DELAVAL: 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.
What changed
DELAVAL
NACE 21.209, Manufacture of basic pharmaceutical products and pharmaceutical preparations
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €1.0m+€124,298
Equity
€2.4m
2024 · €2.2m+€166,414
Cash
€394,245
2024 · €53,444+€340,800
Balance sheet total
€16.0m
2024 · €13.1m+€2.9m
Largest movements
Assets
- Receivables within one year +€4.0m
up €4.0m (+76.7%), from €5.2m to €9.2m
of which Trade receivables: +€4.1m
- Stocks and contracts -€789,748
down €789,748 (-18.3%), from €4.3m to €3.5m
of which Stocks: -€464,151
- Tangible fixed assets -€571,670
down €571,670 (-17.3%), from €3.3m to €2.7m
of which Furniture and vehicles: -€374,366
- Cash +€340,800
up €340,800 (+638%), from €53,444 to €394,245
mainly Trade debts (+€1.8m) and Net result for the year (+€1.2m)
Equity and liabilities
- Trade debts +€1.8m
up €1.8m (+74.9%), from €2.3m to €4.1m
- Short-term financial debts -€515,562
down €515,562 (-13.2%), from €3.9m to €3.4m
- Accrued charges and deferred income +€460,897
up €460,897 (+91.4%), from €504,516 to €965,413
- Advances received +€349,658
up €349,658 (+29.2%), from €1.2m to €1.5m
- Provisions +€263,000
up €263,000 (+41.1%), from €640,000 to €903,000
Income statement
- Goods and materials +€3.5m
up €3.5m (+14.0%), from €25.2m to €28.8m
of which Purchases: +€3.5m
- Turnover +€3.5m
up €3.5m (+8.8%), from €39.9m to €43.4m
- Staff costs +€917,552
up €917,552 (+15.2%), from €6.0m to €7.0m
- Services and other goods +€732,961
up €732,961 (+11.4%), from €6.4m to €7.2m
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.
Result 2024
€1.0m
Turnover
+€3.5m
Other operating income
+€406,913
Goods and materials
-€3.5m
Services and other goods
-€732,961
Staff costs
-€917,552
Depreciation
+€38,404
Write-downs
+€126,535
Provisions
-€61,000
Other operating charges
+€46,968
Other operating items
+€1.3m
Financial income
-€36,562
Financial charges
+€56,688
Taxes
-€68,053
Result 2025
€1.2m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.8m
Investment
+€75,996
Financing
-€1.5m
Cash 2024
€53,444
From operations (derived)
+€1.8m
Net result for the year
+€1.2m
Depreciation
+€537,927
Stocks and contracts
+€789,748
Receivables within one year
-€4.0m
Deferred charges and accrued income
+€73,092
Provisions
+€263,000
Trade debts
+€1.8m
Tax, wage and social debts
+€143,675
Advances received
+€349,658
Other debts
+€250,000
Accrued charges and deferred income
+€460,897
Investment (derived)
+€75,996
Investment in fixed assets (net)
+€75,996
Financing
-€1.5m
Short-term financial debts
-€515,562
Contributions, distributions and other
-€1.0m
Cash 2025
€394,245
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,114,799 | €15,985,866 | +€2.9m | +21.9% |
| Fixed assets | 21/28 | €3,353,628 | €2,739,704 | -€613,924 | -18.3% |
| Intangible fixed assets | 21 | €46,123 | €3,870 | -€42,253 | -91.6% |
| Tangible fixed assets | 22/27 | €3,301,504 | €2,729,834 | -€571,670 | -17.3% |
| Land and buildings | 22 | €1,378,581 | €1,367,593 | -€10,988 | -0.8% |
| Plant, machinery and equipment | 23 | €1,346,987 | €1,082,748 | -€264,239 | -19.6% |
| Furniture and vehicles | 24 | €456,848 | €82,482 | -€374,366 | -81.9% |
| Assets under construction and advance payments | 27 | €119,089 | €197,010 | +€77,921 | +65.4% |
| Financial fixed assets | 28 | €6,000 | €6,000 | = | 0.0% |
| Other financial fixed assets | 284/8 | €6,000 | €6,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €6,000 | €6,000 | = | 0.0% |
| Current assets | 29/58 | €9,761,171 | €13,246,162 | +€3.5m | +35.7% |
| Stocks and contracts in progress | 3 | €4,323,822 | €3,534,074 | -€789,748 | -18.3% |
| Stocks | 30/36 | €2,678,219 | €2,214,069 | -€464,151 | -17.3% |
| Raw materials and consumables | 30/31 | €1,204,478 | €1,075,029 | -€129,449 | -10.7% |
| Work in progress | 32 | €198,514 | €197,694 | -€821 | -0.4% |
| Finished goods | 33 | €312,574 | €451,509 | +€138,935 | +44.4% |
| Goods purchased for resale | 34 | €962,653 | €489,837 | -€472,816 | -49.1% |
| Contracts in progress | 37 | €1,645,603 | €1,320,006 | -€325,597 | -19.8% |
| Amounts receivable within one year | 40/41 | €5,227,277 | €9,234,307 | +€4.0m | +76.7% |
| Trade receivables | 40 | €5,003,324 | €9,108,967 | +€4.1m | +82.1% |
| Other amounts receivable | 41 | €223,953 | €125,340 | -€98,614 | -44.0% |
| Cash at bank and in hand | 54/58 | €53,444 | €394,245 | +€340,800 | +638% |
| Deferred charges and accrued income | 490/1 | €156,628 | €83,536 | -€73,092 | -46.7% |
| Total equity and liabilities | 10/49 | €13,114,799 | €15,985,866 | +€2.9m | +21.9% |
| Equity | 10/15 | €2,195,988 | €2,362,403 | +€166,414 | +7.6% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Capital | 10 | €180,000 | €180,000 | = | 0.0% |
| Issued capital | 100 | €180,000 | €180,000 | = | 0.0% |
| Reserves | 13 | €18,000 | €18,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €18,000 | €18,000 | = | 0.0% |
| Legal reserve | 130 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,997,988 | €2,164,403 | +€166,414 | +8.3% |
| Provisions and deferred taxes | 16 | €640,000 | €903,000 | +€263,000 | +41.1% |
| Provisions for liabilities and charges | 160/5 | €640,000 | €903,000 | +€263,000 | +41.1% |
| Other liabilities and charges | 164/5 | €640,000 | €903,000 | +€263,000 | +41.1% |
| Amounts payable | 17/49 | €10,278,810 | €12,720,463 | +€2.4m | +23.8% |
| Amounts payable within one year | 42/48 | €9,774,295 | €11,755,050 | +€2.0m | +20.3% |
| Financial debts | 43 | €3,895,449 | €3,379,887 | -€515,562 | -13.2% |
| Other loans | 439 | €3,895,449 | €3,379,887 | -€515,562 | -13.2% |
| Trade debts | 44 | €2,341,323 | €4,094,308 | +€1.8m | +74.9% |
| Suppliers | 440/4 | €2,341,323 | €4,094,308 | +€1.8m | +74.9% |
| Advances received on contracts in progress | 46 | €1,198,000 | €1,547,657 | +€349,658 | +29.2% |
| Taxes, remuneration and social security | 45 | €1,589,523 | €1,733,198 | +€143,675 | +9.0% |
| Taxes | 450/3 | €484,020 | €688,518 | +€204,497 | +42.2% |
| Remuneration and social security | 454/9 | €1,105,503 | €1,044,680 | -€60,822 | -5.5% |
| Other amounts payable | 47/48 | €750,000 | €1,000,000 | +€250,000 | +33.3% |
| Accrued charges and deferred income | 492/3 | €504,516 | €965,413 | +€460,897 | +91.4% |
| Operating income | 70/76A | €40,593,646 | €45,521,960 | +€4.9m | +12.1% |
| Turnover | 70 | €39,899,743 | €43,416,198 | +€3.5m | +8.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€2,228,657 | -€1,260,085 | +€968,572 | +43.5% |
| Other operating income | 74 | €2,922,560 | €3,329,473 | +€406,913 | +13.9% |
| Non-recurring operating income | 76A | - | €36,374 | +€36,374 | |
| Operating charges | 60/66A | €38,894,859 | €43,650,948 | +€4.8m | +12.2% |
| Goods for resale, raw materials and consumables | 60 | €25,217,139 | €28,751,974 | +€3.5m | +14.0% |
| Purchases | 600/8 | €25,229,998 | €28,743,576 | +€3.5m | +13.9% |
| Change in stocks: decrease (increase) | 609 | -€12,859 | €8,398 | +€21,258 | |
| Services and other goods | 61 | €6,437,086 | €7,170,047 | +€732,961 | +11.4% |
| Remuneration, social security and pensions | 62 | €6,041,888 | €6,959,440 | +€917,552 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €576,331 | €537,927 | -€38,404 | -6.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,327 | -€125,208 | -€126,535 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €202,000 | €263,000 | +€61,000 | +30.2% |
| Other operating charges | 640/8 | €140,736 | €93,769 | -€46,968 | -33.4% |
| Non-recurring operating charges | 66A | €278,352 | €0 | -€278,352 | -100% |
| Operating profit (loss) | 9901 | €1,698,787 | €1,871,012 | +€172,225 | +10.1% |
| Financial income | 75/76B | €52,858 | €16,296 | -€36,562 | -69.2% |
| Recurring financial income | 75 | €52,858 | €16,296 | -€36,562 | -69.2% |
| Income from current assets | 751 | €48,308 | €0 | -€48,308 | -100% |
| Other financial income | 752/9 | €4,550 | €16,296 | +€11,746 | +258% |
| Financial charges | 65/66B | €294,511 | €237,823 | -€56,688 | -19.2% |
| Recurring financial charges | 65 | €294,511 | €237,823 | -€56,688 | -19.2% |
| Debt charges | 650 | €171,025 | €127,886 | -€43,139 | -25.2% |
| Other financial charges | 652/9 | €123,487 | €109,937 | -€13,550 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €1,457,133 | €1,649,485 | +€192,351 | +13.2% |
| Income taxes | 67/77 | €415,017 | €483,070 | +€68,053 | +16.4% |
| Taxes | 670/3 | €415,017 | €483,070 | +€68,053 | +16.4% |
| Profit (loss) for the period | 9904 | €1,042,116 | €1,166,414 | +€124,298 | +11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,042,116 | €1,166,414 | +€124,298 | +11.9% |
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 15 October 2026 via checked.be.