DEFOREST: what changed
DEFOREST
Largest movements
- Receivables within one year +€51,107
up €51,107 (+35.5%), from €143,988 to €195,094
of which Other amounts receivable: +€30,067
- Intangible fixed assets +€47,249
new in 2025: €47,249
- Tangible fixed assets -€18,076
down €18,076 (-17.4%), from €103,911 to €85,835
of which Plant, machinery and equipment: -€14,212
- Stocks and contracts +€16,125
up €16,125 (+7.3%), from €221,423 to €237,548
- Cash -€9,714
down €9,714 (-7.8%), from €124,454 to €114,740
mainly Investment in fixed assets (net) (-€60,559) and Receivables within one year (-€51,107)
- Other debts +€82,870
up €82,870 (+65.7%), from €126,182 to €209,052
- Short-term financial debts +€9,000
up €9,000 (+6.5%), from €138,800 to €147,800
- Staff costs +€32,036
up €32,036 (+17.3%), from €185,120 to €217,157
- Gross operating margin +€15,162
up €15,162 (+5.7%), from €267,773 to €282,935
- Financial income -€12,614
down €12,614 (-60.3%), from €20,903 to €8,289
- Other operating charges -€4,997
down €4,997 (-13.0%), from €38,456 to €33,458
- Financial charges -€4,750
down €4,750 (-26.6%), from €17,845 to €13,095
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €602,696 | €685,481 | +€82,785 | +13.7% |
| Fixed assets | 21/28 | €108,926 | €138,099 | +€29,173 | +26.8% |
| Intangible fixed assets | 21 | - | €47,249 | +€47,249 | |
| Tangible fixed assets | 22/27 | €103,911 | €85,835 | -€18,076 | -17.4% |
| Plant, machinery and equipment | 23 | €91,099 | €76,887 | -€14,212 | -15.6% |
| Furniture and vehicles | 24 | €12,812 | €8,948 | -€3,863 | -30.2% |
| Financial fixed assets | 28 | €5,015 | €5,015 | = | 0.0% |
| Current assets | 29/58 | €493,770 | €547,382 | +€53,612 | +10.9% |
| Stocks and contracts in progress | 3 | €221,423 | €237,548 | +€16,125 | +7.3% |
| Stocks | 30/36 | €221,423 | €237,548 | +€16,125 | +7.3% |
| Amounts receivable within one year | 40/41 | €143,988 | €195,094 | +€51,107 | +35.5% |
| Trade receivables | 40 | €90,541 | €111,580 | +€21,039 | +23.2% |
| Other amounts receivable | 41 | €53,447 | €83,515 | +€30,067 | +56.3% |
| Cash at bank and in hand | 54/58 | €124,454 | €114,740 | -€9,714 | -7.8% |
| Deferred charges and accrued income | 490/1 | €3,906 | €0 | -€3,906 | -100% |
| Total equity and liabilities | 10/49 | €602,696 | €685,481 | +€82,785 | +13.7% |
| Equity | 10/15 | €11,375 | €7,504 | -€3,871 | -34.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,076 | -€12,947 | -€3,871 | -42.6% |
| Amounts payable | 17/49 | €591,321 | €677,977 | +€86,656 | +14.7% |
| Amounts payable within one year | 42/48 | €591,321 | €677,977 | +€86,656 | +14.7% |
| Financial debts | 43 | €138,800 | €147,800 | +€9,000 | +6.5% |
| Credit institutions | 430/8 | €138,800 | €147,800 | +€9,000 | +6.5% |
| Trade debts | 44 | €296,110 | €295,115 | -€995 | -0.3% |
| Suppliers | 440/4 | €296,110 | €295,115 | -€995 | -0.3% |
| Taxes, remuneration and social security | 45 | €30,229 | €26,010 | -€4,219 | -14.0% |
| Taxes | 450/3 | €19,596 | €67 | -€19,528 | -99.7% |
| Remuneration and social security | 454/9 | €10,633 | €25,942 | +€15,309 | +144% |
| Other amounts payable | 47/48 | €126,182 | €209,052 | +€82,870 | +65.7% |
| Remuneration, social security and pensions | 62 | €185,120 | €217,157 | +€32,036 | +17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,992 | €31,386 | +€4,394 | +16.3% |
| Other operating charges | 640/8 | €38,456 | €33,458 | -€4,997 | -13.0% |
| Gross operating margin | 9900 | €267,773 | €282,935 | +€15,162 | +5.7% |
| Operating profit (loss) | 9901 | €17,205 | €934 | -€16,271 | -94.6% |
| Financial income | 75/76B | €20,903 | €8,289 | -€12,614 | -60.3% |
| Recurring financial income | 75 | €20,903 | €8,289 | -€12,614 | -60.3% |
| Financial charges | 65/66B | €17,845 | €13,095 | -€4,750 | -26.6% |
| Recurring financial charges | 65 | €17,845 | €13,095 | -€4,750 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €20,264 | -€3,871 | -€24,135 | |
| Income taxes | 67/77 | €1 | €0 | -€1 | -100% |
| Profit (loss) for the period | 9904 | €20,262 | -€3,871 | -€24,133 | |
| Profit (loss) for the period to be appropriated | 9905 | €20,262 | -€3,871 | -€24,133 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.