Delaey Mathieu: 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.
Delaey Mathieu
Largest movements
- Receivables within one year +€37,701
up €37,701 (+291%), from €12,938 to €50,640
of which Trade receivables: +€20,831
- Reserves +€38,406
up €38,406 (+20.8%), from €184,989 to €223,395
- Tax, wage and social debts +€3,174
up €3,174 (+50.4%), from €6,302 to €9,476
- Gross operating margin +€9,648
up €9,648 (+16.4%), from €58,705 to €68,353
- Other operating charges +€2,486
up €2,486 (+79.6%), from €3,123 to €5,608
- Taxes +€1,507
up €1,507 (+9.4%), from €16,111 to €17,617
- Financial income -€1,152
down €1,152 (-25.8%), from €4,465 to €3,313
- Depreciation +€1,102
up €1,102 (+12.6%), from €8,715 to €9,816
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 | €206,527 | €246,672 | +€40,144 | +19.4% |
| Fixed assets | 21/28 | €23,784 | €26,173 | +€2,390 | +10.0% |
| Tangible fixed assets | 22/27 | €23,784 | €26,173 | +€2,390 | +10.0% |
| Plant, machinery and equipment | 23 | €3,259 | €2,112 | -€1,147 | -35.2% |
| Furniture and vehicles | 24 | €7,915 | €14,094 | +€6,179 | +78.1% |
| Other tangible fixed assets | 26 | €12,609 | €9,967 | -€2,642 | -21.0% |
| Current assets | 29/58 | €182,744 | €220,498 | +€37,755 | +20.7% |
| Amounts receivable after more than one year | 29 | €72,541 | €74,354 | +€1,814 | +2.5% |
| Other amounts receivable | 291 | €72,541 | €74,354 | +€1,814 | +2.5% |
| Amounts receivable within one year | 40/41 | €12,938 | €50,640 | +€37,701 | +291% |
| Trade receivables | 40 | €948 | €21,779 | +€20,831 | +2,198% |
| Other amounts receivable | 41 | €11,990 | €28,861 | +€16,870 | +141% |
| Cash at bank and in hand | 54/58 | €95,894 | €94,883 | -€1,011 | -1.1% |
| Deferred charges and accrued income | 490/1 | €1,371 | €622 | -€749 | -54.7% |
| Total equity and liabilities | 10/49 | €206,527 | €246,672 | +€40,144 | +19.4% |
| Equity | 10/15 | €197,389 | €235,795 | +€38,406 | +19.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €184,989 | €223,395 | +€38,406 | +20.8% |
| Distributable reserves | 133 | €184,989 | €223,395 | +€38,406 | +20.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €9,138 | €10,877 | +€1,738 | +19.0% |
| Amounts payable within one year | 42/48 | €8,760 | €10,484 | +€1,723 | +19.7% |
| Trade debts | 44 | €2,459 | €1,008 | -€1,451 | -59.0% |
| Suppliers | 440/4 | €2,459 | €1,008 | -€1,451 | -59.0% |
| Taxes, remuneration and social security | 45 | €6,302 | €9,476 | +€3,174 | +50.4% |
| Taxes | 450/3 | €6,302 | €9,476 | +€3,174 | +50.4% |
| Accrued charges and deferred income | 492/3 | €378 | €393 | +€15 | +4.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,715 | €9,816 | +€1,102 | +12.6% |
| Other operating charges | 640/8 | €3,123 | €5,608 | +€2,486 | +79.6% |
| Gross operating margin | 9900 | €58,705 | €68,353 | +€9,648 | +16.4% |
| Operating profit (loss) | 9901 | €46,868 | €52,928 | +€6,060 | +12.9% |
| Financial income | 75/76B | €4,465 | €3,313 | -€1,152 | -25.8% |
| Recurring financial income | 75 | €4,465 | €3,313 | -€1,152 | -25.8% |
| Financial charges | 65/66B | €409 | €218 | -€190 | -46.6% |
| Recurring financial charges | 65 | €409 | €218 | -€190 | -46.6% |
| Profit (loss) for the period before taxes | 9903 | €50,924 | €56,023 | +€5,099 | +10.0% |
| Income taxes | 67/77 | €16,111 | €17,617 | +€1,507 | +9.4% |
| Profit (loss) for the period | 9904 | €34,813 | €38,406 | +€3,593 | +10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,813 | €38,406 | +€3,593 | +10.3% |
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 17 October 2026 via checked.be.