Albert Delattre: 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.
Albert Delattre
Largest movements
- Cash +€102,183
up €102,183 (+34.3%), from €297,790 to €399,973
mainly Current investments (+€92,283) and Depreciation (+€90,173)
- Current investments -€92,283
down €92,283 (-5.4%), from €1.7m to €1.6m
- Tangible fixed assets -€73,469
down €73,469 (-5.7%), from €1.3m to €1.2m
of which Land and buildings: -€85,523
- Debts after one year -€80,487
down €80,487 (-20.7%), from €388,480 to €307,993
- Financial income -€134,446
down €134,446 (-90.3%), from €148,967 to €14,521
- Gross operating margin +€5,126
up €5,126 (+4.0%), from €127,377 to €132,503
- Taxes +€2,888
up €2,888 (+13.7%), from €21,020 to €23,908
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 | €3,315,082 | €3,249,096 | -€65,986 | -2.0% |
| Fixed assets | 21/28 | €1,292,768 | €1,219,299 | -€73,469 | -5.7% |
| Tangible fixed assets | 22/27 | €1,292,518 | €1,219,049 | -€73,469 | -5.7% |
| Land and buildings | 22 | €1,277,072 | €1,191,549 | -€85,523 | -6.7% |
| Plant, machinery and equipment | 23 | €10,355 | €8,135 | -€2,220 | -21.4% |
| Furniture and vehicles | 24 | €5,091 | €19,365 | +€14,274 | +280.4% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €2,022,314 | €2,029,797 | +€7,483 | +0.4% |
| Current investments | 50/53 | €1,714,557 | €1,622,274 | -€92,283 | -5.4% |
| Cash at bank and in hand | 54/58 | €297,790 | €399,973 | +€102,183 | +34.3% |
| Deferred charges and accrued income | 490/1 | €9,967 | €7,550 | -€2,417 | -24.3% |
| Total equity and liabilities | 10/49 | €3,315,082 | €3,249,096 | -€65,986 | -2.0% |
| Equity | 10/15 | €2,824,298 | €2,835,711 | +€11,413 | +0.4% |
| Contributions | 10/11 | €655,075 | €655,075 | = | 0.0% |
| Capital | 10 | €655,075 | €655,075 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,169,223 | €2,180,636 | +€11,413 | +0.5% |
| Amounts payable | 17/49 | €490,784 | €413,385 | -€77,399 | -15.8% |
| Amounts payable after more than one year | 17 | €388,480 | €307,993 | -€80,487 | -20.7% |
| Financial debts | 170/4 | €388,480 | €307,993 | -€80,487 | -20.7% |
| Amounts payable within one year | 42/48 | €87,832 | €91,969 | +€4,137 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €79,807 | €80,487 | +€680 | +0.9% |
| Trade debts | 44 | €441 | €3,393 | +€2,952 | +669.4% |
| Suppliers | 440/4 | €441 | €3,393 | +€2,952 | +669.4% |
| Taxes, remuneration and social security | 45 | €7,584 | €8,089 | +€505 | +6.7% |
| Taxes | 450/3 | €7,584 | €8,089 | +€505 | +6.7% |
| Accrued charges and deferred income | 492/3 | €14,472 | €13,423 | -€1,049 | -7.2% |
| Non-recurring operating income | 76A | €451 | €196 | -€255 | -56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €90,475 | €90,173 | -€302 | -0.3% |
| Other operating charges | 640/8 | €15,458 | €16,049 | +€591 | +3.8% |
| Gross operating margin | 9900 | €127,377 | €132,503 | +€5,126 | +4.0% |
| Operating profit (loss) | 9901 | €21,444 | €26,281 | +€4,837 | +22.6% |
| Financial income | 75/76B | €148,967 | €14,521 | -€134,446 | -90.3% |
| Recurring financial income | 75 | €148,967 | €14,521 | -€134,446 | -90.3% |
| Financial charges | 65/66B | €5,119 | €5,481 | +€362 | +7.1% |
| Recurring financial charges | 65 | €5,119 | €5,481 | +€362 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €165,292 | €35,321 | -€129,971 | -78.6% |
| Income taxes | 67/77 | €21,020 | €23,908 | +€2,888 | +13.7% |
| Profit (loss) for the period | 9904 | €144,272 | €11,413 | -€132,859 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €144,272 | €11,413 | -€132,859 | -92.1% |
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.