Arnaud DELLICOUR: 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.
Arnaud DELLICOUR
Largest movements
- Cash +€206,642
up €206,642 (+841%), from €24,569 to €231,212
mainly Current investments (+€186,611) and Net result for the year (+€121,912)
- Current investments -€186,611
down €186,611 (-71.8%), from €260,000 to €73,389
- Tangible fixed assets -€9,954
down €9,954 (-84.3%), from €11,801 to €1,847
- Receivables within one year +€4,434
up €4,434 (+9.7%), from €45,917 to €50,351
of which Trade receivables: +€5,282
- Other debts +€11,508
up €11,508 (+10.0%), from €115,264 to €126,772
- Tax, wage and social debts +€4,703
up €4,703 (+52.5%), from €8,957 to €13,660
of which Taxes: +€2,904
- Gross operating margin +€19,004
up €19,004 (+12.9%), from €147,255 to €166,259
- Financial income -€6,361
down €6,361 (-57.6%), from €11,042 to €4,682
- Taxes +€3,481
up €3,481 (+10.4%), from €33,489 to €36,970
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 | €345,042 | €360,874 | +€15,832 | +4.6% |
| Fixed assets | 21/28 | €12,051 | €2,097 | -€9,954 | -82.6% |
| Tangible fixed assets | 22/27 | €11,801 | €1,847 | -€9,954 | -84.3% |
| Furniture and vehicles | 24 | €11,801 | €1,847 | -€9,954 | -84.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €332,991 | €358,777 | +€25,786 | +7.7% |
| Amounts receivable within one year | 40/41 | €45,917 | €50,351 | +€4,434 | +9.7% |
| Trade receivables | 40 | €45,000 | €50,282 | +€5,282 | +11.7% |
| Other amounts receivable | 41 | €917 | €69 | -€848 | -92.4% |
| Current investments | 50/53 | €260,000 | €73,389 | -€186,611 | -71.8% |
| Cash at bank and in hand | 54/58 | €24,569 | €231,212 | +€206,642 | +841% |
| Deferred charges and accrued income | 490/1 | €2,504 | €3,826 | +€1,322 | +52.8% |
| Total equity and liabilities | 10/49 | €345,042 | €360,874 | +€15,832 | +4.6% |
| Equity | 10/15 | €219,725 | €219,725 | = | 0.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €216,725 | €216,725 | = | 0.0% |
| Distributable reserves | 133 | €216,725 | €216,725 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €125,317 | €141,149 | +€15,832 | +12.6% |
| Amounts payable within one year | 42/48 | €125,317 | €141,149 | +€15,832 | +12.6% |
| Trade debts | 44 | €1,096 | €717 | -€378 | -34.5% |
| Suppliers | 440/4 | €1,096 | €717 | -€378 | -34.5% |
| Taxes, remuneration and social security | 45 | €8,957 | €13,660 | +€4,703 | +52.5% |
| Taxes | 450/3 | €8,957 | €11,861 | +€2,904 | +32.4% |
| Remuneration and social security | 454/9 | - | €1,799 | +€1,799 | |
| Other amounts payable | 47/48 | €115,264 | €126,772 | +€11,508 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,911 | €9,954 | -€957 | -8.8% |
| Other operating charges | 640/8 | €868 | €1,014 | +€146 | +16.9% |
| Gross operating margin | 9900 | €147,255 | €166,259 | +€19,004 | +12.9% |
| Operating profit (loss) | 9901 | €135,476 | €155,291 | +€19,815 | +14.6% |
| Financial income | 75/76B | €11,042 | €4,682 | -€6,361 | -57.6% |
| Recurring financial income | 75 | €11,042 | €4,682 | -€6,361 | -57.6% |
| Financial charges | 65/66B | €152 | €1,090 | +€938 | +617% |
| Recurring financial charges | 65 | €152 | €1,090 | +€938 | +617% |
| Profit (loss) for the period before taxes | 9903 | €146,366 | €158,882 | +€12,516 | +8.6% |
| Income taxes | 67/77 | €33,489 | €36,970 | +€3,481 | +10.4% |
| Profit (loss) for the period | 9904 | €112,877 | €121,912 | +€9,035 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €112,877 | €121,912 | +€9,035 | +8.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.