DELFORGE MARTIN: 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 MARTIN
Largest movements
- Receivables within one year +€78,758
up €78,758 (+66.0%), from €119,338 to €198,095
of which Trade receivables: +€76,794
- Cash -€26,000
down €26,000 (-24.1%), from €107,725 to €81,725
mainly Receivables within one year (-€78,758) and Trade debts (-€52,811)
- Tangible fixed assets -€11,853
down €11,853 (-3.9%), from €303,659 to €291,805
of which Furniture and vehicles: -€17,959
- Stocks and contracts -€10,657
down €10,657 (-31.5%), from €33,847 to €23,190
- Trade debts -€52,811
down €52,811 (-61.6%), from €85,699 to €32,889
- Profit (loss) carried forward +€48,371
up €48,371 (+27.9%), from €173,159 to €221,531
- Other debts +€37,122
up €37,122 (+9,891%), from €375 to €37,497
- Debts after one year -€22,223
down €22,223 (-8.3%), from €268,366 to €246,143
- Tax, wage and social debts +€21,759
up €21,759 (+134%), from €16,278 to €38,037
of which Taxes: +€18,864
- Gross operating margin +€43,385
up €43,385 (+32.0%), from €135,506 to €178,892
- Taxes +€16,764
up €16,764 (+210%), from €7,990 to €24,754
- Other operating charges -€5,003
down €5,003 (-61.5%), from €8,131 to €3,128
- Depreciation +€4,433
up €4,433 (+16.3%), from €27,144 to €31,577
- Staff costs +€2,618
up €2,618 (+10.7%), from €24,420 to €27,038
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 | €588,175 | €618,073 | +€29,898 | +5.1% |
| Fixed assets | 21/28 | €305,459 | €293,605 | -€11,853 | -3.9% |
| Tangible fixed assets | 22/27 | €303,659 | €291,805 | -€11,853 | -3.9% |
| Land and buildings | 22 | €250,414 | €238,517 | -€11,897 | -4.8% |
| Plant, machinery and equipment | 23 | €25,986 | €43,989 | +€18,003 | +69.3% |
| Furniture and vehicles | 24 | €27,260 | €9,300 | -€17,959 | -65.9% |
| Financial fixed assets | 28 | €1,800 | €1,800 | = | 0.0% |
| Current assets | 29/58 | €282,716 | €324,467 | +€41,751 | +14.8% |
| Stocks and contracts in progress | 3 | €33,847 | €23,190 | -€10,657 | -31.5% |
| Stocks | 30/36 | €33,847 | €23,190 | -€10,657 | -31.5% |
| Amounts receivable within one year | 40/41 | €119,338 | €198,095 | +€78,758 | +66.0% |
| Trade receivables | 40 | €114,230 | €191,024 | +€76,794 | +67.2% |
| Other amounts receivable | 41 | €5,108 | €7,071 | +€1,964 | +38.4% |
| Current investments | 50/53 | €20,001 | €20,001 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €107,725 | €81,725 | -€26,000 | -24.1% |
| Deferred charges and accrued income | 490/1 | €1,805 | €1,457 | -€349 | -19.3% |
| Total equity and liabilities | 10/49 | €588,175 | €618,073 | +€29,898 | +5.1% |
| Equity | 10/15 | €192,912 | €241,283 | +€48,371 | +25.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,153 | €1,153 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,153 | €1,153 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,153 | €1,153 | = | 0.0% |
| Profit (loss) carried forward | 14 | €173,159 | €221,531 | +€48,371 | +27.9% |
| Amounts payable | 17/49 | €395,263 | €376,789 | -€18,473 | -4.7% |
| Amounts payable after more than one year | 17 | €268,366 | €246,143 | -€22,223 | -8.3% |
| Financial debts | 170/4 | €268,366 | €246,143 | -€22,223 | -8.3% |
| Amounts payable within one year | 42/48 | €126,897 | €130,646 | +€3,749 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | €24,544 | €22,223 | -€2,322 | -9.5% |
| Trade debts | 44 | €85,699 | €32,889 | -€52,811 | -61.6% |
| Suppliers | 440/4 | €85,699 | €32,889 | -€52,811 | -61.6% |
| Taxes, remuneration and social security | 45 | €16,278 | €38,037 | +€21,759 | +134% |
| Taxes | 450/3 | €11,590 | €30,454 | +€18,864 | +163% |
| Remuneration and social security | 454/9 | €4,688 | €7,583 | +€2,895 | +61.8% |
| Other amounts payable | 47/48 | €375 | €37,497 | +€37,122 | +9,891% |
| Remuneration, social security and pensions | 62 | €24,420 | €27,038 | +€2,618 | +10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,144 | €31,577 | +€4,433 | +16.3% |
| Other operating charges | 640/8 | €8,131 | €3,128 | -€5,003 | -61.5% |
| Non-recurring operating charges | 66A | €410 | €379 | -€30 | -7.4% |
| Gross operating margin | 9900 | €135,506 | €178,892 | +€43,385 | +32.0% |
| Operating profit (loss) | 9901 | €75,401 | €116,770 | +€41,368 | +54.9% |
| Financial income | 75/76B | €825 | €2,181 | +€1,356 | +165% |
| Recurring financial income | 75 | €825 | €2,181 | +€1,356 | +165% |
| Financial charges | 65/66B | €11,223 | €9,825 | -€1,398 | -12.5% |
| Recurring financial charges | 65 | €11,223 | €9,825 | -€1,398 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €65,003 | €109,126 | +€44,123 | +67.9% |
| Income taxes | 67/77 | €7,990 | €24,754 | +€16,764 | +210% |
| Profit (loss) for the period | 9904 | €57,013 | €84,371 | +€27,359 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €57,013 | €84,371 | +€27,359 | +48.0% |
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 19 October 2026 via checked.be.