19,280 | €16,617 | -€2,663 | -13.8% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €19,280 | €16,617 | -€2,663 | -13.8% |
| Land and buildings | 22 | €10,177 | €8,783 | -€1,393 | -13.7% |
| Furniture and vehicles | 24 | €374 | €261 | -€113 | -30.3% |
| Other tangible fixed assets | 26 | €8,729 | €7,573 | -€1,157 | -13.3% |
| Current assets | 29/58 | €144,277 | €223,458 | +€79,180 | +54.9% |
| Stocks and contracts in progress | 3 | €40,897 | €2,671 | -€38,226 | -93.5% |
| Stocks | 30/36 | €40,897 | €2,671 | -€38,226 | -93.5% |
| Amounts receivable within one year | 40/41 | €18,676 | €125,801 | +€107,125 | +573.6% |
| Trade receivables | 40 | €18,481 | €6,420 | -€12,061 | -65.3% |
| Other amounts receivable | 41 | €195 | €119,381 | +€119,186 | +61202.9% |
| Cash at bank and in hand | 54/58 | €83,173 | €93,686 | +€10,513 | +12.6% |
| Deferred charges and accrued income | 490/1 | €1,531 | €1,300 | -€232 | -15.1% |
| Total equity and liabilities | 10/49 | €163,558 | €240,075 | +€76,517 | +46.8% |
| Equity | 10/15 | €53,453 | €173,891 | +€120,438 | +225.3% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €47,256 | €167,694 | +€120,438 | +254.9% |
| Distributable reserves | 133 | €47,256 | €167,694 | +€120,438 | +254.9% |
| Amounts payable | 17/49 | €110,104 | €66,183 | -€43,921 | -39.9% |
| Amounts payable within one year | 42/48 | €110,104 | €66,183 | -€43,921 | -39.9% |
| Current portion of amounts payable after more than one year | 42 | €1,664 | - | -€1,664 | |
| Trade debts | 44 | €81,213 | €3,727 | -€77,486 | -95.4% |
| Suppliers | 440/4 | €81,213 | €3,727 | -€77,486 | -95.4% |
| Advances received on contracts in progress | 46 | €19,900 | - | -€19,900 | |
| Taxes, remuneration and social security | 45 | €5,475 | €62,457 | +€56,982 | +1040.7% |
| Taxes | 450/3 | €5,323 | €62,457 | +€57,134 | +1073.3% |
| Remuneration and social security | 454/9 | €152 | - | -€152 | |
| Other amounts payable | 47/48 | €1,853 | €0 | -€1,853 | -100.0% |
| Non-recurring operating income | 76A | €98 | - | -€98 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,749 | €2,663 | -€1,085 | -28.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €857 | - | -€857 | |
| Other operating charges | 640/8 | €705 | €1,148 | +€443 | +62.8% |
| Non-recurring operating charges | 66A | - | €48 | +€48 | |
| Gross operating margin | 9900 | €55,760 | €186,760 | +€131,000 | +234.9% |
| Operating profit (loss) | 9901 | €50,449 | €182,900 | +€132,451 | +262.5% |
| Financial income | 75/76B | €228 | €149 | -€80 | -34.9% |
| Recurring financial income | 75 | €228 | €149 | -€80 | -34.9% |
| Financial charges | 65/66B | €2,727 | €1,620 | -€1,107 | -40.6% |
| Recurring financial charges | 65 | €2,727 | €1,620 | -€1,107 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €47,951 | €181,429 | +€133,478 | +278.4% |
| Income taxes | 67/77 | €3,432 | €60,991 | +€57,560 | +1677.3% |
| Profit (loss) for the period | 9904 | €44,519 | €120,438 | +€75,919 | +170.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,519 | €120,438 | +€75,919 | +170.5% |
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 10 October 2026 via checked.be.