DEL & MA: 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.
DEL & MA
Largest movements
- Cash -€7,126
down €7,126 (-49.1%), from €14,518 to €7,391
mainly Net result for the year (-€21,793) and Receivables within one year (-€92)
- Stocks and contracts -€2,345
down €2,345 (-53.6%), from €4,374 to €2,029
- Deferred charges and accrued income -€1,998
down €1,998 (-36.0%), from €5,550 to €3,552
- Tangible fixed assets -€470
down €470 (-42.9%), from €1,094 to €624
- Profit (loss) carried forward -€21,793
down €21,793 (-53.7%), from -€40,586 to -€62,380
- Trade debts +€6,741
up €6,741 (+540%), from €1,249 to €7,990
- Tax, wage and social debts +€2,660
up €2,660 (+43.0%), from €6,192 to €8,852
of which Remuneration and social security: +€2,780
- Other debts +€545
up €545 (+1.9%), from €28,471 to €29,016
- Staff costs +€4,899
up €4,899 (+18.4%), from €26,661 to €31,560
- Gross operating margin -€665
down €665 (-4.9%), from €13,516 to €12,850
- Financial charges -€403
down €403 (-14.6%), from €2,765 to €2,362
- Depreciation -€145
down €145 (-23.6%), from €615 to €470
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 | €26,426 | €14,578 | -€11,847 | -44.8% |
| Fixed assets | 21/28 | €1,244 | €774 | -€470 | -37.8% |
| Tangible fixed assets | 22/27 | €1,094 | €624 | -€470 | -42.9% |
| Plant, machinery and equipment | 23 | €140 | - | -€140 | |
| Furniture and vehicles | 24 | €379 | €249 | -€130 | -34.3% |
| Other tangible fixed assets | 26 | €575 | €375 | -€200 | -34.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €25,182 | €13,804 | -€11,378 | -45.2% |
| Stocks and contracts in progress | 3 | €4,374 | €2,029 | -€2,345 | -53.6% |
| Stocks | 30/36 | €4,374 | €2,029 | -€2,345 | -53.6% |
| Amounts receivable within one year | 40/41 | €740 | €832 | +€92 | +12.4% |
| Trade receivables | 40 | €740 | €832 | +€92 | +12.4% |
| Cash at bank and in hand | 54/58 | €14,518 | €7,391 | -€7,126 | -49.1% |
| Deferred charges and accrued income | 490/1 | €5,550 | €3,552 | -€1,998 | -36.0% |
| Total equity and liabilities | 10/49 | €26,426 | €14,578 | -€11,847 | -44.8% |
| Equity | 10/15 | -€9,486 | -€31,280 | -€21,793 | -230% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€40,586 | -€62,380 | -€21,793 | -53.7% |
| Amounts payable | 17/49 | €35,912 | €45,858 | +€9,946 | +27.7% |
| Amounts payable within one year | 42/48 | €35,912 | €45,858 | +€9,946 | +27.7% |
| Trade debts | 44 | €1,249 | €7,990 | +€6,741 | +540% |
| Suppliers | 440/4 | €1,249 | €7,990 | +€6,741 | +540% |
| Taxes, remuneration and social security | 45 | €6,192 | €8,852 | +€2,660 | +43.0% |
| Taxes | 450/3 | €1,783 | €1,662 | -€120 | -6.8% |
| Remuneration and social security | 454/9 | €4,410 | €7,190 | +€2,780 | +63.0% |
| Other amounts payable | 47/48 | €28,471 | €29,016 | +€545 | +1.9% |
| Remuneration, social security and pensions | 62 | €26,661 | €31,560 | +€4,899 | +18.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €615 | €470 | -€145 | -23.6% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | €13,516 | €12,850 | -€665 | -4.9% |
| Operating profit (loss) | 9901 | -€14,211 | -€19,579 | -€5,368 | -37.8% |
| Financial income | 75/76B | €20 | €150 | +€131 | +662% |
| Recurring financial income | 75 | €20 | €150 | +€131 | +662% |
| Financial charges | 65/66B | €2,765 | €2,362 | -€403 | -14.6% |
| Recurring financial charges | 65 | €2,765 | €2,362 | -€403 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | -€16,956 | -€21,790 | -€4,834 | -28.5% |
| Income taxes | 67/77 | €2 | €3 | +€1 | +62.0% |
| Profit (loss) for the period | 9904 | -€16,958 | -€21,793 | -€4,835 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,958 | -€21,793 | -€4,835 | -28.5% |
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 15 October 2026 via checked.be.