DELEM: 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.
What changed
DELEM
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€298,976
2024 · €306,059-€7,083
Equity
€7.3m
2024 · €7.2m+€148,976
Cash
€173,698
2024 · €137,262+€36,437
Balance sheet total
€14.1m
2024 · €14.4m-€325,817
Largest movements
Assets
- Receivables within one year -€1.7m
down €1.7m (-34.2%), from €4.8m to €3.2m
of which Other amounts receivable: -€1.7m
- Tangible fixed assets +€1.3m
up €1.3m (+13.5%), from €9.4m to €10.7m
of which Land and buildings: +€1.3m
Equity and liabilities
- Debts after one year -€494,230
down €494,230 (-7.8%), from €6.4m to €5.9m
- Profit (loss) carried forward +€188,517
up €188,517 (+3.6%), from €5.3m to €5.5m
Income statement
- Gross operating margin +€48,202
up €48,202 (+5.6%), from €867,588 to €915,790
- Financial income -€22,458
down €22,458 (-21.7%), from €103,662 to €81,204
- Taxes +€17,743
up €17,743 (+26.1%), from €67,859 to €85,602
- Financial charges +€16,569
up €16,569 (+14.4%), from €114,828 to €131,397
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.
Result 2024
€306,059
Gross operating margin
+€48,202
Depreciation
+€3,806
Other operating charges
-€1,394
Financial income
-€22,458
Financial charges
-€16,569
Taxes
-€17,743
Deferred taxes and other
-€927
Result 2025
€298,976
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.
From operations
+€2.3m
Investment
-€1.7m
Financing
-€636,161
Cash 2024
€137,262
From operations (derived)
+€2.3m
Net result for the year
+€298,976
Depreciation
+€404,828
Smaller working-capital items
+€918
Receivables within one year
+€1.7m
Deferred charges and accrued income
-€22,855
Provisions
-€13,181
Trade debts
-€5,585
Tax, wage and social debts
+€29,808
Investment (derived)
-€1.7m
Investment in fixed assets (net)
-€1.7m
Financing
-€636,161
Debts after one year
-€494,230
Current portion of long-term debt
+€8,069
Contributions, distributions and other
-€150,000
Cash 2025
€173,698
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €14,430,832 | €14,105,015 | -€325,817 | -2.3% |
| Fixed assets | 21/28 | €9,428,808 | €10,700,367 | +€1.3m | +13.5% |
| Tangible fixed assets | 22/27 | €9,428,808 | €10,700,367 | +€1.3m | +13.5% |
| Land and buildings | 22 | €8,999,188 | €10,310,486 | +€1.3m | +14.6% |
| Plant, machinery and equipment | 23 | €426,515 | €388,074 | -€38,441 | -9.0% |
| Furniture and vehicles | 24 | €2,345 | €1,259 | -€1,086 | -46.3% |
| Other tangible fixed assets | 26 | €760 | €548 | -€212 | -27.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €5,002,024 | €3,404,648 | -€1.6m | -31.9% |
| Stocks and contracts in progress | 3 | €18,779 | €18,187 | -€592 | -3.2% |
| Stocks | 30/36 | €18,779 | €18,187 | -€592 | -3.2% |
| Amounts receivable within one year | 40/41 | €4,845,983 | €3,189,908 | -€1.7m | -34.2% |
| Trade receivables | 40 | €37,127 | €48,044 | +€10,917 | +29.4% |
| Other amounts receivable | 41 | €4,808,856 | €3,141,864 | -€1.7m | -34.7% |
| Cash at bank and in hand | 54/58 | €137,262 | €173,698 | +€36,437 | +26.5% |
| Deferred charges and accrued income | 490/1 | €0 | €22,855 | +€22,855 | |
| Total equity and liabilities | 10/49 | €14,430,832 | €14,105,015 | -€325,817 | -2.3% |
| Equity | 10/15 | €7,170,455 | €7,319,431 | +€148,976 | +2.1% |
| Contributions | 10/11 | €206,021 | €206,021 | = | 0.0% |
| Reserves | 13 | €1,691,502 | €1,651,960 | -€39,542 | -2.3% |
| Tax-exempt reserves | 132 | €609,377 | €569,836 | -€39,542 | -6.5% |
| Distributable reserves | 133 | €1,082,125 | €1,082,125 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,272,932 | €5,461,449 | +€188,517 | +3.6% |
| Provisions and deferred taxes | 16 | €202,532 | €189,351 | -€13,181 | -6.5% |
| Deferred taxes | 168 | €202,532 | €189,351 | -€13,181 | -6.5% |
| Amounts payable | 17/49 | €7,057,846 | €6,596,234 | -€461,612 | -6.5% |
| Amounts payable after more than one year | 17 | €6,374,752 | €5,880,522 | -€494,230 | -7.8% |
| Financial debts | 170/4 | €6,374,752 | €5,880,522 | -€494,230 | -7.8% |
| Amounts payable within one year | 42/48 | €667,714 | €702,358 | +€34,644 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €486,180 | €494,249 | +€8,069 | +1.7% |
| Trade debts | 44 | €14,627 | €9,043 | -€5,585 | -38.2% |
| Suppliers | 440/4 | €14,627 | €9,043 | -€5,585 | -38.2% |
| Taxes, remuneration and social security | 45 | €6,465 | €36,272 | +€29,808 | +461.1% |
| Taxes | 450/3 | €6,465 | €36,272 | +€29,808 | +461.1% |
| Other amounts payable | 47/48 | €160,442 | €162,794 | +€2,352 | +1.5% |
| Accrued charges and deferred income | 492/3 | €15,380 | €13,354 | -€2,026 | -13.2% |
| Non-recurring operating income | 76A | €8,950 | €0 | -€8,950 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €408,635 | €404,828 | -€3,806 | -0.9% |
| Other operating charges | 640/8 | €87,977 | €89,371 | +€1,394 | +1.6% |
| Gross operating margin | 9900 | €867,588 | €915,790 | +€48,202 | +5.6% |
| Operating profit (loss) | 9901 | €370,977 | €421,591 | +€50,614 | +13.6% |
| Financial income | 75/76B | €103,662 | €81,204 | -€22,458 | -21.7% |
| Recurring financial income | 75 | €103,662 | €81,204 | -€22,458 | -21.7% |
| Financial charges | 65/66B | €114,828 | €131,397 | +€16,569 | +14.4% |
| Recurring financial charges | 65 | €114,828 | €131,397 | +€16,569 | +14.4% |
| Profit (loss) for the period before taxes | 9903 | €359,811 | €371,398 | +€11,587 | +3.2% |
| Transfer from deferred taxes | 780 | €14,108 | €13,181 | -€927 | -6.6% |
| Income taxes | 67/77 | €67,859 | €85,602 | +€17,743 | +26.1% |
| Profit (loss) for the period | 9904 | €306,059 | €298,976 | -€7,083 | -2.3% |
| Transfer from tax-exempt reserves | 789 | €42,323 | €39,542 | -€2,782 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €348,382 | €338,517 | -€9,865 | -2.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.