Benjamin 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.
Benjamin DELHEZ
Largest movements
- Intangible fixed assets +€73,747
new in 2025: €73,747
- Cash +€46,528
up €46,528 (+41.3%), from €112,564 to €159,092
mainly Debts after one year (+€78,907) and Net result for the year (+€61,014)
- Tangible fixed assets +€39,971
up €39,971 (+414.1%), from €9,652 to €49,623
of which Plant, machinery and equipment: +€36,757
- Receivables after one year +€21,240
new in 2025: €21,240
- Deferred charges and accrued income +€9,941
up €9,941 (+18855.3%), from €53 to €9,993
- Debts after one year +€78,907
new in 2025: €78,907
- Reserves +€43,126
up €43,126 (+89.6%), from €48,158 to €91,284
- Current portion of long-term debt +€26,209
up €26,209 (+517.3%), from €5,066 to €31,275
- Profit (loss) carried forward +€15,813
up €15,813 (+78.2%), from €20,229 to €36,042
- Tax, wage and social debts +€10,399
up €10,399 (+24.7%), from €42,058 to €52,458
of which Remuneration and social security: +€14,082
- Gross operating margin -€27,945
down €27,945 (-5.8%), from €480,287 to €452,343
- Staff costs -€18,407
down €18,407 (-4.9%), from €372,750 to €354,343
- Depreciation +€13,580
up €13,580 (+628.2%), from €2,162 to €15,742
- Taxes -€5,940
down €5,940 (-45.1%), from €13,183 to €7,243
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 | €158,094 | €352,731 | +€194,638 | +123.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €9,652 | €123,369 | +€113,718 | +1178.2% |
| Intangible fixed assets | 21 | - | €73,747 | +€73,747 | |
| Tangible fixed assets | 22/27 | €9,652 | €49,623 | +€39,971 | +414.1% |
| Plant, machinery and equipment | 23 | €8,083 | €44,840 | +€36,757 | +454.7% |
| Furniture and vehicles | 24 | €1,569 | €4,783 | +€3,214 | +204.9% |
| Current assets | 29/58 | €148,442 | €229,362 | +€80,920 | +54.5% |
| Amounts receivable after more than one year | 29 | - | €21,240 | +€21,240 | |
| Other amounts receivable | 291 | - | €21,240 | +€21,240 | |
| Stocks and contracts in progress | 3 | €14,266 | €11,893 | -€2,373 | -16.6% |
| Stocks | 30/36 | €14,266 | €11,893 | -€2,373 | -16.6% |
| Amounts receivable within one year | 40/41 | €21,559 | €27,144 | +€5,584 | +25.9% |
| Trade receivables | 40 | €19,262 | €15,032 | -€4,230 | -22.0% |
| Other amounts receivable | 41 | €2,297 | €12,111 | +€9,814 | +427.3% |
| Cash at bank and in hand | 54/58 | €112,564 | €159,092 | +€46,528 | +41.3% |
| Deferred charges and accrued income | 490/1 | €53 | €9,993 | +€9,941 | +18855.3% |
| Total equity and liabilities | 10/49 | €158,094 | €352,731 | +€194,638 | +123.1% |
| Equity | 10/15 | €88,387 | €147,326 | +€58,939 | +66.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €48,158 | €91,284 | +€43,126 | +89.6% |
| Distributable reserves | 133 | €48,158 | €91,284 | +€43,126 | +89.6% |
| Profit (loss) carried forward | 14 | €20,229 | €36,042 | +€15,813 | +78.2% |
| Amounts payable | 17/49 | €69,706 | €205,405 | +€135,699 | +194.7% |
| Amounts payable after more than one year | 17 | - | €78,907 | +€78,907 | |
| Financial debts | 170/4 | - | €78,907 | +€78,907 | |
| Amounts payable within one year | 42/48 | €67,168 | €117,507 | +€50,339 | +74.9% |
| Current portion of amounts payable after more than one year | 42 | €5,066 | €31,275 | +€26,209 | +517.3% |
| Trade debts | 44 | €12,731 | €18,689 | +€5,958 | +46.8% |
| Suppliers | 440/4 | €12,731 | €18,689 | +€5,958 | +46.8% |
| Advances received on contracts in progress | 46 | €6,110 | €13,425 | +€7,315 | +119.7% |
| Taxes, remuneration and social security | 45 | €42,058 | €52,458 | +€10,399 | +24.7% |
| Taxes | 450/3 | €18,235 | €14,553 | -€3,682 | -20.2% |
| Remuneration and social security | 454/9 | €23,824 | €37,905 | +€14,082 | +59.1% |
| Other amounts payable | 47/48 | €1,202 | €1,660 | +€458 | +38.1% |
| Accrued charges and deferred income | 492/3 | €2,538 | €8,992 | +€6,454 | +254.3% |
| Remuneration, social security and pensions | 62 | €372,750 | €354,343 | -€18,407 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,162 | €15,742 | +€13,580 | +628.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | -€200 | -€200 | |
| Other operating charges | 640/8 | €6,598 | €7,753 | +€1,155 | +17.5% |
| Gross operating margin | 9900 | €480,287 | €452,343 | -€27,945 | -5.8% |
| Operating profit (loss) | 9901 | €98,778 | €74,705 | -€24,072 | -24.4% |
| Financial income | 75/76B | €294 | €154 | -€140 | -47.5% |
| Recurring financial income | 75 | €294 | €154 | -€140 | -47.5% |
| Financial charges | 65/66B | €3,355 | €6,602 | +€3,247 | +96.8% |
| Recurring financial charges | 65 | €3,355 | €6,602 | +€3,247 | +96.8% |
| Profit (loss) for the period before taxes | 9903 | €95,716 | €68,257 | -€27,459 | -28.7% |
| Income taxes | 67/77 | €13,183 | €7,243 | -€5,940 | -45.1% |
| Profit (loss) for the period | 9904 | €82,533 | €61,014 | -€21,519 | -26.1% |
| Profit (loss) for the period to be appropriated | 9905 | €82,533 | €61,014 | -€21,519 | -26.1% |
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 10 October 2026 via checked.be.