DELFORGE FRÈRES: 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 FRÈRES
Largest movements
- Receivables within one year -€100,253
down €100,253 (-57.6%), from €173,948 to €73,695
of which Trade receivables: -€105,630
- Receivables after one year +€98,749
up €98,749 (+49.5%), from €199,517 to €298,266
- Intangible fixed assets -€30,000
no longer reported in 2025 (was €30,000)
- Cash -€5,970
down €5,970 (-31.4%), from €18,989 to €13,020
mainly Net result for the year (-€150,195) and Receivables after one year (-€98,749)
- Tax, wage and social debts +€186,169
up €186,169 (+112%), from €166,802 to €352,971
of which Remuneration and social security: +€122,619
- Profit (loss) carried forward -€150,195
down €150,195 (-54.6%), from -€274,854 to -€425,050
- Current portion of long-term debt -€56,815
down €56,815 (-85.9%), from €66,160 to €9,346
- Trade debts -€30,355
down €30,355 (-23.3%), from €130,420 to €100,065
- Other debts +€26,964
up €26,964 (+49.1%), from €54,922 to €81,886
- Gross operating margin -€116,123
down €116,123 (-23.5%), from €493,379 to €377,256
- Financial charges +€43,698
up €43,698 (+363%), from €12,026 to €55,724
- Staff costs -€8,003
down €8,003 (-2.0%), from €404,846 to €396,843
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 | €457,429 | €420,629 | -€36,800 | -8.0% |
| Fixed assets | 21/28 | €61,869 | €33,395 | -€28,474 | -46.0% |
| Intangible fixed assets | 21 | €30,000 | - | -€30,000 | |
| Tangible fixed assets | 22/27 | €29,489 | €31,015 | +€1,526 | +5.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,926 | €14,930 | +€13,004 | +675% |
| Furniture and vehicles | 24 | €24,063 | €16,085 | -€7,978 | -33.2% |
| Leasing and similar rights | 25 | €3,500 | - | -€3,500 | |
| Financial fixed assets | 28 | €2,380 | €2,380 | = | 0.0% |
| Current assets | 29/58 | €395,560 | €387,234 | -€8,325 | -2.1% |
| Amounts receivable after more than one year | 29 | €199,517 | €298,266 | +€98,749 | +49.5% |
| Other amounts receivable | 291 | €199,517 | €298,266 | +€98,749 | +49.5% |
| Amounts receivable within one year | 40/41 | €173,948 | €73,695 | -€100,253 | -57.6% |
| Trade receivables | 40 | €149,788 | €44,158 | -€105,630 | -70.5% |
| Other amounts receivable | 41 | €24,160 | €29,537 | +€5,377 | +22.3% |
| Cash at bank and in hand | 54/58 | €18,989 | €13,020 | -€5,970 | -31.4% |
| Deferred charges and accrued income | 490/1 | €3,106 | €2,254 | -€852 | -27.4% |
| Total equity and liabilities | 10/49 | €457,429 | €420,629 | -€36,800 | -8.0% |
| Equity | 10/15 | -€26,254 | -€176,450 | -€150,195 | -572% |
| Contributions | 10/11 | €248,600 | €248,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€274,854 | -€425,050 | -€150,195 | -54.6% |
| Amounts payable | 17/49 | €483,683 | €597,079 | +€113,396 | +23.4% |
| Amounts payable after more than one year | 17 | €64,821 | €52,798 | -€12,023 | -18.5% |
| Financial debts | 170/4 | €7,821 | - | -€7,821 | |
| Other amounts payable | 178/9 | €57,000 | €52,798 | -€4,202 | -7.4% |
| Amounts payable within one year | 42/48 | €418,305 | €544,268 | +€125,963 | +30.1% |
| Current portion of amounts payable after more than one year | 42 | €66,160 | €9,346 | -€56,815 | -85.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €130,420 | €100,065 | -€30,355 | -23.3% |
| Suppliers | 440/4 | €130,420 | €100,065 | -€30,355 | -23.3% |
| Taxes, remuneration and social security | 45 | €166,802 | €352,971 | +€186,169 | +112% |
| Taxes | 450/3 | €20,853 | €84,402 | +€63,550 | +305% |
| Remuneration and social security | 454/9 | €145,950 | €268,569 | +€122,619 | +84.0% |
| Other amounts payable | 47/48 | €54,922 | €81,886 | +€26,964 | +49.1% |
| Accrued charges and deferred income | 492/3 | €557 | €13 | -€545 | -97.7% |
| Non-recurring operating income | 76A | - | €60,750 | +€60,750 | |
| Remuneration, social security and pensions | 62 | €404,846 | €396,843 | -€8,003 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,974 | €48,587 | +€2,613 | +5.7% |
| Other operating charges | 640/8 | €1,735 | €6,289 | +€4,553 | +262% |
| Non-recurring operating charges | 66A | €1,293 | €22,379 | +€21,087 | +1,631% |
| Gross operating margin | 9900 | €493,379 | €377,256 | -€116,123 | -23.5% |
| Operating profit (loss) | 9901 | €39,531 | -€96,842 | -€136,373 | |
| Financial income | 75/76B | €1 | €2,546 | +€2,545 | +229,298% |
| Recurring financial income | 75 | €1 | €2,546 | +€2,545 | +229,298% |
| Financial charges | 65/66B | €12,026 | €55,724 | +€43,698 | +363% |
| Recurring financial charges | 65 | €12,026 | €55,724 | +€43,698 | +363% |
| Profit (loss) for the period before taxes | 9903 | €27,506 | -€150,020 | -€177,525 | |
| Income taxes | 67/77 | €306 | €176 | -€131 | -42.6% |
| Profit (loss) for the period | 9904 | €27,199 | -€150,195 | -€177,395 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,199 | -€150,195 | -€177,395 |
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 14 October 2026 via checked.be.