DEL'OR: 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'OR
Largest movements
- Tangible fixed assets -€231,862
down €231,862 (-12.0%), from €1.9m to €1.7m
of which Land and buildings: -€133,156
- Receivables within one year -€203,643
down €203,643 (-31.9%), from €638,274 to €434,631
- Cash +€27,143
up €27,143 (+85.2%), from €31,864 to €59,007
mainly Depreciation (+€235,462) and Receivables within one year (+€203,643)
- Other debts -€360,879
down €360,879 (-56.6%), from €637,176 to €276,298
- Reserves +€150,000
up €150,000 (+26.9%), from €556,860 to €706,860
of which Distributable reserves: +€150,000
- Debts after one year -€136,974
down €136,974 (-23.2%), from €589,382 to €452,408
- Accrued charges and deferred income -€34,968
down €34,968 (-10.9%), from €321,031 to €286,063
- Gross operating margin +€56,693
up €56,693 (+13.4%), from €422,564 to €479,257
- Taxes +€39,104
up €39,104 (+12,840%), from €305 to €39,409
- Financial charges -€11,039
down €11,039 (-24.1%), from €45,748 to €34,709
- Depreciation -€9,587
down €9,587 (-3.9%), from €245,049 to €235,462
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 | €2,633,150 | €2,223,843 | -€409,307 | -15.5% |
| Fixed assets | 21/28 | €1,948,433 | €1,712,971 | -€235,462 | -12.1% |
| Intangible fixed assets | 21 | €20,673 | €17,073 | -€3,600 | -17.4% |
| Tangible fixed assets | 22/27 | €1,927,760 | €1,695,898 | -€231,862 | -12.0% |
| Land and buildings | 22 | €1,622,737 | €1,489,581 | -€133,156 | -8.2% |
| Plant, machinery and equipment | 23 | €267,950 | €180,605 | -€87,345 | -32.6% |
| Leasing and similar rights | 25 | €37,073 | €25,712 | -€11,362 | -30.6% |
| Current assets | 29/58 | €684,717 | €510,872 | -€173,845 | -25.4% |
| Stocks and contracts in progress | 3 | €6,421 | €8,155 | +€1,734 | +27.0% |
| Stocks | 30/36 | €6,421 | €8,155 | +€1,734 | +27.0% |
| Amounts receivable within one year | 40/41 | €638,274 | €434,631 | -€203,643 | -31.9% |
| Trade receivables | 40 | €638,274 | €434,631 | -€203,643 | -31.9% |
| Cash at bank and in hand | 54/58 | €31,864 | €59,007 | +€27,143 | +85.2% |
| Deferred charges and accrued income | 490/1 | €8,158 | €9,079 | +€921 | +11.3% |
| Total equity and liabilities | 10/49 | €2,633,150 | €2,223,843 | -€409,307 | -15.5% |
| Equity | 10/15 | €727,536 | €879,756 | +€152,219 | +20.9% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Capital | 10 | €168,600 | €168,600 | = | 0.0% |
| Issued capital | 100 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €556,860 | €706,860 | +€150,000 | +26.9% |
| Non-distributable reserves | 130/1 | €16,860 | €16,860 | = | 0.0% |
| Legal reserve | 130 | €16,860 | €16,860 | = | 0.0% |
| Distributable reserves | 133 | €540,000 | €690,000 | +€150,000 | +27.8% |
| Profit (loss) carried forward | 14 | €2,076 | €4,296 | +€2,219 | +107% |
| Amounts payable | 17/49 | €1,905,613 | €1,344,087 | -€561,527 | -29.5% |
| Amounts payable after more than one year | 17 | €589,382 | €452,408 | -€136,974 | -23.2% |
| Financial debts | 170/4 | €589,382 | €452,408 | -€136,974 | -23.2% |
| Amounts payable within one year | 42/48 | €995,201 | €605,616 | -€389,585 | -39.1% |
| Current portion of amounts payable after more than one year | 42 | €157,493 | €136,974 | -€20,519 | -13.0% |
| Trade debts | 44 | €141,489 | €124,771 | -€16,718 | -11.8% |
| Suppliers | 440/4 | €141,489 | €124,771 | -€16,718 | -11.8% |
| Taxes, remuneration and social security | 45 | €59,042 | €67,573 | +€8,531 | +14.4% |
| Taxes | 450/3 | €54,042 | €67,573 | +€13,531 | +25.0% |
| Remuneration and social security | 454/9 | €5,000 | €0 | -€5,000 | -100% |
| Other amounts payable | 47/48 | €637,176 | €276,298 | -€360,879 | -56.6% |
| Accrued charges and deferred income | 492/3 | €321,031 | €286,063 | -€34,968 | -10.9% |
| Non-recurring operating income | 76A | €1,904 | €5,265 | +€3,361 | +177% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,049 | €235,462 | -€9,587 | -3.9% |
| Other operating charges | 640/8 | €17,043 | €17,461 | +€418 | +2.5% |
| Gross operating margin | 9900 | €422,564 | €479,257 | +€56,693 | +13.4% |
| Operating profit (loss) | 9901 | €160,471 | €226,334 | +€65,862 | +41.0% |
| Financial income | 75/76B | €13 | €4 | -€9 | -72.4% |
| Recurring financial income | 75 | €13 | €4 | -€9 | -72.4% |
| Financial charges | 65/66B | €45,748 | €34,709 | -€11,039 | -24.1% |
| Recurring financial charges | 65 | €45,748 | €34,709 | -€11,039 | -24.1% |
| Profit (loss) for the period before taxes | 9903 | €114,736 | €191,628 | +€76,892 | +67.0% |
| Income taxes | 67/77 | €305 | €39,409 | +€39,104 | +12,840% |
| Profit (loss) for the period | 9904 | €114,432 | €152,219 | +€37,788 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €114,432 | €152,219 | +€37,788 | +33.0% |
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 20 October 2026 via checked.be.