DELFI: 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.
DELFI
Largest movements
- Tangible fixed assets -€102,733
down €102,733 (-6.6%), from €1.5m to €1.4m
- Debts after one year -€121,999
down €121,999 (-22.2%), from €548,738 to €426,739
- Reserves +€73,889
up €73,889 (+26.9%), from €275,027 to €348,916
of which Distributable reserves: +€73,889
- Other debts -€43,017
down €43,017 (-16.3%), from €263,192 to €220,175
- Gross operating margin -€10,952
down €10,952 (-3.7%), from €294,192 to €283,240
- Financial charges -€8,665
down €8,665 (-18.6%), from €46,569 to €37,904
- Other operating charges -€3,515
down €3,515 (-14.6%), from €24,156 to €20,641
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 | €1,702,449 | €1,614,264 | -€88,185 | -5.2% |
| Fixed assets | 21/28 | €1,545,582 | €1,442,849 | -€102,733 | -6.6% |
| Tangible fixed assets | 22/27 | €1,545,582 | €1,442,849 | -€102,733 | -6.6% |
| Land and buildings | 22 | €1,545,582 | €1,442,849 | -€102,733 | -6.6% |
| Current assets | 29/58 | €156,867 | €171,415 | +€14,548 | +9.3% |
| Amounts receivable within one year | 40/41 | €3,235 | €0 | -€3,235 | -100.0% |
| Trade receivables | 40 | €3,235 | €0 | -€3,235 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €150,956 | €166,355 | +€15,399 | +10.2% |
| Deferred charges and accrued income | 490/1 | €2,676 | €5,060 | +€2,384 | +89.1% |
| Total equity and liabilities | 10/49 | €1,702,449 | €1,614,264 | -€88,185 | -5.2% |
| Equity | 10/15 | €495,027 | €568,916 | +€73,889 | +14.9% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Capital | 10 | €220,000 | €220,000 | = | 0.0% |
| Issued capital | 100 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €275,027 | €348,916 | +€73,889 | +26.9% |
| Non-distributable reserves | 130/1 | €22,000 | €22,000 | = | 0.0% |
| Legal reserve | 130 | €22,000 | €22,000 | = | 0.0% |
| Distributable reserves | 133 | €253,027 | €326,916 | +€73,889 | +29.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,207,422 | €1,045,348 | -€162,074 | -13.4% |
| Amounts payable after more than one year | 17 | €548,738 | €426,739 | -€121,999 | -22.2% |
| Financial debts | 170/4 | €548,738 | €426,739 | -€121,999 | -22.2% |
| Amounts payable within one year | 42/48 | €633,330 | €591,709 | -€41,621 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €129,928 | €122,111 | -€7,817 | -6.0% |
| Trade debts | 44 | €231,709 | €240,172 | +€8,463 | +3.7% |
| Suppliers | 440/4 | €231,709 | €240,172 | +€8,463 | +3.7% |
| Taxes, remuneration and social security | 45 | €8,500 | €9,250 | +€750 | +8.8% |
| Taxes | 450/3 | €8,500 | €9,250 | +€750 | +8.8% |
| Other amounts payable | 47/48 | €263,192 | €220,175 | -€43,017 | -16.3% |
| Accrued charges and deferred income | 492/3 | €25,354 | €26,900 | +€1,546 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,753 | €102,733 | -€1,020 | -1.0% |
| Other operating charges | 640/8 | €24,156 | €20,641 | -€3,515 | -14.6% |
| Gross operating margin | 9900 | €294,192 | €283,240 | -€10,952 | -3.7% |
| Operating profit (loss) | 9901 | €166,283 | €159,866 | -€6,417 | -3.9% |
| Financial income | 75/76B | €1,404 | €1,155 | -€248 | -17.7% |
| Recurring financial income | 75 | €1,404 | €1,155 | -€248 | -17.7% |
| Financial charges | 65/66B | €46,569 | €37,904 | -€8,665 | -18.6% |
| Recurring financial charges | 65 | €46,569 | €37,904 | -€8,665 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €121,117 | €123,117 | +€2,000 | +1.7% |
| Income taxes | 67/77 | €38,928 | €39,498 | +€569 | +1.5% |
| Profit (loss) for the period | 9904 | €82,189 | €83,619 | +€1,431 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €82,189 | €83,619 | +€1,431 | +1.7% |
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 10 October 2026 via checked.be.