DEL PROJECTS: 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 PROJECTS
Largest movements
- Cash -€75,890
down €75,890 (-83.6%), from €90,807 to €14,917
mainly Trade debts (-€46,955) and Net result for the year (-€19,855)
- Receivables within one year +€16,849
up €16,849 (+75.9%), from €22,187 to €39,037
of which Trade receivables: +€18,814
- Tangible fixed assets +€3,410
new in 2025: €3,410
- Trade debts -€46,955
down €46,955 (-87.6%), from €53,585 to €6,630
- Reserves -€19,855
down €19,855 (-63.3%), from €31,362 to €11,507
- Tax, wage and social debts +€9,729
up €9,729 (+77.8%), from €12,512 to €22,241
of which Taxes: +€10,722
- Other debts +€1,450
up €1,450 (+12.5%), from €11,627 to €13,077
- Gross operating margin -€61,478
down €61,478, from €44,199 to -€17,278
- Taxes -€9,213
down €9,213 (-94.4%), from €9,760 to €547
- Other operating charges +€506
up €506 (+49.3%), from €1,027 to €1,533
- Depreciation +€488
new in 2025: €488
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 | €113,085 | €57,455 | -€55,631 | -49.2% |
| Fixed assets | 21/28 | €91 | €3,501 | +€3,410 | +3755.5% |
| Tangible fixed assets | 22/27 | - | €3,410 | +€3,410 | |
| Plant, machinery and equipment | 23 | - | €3,410 | +€3,410 | |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €112,995 | €53,954 | -€59,041 | -52.3% |
| Amounts receivable within one year | 40/41 | €22,187 | €39,037 | +€16,849 | +75.9% |
| Trade receivables | 40 | €20,223 | €39,037 | +€18,814 | +93.0% |
| Other amounts receivable | 41 | €1,965 | - | -€1,965 | |
| Cash at bank and in hand | 54/58 | €90,807 | €14,917 | -€75,890 | -83.6% |
| Total equity and liabilities | 10/49 | €113,085 | €57,455 | -€55,631 | -49.2% |
| Equity | 10/15 | €35,362 | €15,507 | -€19,855 | -56.1% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €31,362 | €11,507 | -€19,855 | -63.3% |
| Distributable reserves | 133 | €31,362 | €11,507 | -€19,855 | -63.3% |
| Amounts payable | 17/49 | €77,723 | €41,947 | -€35,776 | -46.0% |
| Amounts payable within one year | 42/48 | €77,723 | €41,947 | -€35,776 | -46.0% |
| Trade debts | 44 | €53,585 | €6,630 | -€46,955 | -87.6% |
| Suppliers | 440/4 | €53,585 | €6,630 | -€46,955 | -87.6% |
| Taxes, remuneration and social security | 45 | €12,512 | €22,241 | +€9,729 | +77.8% |
| Taxes | 450/3 | €10,378 | €21,101 | +€10,722 | +103.3% |
| Remuneration and social security | 454/9 | €2,133 | €1,140 | -€993 | -46.6% |
| Other amounts payable | 47/48 | €11,627 | €13,077 | +€1,450 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €488 | +€488 | |
| Other operating charges | 640/8 | €1,027 | €1,533 | +€506 | +49.3% |
| Gross operating margin | 9900 | €44,199 | -€17,278 | -€61,478 | |
| Operating profit (loss) | 9901 | €43,172 | -€19,300 | -€62,472 | |
| Financial income | 75/76B | €5 | €125 | +€120 | +2354.7% |
| Recurring financial income | 75 | €5 | €125 | +€120 | +2354.7% |
| Financial charges | 65/66B | €34 | €132 | +€98 | +292.8% |
| Recurring financial charges | 65 | €34 | €132 | +€98 | +292.8% |
| Profit (loss) for the period before taxes | 9903 | €43,144 | -€19,307 | -€62,451 | |
| Income taxes | 67/77 | €9,760 | €547 | -€9,213 | -94.4% |
| Profit (loss) for the period | 9904 | €33,383 | -€19,855 | -€53,238 | |
| Profit (loss) for the period to be appropriated | 9905 | €33,383 | -€19,855 | -€53,238 |
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 9 October 2026 via checked.be.