DELCAP: 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.
DELCAP
Largest movements
- Current investments +€2.0m
new in 2025: €2.0m
- Cash -€1.4m
down €1.4m (-68.2%), from €2.0m to €630,290
mainly Current investments (-€2.0m) and Other debts (-€938,355)
- Receivables within one year -€135,951
down €135,951 (-18.1%), from €751,101 to €615,150
of which Other amounts receivable: -€119,936
- Intangible fixed assets -€39,806
down €39,806 (-18.2%), from €218,856 to €179,050
- Profit (loss) carried forward +€1.3m
up €1.3m (+120.9%), from €1.1m to €2.4m
- Other debts -€938,355
down €938,355 (-96.3%), from €974,054 to €35,699
- Tax, wage and social debts +€107,895
up €107,895 (+49.5%), from €217,975 to €325,870
of which Taxes: +€148,327
- Staff costs -€131,597
down €131,597 (-10.1%), from €1.3m to €1.2m
- Gross operating margin +€100,437
up €100,437 (+3.6%), from €2.8m to €2.9m
- Taxes +€54,460
up €54,460 (+15.4%), from €352,731 to €407,191
- Financial income -€46,300
down €46,300 (-20.2%), from €228,735 to €182,435
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 | €3,180,220 | €3,655,131 | +€474,911 | +14.9% |
| Fixed assets | 21/28 | €356,580 | €304,878 | -€51,701 | -14.5% |
| Intangible fixed assets | 21 | €218,856 | €179,050 | -€39,806 | -18.2% |
| Tangible fixed assets | 22/27 | €111,656 | €93,761 | -€17,895 | -16.0% |
| Furniture and vehicles | 24 | €111,102 | €93,761 | -€17,341 | -15.6% |
| Other tangible fixed assets | 26 | €554 | - | -€554 | |
| Financial fixed assets | 28 | €26,068 | €32,068 | +€6,000 | +23.0% |
| Current assets | 29/58 | €2,823,641 | €3,350,253 | +€526,612 | +18.7% |
| Amounts receivable within one year | 40/41 | €751,101 | €615,150 | -€135,951 | -18.1% |
| Trade receivables | 40 | €444,163 | €428,148 | -€16,015 | -3.6% |
| Other amounts receivable | 41 | €306,938 | €187,002 | -€119,936 | -39.1% |
| Current investments | 50/53 | - | €2,000,000 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €1,983,777 | €630,290 | -€1.4m | -68.2% |
| Deferred charges and accrued income | 490/1 | €88,763 | €104,813 | +€16,050 | +18.1% |
| Total equity and liabilities | 10/49 | €3,180,220 | €3,655,131 | +€474,911 | +14.9% |
| Equity | 10/15 | €1,860,079 | €3,177,789 | +€1.3m | +70.8% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Capital | 10 | €700,000 | €700,000 | = | 0.0% |
| Issued capital | 100 | €700,000 | €700,000 | = | 0.0% |
| Reserves | 13 | €70,000 | €70,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €70,000 | €70,000 | = | 0.0% |
| Legal reserve | 130 | €70,000 | €70,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,090,079 | €2,407,789 | +€1.3m | +120.9% |
| Amounts payable | 17/49 | €1,320,142 | €477,342 | -€842,800 | -63.8% |
| Amounts payable within one year | 42/48 | €1,310,780 | €477,342 | -€833,438 | -63.6% |
| Trade debts | 44 | €118,751 | €115,773 | -€2,978 | -2.5% |
| Suppliers | 440/4 | €118,751 | €115,773 | -€2,978 | -2.5% |
| Taxes, remuneration and social security | 45 | €217,975 | €325,870 | +€107,895 | +49.5% |
| Taxes | 450/3 | €1,334 | €149,660 | +€148,327 | +11119.9% |
| Remuneration and social security | 454/9 | €216,641 | €176,209 | -€40,432 | -18.7% |
| Other amounts payable | 47/48 | €974,054 | €35,699 | -€938,355 | -96.3% |
| Accrued charges and deferred income | 492/3 | €9,362 | - | -€9,362 | |
| Remuneration, social security and pensions | 62 | €1,306,329 | €1,174,732 | -€131,597 | -10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,301 | €88,687 | +€386 | +0.4% |
| Other operating charges | 640/8 | €61,665 | €66,732 | +€5,067 | +8.2% |
| Gross operating margin | 9900 | €2,774,077 | €2,874,514 | +€100,437 | +3.6% |
| Operating profit (loss) | 9901 | €1,317,782 | €1,544,363 | +€226,581 | +17.2% |
| Financial income | 75/76B | €228,735 | €182,435 | -€46,300 | -20.2% |
| Recurring financial income | 75 | €228,735 | €182,435 | -€46,300 | -20.2% |
| Financial charges | 65/66B | €641 | €1,897 | +€1,256 | +196.0% |
| Recurring financial charges | 65 | €641 | €1,897 | +€1,256 | +196.0% |
| Profit (loss) for the period before taxes | 9903 | €1,545,877 | €1,724,901 | +€179,024 | +11.6% |
| Income taxes | 67/77 | €352,731 | €407,191 | +€54,460 | +15.4% |
| Profit (loss) for the period | 9904 | €1,193,146 | €1,317,710 | +€124,564 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,193,146 | €1,317,710 | +€124,564 | +10.4% |
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.