DELFORZA: 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.
DELFORZA
Largest movements
- Tangible fixed assets +€695,934
up €695,934 (+64.7%), from €1.1m to €1.8m
- Cash -€139,090
down €139,090 (-74.6%), from €186,536 to €47,446
mainly Investment in fixed assets (net) (-€715,312) and Other debts (-€89,333)
- Receivables within one year -€26,405
down €26,405 (-43.8%), from €60,309 to €33,905
of which Trade receivables: -€13,613
- Debts after one year +€499,638
up €499,638 (+58.6%), from €851,956 to €1.4m
- Reserves +€101,051
up €101,051 (+100.6%), from €100,406 to €201,457
- Other debts -€89,333
down €89,333 (-54.6%), from €163,532 to €74,199
- Current portion of long-term debt +€33,927
up €33,927 (+48.0%), from €70,722 to €104,649
- Gross operating margin +€82,309
up €82,309 (+44.6%), from €184,525 to €266,834
- Other operating charges +€31,205
up €31,205 (+62.5%), from €49,945 to €81,149
- Financial charges +€7,136
up €7,136 (+36.9%), from €19,358 to €26,494
- Taxes +€4,488
up €4,488 (+12.1%), from €37,184 to €41,671
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 | €1,322,813 | €1,853,253 | +€530,440 | +40.1% |
| Fixed assets | 21/28 | €1,075,967 | €1,771,902 | +€695,934 | +64.7% |
| Tangible fixed assets | 22/27 | €1,075,967 | €1,771,902 | +€695,934 | +64.7% |
| Land and buildings | 22 | €1,075,967 | €1,771,902 | +€695,934 | +64.7% |
| Current assets | 29/58 | €246,846 | €81,351 | -€165,494 | -67.0% |
| Amounts receivable within one year | 40/41 | €60,309 | €33,905 | -€26,405 | -43.8% |
| Trade receivables | 40 | €13,613 | - | -€13,613 | |
| Other amounts receivable | 41 | €46,697 | €33,905 | -€12,792 | -27.4% |
| Cash at bank and in hand | 54/58 | €186,536 | €47,446 | -€139,090 | -74.6% |
| Total equity and liabilities | 10/49 | €1,322,813 | €1,853,253 | +€530,440 | +40.1% |
| Equity | 10/15 | €175,406 | €276,457 | +€101,051 | +57.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €100,406 | €201,457 | +€101,051 | +100.6% |
| Distributable reserves | 133 | €100,406 | €201,457 | +€101,051 | +100.6% |
| Amounts payable | 17/49 | €1,147,407 | €1,576,796 | +€429,389 | +37.4% |
| Amounts payable after more than one year | 17 | €851,956 | €1,351,594 | +€499,638 | +58.6% |
| Financial debts | 170/4 | €851,956 | €1,351,594 | +€499,638 | +58.6% |
| Amounts payable within one year | 42/48 | €295,451 | €225,202 | -€70,249 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €70,722 | €104,649 | +€33,927 | +48.0% |
| Trade debts | 44 | €20,178 | €15,310 | -€4,868 | -24.1% |
| Suppliers | 440/4 | €20,178 | €15,310 | -€4,868 | -24.1% |
| Taxes, remuneration and social security | 45 | €41,019 | €31,044 | -€9,975 | -24.3% |
| Taxes | 450/3 | €41,019 | €31,044 | -€9,975 | -24.3% |
| Other amounts payable | 47/48 | €163,532 | €74,199 | -€89,333 | -54.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,543 | €19,378 | +€834 | +4.5% |
| Other operating charges | 640/8 | €49,945 | €81,149 | +€31,205 | +62.5% |
| Gross operating margin | 9900 | €184,525 | €266,834 | +€82,309 | +44.6% |
| Operating profit (loss) | 9901 | €116,037 | €166,307 | +€50,270 | +43.3% |
| Financial income | 75/76B | €2,327 | €2,909 | +€582 | +25.0% |
| Recurring financial income | 75 | €2,327 | €2,909 | +€582 | +25.0% |
| Financial charges | 65/66B | €19,358 | €26,494 | +€7,136 | +36.9% |
| Recurring financial charges | 65 | €19,358 | €26,494 | +€7,136 | +36.9% |
| Profit (loss) for the period before taxes | 9903 | €99,007 | €142,722 | +€43,716 | +44.2% |
| Income taxes | 67/77 | €37,184 | €41,671 | +€4,488 | +12.1% |
| Profit (loss) for the period | 9904 | €61,823 | €101,051 | +€39,228 | +63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €61,823 | €101,051 | +€39,228 | +63.5% |
Source: filed annual accounts (NBB), financial years ended 30 March 2024 and 30 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.