DELEX: 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.
DELEX
Largest movements
- Current investments -€300,000
no longer reported in 2025 (was €300,000)
- Cash +€124,268
up €124,268 (+53.0%), from €234,619 to €358,887
mainly Depreciation (+€356,931) and Current investments (+€300,000)
- Tangible fixed assets -€60,863
down €60,863 (-5.6%), from €1.1m to €1.0m
of which Leasing and similar rights: -€54,324
- Reserves -€160,068
down €160,068 (-15.9%), from €1.0m to €844,336
of which Distributable reserves: -€160,068
- Debts after one year -€107,526
down €107,526 (-18.8%), from €570,583 to €463,057
- Gross operating margin -€461,967
down €461,967 (-24.1%), from €1.9m to €1.5m
- Taxes -€101,721
down €101,721 (-80.9%), from €125,787 to €24,066
- Staff costs -€59,567
down €59,567 (-5.9%), from €1.0m to €942,494
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 | €1,981,107 | €1,751,636 | -€229,471 | -11.6% |
| Fixed assets | 21/28 | €1,213,933 | €1,147,669 | -€66,265 | -5.5% |
| Intangible fixed assets | 21 | €28,259 | €27,908 | -€352 | -1.2% |
| Tangible fixed assets | 22/27 | €1,080,304 | €1,019,441 | -€60,863 | -5.6% |
| Plant, machinery and equipment | 23 | €402,238 | €407,725 | +€5,487 | +1.4% |
| Furniture and vehicles | 24 | €249,864 | €253,382 | +€3,518 | +1.4% |
| Leasing and similar rights | 25 | €125,158 | €70,834 | -€54,324 | -43.4% |
| Other tangible fixed assets | 26 | €303,044 | €287,500 | -€15,544 | -5.1% |
| Financial fixed assets | 28 | €105,370 | €100,320 | -€5,050 | -4.8% |
| Current assets | 29/58 | €767,174 | €603,967 | -€163,207 | -21.3% |
| Amounts receivable within one year | 40/41 | €195,719 | €193,963 | -€1,755 | -0.9% |
| Trade receivables | 40 | €162,053 | €167,409 | +€5,356 | +3.3% |
| Other amounts receivable | 41 | €33,666 | €26,554 | -€7,112 | -21.1% |
| Current investments | 50/53 | €300,000 | - | -€300,000 | |
| Cash at bank and in hand | 54/58 | €234,619 | €358,887 | +€124,268 | +53.0% |
| Deferred charges and accrued income | 490/1 | €36,836 | €51,116 | +€14,280 | +38.8% |
| Total equity and liabilities | 10/49 | €1,981,107 | €1,751,636 | -€229,471 | -11.6% |
| Equity | 10/15 | €1,022,955 | €862,886 | -€160,068 | -15.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,004,405 | €844,336 | -€160,068 | -15.9% |
| Tax-exempt reserves | 132 | €24,600 | €24,600 | = | 0.0% |
| Distributable reserves | 133 | €979,805 | €819,736 | -€160,068 | -16.3% |
| Amounts payable | 17/49 | €958,152 | €888,749 | -€69,403 | -7.2% |
| Amounts payable after more than one year | 17 | €570,583 | €463,057 | -€107,526 | -18.8% |
| Financial debts | 170/4 | €570,583 | €463,057 | -€107,526 | -18.8% |
| Amounts payable within one year | 42/48 | €387,569 | €425,692 | +€38,123 | +9.8% |
| Current portion of amounts payable after more than one year | 42 | €224,094 | €239,717 | +€15,622 | +7.0% |
| Trade debts | 44 | €81,680 | €97,450 | +€15,770 | +19.3% |
| Suppliers | 440/4 | €81,680 | €97,450 | +€15,770 | +19.3% |
| Advances received on contracts in progress | 46 | €2,995 | €4,353 | +€1,359 | +45.4% |
| Taxes, remuneration and social security | 45 | €78,800 | €84,172 | +€5,372 | +6.8% |
| Taxes | 450/3 | €5,339 | €5,289 | -€50 | -0.9% |
| Remuneration and social security | 454/9 | €73,461 | €78,883 | +€5,422 | +7.4% |
| Non-recurring operating income | 76A | €6,899 | €200 | -€6,699 | -97.1% |
| Remuneration, social security and pensions | 62 | €1,002,062 | €942,494 | -€59,567 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €355,518 | €356,931 | +€1,413 | +0.4% |
| Other operating charges | 640/8 | €5,024 | €16,684 | +€11,660 | +232.1% |
| Gross operating margin | 9900 | €1,917,104 | €1,455,137 | -€461,967 | -24.1% |
| Operating profit (loss) | 9901 | €554,500 | €139,028 | -€415,473 | -74.9% |
| Financial income | 75/76B | €9,863 | €3,181 | -€6,682 | -67.8% |
| Recurring financial income | 75 | €9,863 | €3,181 | -€6,682 | -67.8% |
| Financial charges | 65/66B | €30,529 | €28,210 | -€2,319 | -7.6% |
| Recurring financial charges | 65 | €30,529 | €28,210 | -€2,319 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €533,834 | €113,998 | -€419,836 | -78.6% |
| Income taxes | 67/77 | €125,787 | €24,066 | -€101,721 | -80.9% |
| Profit (loss) for the period | 9904 | €408,047 | €89,932 | -€318,115 | -78.0% |
| Profit (loss) for the period to be appropriated | 9905 | €408,047 | €89,932 | -€318,115 | -78.0% |
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 11 October 2026 via checked.be.