DELFINVEST: 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.
DELFINVEST
Largest movements
- Tangible fixed assets +€215,805
up €215,805 (+12.0%), from €1.8m to €2.0m
of which Land and buildings: +€215,805
- Receivables within one year -€22,556
down €22,556 (-20.6%), from €109,464 to €86,909
of which Other amounts receivable: -€14,276
- Other debts +€130,468
up €130,468 (+31.8%), from €410,539 to €541,007
- Debts after one year +€97,381
up €97,381 (+55.1%), from €176,876 to €274,257
of which Financial debts: +€97,381
- Profit (loss) carried forward -€51,887
down €51,887 (-23.3%), from €222,826 to €170,938
- Short-term financial debts +€29,343
up €29,343 (+3.9%), from €750,000 to €779,343
- Gross operating margin -€230,531
down €230,531 (-94.3%), from €244,464 to €13,933
- Taxes -€73,414
no longer reported in 2025 (was €73,414)
- Financial charges -€35,076
down €35,076 (-51.1%), from €68,611 to €33,535
- Write-downs +€28,144
new in 2025: €28,144
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.
Derived cash bridge
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 | €1,917,989 | €2,107,687 | +€189,698 | +9.9% |
| Fixed assets | 21/28 | €1,804,161 | €2,019,966 | +€215,805 | +12.0% |
| Tangible fixed assets | 22/27 | €1,804,161 | €2,019,966 | +€215,805 | +12.0% |
| Land and buildings | 22 | €1,069,161 | €1,284,966 | +€215,805 | +20.2% |
| Assets under construction and advance payments | 27 | €735,000 | €735,000 | = | 0.0% |
| Current assets | 29/58 | €113,828 | €87,722 | -€26,106 | -22.9% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €109,464 | €86,909 | -€22,556 | -20.6% |
| Trade receivables | 40 | €13,725 | €5,445 | -€8,280 | -60.3% |
| Other amounts receivable | 41 | €95,739 | €81,464 | -€14,276 | -14.9% |
| Cash at bank and in hand | 54/58 | €4,224 | €813 | -€3,411 | -80.8% |
| Deferred charges and accrued income | 490/1 | €139 | - | -€139 | |
| Total equity and liabilities | 10/49 | €1,917,989 | €2,107,687 | +€189,698 | +9.9% |
| Equity | 10/15 | €514,308 | €462,421 | -€51,887 | -10.1% |
| Contributions | 10/11 | €274,592 | €274,592 | = | 0.0% |
| Reserves | 13 | €16,890 | €16,890 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,422 | €5,422 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,422 | €5,422 | = | 0.0% |
| Distributable reserves | 133 | €11,468 | €11,468 | = | 0.0% |
| Profit (loss) carried forward | 14 | €222,826 | €170,938 | -€51,887 | -23.3% |
| Amounts payable | 17/49 | €1,403,681 | €1,645,267 | +€241,586 | +17.2% |
| Amounts payable after more than one year | 17 | €176,876 | €274,257 | +€97,381 | +55.1% |
| Financial debts | 170/4 | €176,876 | €274,257 | +€97,381 | +55.1% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,226,805 | €1,371,009 | +€144,205 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €0 | €7,978 | +€7,978 | |
| Financial debts | 43 | €750,000 | €779,343 | +€29,343 | +3.9% |
| Credit institutions | 430/8 | €750,000 | €779,343 | +€29,343 | +3.9% |
| Trade debts | 44 | €61,172 | €42,682 | -€18,490 | -30.2% |
| Suppliers | 440/4 | €61,172 | €42,682 | -€18,490 | -30.2% |
| Taxes, remuneration and social security | 45 | €5,094 | - | -€5,094 | |
| Taxes | 450/3 | €5,094 | - | -€5,094 | |
| Other amounts payable | 47/48 | €410,539 | €541,007 | +€130,468 | +31.8% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €28,144 | +€28,144 | |
| Other operating charges | 640/8 | €4,383 | €4,142 | -€241 | -5.5% |
| Non-recurring operating charges | 66A | €95,212 | - | -€95,212 | |
| Gross operating margin | 9900 | €244,464 | €13,933 | -€230,531 | -94.3% |
| Operating profit (loss) | 9901 | €144,869 | -€18,352 | -€163,221 | |
| Financial income | 75/76B | €1,378 | - | -€1,378 | |
| Recurring financial income | 75 | €1,378 | - | -€1,378 | |
| Financial charges | 65/66B | €68,611 | €33,535 | -€35,076 | -51.1% |
| Recurring financial charges | 65 | €68,611 | €33,535 | -€35,076 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €77,636 | -€51,887 | -€129,523 | |
| Income taxes | 67/77 | €73,414 | - | -€73,414 | |
| Profit (loss) for the period | 9904 | €4,222 | -€51,887 | -€56,110 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,222 | -€51,887 | -€56,110 |
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 23 October 2026 via checked.be.