DELFIPAR: 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.
DELFIPAR
Largest movements
- Financial fixed assets -€20.9m
down €20.9m (-100.0%), from €20.9m to €1,550
of which Affiliated companies: -€20.9m
- Receivables within one year +€10.7m
up €10.7m (+385.8%), from €2.8m to €13.5m
of which Other amounts receivable: +€10.9m
- Profit (loss) carried forward -€9.7m
down €9.7m (-5.9%), from -€164.0m to -€173.7m
- Tax, wage and social debts -€586,360
no longer reported in 2025 (was €586,360)
- Financial income +€267.0m
up €267.0m (+21306.0%), from €1.3m to €268.3m
of which Non-recurring financial income: +€268.1m
- Financial charges +€180.6m
up €180.6m (+181.2%), from €99.7m to €280.2m
of which Non-recurring financial charges: +€180.5m
- Taxes +€1.8m
up €1.8m (+81.3%), from -€2.2m to -€405,280
- Other operating income +€1.6m
up €1.6m (+1144444.4%), from €144 to €1.6m
- Turnover -€1.4m
down €1.4m (-74.1%), from €1.9m to €504,519
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 | €23,772,492 | €13,497,704 | -€10.3m | -43.2% |
| Fixed assets | 21/28 | €20,944,009 | €1,550 | -€20.9m | -100.0% |
| Financial fixed assets | 28 | €20,944,009 | €1,550 | -€20.9m | -100.0% |
| Affiliated companies | 280/1 | €20,944,009 | €7 | -€20.9m | -100.0% |
| Participating interests | 280 | €20,944,009 | €7 | -€20.9m | -100.0% |
| Other financial fixed assets | 284/8 | - | €1,543 | +€1,543 | |
| Amounts receivable and cash guarantees | 285/8 | - | €1,543 | +€1,543 | |
| Current assets | 29/58 | €2,828,483 | €13,496,154 | +€10.7m | +377.2% |
| Amounts receivable within one year | 40/41 | €2,776,861 | €13,491,300 | +€10.7m | +385.8% |
| Trade receivables | 40 | €258,842 | €69,364 | -€189,478 | -73.2% |
| Other amounts receivable | 41 | €2,518,019 | €13,421,936 | +€10.9m | +433.0% |
| Cash at bank and in hand | 54/58 | €51,622 | €4,854 | -€46,768 | -90.6% |
| Total equity and liabilities | 10/49 | €23,772,492 | €13,497,704 | -€10.3m | -43.2% |
| Equity | 10/15 | €23,119,402 | €13,399,842 | -€9.7m | -42.0% |
| Contributions | 10/11 | €180,100,000 | €180,100,000 | = | 0.0% |
| Capital | 10 | €63,300,000 | €63,300,000 | = | 0.0% |
| Issued capital | 100 | €63,300,000 | €63,300,000 | = | 0.0% |
| Outside capital | 11 | €116,800,000 | €116,800,000 | = | 0.0% |
| Share premium | 1100/10 | €116,800,000 | €116,800,000 | = | 0.0% |
| Reserves | 13 | €7,000,000 | €7,000,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,000,000 | €7,000,000 | = | 0.0% |
| Legal reserve | 130 | €7,000,000 | €7,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€163,980,598 | -€173,700,158 | -€9.7m | -5.9% |
| Amounts payable | 17/49 | €653,090 | €97,862 | -€555,228 | -85.0% |
| Amounts payable within one year | 42/48 | €614,890 | €87,162 | -€527,728 | -85.8% |
| Trade debts | 44 | €28,530 | €87,162 | +€58,632 | +205.5% |
| Suppliers | 440/4 | €28,530 | €87,162 | +€58,632 | +205.5% |
| Taxes, remuneration and social security | 45 | €586,360 | - | -€586,360 | |
| Taxes | 450/3 | €586,360 | - | -€586,360 | |
| Accrued charges and deferred income | 492/3 | €38,200 | €10,700 | -€27,500 | -72.0% |
| Operating income | 70/76A | €1,950,767 | €2,294,387 | +€343,620 | +17.6% |
| Turnover | 70 | €1,947,624 | €504,519 | -€1.4m | -74.1% |
| Other operating income | 74 | €144 | €1,648,144 | +€1.6m | +1144444.4% |
| Non-recurring operating income | 76A | €2,999 | €141,724 | +€138,725 | +4625.7% |
| Operating charges | 60/66A | €590,109 | €476,353 | -€113,756 | -19.3% |
| Services and other goods | 61 | €535,637 | €369,669 | -€165,968 | -31.0% |
| Remuneration, social security and pensions | 62 | €2,332 | - | -€2,332 | |
| Non-recurring operating charges | 66A | €52,140 | €106,684 | +€54,544 | +104.6% |
| Operating profit (loss) | 9901 | €1,360,658 | €1,818,034 | +€457,376 | +33.6% |
| Financial income | 75/76B | €1,253,264 | €268,273,873 | +€267.0m | +21306.0% |
| Recurring financial income | 75 | €1,253,264 | €180,113 | -€1.1m | -85.6% |
| Income from financial fixed assets | 750 | €1,082,923 | €13 | -€1.1m | -100.0% |
| Income from current assets | 751 | €170,341 | €180,100 | +€9,759 | +5.7% |
| Non-recurring financial income | 76B | - | €268,093,760 | +€268.1m | |
| Financial charges | 65/66B | €99,666,477 | €280,216,748 | +€180.6m | +181.2% |
| Recurring financial charges | 65 | €2,143 | €4,426 | +€2,283 | +106.5% |
| Other financial charges | 652/9 | €2,143 | €4,426 | +€2,283 | +106.5% |
| Non-recurring financial charges | 66B | €99,664,334 | €280,212,322 | +€180.5m | +181.2% |
| Profit (loss) for the period before taxes | 9903 | -€97,052,555 | -€10,124,841 | +€86.9m | +89.6% |
| Income taxes | 67/77 | -€2,166,015 | -€405,280 | +€1.8m | +81.3% |
| Taxes | 670/3 | €1,532,548 | €146,684 | -€1.4m | -90.4% |
| Tax adjustments and reversals of tax provisions | 77 | €3,698,563 | €551,964 | -€3.1m | -85.1% |
| Profit (loss) for the period | 9904 | -€94,886,540 | -€9,719,561 | +€85.2m | +89.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€94,886,540 | -€9,719,561 | +€85.2m | +89.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.