BERNARD DELTOUR: 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.
BERNARD DELTOUR
Largest movements
- Cash -€37,316
down €37,316 (-8.4%), from €443,977 to €406,662
mainly Tax, wage and social debts (-€70,714) and Debts after one year (-€42,443)
- Tangible fixed assets -€37,296
down €37,296 (-4.5%), from €830,036 to €792,740
of which Land and buildings: -€46,827
- Reserves +€83,467
up €83,467 (+8.5%), from €980,542 to €1.1m
of which Distributable reserves: +€89,500
- Tax, wage and social debts -€70,714
down €70,714 (-55.7%), from €126,983 to €56,269
- Debts after one year -€42,443
down €42,443 (-59.7%), from €71,109 to €28,666
- Other debts -€37,308
down €37,308 (-10.6%), from €350,485 to €313,177
- Gross operating margin -€146,359
down €146,359 (-40.7%), from €359,216 to €212,857
- Taxes -€51,619
down €51,619 (-58.4%), from €88,407 to €36,788
- Financial charges +€10,350
up €10,350 (+63.2%), from €16,375 to €26,725
- Other operating charges +€7,733
up €7,733 (+76.8%), from €10,069 to €17,803
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 | €1,659,655 | €1,594,113 | -€65,542 | -3.9% |
| Fixed assets | 21/28 | €830,036 | €792,740 | -€37,296 | -4.5% |
| Tangible fixed assets | 22/27 | €830,036 | €792,740 | -€37,296 | -4.5% |
| Land and buildings | 22 | €819,910 | €773,083 | -€46,827 | -5.7% |
| Furniture and vehicles | 24 | €10,126 | €19,657 | +€9,531 | +94.1% |
| Current assets | 29/58 | €829,619 | €801,373 | -€28,246 | -3.4% |
| Amounts receivable within one year | 40/41 | €375,408 | €384,855 | +€9,448 | +2.5% |
| Trade receivables | 40 | €370,028 | €325,243 | -€44,785 | -12.1% |
| Other amounts receivable | 41 | €5,380 | €59,613 | +€54,233 | +1008.1% |
| Current investments | 50/53 | €3,750 | €3,750 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €443,977 | €406,662 | -€37,316 | -8.4% |
| Deferred charges and accrued income | 490/1 | €6,484 | €6,106 | -€378 | -5.8% |
| Total equity and liabilities | 10/49 | €1,659,655 | €1,594,113 | -€65,542 | -3.9% |
| Equity | 10/15 | €1,031,882 | €1,115,644 | +€83,762 | +8.1% |
| Contributions | 10/11 | €51,300 | €51,300 | = | 0.0% |
| Reserves | 13 | €980,542 | €1,064,009 | +€83,467 | +8.5% |
| Non-distributable reserves | 130/1 | €5,130 | €5,130 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,130 | €5,130 | = | 0.0% |
| Tax-exempt reserves | 132 | €103,255 | €97,222 | -€6,033 | -5.8% |
| Distributable reserves | 133 | €872,157 | €961,657 | +€89,500 | +10.3% |
| Profit (loss) carried forward | 14 | €40 | €335 | +€295 | +733.9% |
| Provisions and deferred taxes | 16 | €34,418 | €32,407 | -€2,011 | -5.8% |
| Deferred taxes | 168 | €34,418 | €32,407 | -€2,011 | -5.8% |
| Amounts payable | 17/49 | €593,355 | €446,062 | -€147,293 | -24.8% |
| Amounts payable after more than one year | 17 | €71,109 | €28,666 | -€42,443 | -59.7% |
| Financial debts | 170/4 | €71,109 | €28,666 | -€42,443 | -59.7% |
| Amounts payable within one year | 42/48 | €522,246 | €417,396 | -€104,850 | -20.1% |
| Current portion of amounts payable after more than one year | 42 | €41,786 | €42,443 | +€657 | +1.6% |
| Trade debts | 44 | €2,991 | €5,507 | +€2,515 | +84.1% |
| Suppliers | 440/4 | €2,991 | €5,507 | +€2,515 | +84.1% |
| Taxes, remuneration and social security | 45 | €126,983 | €56,269 | -€70,714 | -55.7% |
| Taxes | 450/3 | €126,983 | €56,269 | -€70,714 | -55.7% |
| Other amounts payable | 47/48 | €350,485 | €313,177 | -€37,308 | -10.6% |
| Non-recurring operating income | 76A | - | €3,696 | +€3,696 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,576 | €53,138 | +€3,562 | +7.2% |
| Other operating charges | 640/8 | €10,069 | €17,803 | +€7,733 | +76.8% |
| Gross operating margin | 9900 | €359,216 | €212,857 | -€146,359 | -40.7% |
| Operating profit (loss) | 9901 | €299,570 | €141,916 | -€157,654 | -52.6% |
| Financial income | 75/76B | €2,861 | €3,347 | +€486 | +17.0% |
| Recurring financial income | 75 | €2,861 | €3,347 | +€486 | +17.0% |
| Financial charges | 65/66B | €16,375 | €26,725 | +€10,350 | +63.2% |
| Recurring financial charges | 65 | €16,375 | €26,725 | +€10,350 | +63.2% |
| Profit (loss) for the period before taxes | 9903 | €286,057 | €118,539 | -€167,518 | -58.6% |
| Transfer from deferred taxes | 780 | €143 | €2,011 | +€1,868 | +1302.8% |
| Income taxes | 67/77 | €88,407 | €36,788 | -€51,619 | -58.4% |
| Profit (loss) for the period | 9904 | €197,793 | €83,762 | -€114,031 | -57.7% |
| Transfer from tax-exempt reserves | 789 | €430 | €6,033 | +€5,603 | +1302.7% |
| Profit (loss) for the period to be appropriated | 9905 | €198,223 | €89,795 | -€108,428 | -54.7% |
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.