DELCOVAR: 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.
DELCOVAR
Largest movements
- Cash -€70,559
down €70,559 (-55.1%), from €128,160 to €57,601
mainly Contributions, distributions and other (-€49,157) and Investment in fixed assets (net) (-€18,870)
- Tangible fixed assets +€17,183
up €17,183 (+182%), from €9,446 to €26,629
of which Land and buildings: +€15,754
- Contributions -€49,157
no longer reported in 2025 (was €49,157)
- Tax, wage and social debts -€13,837
down €13,837 (-56.3%), from €24,583 to €10,746
- Reserves +€12,181
up €12,181 (+26.3%), from €46,326 to €58,507
- Trade debts -€5,449
down €5,449 (-25.5%), from €21,335 to €15,886
- Other debts +€2,036
up €2,036 (+21.1%), from €9,654 to €11,690
- Gross operating margin -€10,092
down €10,092 (-31.1%), from €32,407 to €22,316
- Taxes -€4,392
down €4,392 (-44.8%), from €9,812 to €5,419
- Depreciation +€538
up €538 (+46.8%), from €1,149 to €1,687
- Other operating charges +€378
up €378 (+14.7%), from €2,562 to €2,940
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 | €151,057 | €96,829 | -€54,227 | -35.9% |
| Fixed assets | 21/28 | €15,479 | €32,663 | +€17,183 | +111% |
| Tangible fixed assets | 22/27 | €9,446 | €26,629 | +€17,183 | +182% |
| Land and buildings | 22 | €9,446 | €25,200 | +€15,754 | +167% |
| Plant, machinery and equipment | 23 | - | €1,429 | +€1,429 | |
| Financial fixed assets | 28 | €6,033 | €6,033 | = | 0.0% |
| Current assets | 29/58 | €135,577 | €64,167 | -€71,410 | -52.7% |
| Amounts receivable within one year | 40/41 | €6,704 | €5,984 | -€720 | -10.7% |
| Trade receivables | 40 | €3,815 | €140 | -€3,675 | -96.3% |
| Other amounts receivable | 41 | €2,889 | €5,844 | +€2,955 | +102% |
| Cash at bank and in hand | 54/58 | €128,160 | €57,601 | -€70,559 | -55.1% |
| Deferred charges and accrued income | 490/1 | €713 | €582 | -€131 | -18.4% |
| Total equity and liabilities | 10/49 | €151,057 | €96,829 | -€54,227 | -35.9% |
| Equity | 10/15 | €95,484 | €58,507 | -€36,977 | -38.7% |
| Contributions | 10/11 | €49,157 | - | -€49,157 | |
| Reserves | 13 | €46,326 | €58,507 | +€12,181 | +26.3% |
| Distributable reserves | 133 | €46,326 | €58,507 | +€12,181 | +26.3% |
| Amounts payable | 17/49 | €55,573 | €38,323 | -€17,250 | -31.0% |
| Amounts payable within one year | 42/48 | €55,573 | €38,323 | -€17,250 | -31.0% |
| Trade debts | 44 | €21,335 | €15,886 | -€5,449 | -25.5% |
| Suppliers | 440/4 | €21,335 | €15,886 | -€5,449 | -25.5% |
| Taxes, remuneration and social security | 45 | €24,583 | €10,746 | -€13,837 | -56.3% |
| Taxes | 450/3 | €24,583 | €10,746 | -€13,837 | -56.3% |
| Other amounts payable | 47/48 | €9,654 | €11,690 | +€2,036 | +21.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,149 | €1,687 | +€538 | +46.8% |
| Other operating charges | 640/8 | €2,562 | €2,940 | +€378 | +14.7% |
| Gross operating margin | 9900 | €32,407 | €22,316 | -€10,092 | -31.1% |
| Operating profit (loss) | 9901 | €28,697 | €17,690 | -€11,007 | -38.4% |
| Financial income | 75/76B | €1 | €20 | +€19 | +1,864% |
| Recurring financial income | 75 | €1 | €20 | +€19 | +1,864% |
| Financial charges | 65/66B | €94 | €109 | +€15 | +16.4% |
| Recurring financial charges | 65 | €94 | €109 | +€15 | +16.4% |
| Profit (loss) for the period before taxes | 9903 | €28,604 | €17,600 | -€11,004 | -38.5% |
| Income taxes | 67/77 | €9,812 | €5,419 | -€4,392 | -44.8% |
| Profit (loss) for the period | 9904 | €18,792 | €12,181 | -€6,612 | -35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €18,792 | €12,181 | -€6,612 | -35.2% |
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 24 October 2026 via checked.be.