DELANNAY SAMUEL: 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.
DELANNAY SAMUEL
Largest movements
- Tangible fixed assets +€1.3m
up €1.3m (+48.3%), from €2.7m to €4.0m
of which Furniture and vehicles: +€848,822
- Receivables within one year +€149,804
up €149,804 (+17.9%), from €838,081 to €987,885
of which Trade receivables: +€150,908
- Debts after one year +€1.2m
up €1.2m (+57.4%), from €2.1m to €3.3m
- Reserves +€152,819
up €152,819 (+94.1%), from €162,378 to €315,197
of which Distributable reserves: +€125,819
- Current portion of long-term debt +€75,700
up €75,700 (+15.6%), from €485,362 to €561,062
- Other debts +€57,664
up €57,664 (+31.2%), from €184,732 to €242,395
- Tax, wage and social debts -€54,898
down €54,898 (-26.2%), from €209,508 to €154,610
of which Taxes: -€61,454
- Gross operating margin +€275,924
up €275,924 (+16.3%), from €1.7m to €2.0m
- Depreciation +€96,960
up €96,960 (+16.4%), from €591,720 to €688,681
- Staff costs +€55,202
up €55,202 (+7.2%), from €771,473 to €826,675
- Financial charges +€52,044
up €52,044 (+64.5%), from €80,735 to €132,779
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 | €3,724,264 | €5,150,866 | +€1.4m | +38.3% |
| Fixed assets | 21/28 | €2,712,090 | €4,021,047 | +€1.3m | +48.3% |
| Tangible fixed assets | 22/27 | €2,708,447 | €4,017,404 | +€1.3m | +48.3% |
| Land and buildings | 22 | €790,254 | €749,249 | -€41,005 | -5.2% |
| Plant, machinery and equipment | 23 | €122,120 | €99,783 | -€22,337 | -18.3% |
| Furniture and vehicles | 24 | €720,832 | €1,569,654 | +€848,822 | +118% |
| Leasing and similar rights | 25 | €1,073,804 | €1,597,387 | +€523,583 | +48.8% |
| Other tangible fixed assets | 26 | €1,438 | €1,331 | -€107 | -7.5% |
| Financial fixed assets | 28 | €3,643 | €3,643 | = | 0.0% |
| Current assets | 29/58 | €1,012,174 | €1,129,820 | +€117,646 | +11.6% |
| Stocks and contracts in progress | 3 | €14,726 | €8,334 | -€6,392 | -43.4% |
| Stocks | 30/36 | €14,726 | €8,334 | -€6,392 | -43.4% |
| Amounts receivable within one year | 40/41 | €838,081 | €987,885 | +€149,804 | +17.9% |
| Trade receivables | 40 | €836,577 | €987,485 | +€150,908 | +18.0% |
| Other amounts receivable | 41 | €1,504 | €400 | -€1,104 | -73.4% |
| Cash at bank and in hand | 54/58 | €62,095 | €24,408 | -€37,687 | -60.7% |
| Deferred charges and accrued income | 490/1 | €97,272 | €109,193 | +€11,921 | +12.3% |
| Total equity and liabilities | 10/49 | €3,724,264 | €5,150,866 | +€1.4m | +38.3% |
| Equity | 10/15 | €532,469 | €685,601 | +€153,132 | +28.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €162,378 | €315,197 | +€152,819 | +94.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €27,000 | +€27,000 | |
| Distributable reserves | 133 | €160,518 | €286,337 | +€125,819 | +78.4% |
| Profit (loss) carried forward | 14 | €348,213 | €348,213 | = | 0.0% |
| Investment grants | 15 | €15,679 | €15,991 | +€313 | +2.0% |
| Amounts payable | 17/49 | €3,191,794 | €4,465,265 | +€1.3m | +39.9% |
| Amounts payable after more than one year | 17 | €2,121,262 | €3,339,309 | +€1.2m | +57.4% |
| Financial debts | 170/4 | €2,121,262 | €3,339,309 | +€1.2m | +57.4% |
| Amounts payable within one year | 42/48 | €1,070,532 | €1,125,956 | +€55,424 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €485,362 | €561,062 | +€75,700 | +15.6% |
| Trade debts | 44 | €190,930 | €167,889 | -€23,041 | -12.1% |
| Suppliers | 440/4 | €190,930 | €167,889 | -€23,041 | -12.1% |
| Taxes, remuneration and social security | 45 | €209,508 | €154,610 | -€54,898 | -26.2% |
| Taxes | 450/3 | €132,874 | €71,420 | -€61,454 | -46.2% |
| Remuneration and social security | 454/9 | €76,635 | €83,190 | +€6,556 | +8.6% |
| Other amounts payable | 47/48 | €184,732 | €242,395 | +€57,664 | +31.2% |
| Remuneration, social security and pensions | 62 | €771,473 | €826,675 | +€55,202 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €591,720 | €688,681 | +€96,960 | +16.4% |
| Other operating charges | 640/8 | €160,813 | €170,026 | +€9,213 | +5.7% |
| Gross operating margin | 9900 | €1,687,618 | €1,963,542 | +€275,924 | +16.3% |
| Operating profit (loss) | 9901 | €163,612 | €278,160 | +€114,549 | +70.0% |
| Financial income | 75/76B | €10,142 | €20,211 | +€10,069 | +99.3% |
| Recurring financial income | 75 | €10,142 | €20,211 | +€10,069 | +99.3% |
| Financial charges | 65/66B | €80,735 | €132,779 | +€52,044 | +64.5% |
| Recurring financial charges | 65 | €80,735 | €132,779 | +€52,044 | +64.5% |
| Profit (loss) for the period before taxes | 9903 | €93,019 | €165,593 | +€72,574 | +78.0% |
| Income taxes | 67/77 | €8,645 | €12,773 | +€4,128 | +47.8% |
| Profit (loss) for the period | 9904 | €84,374 | €152,819 | +€68,445 | +81.1% |
| Transfer to tax-exempt reserves | 689 | - | €27,000 | +€27,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,374 | €125,819 | +€41,445 | +49.1% |
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 1 November 2026 via checked.be.