DELBO: what changed
DELBO
Largest movements
- Stocks and contracts -€74,582
down €74,582 (-100%), from €74,582 to €0
of which Contracts in progress: -€72,073
- Cash -€48,300
down €48,300 (-21.1%), from €228,395 to €180,094
mainly Other debts (-€136,217) and Receivables within one year (-€43,310)
- Receivables within one year +€43,310
up €43,310 (+60.6%), from €71,515 to €114,824
of which Other amounts receivable: +€94,014
- Tangible fixed assets -€29,317
down €29,317 (-10.2%), from €287,270 to €257,953
- Other debts -€136,217
down €136,217 (-100%), from €136,217 to €0
- Reserves +€31,967
up €31,967 (+7.2%), from €444,559 to €476,527
of which Distributable reserves: +€31,967
- Trade debts -€7,670
down €7,670 (-28.7%), from €26,696 to €19,026
- Gross operating margin -€8,493
down €8,493 (-7.4%), from €114,604 to €106,111
- Taxes -€5,230
down €5,230 (-23.1%), from €22,629 to €17,399
- Write-downs +€4,956
new in 2025: €4,956
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €664,897 | €555,769 | -€109,128 | -16.4% |
| Fixed assets | 21/28 | €287,270 | €257,953 | -€29,317 | -10.2% |
| Tangible fixed assets | 22/27 | €287,270 | €257,953 | -€29,317 | -10.2% |
| Land and buildings | 22 | €245,563 | €235,018 | -€10,545 | -4.3% |
| Plant, machinery and equipment | 23 | €27,214 | €18,069 | -€9,145 | -33.6% |
| Furniture and vehicles | 24 | €14,494 | €4,867 | -€9,627 | -66.4% |
| Current assets | 29/58 | €377,626 | €297,816 | -€79,810 | -21.1% |
| Stocks and contracts in progress | 3 | €74,582 | €0 | -€74,582 | -100% |
| Stocks | 30/36 | €2,509 | €0 | -€2,509 | -100% |
| Contracts in progress | 37 | €72,073 | €0 | -€72,073 | -100% |
| Amounts receivable within one year | 40/41 | €71,515 | €114,824 | +€43,310 | +60.6% |
| Trade receivables | 40 | €68,218 | €17,514 | -€50,704 | -74.3% |
| Other amounts receivable | 41 | €3,297 | €97,311 | +€94,014 | +2,852% |
| Cash at bank and in hand | 54/58 | €228,395 | €180,094 | -€48,300 | -21.1% |
| Deferred charges and accrued income | 490/1 | €3,135 | €2,897 | -€238 | -7.6% |
| Total equity and liabilities | 10/49 | €664,897 | €555,769 | -€109,128 | -16.4% |
| Equity | 10/15 | €497,790 | €529,758 | +€31,967 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €444,559 | €476,527 | +€31,967 | +7.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €442,699 | €474,667 | +€31,967 | +7.2% |
| Profit (loss) carried forward | 14 | €34,631 | €34,631 | = | 0.0% |
| Amounts payable | 17/49 | €167,107 | €26,012 | -€141,095 | -84.4% |
| Amounts payable within one year | 42/48 | €167,107 | €26,012 | -€141,095 | -84.4% |
| Trade debts | 44 | €26,696 | €19,026 | -€7,670 | -28.7% |
| Suppliers | 440/4 | €26,696 | €19,026 | -€7,670 | -28.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €4,194 | €6,986 | +€2,792 | +66.6% |
| Taxes | 450/3 | €4,194 | €6,986 | +€2,792 | +66.6% |
| Other amounts payable | 47/48 | €136,217 | €0 | -€136,217 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,257 | €44,574 | -€683 | -1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,956 | +€4,956 | |
| Other operating charges | 640/8 | €4,896 | €3,763 | -€1,132 | -23.1% |
| Non-recurring operating charges | 66A | - | €3,198 | +€3,198 | |
| Gross operating margin | 9900 | €114,604 | €106,111 | -€8,493 | -7.4% |
| Operating profit (loss) | 9901 | €64,451 | €49,619 | -€14,832 | -23.0% |
| Financial income | 75/76B | €36 | €53 | +€17 | +46.6% |
| Recurring financial income | 75 | €36 | €53 | +€17 | +46.6% |
| Financial charges | 65/66B | €266 | €306 | +€39 | +14.8% |
| Recurring financial charges | 65 | €266 | €306 | +€39 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €64,221 | €49,366 | -€14,855 | -23.1% |
| Income taxes | 67/77 | €22,629 | €17,399 | -€5,230 | -23.1% |
| Profit (loss) for the period | 9904 | €41,592 | €31,967 | -€9,625 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €41,592 | €31,967 | -€9,625 | -23.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.