DELDEM: 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.
DELDEM
Largest movements
- Receivables within one year +€158,063
up €158,063, from €0 to €158,063
of which Trade receivables: +€127,965
- Cash -€115,094
down €115,094 (-53.6%), from €214,817 to €99,723
mainly Other debts (-€3.7m) and Receivables within one year (-€158,063)
- Other debts -€3.7m
down €3.7m (-85.5%), from €4.3m to €624,313
- Debts after one year +€3.4m
up €3.4m (+2,012%), from €167,461 to €3.5m
- Reserves +€174,576
up €174,576 (+21.7%), from €804,250 to €978,826
of which Distributable reserves: +€174,576
- Current portion of long-term debt +€127,463
up €127,463 (+176%), from €72,503 to €199,966
- Gross operating margin -€32,225
down €32,225 (-6.2%), from €518,838 to €486,613
- Financial charges +€30,150
up €30,150 (+98.2%), from €30,690 to €60,840
- Depreciation -€27,027
down €27,027 (-17.4%), from €155,381 to €128,354
- Taxes -€12,319
down €12,319 (-13.1%), from €93,788 to €81,469
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 | €7,182,047 | €7,204,996 | +€22,950 | +0.3% |
| Fixed assets | 21/28 | €6,869,524 | €6,862,166 | -€7,358 | -0.1% |
| Tangible fixed assets | 22/27 | €3,277,043 | €3,269,685 | -€7,358 | -0.2% |
| Land and buildings | 22 | €3,209,886 | €3,202,858 | -€7,028 | -0.2% |
| Plant, machinery and equipment | 23 | €66,765 | €66,749 | -€16 | 0.0% |
| Furniture and vehicles | 24 | €392 | €79 | -€313 | -79.9% |
| Financial fixed assets | 28 | €3,592,481 | €3,592,481 | = | 0.0% |
| Current assets | 29/58 | €312,523 | €342,830 | +€30,307 | +9.7% |
| Stocks and contracts in progress | 3 | €94,620 | €65,123 | -€29,496 | -31.2% |
| Stocks | 30/36 | €94,620 | €65,123 | -€29,496 | -31.2% |
| Amounts receivable within one year | 40/41 | €0 | €158,063 | +€158,063 | |
| Trade receivables | 40 | - | €127,965 | +€127,965 | |
| Other amounts receivable | 41 | €0 | €30,098 | +€30,098 | |
| Cash at bank and in hand | 54/58 | €214,817 | €99,723 | -€115,094 | -53.6% |
| Deferred charges and accrued income | 490/1 | €3,086 | €19,920 | +€16,834 | +546% |
| Total equity and liabilities | 10/49 | €7,182,047 | €7,204,996 | +€22,950 | +0.3% |
| Equity | 10/15 | €2,597,541 | €2,772,117 | +€174,576 | +6.7% |
| Contributions | 10/11 | €1,793,291 | €1,793,291 | = | 0.0% |
| Capital | 10 | €1,793,291 | €1,793,291 | = | 0.0% |
| Issued capital | 100 | €1,793,291 | €1,793,291 | = | 0.0% |
| Reserves | 13 | €804,250 | €978,826 | +€174,576 | +21.7% |
| Non-distributable reserves | 130/1 | €179,329 | €179,329 | = | 0.0% |
| Legal reserve | 130 | €179,329 | €179,329 | = | 0.0% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €624,921 | €799,496 | +€174,576 | +27.9% |
| Amounts payable | 17/49 | €4,584,505 | €4,432,879 | -€151,626 | -3.3% |
| Amounts payable after more than one year | 17 | €167,461 | €3,537,325 | +€3.4m | +2,012% |
| Financial debts | 170/4 | €167,461 | €3,537,325 | +€3.4m | +2,012% |
| Amounts payable within one year | 42/48 | €4,415,957 | €865,756 | -€3.6m | -80.4% |
| Current portion of amounts payable after more than one year | 42 | €72,503 | €199,966 | +€127,463 | +176% |
| Trade debts | 44 | €16,855 | €1,682 | -€15,173 | -90.0% |
| Suppliers | 440/4 | €16,855 | €1,682 | -€15,173 | -90.0% |
| Taxes, remuneration and social security | 45 | €28,705 | €39,794 | +€11,089 | +38.6% |
| Taxes | 450/3 | €28,705 | €39,794 | +€11,089 | +38.6% |
| Other amounts payable | 47/48 | €4,297,894 | €624,313 | -€3.7m | -85.5% |
| Accrued charges and deferred income | 492/3 | €1,087 | €29,799 | +€28,712 | +2,641% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155,381 | €128,354 | -€27,027 | -17.4% |
| Other operating charges | 640/8 | €38,306 | €42,110 | +€3,804 | +9.9% |
| Gross operating margin | 9900 | €518,838 | €486,613 | -€32,225 | -6.2% |
| Operating profit (loss) | 9901 | €325,151 | €316,149 | -€9,001 | -2.8% |
| Financial income | 75/76B | €0 | €735 | +€735 | |
| Recurring financial income | 75 | €0 | €735 | +€735 | |
| Financial charges | 65/66B | €30,690 | €60,840 | +€30,150 | +98.2% |
| Recurring financial charges | 65 | €30,690 | €60,840 | +€30,150 | +98.2% |
| Profit (loss) for the period before taxes | 9903 | €294,461 | €256,044 | -€38,416 | -13.0% |
| Income taxes | 67/77 | €93,788 | €81,469 | -€12,319 | -13.1% |
| Profit (loss) for the period | 9904 | €200,673 | €174,576 | -€26,097 | -13.0% |
| Transfer from tax-exempt reserves | 789 | €1,201 | €0 | -€1,201 | -100% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €201,874 | €174,576 | -€27,298 | -13.5% |
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 18 October 2026 via checked.be.