ALAIN DELFOSSE: 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.
ALAIN DELFOSSE
Largest movements
- Cash -€16,515
down €16,515 (-47.4%), from €34,829 to €18,313
mainly Other debts (-€17,023) and Tax, wage and social debts (-€4,038)
- Tangible fixed assets +€2,507
up €2,507 (+289%), from €869 to €3,376
of which Furniture and vehicles: +€3,376
- Receivables within one year +€1,757
up €1,757 (+165%), from €1,065 to €2,822
of which Other amounts receivable: +€1,358
- Other debts -€17,023
down €17,023 (-42.8%), from €39,730 to €22,707
- Profit (loss) carried forward +€8,217
up €8,217 (+27.9%), from -€29,477 to -€21,259
- Tax, wage and social debts -€4,038
down €4,038 (-62.0%), from €6,519 to €2,480
- Short-term financial debts +€1,516
new in 2025: €1,516
- Advances received -€400
no longer reported in 2025 (was €400)
- Gross operating margin -€31,494
down €31,494 (-70.9%), from €44,433 to €12,939
- Taxes +€3,607
up €3,607, from -€23 to €3,584
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.
Derived cash bridge
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 | €38,039 | €25,969 | -€12,070 | -31.7% |
| Fixed assets | 21/28 | €869 | €3,376 | +€2,507 | +289% |
| Tangible fixed assets | 22/27 | €869 | €3,376 | +€2,507 | +289% |
| Land and buildings | 22 | €869 | - | -€869 | |
| Furniture and vehicles | 24 | - | €3,376 | +€3,376 | |
| Current assets | 29/58 | €37,170 | €22,593 | -€14,578 | -39.2% |
| Amounts receivable within one year | 40/41 | €1,065 | €2,822 | +€1,757 | +165% |
| Trade receivables | 40 | €1,065 | €1,464 | +€399 | +37.5% |
| Other amounts receivable | 41 | - | €1,358 | +€1,358 | |
| Cash at bank and in hand | 54/58 | €34,829 | €18,313 | -€16,515 | -47.4% |
| Deferred charges and accrued income | 490/1 | €1,277 | €1,458 | +€181 | +14.2% |
| Total equity and liabilities | 10/49 | €38,039 | €25,969 | -€12,070 | -31.7% |
| Equity | 10/15 | -€9,017 | -€799 | +€8,217 | +91.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,477 | -€21,259 | +€8,217 | +27.9% |
| Amounts payable | 17/49 | €47,056 | €26,768 | -€20,288 | -43.1% |
| Amounts payable within one year | 42/48 | €47,056 | €26,768 | -€20,288 | -43.1% |
| Financial debts | 43 | - | €1,516 | +€1,516 | |
| Credit institutions | 430/8 | - | €1,516 | +€1,516 | |
| Trade debts | 44 | €407 | €65 | -€341 | -83.9% |
| Suppliers | 440/4 | €407 | €65 | -€341 | -83.9% |
| Advances received on contracts in progress | 46 | €400 | - | -€400 | |
| Taxes, remuneration and social security | 45 | €6,519 | €2,480 | -€4,038 | -62.0% |
| Taxes | 450/3 | €6,519 | €2,480 | -€4,038 | -62.0% |
| Other amounts payable | 47/48 | €39,730 | €22,707 | -€17,023 | -42.8% |
| Non-recurring operating income | 76A | - | €85 | +€85 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €434 | €471 | +€37 | +8.5% |
| Other operating charges | 640/8 | €943 | €601 | -€342 | -36.3% |
| Gross operating margin | 9900 | €44,433 | €12,939 | -€31,494 | -70.9% |
| Operating profit (loss) | 9901 | €43,056 | €11,867 | -€31,189 | -72.4% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €193 | €75 | -€118 | -61.2% |
| Recurring financial charges | 65 | €193 | €75 | -€118 | -61.2% |
| Profit (loss) for the period before taxes | 9903 | €42,862 | €11,802 | -€31,060 | -72.5% |
| Income taxes | 67/77 | -€23 | €3,584 | +€3,607 | |
| Profit (loss) for the period | 9904 | €42,885 | €8,217 | -€34,668 | -80.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,885 | €8,217 | -€34,668 | -80.8% |
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 16 October 2026 via checked.be.