DELCAU: 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.
DELCAU
Largest movements
- Tangible fixed assets -€266,325
down €266,325 (-65.3%), from €407,758 to €141,433
of which Land and buildings: -€267,812
- Cash +€13,922
new in 2025: €13,922
mainly Investment in fixed assets (net) (+€255,727) and Net result for the year (+€63,258)
- Receivables within one year +€10,847
up €10,847 (+25.6%), from €42,338 to €53,186
- Debts after one year -€277,661
no longer reported in 2025 (was €277,661)
- Profit (loss) carried forward +€63,258
up €63,258 (+36.2%), from -€174,549 to -€111,291
- Advances received +€32,000
new in 2025: €32,000
- Other debts -€28,105
down €28,105 (-9.6%), from €292,755 to €264,650
- Current portion of long-term debt -€19,407
no longer reported in 2025 (was €19,407)
- Gross operating margin -€201,234
down €201,234 (-58.4%), from €344,634 to €143,400
- Financial charges +€47,124
up €47,124 (+335.0%), from €14,065 to €61,189
of which Financial charges: +€34,928
- Depreciation -€18,491
down €18,491 (-63.6%), from €29,089 to €10,598
- Other operating charges +€3,961
up €3,961 (+90.2%), from €4,393 to €8,355
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 | €450,097 | €208,541 | -€241,555 | -53.7% |
| Fixed assets | 21/28 | €407,758 | €141,433 | -€266,325 | -65.3% |
| Tangible fixed assets | 22/27 | €407,758 | €141,433 | -€266,325 | -65.3% |
| Land and buildings | 22 | €407,758 | €139,947 | -€267,812 | -65.7% |
| Furniture and vehicles | 24 | - | €1,487 | +€1,487 | |
| Current assets | 29/58 | €42,338 | €67,108 | +€24,770 | +58.5% |
| Amounts receivable within one year | 40/41 | €42,338 | €53,186 | +€10,847 | +25.6% |
| Other amounts receivable | 41 | €42,338 | €53,186 | +€10,847 | +25.6% |
| Cash at bank and in hand | 54/58 | - | €13,922 | +€13,922 | |
| Total equity and liabilities | 10/49 | €450,097 | €208,541 | -€241,555 | -53.7% |
| Equity | 10/15 | -€154,089 | -€90,831 | +€63,258 | +41.1% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€174,549 | -€111,291 | +€63,258 | +36.2% |
| Amounts payable | 17/49 | €604,186 | €299,372 | -€304,813 | -50.5% |
| Amounts payable after more than one year | 17 | €277,661 | - | -€277,661 | |
| Financial debts | 170/4 | €277,661 | - | -€277,661 | |
| Amounts payable within one year | 42/48 | €326,525 | €299,372 | -€27,152 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €19,407 | - | -€19,407 | |
| Financial debts | 43 | €11,595 | - | -€11,595 | |
| Credit institutions | 430/8 | €11,595 | - | -€11,595 | |
| Trade debts | 44 | €2,767 | €2,723 | -€45 | -1.6% |
| Suppliers | 440/4 | €2,767 | €2,723 | -€45 | -1.6% |
| Advances received on contracts in progress | 46 | - | €32,000 | +€32,000 | |
| Other amounts payable | 47/48 | €292,755 | €264,650 | -€28,105 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,089 | €10,598 | -€18,491 | -63.6% |
| Other operating charges | 640/8 | €4,393 | €8,355 | +€3,961 | +90.2% |
| Gross operating margin | 9900 | €344,634 | €143,400 | -€201,234 | -58.4% |
| Operating profit (loss) | 9901 | €311,152 | €124,447 | -€186,704 | -60.0% |
| Financial income | 75/76B | €63 | €0 | -€63 | -100.0% |
| Recurring financial income | 75 | €63 | €0 | -€63 | -100.0% |
| Financial charges | 65/66B | €14,065 | €61,189 | +€47,124 | +335.0% |
| Recurring financial charges | 65 | €14,065 | €48,994 | +€34,928 | +248.3% |
| Non-recurring financial charges | 66B | - | €12,196 | +€12,196 | |
| Profit (loss) for the period before taxes | 9903 | €297,150 | €63,258 | -€233,891 | -78.7% |
| Profit (loss) for the period | 9904 | €297,150 | €63,258 | -€233,891 | -78.7% |
| Profit (loss) for the period to be appropriated | 9905 | €297,150 | €63,258 | -€233,891 | -78.7% |
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 3 October 2026 via checked.be.