DEL.POWER: 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.
DEL.POWER
Largest movements
- Current investments +€900,000
new in 2025: €900,000
- Stocks and contracts -€604,836
down €604,836 (-78.3%), from €772,058 to €167,222
of which Contracts in progress: -€582,691
- Cash +€340,303
up €340,303 (+437.6%), from €77,774 to €418,077
mainly Net result for the year (+€636,024) and Stocks and contracts (+€604,836)
- Receivables within one year -€121,562
down €121,562 (-29.8%), from €407,688 to €286,125
of which Trade receivables: -€125,198
- Intangible fixed assets -€67,634
down €67,634 (-8.4%), from €806,580 to €738,946
- Profit (loss) carried forward +€436,024
up €436,024 (+42.4%), from €1.0m to €1.5m
- Other debts +€129,448
up €129,448 (+175.7%), from €73,691 to €203,139
- Trade debts +€90,231
up €90,231 (+56.8%), from €158,921 to €249,152
- Investment grants -€61,110
down €61,110 (-54.5%), from €112,116 to €51,007
- Short-term financial debts -€60,452
down €60,452 (-28.1%), from €214,762 to €154,310
- Gross operating margin +€577,476
up €577,476 (+23.1%), from €2.5m to €3.1m
- Staff costs +€224,060
up €224,060 (+12.9%), from €1.7m to €2.0m
- Write-downs +€67,312
new in 2025: €67,312
- Financial income -€32,928
down €32,928 (-33.5%), from €98,180 to €65,252
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 | €2,181,692 | €2,652,552 | +€470,860 | +21.6% |
| Fixed assets | 21/28 | €827,422 | €768,162 | -€59,260 | -7.2% |
| Intangible fixed assets | 21 | €806,580 | €738,946 | -€67,634 | -8.4% |
| Tangible fixed assets | 22/27 | €14,541 | €17,270 | +€2,729 | +18.8% |
| Furniture and vehicles | 24 | €9,963 | €13,958 | +€3,995 | +40.1% |
| Other tangible fixed assets | 26 | €4,578 | €3,312 | -€1,266 | -27.7% |
| Financial fixed assets | 28 | €6,300 | €11,946 | +€5,646 | +89.6% |
| Current assets | 29/58 | €1,354,270 | €1,884,390 | +€530,120 | +39.1% |
| Stocks and contracts in progress | 3 | €772,058 | €167,222 | -€604,836 | -78.3% |
| Stocks | 30/36 | €76,866 | €54,722 | -€22,144 | -28.8% |
| Contracts in progress | 37 | €695,192 | €112,500 | -€582,691 | -83.8% |
| Amounts receivable within one year | 40/41 | €407,688 | €286,125 | -€121,562 | -29.8% |
| Trade receivables | 40 | €340,188 | €214,991 | -€125,198 | -36.8% |
| Other amounts receivable | 41 | €67,499 | €71,135 | +€3,636 | +5.4% |
| Current investments | 50/53 | - | €900,000 | +€900,000 | |
| Cash at bank and in hand | 54/58 | €77,774 | €418,077 | +€340,303 | +437.6% |
| Deferred charges and accrued income | 490/1 | €96,750 | €112,965 | +€16,215 | +16.8% |
| Total equity and liabilities | 10/49 | €2,181,692 | €2,652,552 | +€470,860 | +21.6% |
| Equity | 10/15 | €1,191,138 | €1,536,053 | +€344,915 | +29.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,860 | €1,860 | -€30,000 | -94.2% |
| Distributable reserves | 133 | €31,860 | €1,860 | -€30,000 | -94.2% |
| Profit (loss) carried forward | 14 | €1,028,562 | €1,464,586 | +€436,024 | +42.4% |
| Investment grants | 15 | €112,116 | €51,007 | -€61,110 | -54.5% |
| Amounts payable | 17/49 | €990,554 | €1,116,499 | +€125,945 | +12.7% |
| Amounts payable after more than one year | 17 | €66,667 | €25,000 | -€41,667 | -62.5% |
| Financial debts | 170/4 | €66,667 | €25,000 | -€41,667 | -62.5% |
| Amounts payable within one year | 42/48 | €892,538 | €1,005,913 | +€113,375 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €129,868 | €129,868 | -€0 | 0.0% |
| Financial debts | 43 | €214,762 | €154,310 | -€60,452 | -28.1% |
| Credit institutions | 430/8 | €214,762 | €154,310 | -€60,452 | -28.1% |
| Trade debts | 44 | €158,921 | €249,152 | +€90,231 | +56.8% |
| Suppliers | 440/4 | €158,921 | €249,152 | +€90,231 | +56.8% |
| Taxes, remuneration and social security | 45 | €315,297 | €269,444 | -€45,852 | -14.5% |
| Taxes | 450/3 | €48,237 | €33,264 | -€14,973 | -31.0% |
| Remuneration and social security | 454/9 | €267,059 | €236,180 | -€30,879 | -11.6% |
| Other amounts payable | 47/48 | €73,691 | €203,139 | +€129,448 | +175.7% |
| Accrued charges and deferred income | 492/3 | €31,349 | €85,586 | +€54,237 | +173.0% |
| Non-recurring operating income | 76A | €16,347 | - | -€16,347 | |
| Remuneration, social security and pensions | 62 | €1,731,546 | €1,955,606 | +€224,060 | +12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307,986 | €286,889 | -€21,098 | -6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €67,312 | +€67,312 | |
| Other operating charges | 640/8 | €60,777 | €67,972 | +€7,195 | +11.8% |
| Non-recurring operating charges | 66A | €6,815 | - | -€6,815 | |
| Gross operating margin | 9900 | €2,500,868 | €3,078,344 | +€577,476 | +23.1% |
| Operating profit (loss) | 9901 | €393,743 | €700,564 | +€306,821 | +77.9% |
| Financial income | 75/76B | €98,180 | €65,252 | -€32,928 | -33.5% |
| Recurring financial income | 75 | €98,180 | €65,252 | -€32,928 | -33.5% |
| Financial charges | 65/66B | €29,906 | €40,062 | +€10,157 | +34.0% |
| Recurring financial charges | 65 | €29,906 | €40,062 | +€10,157 | +34.0% |
| Profit (loss) for the period before taxes | 9903 | €462,018 | €725,754 | +€263,736 | +57.1% |
| Income taxes | 67/77 | €72,444 | €89,730 | +€17,286 | +23.9% |
| Profit (loss) for the period | 9904 | €389,574 | €636,024 | +€246,450 | +63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €389,574 | €636,024 | +€246,450 | +63.3% |
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 8 October 2026 via checked.be.