DELExim: 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.
DELExim
Largest movements
- Cash +€241,358
up €241,358 (+140.6%), from €171,631 to €412,989
mainly Short-term financial debts (+€266,000) and Receivables within one year (+€225,612)
- Stocks and contracts +€235,515
up €235,515 (+91.5%), from €257,365 to €492,880
- Receivables within one year -€225,612
down €225,612 (-31.4%), from €717,751 to €492,139
of which Trade receivables: -€244,370
- Deferred charges and accrued income -€38,805
down €38,805 (-84.8%), from €45,786 to €6,980
- Short-term financial debts +€266,000
up €266,000 (+113.7%), from €234,000 to €500,000
- Trade debts -€54,105
down €54,105 (-8.8%), from €612,299 to €558,195
- Accrued charges and deferred income -€24,691
no longer reported in 2025 (was €24,691)
- Gross operating margin +€175,488
up €175,488 (+199.3%), from €88,053 to €263,541
- Financial income -€85,368
down €85,368 (-98.7%), from €86,527 to €1,159
- Financial charges +€53,826
up €53,826 (+173.1%), from €31,101 to €84,927
- Staff costs +€8,928
up €8,928 (+7.3%), from €122,152 to €131,080
- Taxes +€3,786
up €3,786 (+66.1%), from €5,729 to €9,515
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 | €2,210,075 | €2,407,295 | +€197,219 | +8.9% |
| Fixed assets | 21/28 | €1,002,652 | €987,415 | -€15,237 | -1.5% |
| Tangible fixed assets | 22/27 | €26,080 | €10,843 | -€15,237 | -58.4% |
| Plant, machinery and equipment | 23 | €10,941 | €9,589 | -€1,351 | -12.4% |
| Furniture and vehicles | 24 | €15,139 | €1,254 | -€13,885 | -91.7% |
| Financial fixed assets | 28 | €976,572 | €976,572 | = | 0.0% |
| Current assets | 29/58 | €1,207,424 | €1,419,879 | +€212,456 | +17.6% |
| Stocks and contracts in progress | 3 | €257,365 | €492,880 | +€235,515 | +91.5% |
| Stocks | 30/36 | €257,365 | €492,880 | +€235,515 | +91.5% |
| Amounts receivable within one year | 40/41 | €717,751 | €492,139 | -€225,612 | -31.4% |
| Trade receivables | 40 | €641,323 | €396,953 | -€244,370 | -38.1% |
| Other amounts receivable | 41 | €76,428 | €95,187 | +€18,758 | +24.5% |
| Current investments | 50/53 | €14,891 | €14,891 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €171,631 | €412,989 | +€241,358 | +140.6% |
| Deferred charges and accrued income | 490/1 | €45,786 | €6,980 | -€38,805 | -84.8% |
| Total equity and liabilities | 10/49 | €2,210,075 | €2,407,295 | +€197,219 | +8.9% |
| Equity | 10/15 | €1,281,809 | €1,302,075 | +€20,267 | +1.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,219,809 | €1,240,075 | +€20,267 | +1.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €119,648 | €119,648 | = | 0.0% |
| Distributable reserves | 133 | €1,093,961 | €1,114,227 | +€20,267 | +1.9% |
| Amounts payable | 17/49 | €928,267 | €1,105,219 | +€176,952 | +19.1% |
| Amounts payable after more than one year | 17 | €506 | - | -€506 | |
| Financial debts | 170/4 | €506 | - | -€506 | |
| Amounts payable within one year | 42/48 | €903,069 | €1,105,219 | +€202,150 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €6,029 | - | -€6,029 | |
| Financial debts | 43 | €234,000 | €500,000 | +€266,000 | +113.7% |
| Other loans | 439 | €234,000 | €500,000 | +€266,000 | +113.7% |
| Trade debts | 44 | €612,299 | €558,195 | -€54,105 | -8.8% |
| Suppliers | 440/4 | €612,299 | €558,195 | -€54,105 | -8.8% |
| Taxes, remuneration and social security | 45 | €8,725 | €21,092 | +€12,367 | +141.7% |
| Taxes | 450/3 | €684 | €11,713 | +€11,029 | +1612.0% |
| Remuneration and social security | 454/9 | €8,041 | €9,379 | +€1,338 | +16.6% |
| Other amounts payable | 47/48 | €42,016 | €25,933 | -€16,083 | -38.3% |
| Accrued charges and deferred income | 492/3 | €24,691 | - | -€24,691 | |
| Non-recurring operating income | 76A | €10,115 | €47 | -€10,068 | -99.5% |
| Remuneration, social security and pensions | 62 | €122,152 | €131,080 | +€8,928 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,889 | €1,901 | -€988 | -34.2% |
| Other operating charges | 640/8 | €2,407 | €1,868 | -€539 | -22.4% |
| Non-recurring operating charges | 66A | - | €14,956 | +€14,956 | |
| Gross operating margin | 9900 | €88,053 | €263,541 | +€175,488 | +199.3% |
| Operating profit (loss) | 9901 | -€39,395 | €113,735 | +€153,131 | |
| Financial income | 75/76B | €86,527 | €1,159 | -€85,368 | -98.7% |
| Recurring financial income | 75 | €86,527 | €1,159 | -€85,368 | -98.7% |
| Financial charges | 65/66B | €31,101 | €84,927 | +€53,826 | +173.1% |
| Recurring financial charges | 65 | €31,101 | €84,927 | +€53,826 | +173.1% |
| Profit (loss) for the period before taxes | 9903 | €16,031 | €29,967 | +€13,937 | +86.9% |
| Income taxes | 67/77 | €5,729 | €9,515 | +€3,786 | +66.1% |
| Profit (loss) for the period | 9904 | €10,302 | €20,453 | +€10,151 | +98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €10,302 | €20,453 | +€10,151 | +98.5% |
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 11 October 2026 via checked.be.