DELFORGE: 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.
DELFORGE
Largest movements
- Tangible fixed assets -€50,297
down €50,297 (-18.9%), from €266,629 to €216,332
of which Land and buildings: -€46,041
- Cash +€37,809
up €37,809 (+16.7%), from €226,534 to €264,342
mainly Depreciation (+€55,560) and Net result for the year (+€54,458)
- Current investments +€35,817
up €35,817 (+17.8%), from €200,748 to €236,566
- Reserves +€53,599
up €53,599 (+11.4%), from €468,456 to €522,055
- Debts after one year -€10,797
down €10,797 (-48.8%), from €22,114 to €11,316
- Current portion of long-term debt -€10,135
down €10,135 (-48.4%), from €20,932 to €10,797
- Gross operating margin -€5,114
down €5,114 (-2.2%), from €237,518 to €232,403
- Other operating charges +€4,905
up €4,905 (+941%), from €521 to €5,426
- Taxes -€2,923
down €2,923 (-12.6%), from €23,142 to €20,219
- Staff costs +€2,854
up €2,854 (+3.3%), from €86,110 to €88,964
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 | €785,858 | €815,558 | +€29,701 | +3.8% |
| Fixed assets | 21/28 | €266,629 | €216,332 | -€50,297 | -18.9% |
| Tangible fixed assets | 22/27 | €266,629 | €216,332 | -€50,297 | -18.9% |
| Land and buildings | 22 | €235,783 | €189,742 | -€46,041 | -19.5% |
| Plant, machinery and equipment | 23 | €6,833 | €4,703 | -€2,129 | -31.2% |
| Furniture and vehicles | 24 | €24,014 | €21,887 | -€2,127 | -8.9% |
| Current assets | 29/58 | €519,228 | €599,226 | +€79,998 | +15.4% |
| Stocks and contracts in progress | 3 | €88,648 | €87,133 | -€1,515 | -1.7% |
| Stocks | 30/36 | €88,648 | €87,133 | -€1,515 | -1.7% |
| Amounts receivable within one year | 40/41 | €3,270 | €11,185 | +€7,915 | +242% |
| Trade receivables | 40 | €3,270 | €11,176 | +€7,906 | +242% |
| Other amounts receivable | 41 | - | €10 | +€10 | |
| Current investments | 50/53 | €200,748 | €236,566 | +€35,817 | +17.8% |
| Cash at bank and in hand | 54/58 | €226,534 | €264,342 | +€37,809 | +16.7% |
| Deferred charges and accrued income | 490/1 | €29 | €0 | -€29 | -100% |
| Total equity and liabilities | 10/49 | €785,858 | €815,558 | +€29,701 | +3.8% |
| Equity | 10/15 | €543,456 | €597,055 | +€53,599 | +9.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €468,456 | €522,055 | +€53,599 | +11.4% |
| Distributable reserves | 133 | €468,456 | €522,055 | +€53,599 | +11.4% |
| Amounts payable | 17/49 | €242,402 | €218,503 | -€23,899 | -9.9% |
| Amounts payable after more than one year | 17 | €22,114 | €11,316 | -€10,797 | -48.8% |
| Financial debts | 170/4 | €22,114 | €11,316 | -€10,797 | -48.8% |
| Amounts payable within one year | 42/48 | €218,225 | €206,380 | -€11,845 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €20,932 | €10,797 | -€10,135 | -48.4% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €15,834 | €11,183 | -€4,650 | -29.4% |
| Suppliers | 440/4 | €15,834 | €11,183 | -€4,650 | -29.4% |
| Taxes, remuneration and social security | 45 | €24,773 | €27,344 | +€2,571 | +10.4% |
| Taxes | 450/3 | €16,109 | €18,424 | +€2,314 | +14.4% |
| Remuneration and social security | 454/9 | €8,664 | €8,920 | +€257 | +3.0% |
| Other amounts payable | 47/48 | €6,685 | €7,055 | +€370 | +5.5% |
| Accrued charges and deferred income | 492/3 | €2,063 | €807 | -€1,256 | -60.9% |
| Remuneration, social security and pensions | 62 | €86,110 | €88,964 | +€2,854 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,963 | €55,560 | -€403 | -0.7% |
| Other operating charges | 640/8 | €521 | €5,426 | +€4,905 | +941% |
| Gross operating margin | 9900 | €237,518 | €232,403 | -€5,114 | -2.2% |
| Operating profit (loss) | 9901 | €94,924 | €82,453 | -€12,470 | -13.1% |
| Financial income | 75/76B | €492 | €1,914 | +€1,422 | +289% |
| Recurring financial income | 75 | €492 | €1,914 | +€1,422 | +289% |
| Financial charges | 65/66B | €9,643 | €9,690 | +€47 | +0.5% |
| Recurring financial charges | 65 | €9,643 | €9,690 | +€47 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | €85,773 | €74,678 | -€11,095 | -12.9% |
| Income taxes | 67/77 | €23,142 | €20,219 | -€2,923 | -12.6% |
| Profit (loss) for the period | 9904 | €62,631 | €54,458 | -€8,172 | -13.0% |
| Profit (loss) for the period to be appropriated | 9905 | €62,631 | €54,458 | -€8,172 | -13.0% |
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 13 October 2026 via checked.be.