DELGECO: 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.
DELGECO
Largest movements
- Cash -€27,385
down €27,385 (-13.5%), from €203,209 to €175,824
mainly Other debts (-€39,664) and Tax, wage and social debts (-€17,700)
- Tangible fixed assets -€8,510
down €8,510 (-21.7%), from €39,300 to €30,790
of which Other tangible fixed assets: -€25,834
- Receivables within one year +€7,472
up €7,472 (+13.6%), from €55,119 to €62,591
of which Trade receivables: +€4,376
- Stocks and contracts +€3,582
up €3,582 (+38.3%), from €9,342 to €12,925
- Other debts -€39,664
down €39,664 (-66.5%), from €59,641 to €19,977
- Reserves +€22,166
up €22,166 (+12.4%), from €178,659 to €200,825
- Tax, wage and social debts -€17,700
no longer reported in 2025 (was €17,700)
- Trade debts +€9,364
up €9,364 (+152%), from €6,151 to €15,515
- Short-term financial debts +€8,414
new in 2025: €8,414
- Gross operating margin -€47,468
down €47,468 (-50.8%), from €93,374 to €45,907
- Taxes -€9,317
down €9,317 (-46.5%), from €20,036 to €10,718
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 | €306,970 | €282,130 | -€24,840 | -8.1% |
| Fixed assets | 21/28 | €39,300 | €30,790 | -€8,510 | -21.7% |
| Tangible fixed assets | 22/27 | €39,300 | €30,790 | -€8,510 | -21.7% |
| Plant, machinery and equipment | 23 | €2,122 | €2,833 | +€711 | +33.5% |
| Furniture and vehicles | 24 | €11,344 | €8,393 | -€2,951 | -26.0% |
| Leasing and similar rights | 25 | - | €19,564 | +€19,564 | |
| Other tangible fixed assets | 26 | €25,834 | - | -€25,834 | |
| Current assets | 29/58 | €267,670 | €251,339 | -€16,331 | -6.1% |
| Stocks and contracts in progress | 3 | €9,342 | €12,925 | +€3,582 | +38.3% |
| Stocks | 30/36 | €9,342 | €12,925 | +€3,582 | +38.3% |
| Amounts receivable within one year | 40/41 | €55,119 | €62,591 | +€7,472 | +13.6% |
| Trade receivables | 40 | €27,698 | €32,074 | +€4,376 | +15.8% |
| Other amounts receivable | 41 | €27,420 | €30,517 | +€3,096 | +11.3% |
| Cash at bank and in hand | 54/58 | €203,209 | €175,824 | -€27,385 | -13.5% |
| Total equity and liabilities | 10/49 | €306,970 | €282,130 | -€24,840 | -8.1% |
| Equity | 10/15 | €198,659 | €220,825 | +€22,166 | +11.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €178,659 | €200,825 | +€22,166 | +12.4% |
| Distributable reserves | 133 | €178,659 | €200,825 | +€22,166 | +12.4% |
| Amounts payable | 17/49 | €108,311 | €61,304 | -€47,006 | -43.4% |
| Amounts payable after more than one year | 17 | €17,399 | €9,391 | -€8,007 | -46.0% |
| Financial debts | 170/4 | €17,399 | €9,391 | -€8,007 | -46.0% |
| Amounts payable within one year | 42/48 | €90,912 | €51,913 | -€38,999 | -42.9% |
| Current portion of amounts payable after more than one year | 42 | €7,420 | €8,007 | +€587 | +7.9% |
| Financial debts | 43 | - | €8,414 | +€8,414 | |
| Credit institutions | 430/8 | - | €8,414 | +€8,414 | |
| Trade debts | 44 | €6,151 | €15,515 | +€9,364 | +152% |
| Suppliers | 440/4 | €6,151 | €15,515 | +€9,364 | +152% |
| Taxes, remuneration and social security | 45 | €17,700 | - | -€17,700 | |
| Taxes | 450/3 | €17,700 | - | -€17,700 | |
| Other amounts payable | 47/48 | €59,641 | €19,977 | -€39,664 | -66.5% |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,443 | €9,897 | +€454 | +4.8% |
| Other operating charges | 640/8 | €1,288 | €837 | -€452 | -35.0% |
| Gross operating margin | 9900 | €93,374 | €45,907 | -€47,468 | -50.8% |
| Operating profit (loss) | 9901 | €82,644 | €35,173 | -€47,471 | -57.4% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €2,304 | €2,288 | -€15 | -0.7% |
| Recurring financial charges | 65 | €2,304 | €2,288 | -€15 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €80,342 | €32,885 | -€47,457 | -59.1% |
| Income taxes | 67/77 | €20,036 | €10,718 | -€9,317 | -46.5% |
| Profit (loss) for the period | 9904 | €60,306 | €22,166 | -€38,140 | -63.2% |
| Profit (loss) for the period to be appropriated | 9905 | €60,306 | €22,166 | -€38,140 | -63.2% |
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 18 October 2026 via checked.be.