DELCOUR - DE WULF: 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.
DELCOUR - DE WULF
Largest movements
- Cash +€152,496
up €152,496 (+20.9%), from €730,126 to €882,623
mainly Net result for the year (+€146,772) and Other debts (+€60,945)
- Reserves +€93,018
up €93,018 (+24.1%), from €386,682 to €479,701
- Other debts +€60,945
up €60,945 (+13.6%), from €448,690 to €509,634
- Staff costs -€31,046
down €31,046 (-29.2%), from €106,246 to €75,199
- Taxes +€10,465
up €10,465 (+19.6%), from €53,378 to €63,843
- Financial income +€8,495
up €8,495 (+6,666%), from €127 to €8,622
of which Financial income: +€5,377
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 | €922,024 | €1,075,434 | +€153,410 | +16.6% |
| Fixed assets | 21/28 | €159,365 | €167,438 | +€8,074 | +5.1% |
| Intangible fixed assets | 21 | €2,665 | €2,665 | = | 0.0% |
| Tangible fixed assets | 22/27 | €156,700 | €164,773 | +€8,074 | +5.2% |
| Land and buildings | 22 | €125,708 | €111,335 | -€14,373 | -11.4% |
| Plant, machinery and equipment | 23 | €12,932 | €24,202 | +€11,270 | +87.2% |
| Furniture and vehicles | 24 | €18,060 | €29,237 | +€11,177 | +61.9% |
| Current assets | 29/58 | €762,659 | €907,996 | +€145,337 | +19.1% |
| Amounts receivable within one year | 40/41 | €32,533 | €25,373 | -€7,160 | -22.0% |
| Trade receivables | 40 | €32,533 | €25,373 | -€7,160 | -22.0% |
| Other amounts receivable | 41 | €0 | €0 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €730,126 | €882,623 | +€152,496 | +20.9% |
| Total equity and liabilities | 10/49 | €922,024 | €1,075,434 | +€153,410 | +16.6% |
| Equity | 10/15 | €405,282 | €498,301 | +€93,018 | +23.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €386,682 | €479,701 | +€93,018 | +24.1% |
| Distributable reserves | 133 | €386,682 | €479,701 | +€93,018 | +24.1% |
| Amounts payable | 17/49 | €516,741 | €577,134 | +€60,392 | +11.7% |
| Amounts payable within one year | 42/48 | €516,741 | €577,134 | +€60,392 | +11.7% |
| Trade debts | 44 | €24,955 | €18,527 | -€6,427 | -25.8% |
| Suppliers | 440/4 | €24,955 | €18,527 | -€6,427 | -25.8% |
| Taxes, remuneration and social security | 45 | €43,097 | €48,972 | +€5,875 | +13.6% |
| Taxes | 450/3 | €29,415 | €40,102 | +€10,687 | +36.3% |
| Remuneration and social security | 454/9 | €13,682 | €8,870 | -€4,812 | -35.2% |
| Other amounts payable | 47/48 | €448,690 | €509,634 | +€60,945 | +13.6% |
| Remuneration, social security and pensions | 62 | €106,246 | €75,199 | -€31,046 | -29.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,580 | €26,665 | +€3,084 | +13.1% |
| Other operating charges | 640/8 | €3,017 | €2,909 | -€108 | -3.6% |
| Gross operating margin | 9900 | €336,344 | €335,456 | -€888 | -0.3% |
| Operating profit (loss) | 9901 | €203,502 | €230,683 | +€27,181 | +13.4% |
| Financial income | 75/76B | €127 | €8,622 | +€8,495 | +6,666% |
| Recurring financial income | 75 | €127 | €5,504 | +€5,377 | +4,219% |
| Non-recurring financial income | 76B | - | €3,118 | +€3,118 | |
| Financial charges | 65/66B | €28,016 | €28,689 | +€673 | +2.4% |
| Recurring financial charges | 65 | €28,016 | €28,689 | +€673 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €175,613 | €210,616 | +€35,003 | +19.9% |
| Income taxes | 67/77 | €53,378 | €63,843 | +€10,465 | +19.6% |
| Profit (loss) for the period | 9904 | €122,235 | €146,772 | +€24,537 | +20.1% |
| Profit (loss) for the period to be appropriated | 9905 | €122,235 | €146,772 | +€24,537 | +20.1% |
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.