DELCORO: 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.
DELCORO
Largest movements
- Cash -€51,672
down €51,672 (-43.3%), from €119,268 to €67,596
mainly Receivables within one year (-€40,881) and Net result for the year (-€29,479)
- Receivables within one year +€40,881
up €40,881 (+129%), from €31,712 to €72,594
of which Other amounts receivable: +€35,356
- Intangible fixed assets -€5,678
down €5,678 (-26.7%), from €21,233 to €15,554
- Tangible fixed assets -€5,676
down €5,676 (-2.2%), from €258,868 to €253,192
of which Furniture and vehicles: -€3,401
- Profit (loss) carried forward -€29,479
down €29,479 (-49.6%), from -€59,492 to -€88,971
- Current portion of long-term debt +€9,968
up €9,968 (+68.0%), from €14,667 to €24,634
- Staff costs +€34,374
up €34,374 (+20.7%), from €166,191 to €200,566
- Depreciation +€3,817
up €3,817 (+23.3%), from €16,383 to €20,200
- Gross operating margin -€3,290
down €3,290 (-1.6%), from €200,325 to €197,035
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 | €450,909 | €426,623 | -€24,286 | -5.4% |
| Fixed assets | 21/28 | €288,188 | €276,876 | -€11,312 | -3.9% |
| Intangible fixed assets | 21 | €21,233 | €15,554 | -€5,678 | -26.7% |
| Tangible fixed assets | 22/27 | €258,868 | €253,192 | -€5,676 | -2.2% |
| Land and buildings | 22 | €224,040 | €224,346 | +€306 | +0.1% |
| Furniture and vehicles | 24 | €15,463 | €12,063 | -€3,401 | -22.0% |
| Other tangible fixed assets | 26 | €19,364 | €16,783 | -€2,581 | -13.3% |
| Financial fixed assets | 28 | €8,087 | €8,129 | +€42 | +0.5% |
| Current assets | 29/58 | €162,721 | €149,748 | -€12,974 | -8.0% |
| Stocks and contracts in progress | 3 | €7,471 | €7,208 | -€263 | -3.5% |
| Stocks | 30/36 | €7,471 | €7,208 | -€263 | -3.5% |
| Amounts receivable within one year | 40/41 | €31,712 | €72,594 | +€40,881 | +129% |
| Trade receivables | 40 | €14,167 | €19,692 | +€5,526 | +39.0% |
| Other amounts receivable | 41 | €17,546 | €52,901 | +€35,356 | +202% |
| Current investments | 50/53 | €169 | - | -€169 | |
| Cash at bank and in hand | 54/58 | €119,268 | €67,596 | -€51,672 | -43.3% |
| Deferred charges and accrued income | 490/1 | €4,101 | €2,350 | -€1,751 | -42.7% |
| Total equity and liabilities | 10/49 | €450,909 | €426,623 | -€24,286 | -5.4% |
| Equity | 10/15 | €212,563 | €183,084 | -€29,479 | -13.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €247,055 | €247,055 | = | 0.0% |
| Tax-exempt reserves | 132 | €33,750 | €33,750 | = | 0.0% |
| Distributable reserves | 133 | €213,305 | €213,305 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,492 | -€88,971 | -€29,479 | -49.6% |
| Amounts payable | 17/49 | €238,346 | €243,540 | +€5,193 | +2.2% |
| Amounts payable after more than one year | 17 | €94,110 | €90,634 | -€3,477 | -3.7% |
| Financial debts | 170/4 | €94,110 | €90,634 | -€3,477 | -3.7% |
| Amounts payable within one year | 42/48 | €144,236 | €150,980 | +€6,744 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €14,667 | €24,634 | +€9,968 | +68.0% |
| Trade debts | 44 | €102,759 | €100,757 | -€2,002 | -1.9% |
| Suppliers | 440/4 | €102,759 | €100,757 | -€2,002 | -1.9% |
| Taxes, remuneration and social security | 45 | €25,787 | €24,134 | -€1,654 | -6.4% |
| Taxes | 450/3 | €4,417 | €2,827 | -€1,590 | -36.0% |
| Remuneration and social security | 454/9 | €21,370 | €21,307 | -€63 | -0.3% |
| Other amounts payable | 47/48 | €1,023 | €1,454 | +€432 | +42.2% |
| Accrued charges and deferred income | 492/3 | - | €1,926 | +€1,926 | |
| Remuneration, social security and pensions | 62 | €166,191 | €200,566 | +€34,374 | +20.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,383 | €20,200 | +€3,817 | +23.3% |
| Other operating charges | 640/8 | €3,227 | €3,503 | +€276 | +8.6% |
| Non-recurring operating charges | 66A | €535 | €194 | -€341 | -63.8% |
| Gross operating margin | 9900 | €200,325 | €197,035 | -€3,290 | -1.6% |
| Operating profit (loss) | 9901 | €13,989 | -€27,428 | -€41,417 | |
| Financial income | 75/76B | €2,322 | €1,896 | -€426 | -18.3% |
| Recurring financial income | 75 | €2,322 | €1,836 | -€486 | -20.9% |
| Non-recurring financial income | 76B | - | €61 | +€61 | |
| Financial charges | 65/66B | €5,031 | €3,791 | -€1,240 | -24.7% |
| Recurring financial charges | 65 | -€9,446 | €3,791 | +€13,237 | |
| Non-recurring financial charges | 66B | €14,477 | - | -€14,477 | |
| Profit (loss) for the period before taxes | 9903 | €11,280 | -€29,322 | -€40,602 | |
| Income taxes | 67/77 | €124 | €157 | +€33 | +26.8% |
| Profit (loss) for the period | 9904 | €11,156 | -€29,479 | -€40,636 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,156 | -€29,479 | -€40,636 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.