DELANEY: 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.
DELANEY
Largest movements
- Deferred charges and accrued income -€49,653
down €49,653 (-76.9%), from €64,599 to €14,946
- Cash -€49,524
down €49,524 (-34.7%), from €142,688 to €93,163
mainly Debts after one year (-€74,461) and Short-term financial debts (-€41,727)
- Receivables within one year +€15,792
up €15,792 (+1.3%), from €1.2m to €1.2m
of which Trade receivables: +€33,284
- Debts after one year -€74,461
down €74,461 (-13.1%), from €566,724 to €492,263
of which Financial debts: -€74,590
- Short-term financial debts -€41,727
down €41,727 (-49.1%), from €85,019 to €43,292
of which Other loans: -€41,822
- Profit (loss) carried forward +€27,129
up €27,129 (+47.0%), from -€57,761 to -€30,632
- Tax, wage and social debts -€21,294
down €21,294 (-14.2%), from €150,356 to €129,062
of which Remuneration and social security: -€33,341
- Other debts +€20,350
new in 2025: €20,350
- Gross operating margin +€65,744
up €65,744 (+10.1%), from €654,050 to €719,794
- Staff costs -€55,442
down €55,442 (-8.9%), from €626,267 to €570,825
- Financial charges +€24,808
up €24,808 (+40.8%), from €60,744 to €85,552
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 | €1,501,917 | €1,408,105 | -€93,812 | -6.2% |
| Fixed assets | 21/28 | €87,803 | €80,480 | -€7,323 | -8.3% |
| Tangible fixed assets | 22/27 | €87,803 | €80,480 | -€7,323 | -8.3% |
| Plant, machinery and equipment | 23 | €33,412 | €27,532 | -€5,880 | -17.6% |
| Furniture and vehicles | 24 | €7,479 | €4,866 | -€2,613 | -34.9% |
| Other tangible fixed assets | 26 | €46,912 | €48,082 | +€1,170 | +2.5% |
| Current assets | 29/58 | €1,414,114 | €1,327,625 | -€86,488 | -6.1% |
| Amounts receivable after more than one year | 29 | - | €700 | +€700 | |
| Other amounts receivable | 291 | - | €700 | +€700 | |
| Stocks and contracts in progress | 3 | €23,164 | €24,074 | +€909 | +3.9% |
| Stocks | 30/36 | €23,164 | €24,074 | +€909 | +3.9% |
| Amounts receivable within one year | 40/41 | €1,178,824 | €1,194,616 | +€15,792 | +1.3% |
| Trade receivables | 40 | €13,423 | €46,707 | +€33,284 | +248.0% |
| Other amounts receivable | 41 | €1,165,401 | €1,147,909 | -€17,491 | -1.5% |
| Current investments | 50/53 | €4,839 | €126 | -€4,713 | -97.4% |
| Cash at bank and in hand | 54/58 | €142,688 | €93,163 | -€49,524 | -34.7% |
| Deferred charges and accrued income | 490/1 | €64,599 | €14,946 | -€49,653 | -76.9% |
| Total equity and liabilities | 10/49 | €1,501,917 | €1,408,105 | -€93,812 | -6.2% |
| Equity | 10/15 | €347,959 | €375,088 | +€27,129 | +7.8% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €399,220 | €399,220 | = | 0.0% |
| Distributable reserves | 133 | €399,220 | €399,220 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,761 | -€30,632 | +€27,129 | +47.0% |
| Amounts payable | 17/49 | €1,153,957 | €1,033,016 | -€120,941 | -10.5% |
| Amounts payable after more than one year | 17 | €566,724 | €492,263 | -€74,461 | -13.1% |
| Financial debts | 170/4 | €403,079 | €328,489 | -€74,590 | -18.5% |
| Other amounts payable | 178/9 | €163,644 | €163,774 | +€129 | +0.1% |
| Amounts payable within one year | 42/48 | €575,765 | €529,203 | -€46,562 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €86,123 | €86,824 | +€702 | +0.8% |
| Financial debts | 43 | €85,019 | €43,292 | -€41,727 | -49.1% |
| Credit institutions | 430/8 | €1,418 | €1,513 | +€95 | +6.7% |
| Other loans | 439 | €83,601 | €41,779 | -€41,822 | -50.0% |
| Trade debts | 44 | €254,268 | €249,674 | -€4,593 | -1.8% |
| Suppliers | 440/4 | €254,268 | €249,674 | -€4,593 | -1.8% |
| Taxes, remuneration and social security | 45 | €150,356 | €129,062 | -€21,294 | -14.2% |
| Taxes | 450/3 | €39,818 | €51,864 | +€12,047 | +30.3% |
| Remuneration and social security | 454/9 | €110,538 | €77,197 | -€33,341 | -30.2% |
| Other amounts payable | 47/48 | - | €20,350 | +€20,350 | |
| Accrued charges and deferred income | 492/3 | €11,469 | €11,551 | +€82 | +0.7% |
| Non-recurring operating income | 76A | €2,808 | €2,877 | +€69 | +2.4% |
| Remuneration, social security and pensions | 62 | €626,267 | €570,825 | -€55,442 | -8.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,314 | €17,332 | +€7,018 | +68.0% |
| Other operating charges | 640/8 | €12,649 | €8,432 | -€4,217 | -33.3% |
| Non-recurring operating charges | 66A | €1,675 | €6,042 | +€4,367 | +260.7% |
| Gross operating margin | 9900 | €654,050 | €719,794 | +€65,744 | +10.1% |
| Operating profit (loss) | 9901 | €3,145 | €117,163 | +€114,018 | +3624.9% |
| Financial income | 75/76B | €25 | €23 | -€2 | -6.8% |
| Recurring financial income | 75 | €25 | €23 | -€2 | -6.8% |
| Financial charges | 65/66B | €60,744 | €85,552 | +€24,808 | +40.8% |
| Recurring financial charges | 65 | €60,744 | €85,552 | +€24,808 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | -€57,574 | €31,634 | +€89,208 | |
| Income taxes | 67/77 | €187 | €4,505 | +€4,318 | +2312.8% |
| Profit (loss) for the period | 9904 | -€57,761 | €27,129 | +€84,890 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,761 | €27,129 | +€84,890 |
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.