B. DELHEZ: 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.
B. DELHEZ
Largest movements
- Stocks and contracts -€1.1m
down €1.1m (-62.0%), from €1.7m to €646,536
- Financial fixed assets +€905,000
up €905,000 (+117%), from €775,000 to €1.7m
- Receivables within one year -€90,124
down €90,124 (-69.0%), from €130,605 to €40,481
of which Trade receivables: -€61,842
- Tangible fixed assets -€81,127
down €81,127 (-10.5%), from €770,752 to €689,625
of which Land and buildings: -€69,283
- Debts after one year -€995,772
down €995,772 (-78.8%), from €1.3m to €268,594
of which Financial debts: -€997,172
- Short-term financial debts +€700,000
new in 2025: €700,000
- Reserves +€114,387
up €114,387 (+6.2%), from €1.8m to €2.0m
of which Distributable reserves: +€119,575
- Advances received -€95,000
down €95,000 (-90.5%), from €105,000 to €10,000
- Current portion of long-term debt -€51,595
down €51,595 (-29.4%), from €175,345 to €123,750
- Gross operating margin +€61,110
up €61,110 (+32.0%), from €191,228 to €252,338
- Depreciation +€14,471
up €14,471 (+19.4%), from €74,486 to €88,957
- Financial charges -€10,792
down €10,792 (-18.7%), from €57,831 to €47,039
- Financial income +€9,254
up €9,254 (+17.1%), from €54,028 to €63,282
- Other operating charges +€9,003
up €9,003 (+31.3%), from €28,748 to €37,752
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,470,512 | €3,138,061 | -€332,451 | -9.6% |
| Fixed assets | 21/28 | €1,545,752 | €2,369,625 | +€823,873 | +53.3% |
| Tangible fixed assets | 22/27 | €770,752 | €689,625 | -€81,127 | -10.5% |
| Land and buildings | 22 | €719,618 | €650,335 | -€69,283 | -9.6% |
| Plant, machinery and equipment | 23 | €26,022 | €19,858 | -€6,164 | -23.7% |
| Furniture and vehicles | 24 | €25,112 | €19,432 | -€5,680 | -22.6% |
| Financial fixed assets | 28 | €775,000 | €1,680,000 | +€905,000 | +117% |
| Current assets | 29/58 | €1,924,760 | €768,436 | -€1.2m | -60.1% |
| Stocks and contracts in progress | 3 | €1,701,139 | €646,536 | -€1.1m | -62.0% |
| Stocks | 30/36 | €1,701,139 | €646,536 | -€1.1m | -62.0% |
| Amounts receivable within one year | 40/41 | €130,605 | €40,481 | -€90,124 | -69.0% |
| Trade receivables | 40 | €66,370 | €4,528 | -€61,842 | -93.2% |
| Other amounts receivable | 41 | €64,235 | €35,953 | -€28,282 | -44.0% |
| Cash at bank and in hand | 54/58 | €85,234 | €74,918 | -€10,316 | -12.1% |
| Deferred charges and accrued income | 490/1 | €7,782 | €6,501 | -€1,281 | -16.5% |
| Total equity and liabilities | 10/49 | €3,470,512 | €3,138,061 | -€332,451 | -9.6% |
| Equity | 10/15 | €1,888,657 | €2,015,442 | +€126,785 | +6.7% |
| Contributions | 10/11 | €16,030 | €16,030 | = | 0.0% |
| Reserves | 13 | €1,849,551 | €1,963,938 | +€114,387 | +6.2% |
| Tax-exempt reserves | 132 | €18,677 | €13,489 | -€5,188 | -27.8% |
| Distributable reserves | 133 | €1,830,875 | €1,950,450 | +€119,575 | +6.5% |
| Investment grants | 15 | €23,076 | €35,473 | +€12,398 | +53.7% |
| Provisions and deferred taxes | 16 | €6,226 | €4,496 | -€1,729 | -27.8% |
| Deferred taxes | 168 | €6,226 | €4,496 | -€1,729 | -27.8% |
| Amounts payable | 17/49 | €1,575,630 | €1,118,123 | -€457,507 | -29.0% |
| Amounts payable after more than one year | 17 | €1,264,366 | €268,594 | -€995,772 | -78.8% |
| Financial debts | 170/4 | €1,260,922 | €263,750 | -€997,172 | -79.1% |
| Other amounts payable | 178/9 | €3,444 | €4,844 | +€1,400 | +40.7% |
| Amounts payable within one year | 42/48 | €297,340 | €844,945 | +€547,604 | +184% |
| Current portion of amounts payable after more than one year | 42 | €175,345 | €123,750 | -€51,595 | -29.4% |
| Financial debts | 43 | - | €700,000 | +€700,000 | |
| Credit institutions | 430/8 | - | €700,000 | +€700,000 | |
| Trade debts | 44 | €7,248 | €9,627 | +€2,379 | +32.8% |
| Suppliers | 440/4 | €7,248 | €9,627 | +€2,379 | +32.8% |
| Advances received on contracts in progress | 46 | €105,000 | €10,000 | -€95,000 | -90.5% |
| Taxes, remuneration and social security | 45 | €9,747 | €1,568 | -€8,179 | -83.9% |
| Taxes | 450/3 | €9,747 | €1,568 | -€8,179 | -83.9% |
| Accrued charges and deferred income | 492/3 | €13,923 | €4,584 | -€9,339 | -67.1% |
| Remuneration, social security and pensions | 62 | €374 | €888 | +€514 | +137% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,486 | €88,957 | +€14,471 | +19.4% |
| Other operating charges | 640/8 | €28,748 | €37,752 | +€9,003 | +31.3% |
| Gross operating margin | 9900 | €191,228 | €252,338 | +€61,110 | +32.0% |
| Operating profit (loss) | 9901 | €87,620 | €124,741 | +€37,122 | +42.4% |
| Financial income | 75/76B | €54,028 | €63,282 | +€9,254 | +17.1% |
| Recurring financial income | 75 | €54,028 | €63,282 | +€9,254 | +17.1% |
| Financial charges | 65/66B | €57,831 | €47,039 | -€10,792 | -18.7% |
| Recurring financial charges | 65 | €57,831 | €47,039 | -€10,792 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | €83,817 | €140,985 | +€57,168 | +68.2% |
| Transfer from deferred taxes | 780 | €1,297 | €1,729 | +€432 | +33.3% |
| Income taxes | 67/77 | €20,040 | €28,327 | +€8,286 | +41.3% |
| Profit (loss) for the period | 9904 | €65,073 | €114,387 | +€49,314 | +75.8% |
| Transfer from tax-exempt reserves | 789 | €3,891 | €5,188 | +€1,297 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €68,964 | €119,575 | +€50,611 | +73.4% |
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 28 October 2026 via checked.be.