Delbaere & De Pau: 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.
Delbaere & De Pau
Largest movements
- Current investments +€215,242
up €215,242 (+38.7%), from €556,610 to €771,853
- Tangible fixed assets -€55,984
down €55,984 (-75.1%), from €74,567 to €18,583
of which Furniture and vehicles: -€55,188
- Reserves +€225,100
up €225,100 (+22.0%), from €1.0m to €1.2m
of which Distributable reserves: +€225,100
- Other debts -€49,964
down €49,964 (-14.3%), from €348,585 to €298,621
- Financial charges +€21,701
up €21,701 (+5,434%), from €399 to €22,100
- Gross operating margin +€21,403
up €21,403 (+5.4%), from €394,667 to €416,070
- Staff costs -€19,918
down €19,918 (-46.5%), from €42,854 to €22,936
- Taxes +€11,364
up €11,364 (+12.2%), from €92,827 to €104,191
- Depreciation -€8,006
down €8,006 (-12.5%), from €63,990 to €55,984
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 | €1,559,140 | €1,734,822 | +€175,683 | +11.3% |
| Fixed assets | 21/28 | €74,567 | €18,583 | -€55,984 | -75.1% |
| Tangible fixed assets | 22/27 | €74,567 | €18,583 | -€55,984 | -75.1% |
| Plant, machinery and equipment | 23 | €796 | €0 | -€796 | -100% |
| Furniture and vehicles | 24 | €73,771 | €18,583 | -€55,188 | -74.8% |
| Current assets | 29/58 | €1,484,573 | €1,716,240 | +€231,667 | +15.6% |
| Stocks and contracts in progress | 3 | €307,891 | €310,607 | +€2,717 | +0.9% |
| Stocks | 30/36 | €307,891 | €310,607 | +€2,717 | +0.9% |
| Amounts receivable within one year | 40/41 | €201,182 | €206,025 | +€4,843 | +2.4% |
| Trade receivables | 40 | €198,085 | €200,569 | +€2,484 | +1.3% |
| Other amounts receivable | 41 | €3,097 | €5,456 | +€2,359 | +76.2% |
| Current investments | 50/53 | €556,610 | €771,853 | +€215,242 | +38.7% |
| Cash at bank and in hand | 54/58 | €400,690 | €409,555 | +€8,865 | +2.2% |
| Deferred charges and accrued income | 490/1 | €18,199 | €18,199 | = | 0.0% |
| Total equity and liabilities | 10/49 | €1,559,140 | €1,734,822 | +€175,683 | +11.3% |
| Equity | 10/15 | €1,124,850 | €1,350,006 | +€225,156 | +20.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €1,024,019 | €1,249,119 | +€225,100 | +22.0% |
| Non-distributable reserves | 130/1 | €80,175 | €80,175 | = | 0.0% |
| Legal reserve | 130 | €80,175 | €80,175 | = | 0.0% |
| Tax-exempt reserves | 132 | €57,193 | €57,193 | = | 0.0% |
| Distributable reserves | 133 | €886,651 | €1,111,751 | +€225,100 | +25.4% |
| Profit (loss) carried forward | 14 | €830 | €886 | +€56 | +6.7% |
| Amounts payable | 17/49 | €434,290 | €384,817 | -€49,473 | -11.4% |
| Amounts payable within one year | 42/48 | €434,290 | €384,817 | -€49,473 | -11.4% |
| Trade debts | 44 | €2,894 | €3,326 | +€432 | +14.9% |
| Suppliers | 440/4 | €2,894 | €3,326 | +€432 | +14.9% |
| Taxes, remuneration and social security | 45 | €82,811 | €82,870 | +€58 | +0.1% |
| Taxes | 450/3 | €79,612 | €82,870 | +€3,258 | +4.1% |
| Remuneration and social security | 454/9 | €3,200 | €0 | -€3,200 | -100% |
| Other amounts payable | 47/48 | €348,585 | €298,621 | -€49,964 | -14.3% |
| Remuneration, social security and pensions | 62 | €42,854 | €22,936 | -€19,918 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,990 | €55,984 | -€8,006 | -12.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,488 | +€2,488 | |
| Other operating charges | 640/8 | €4,538 | €4,989 | +€451 | +9.9% |
| Gross operating margin | 9900 | €394,667 | €416,070 | +€21,403 | +5.4% |
| Operating profit (loss) | 9901 | €283,285 | €329,672 | +€46,388 | +16.4% |
| Financial income | 75/76B | €13,887 | €21,775 | +€7,888 | +56.8% |
| Recurring financial income | 75 | €13,887 | €21,775 | +€7,888 | +56.8% |
| Financial charges | 65/66B | €399 | €22,100 | +€21,701 | +5,434% |
| Recurring financial charges | 65 | €399 | €22,100 | +€21,701 | +5,434% |
| Profit (loss) for the period before taxes | 9903 | €296,773 | €329,347 | +€32,574 | +11.0% |
| Income taxes | 67/77 | €92,827 | €104,191 | +€11,364 | +12.2% |
| Profit (loss) for the period | 9904 | €203,946 | €225,156 | +€21,210 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €203,946 | €225,156 | +€21,210 | +10.4% |
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 28 October 2026 via checked.be.