DAL-E: 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.
DAL-E
Largest movements
- Tangible fixed assets +€54,545
up €54,545 (+50.1%), from €108,778 to €163,323
- Cash -€23,828
down €23,828 (-25.8%), from €92,426 to €68,599
mainly Investment in fixed assets (net) (-€95,587) and Trade debts (-€9,661)
- Receivables within one year +€8,225
up €8,225 (+7.1%), from €115,704 to €123,929
of which Trade receivables: +€10,913
- Debts after one year +€37,784
new in 2025: €37,784
- Provisions +€19,761
up €19,761 (+98.4%), from €20,080 to €39,841
- Trade debts -€9,661
down €9,661 (-31.0%), from €31,209 to €21,548
- Profit (loss) carried forward -€8,870
down €8,870 (-13.3%), from €66,856 to €57,986
- Current portion of long-term debt +€8,858
new in 2025: €8,858
- Gross operating margin -€32,412
down €32,412 (-19.1%), from €169,769 to €137,357
- Taxes -€20,061
down €20,061 (-81.2%), from €24,697 to €4,635
- Financial income -€19,431
down €19,431 (-85.2%), from €22,805 to €3,374
of which Non-recurring financial income: -€21,090
- Staff costs +€18,755
up €18,755 (+37.3%), from €50,312 to €69,067
- Provisions +€15,378
up €15,378 (+351%), from €4,384 to €19,761
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 | €328,939 | €369,170 | +€40,232 | +12.2% |
| Fixed assets | 21/28 | €108,838 | €163,383 | +€54,545 | +50.1% |
| Tangible fixed assets | 22/27 | €108,778 | €163,323 | +€54,545 | +50.1% |
| Furniture and vehicles | 24 | €108,778 | €163,323 | +€54,545 | +50.1% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €220,101 | €205,788 | -€14,314 | -6.5% |
| Amounts receivable within one year | 40/41 | €115,704 | €123,929 | +€8,225 | +7.1% |
| Trade receivables | 40 | €102,501 | €113,414 | +€10,913 | +10.6% |
| Other amounts receivable | 41 | €13,204 | €10,515 | -€2,688 | -20.4% |
| Cash at bank and in hand | 54/58 | €92,426 | €68,599 | -€23,828 | -25.8% |
| Deferred charges and accrued income | 490/1 | €11,970 | €13,260 | +€1,290 | +10.8% |
| Total equity and liabilities | 10/49 | €328,939 | €369,170 | +€40,232 | +12.2% |
| Equity | 10/15 | €256,749 | €247,880 | -€8,870 | -3.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €169,433 | €169,433 | = | 0.0% |
| Distributable reserves | 133 | €169,433 | €169,433 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,856 | €57,986 | -€8,870 | -13.3% |
| Provisions and deferred taxes | 16 | €20,080 | €39,841 | +€19,761 | +98.4% |
| Provisions for liabilities and charges | 160/5 | €20,080 | €39,841 | +€19,761 | +98.4% |
| Other liabilities and charges | 164/5 | €20,080 | €39,841 | +€19,761 | +98.4% |
| Amounts payable | 17/49 | €52,110 | €81,450 | +€29,340 | +56.3% |
| Amounts payable after more than one year | 17 | - | €37,784 | +€37,784 | |
| Financial debts | 170/4 | - | €37,784 | +€37,784 | |
| Amounts payable within one year | 42/48 | €52,110 | €43,666 | -€8,444 | -16.2% |
| Current portion of amounts payable after more than one year | 42 | - | €8,858 | +€8,858 | |
| Financial debts | 43 | €8,330 | - | -€8,330 | |
| Credit institutions | 430/8 | €8,330 | - | -€8,330 | |
| Trade debts | 44 | €31,209 | €21,548 | -€9,661 | -31.0% |
| Suppliers | 440/4 | €31,209 | €21,548 | -€9,661 | -31.0% |
| Taxes, remuneration and social security | 45 | €7,837 | €6,917 | -€920 | -11.7% |
| Taxes | 450/3 | €4,017 | €1,642 | -€2,375 | -59.1% |
| Remuneration and social security | 454/9 | €3,820 | €5,274 | +€1,455 | +38.1% |
| Other amounts payable | 47/48 | €4,734 | €6,344 | +€1,610 | +34.0% |
| Remuneration, social security and pensions | 62 | €50,312 | €69,067 | +€18,755 | +37.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,802 | €41,042 | +€14,241 | +53.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,384 | €19,761 | +€15,378 | +351% |
| Other operating charges | 640/8 | €2,731 | €2,318 | -€414 | -15.1% |
| Gross operating margin | 9900 | €169,769 | €137,357 | -€32,412 | -19.1% |
| Operating profit (loss) | 9901 | €85,541 | €5,169 | -€80,372 | -94.0% |
| Financial income | 75/76B | €22,805 | €3,374 | -€19,431 | -85.2% |
| Recurring financial income | 75 | €1,715 | €3,374 | +€1,659 | +96.8% |
| Non-recurring financial income | 76B | €21,090 | - | -€21,090 | |
| Financial charges | 65/66B | €20,297 | €12,777 | -€7,520 | -37.0% |
| Recurring financial charges | 65 | €20,297 | €12,777 | -€7,520 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €88,048 | -€4,234 | -€92,283 | |
| Income taxes | 67/77 | €24,697 | €4,635 | -€20,061 | -81.2% |
| Profit (loss) for the period | 9904 | €63,352 | -€8,870 | -€72,221 | |
| Profit (loss) for the period to be appropriated | 9905 | €63,352 | -€8,870 | -€72,221 |
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 19 October 2026 via checked.be.