DEELBEL: what changed
Two fiscal 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.
DEELBEL
Largest movements
- Current investments +€17.8m
up €17.8m (+84.3%), from €21.2m to €39.0m
- Reserves +€18.1m
up €18.1m (+118.7%), from €15.2m to €33.3m
of which Distributable reserves: +€18.1m
- Financial income +€9.5m
up €9.5m (+110.5%), from €8.6m to €18.2m
- Taxes -€37,990
down €37,990 (-95.7%), from €39,711 to €1,721
- Gross operating margin +€14,256
up €14,256 (+21.6%), from -€65,925 to -€51,669
- Staff costs -€11,213
no longer reported in 2025 (was €11,213)
- Financial charges +€7,208
up €7,208 (+25.5%), from €28,264 to €35,472
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 | €21,352,550 | €39,409,170 | +€18.1m | +84.6% |
| Fixed assets | 21/28 | €14,774 | €14,774 | = | 0.0% |
| Financial fixed assets | 28 | €14,774 | €14,774 | = | 0.0% |
| Current assets | 29/58 | €21,337,776 | €39,394,396 | +€18.1m | +84.6% |
| Amounts receivable within one year | 40/41 | €57,868 | €358,328 | +€300,460 | +519.2% |
| Trade receivables | 40 | €11,840 | €2,416 | -€9,424 | -79.6% |
| Other amounts receivable | 41 | €46,029 | €355,912 | +€309,884 | +673.2% |
| Current investments | 50/53 | €21,158,518 | €38,992,268 | +€17.8m | +84.3% |
| Cash at bank and in hand | 54/58 | €121,390 | €43,800 | -€77,590 | -63.9% |
| Total equity and liabilities | 10/49 | €21,352,550 | €39,409,170 | +€18.1m | +84.6% |
| Equity | 10/15 | €15,297,044 | €33,386,902 | +€18.1m | +118.3% |
| Contributions | 10/11 | €62,469 | €62,469 | = | 0.0% |
| Capital | 10 | €62,469 | €62,469 | = | 0.0% |
| Issued capital | 100 | €62,469 | €62,469 | = | 0.0% |
| Reserves | 13 | €15,234,575 | €33,324,433 | +€18.1m | +118.7% |
| Non-distributable reserves | 130/1 | €155,012 | €155,012 | = | 0.0% |
| Legal reserve | 130 | €155,012 | €155,012 | = | 0.0% |
| Distributable reserves | 133 | €15,079,563 | €33,169,421 | +€18.1m | +120.0% |
| Amounts payable | 17/49 | €6,055,506 | €6,022,268 | -€33,238 | -0.5% |
| Amounts payable within one year | 42/48 | €6,055,506 | €6,022,268 | -€33,238 | -0.5% |
| Trade debts | 44 | - | €8,654 | +€8,654 | |
| Suppliers | 440/4 | - | €8,654 | +€8,654 | |
| Taxes, remuneration and social security | 45 | - | €22,500 | +€22,500 | |
| Taxes | 450/3 | - | €22,500 | +€22,500 | |
| Other amounts payable | 47/48 | €6,055,506 | €5,991,114 | -€64,392 | -1.1% |
| Remuneration, social security and pensions | 62 | €11,213 | - | -€11,213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €814 | - | -€814 | |
| Other operating charges | 640/8 | €4,143 | €2,752 | -€1,391 | -33.6% |
| Gross operating margin | 9900 | -€65,925 | -€51,669 | +€14,256 | +21.6% |
| Operating profit (loss) | 9901 | -€82,095 | -€54,421 | +€27,674 | +33.7% |
| Financial income | 75/76B | €8,636,304 | €18,181,472 | +€9.5m | +110.5% |
| Recurring financial income | 75 | €8,636,304 | €18,181,472 | +€9.5m | +110.5% |
| Financial charges | 65/66B | €28,264 | €35,472 | +€7,208 | +25.5% |
| Recurring financial charges | 65 | €28,264 | €35,472 | +€7,208 | +25.5% |
| Profit (loss) for the period before taxes | 9903 | €8,525,946 | €18,091,579 | +€9.6m | +112.2% |
| Income taxes | 67/77 | €39,711 | €1,721 | -€37,990 | -95.7% |
| Profit (loss) for the period | 9904 | €8,486,235 | €18,089,858 | +€9.6m | +113.2% |
| Profit (loss) for the period to be appropriated | 9905 | €8,486,235 | €18,089,858 | +€9.6m | +113.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.