DELFO: 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.
DELFO
Largest movements
- Cash +€115,805
up €115,805 (+158.7%), from €72,958 to €188,763
mainly Current investments (+€100,000) and Net result for the year (+€34,795)
- Current investments -€100,000
no longer reported in 2025 (was €100,000)
- Tangible fixed assets -€10,835
down €10,835 (-11.6%), from €93,343 to €82,508
of which Land and buildings: -€12,854
- Reserves +€34,795
up €34,795 (+24.5%), from €141,790 to €176,585
of which Distributable reserves: +€38,362
- Other debts -€19,321
down €19,321 (-52.1%), from €37,108 to €17,787
- Tax, wage and social debts -€9,431
down €9,431 (-52.9%), from €17,820 to €8,389
of which Taxes: -€8,381
- Depreciation -€41,612
down €41,612 (-72.3%), from €57,577 to €15,965
- Gross operating margin -€12,024
down €12,024 (-13.9%), from €86,735 to €74,711
- Taxes -€3,361
down €3,361 (-15.5%), from €21,746 to €18,385
- Financial income +€1,503
up €1,503 (+4921.3%), from €31 to €1,534
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 | €279,231 | €286,708 | +€7,477 | +2.7% |
| Fixed assets | 21/28 | €93,839 | €83,004 | -€10,835 | -11.5% |
| Tangible fixed assets | 22/27 | €93,343 | €82,508 | -€10,835 | -11.6% |
| Land and buildings | 22 | €83,734 | €70,880 | -€12,854 | -15.4% |
| Plant, machinery and equipment | 23 | €8,681 | €11,135 | +€2,453 | +28.3% |
| Furniture and vehicles | 24 | €928 | €494 | -€434 | -46.8% |
| Financial fixed assets | 28 | €496 | €496 | = | 0.0% |
| Current assets | 29/58 | €185,391 | €203,703 | +€18,312 | +9.9% |
| Stocks and contracts in progress | 3 | €888 | €1,483 | +€595 | +67.0% |
| Stocks | 30/36 | €888 | €1,483 | +€595 | +67.0% |
| Amounts receivable within one year | 40/41 | €1,905 | €3,448 | +€1,543 | +81.0% |
| Trade receivables | 40 | €1,905 | €3,448 | +€1,543 | +81.0% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €72,958 | €188,763 | +€115,805 | +158.7% |
| Deferred charges and accrued income | 490/1 | €9,640 | €10,009 | +€369 | +3.8% |
| Total equity and liabilities | 10/49 | €279,231 | €286,708 | +€7,477 | +2.7% |
| Equity | 10/15 | €166,790 | €201,585 | +€34,795 | +20.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €141,790 | €176,585 | +€34,795 | +24.5% |
| Tax-exempt reserves | 132 | €3,568 | - | -€3,568 | |
| Distributable reserves | 133 | €138,223 | €176,585 | +€38,362 | +27.8% |
| Provisions and deferred taxes | 16 | €1,188 | - | -€1,188 | |
| Deferred taxes | 168 | €1,188 | - | -€1,188 | |
| Amounts payable | 17/49 | €111,253 | €85,123 | -€26,130 | -23.5% |
| Amounts payable within one year | 42/48 | €58,609 | €31,759 | -€26,850 | -45.8% |
| Trade debts | 44 | €3,681 | €5,583 | +€1,902 | +51.7% |
| Suppliers | 440/4 | €3,681 | €5,583 | +€1,902 | +51.7% |
| Taxes, remuneration and social security | 45 | €17,820 | €8,389 | -€9,431 | -52.9% |
| Taxes | 450/3 | €16,770 | €8,389 | -€8,381 | -50.0% |
| Remuneration and social security | 454/9 | €1,050 | - | -€1,050 | |
| Other amounts payable | 47/48 | €37,108 | €17,787 | -€19,321 | -52.1% |
| Accrued charges and deferred income | 492/3 | €52,644 | €53,363 | +€720 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,577 | €15,965 | -€41,612 | -72.3% |
| Other operating charges | 640/8 | €8,997 | €8,176 | -€822 | -9.1% |
| Gross operating margin | 9900 | €86,735 | €74,711 | -€12,024 | -13.9% |
| Operating profit (loss) | 9901 | €20,162 | €50,571 | +€30,409 | +150.8% |
| Financial income | 75/76B | €31 | €1,534 | +€1,503 | +4921.3% |
| Recurring financial income | 75 | €31 | €1,534 | +€1,503 | +4921.3% |
| Financial charges | 65/66B | €78 | €113 | +€35 | +45.3% |
| Recurring financial charges | 65 | €78 | €113 | +€35 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | €20,114 | €51,992 | +€31,877 | +158.5% |
| Transfer from deferred taxes | 780 | €15,206 | €1,188 | -€14,018 | -92.2% |
| Income taxes | 67/77 | €21,746 | €18,385 | -€3,361 | -15.5% |
| Profit (loss) for the period | 9904 | €13,574 | €34,795 | +€21,220 | +156.3% |
| Transfer from tax-exempt reserves | 789 | €30,792 | €3,568 | -€27,224 | -88.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,366 | €38,362 | -€6,004 | -13.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.