DELEF: 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.
DELEF
Largest movements
- Receivables within one year -€657,206
down €657,206 (-47.8%), from €1.4m to €716,513
of which Trade receivables: -€664,984
- Stocks and contracts +€162,478
up €162,478 (+5.1%), from €3.2m to €3.3m
- Tangible fixed assets +€52,508
up €52,508 (+127.9%), from €41,054 to €93,562
of which Furniture and vehicles: +€57,029
- Trade debts -€546,707
down €546,707 (-46.0%), from €1.2m to €641,279
- Current portion of long-term debt +€113,615
up €113,615 (+79.9%), from €142,129 to €255,744
- Gross operating margin -€586,556
down €586,556, from €452,593 to -€133,963
- Write-downs -€567,561
down €567,561, from €330,051 to -€237,510
- Financial charges -€26,846
down €26,846 (-26.5%), from €101,198 to €74,352
- Depreciation -€9,290
down €9,290 (-32.9%), from €28,263 to €18,974
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 | €4,635,745 | €4,181,475 | -€454,270 | -9.8% |
| Fixed assets | 21/28 | €42,796 | €94,435 | +€51,639 | +120.7% |
| Intangible fixed assets | 21 | €1,742 | €873 | -€870 | -49.9% |
| Tangible fixed assets | 22/27 | €41,054 | €93,562 | +€52,508 | +127.9% |
| Plant, machinery and equipment | 23 | €1,098 | - | -€1,098 | |
| Furniture and vehicles | 24 | €16,886 | €73,915 | +€57,029 | +337.7% |
| Other tangible fixed assets | 26 | €23,070 | €19,647 | -€3,422 | -14.8% |
| Current assets | 29/58 | €4,592,948 | €4,087,040 | -€505,909 | -11.0% |
| Stocks and contracts in progress | 3 | €3,166,924 | €3,329,401 | +€162,478 | +5.1% |
| Stocks | 30/36 | €3,166,924 | €3,329,401 | +€162,478 | +5.1% |
| Amounts receivable within one year | 40/41 | €1,373,720 | €716,513 | -€657,206 | -47.8% |
| Trade receivables | 40 | €1,371,217 | €706,233 | -€664,984 | -48.5% |
| Other amounts receivable | 41 | €2,502 | €10,280 | +€7,778 | +310.8% |
| Cash at bank and in hand | 54/58 | €35,848 | €21,457 | -€14,391 | -40.1% |
| Deferred charges and accrued income | 490/1 | €16,457 | €19,669 | +€3,212 | +19.5% |
| Total equity and liabilities | 10/49 | €4,635,745 | €4,181,475 | -€454,270 | -9.8% |
| Equity | 10/15 | €659,741 | €659,166 | -€575 | -0.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €639,281 | €638,706 | -€575 | -0.1% |
| Amounts payable | 17/49 | €3,976,003 | €3,522,308 | -€453,695 | -11.4% |
| Amounts payable after more than one year | 17 | €584,842 | €548,044 | -€36,798 | -6.3% |
| Financial debts | 170/4 | €584,842 | €548,044 | -€36,798 | -6.3% |
| Amounts payable within one year | 42/48 | €3,374,640 | €2,958,641 | -€415,999 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €142,129 | €255,744 | +€113,615 | +79.9% |
| Financial debts | 43 | €1,500,000 | €1,500,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,500,000 | €1,500,000 | = | 0.0% |
| Trade debts | 44 | €1,187,987 | €641,279 | -€546,707 | -46.0% |
| Suppliers | 440/4 | €1,187,987 | €641,279 | -€546,707 | -46.0% |
| Taxes, remuneration and social security | 45 | €36,134 | €60,139 | +€24,005 | +66.4% |
| Taxes | 450/3 | €36,134 | €60,139 | +€24,005 | +66.4% |
| Other amounts payable | 47/48 | €508,390 | €501,478 | -€6,912 | -1.4% |
| Accrued charges and deferred income | 492/3 | €16,521 | €15,623 | -€898 | -5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,263 | €18,974 | -€9,290 | -32.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €330,051 | -€237,510 | -€567,561 | |
| Other operating charges | 640/8 | €2,628 | €6,278 | +€3,650 | +138.9% |
| Gross operating margin | 9900 | €452,593 | -€133,963 | -€586,556 | |
| Operating profit (loss) | 9901 | €91,651 | €78,296 | -€13,355 | -14.6% |
| Financial income | 75/76B | €610 | €73 | -€537 | -88.0% |
| Recurring financial income | 75 | €610 | €73 | -€537 | -88.0% |
| Financial charges | 65/66B | €101,198 | €74,352 | -€26,846 | -26.5% |
| Recurring financial charges | 65 | €101,198 | €74,352 | -€26,846 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | -€8,937 | €4,017 | +€12,954 | |
| Income taxes | 67/77 | €8,256 | €4,591 | -€3,664 | -44.4% |
| Profit (loss) for the period | 9904 | -€17,193 | -€575 | +€16,618 | +96.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,193 | -€575 | +€16,618 | +96.7% |
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 7 October 2026 via checked.be.