DELGO: what changed
Two fiscal 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.
DELGO
Largest movements
- Receivables within one year -€190,000
down €190,000 (-31.7%), from €600,000 to €410,000
- Current investments +€125,184
up €125,184 (+149.9%), from €83,489 to €208,673
- Cash -€58,070
down €58,070 (-85.1%), from €68,258 to €10,188
mainly Current investments (-€125,184) and Contributions, distributions and other (-€92,123)
- Tangible fixed assets -€35,508
down €35,508 (-6.8%), from €522,353 to €486,845
of which Land and buildings: -€29,444
- Reserves -€92,123
down €92,123 (-13.2%), from €700,330 to €608,207
- Debts after one year -€40,860
down €40,860 (-16.7%), from €245,006 to €204,146
- Tax, wage and social debts -€20,884
down €20,884 (-99.0%), from €21,090 to €206
- Profit (loss) carried forward -€20,652
down €20,652 (-11.5%), from €180,000 to €159,348
- Other debts +€16,090
up €16,090 (+21.0%), from €76,548 to €92,638
- Financial income -€247,798
down €247,798 (-95.2%), from €260,359 to €12,561
- Taxes -€20,894
down €20,894 (-99.0%), from €21,110 to €216
- Depreciation +€2,953
up €2,953 (+6.6%), from €44,859 to €47,812
- Gross operating margin -€1,752
down €1,752 (-5.6%), from €31,133 to €29,381
- Financial charges -€1,098
down €1,098 (-12.9%), from €8,512 to €7,414
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 | €1,277,228 | €1,119,181 | -€158,047 | -12.4% |
| Fixed assets | 21/28 | €522,353 | €486,845 | -€35,508 | -6.8% |
| Tangible fixed assets | 22/27 | €522,353 | €486,845 | -€35,508 | -6.8% |
| Land and buildings | 22 | €495,603 | €466,159 | -€29,444 | -5.9% |
| Plant, machinery and equipment | 23 | €2,756 | €1,324 | -€1,432 | -52.0% |
| Furniture and vehicles | 24 | €23,994 | €19,362 | -€4,632 | -19.3% |
| Current assets | 29/58 | €754,875 | €632,336 | -€122,539 | -16.2% |
| Amounts receivable within one year | 40/41 | €600,000 | €410,000 | -€190,000 | -31.7% |
| Other amounts receivable | 41 | €600,000 | €410,000 | -€190,000 | -31.7% |
| Current investments | 50/53 | €83,489 | €208,673 | +€125,184 | +149.9% |
| Cash at bank and in hand | 54/58 | €68,258 | €10,188 | -€58,070 | -85.1% |
| Deferred charges and accrued income | 490/1 | €3,128 | €3,475 | +€347 | +11.1% |
| Total equity and liabilities | 10/49 | €1,277,228 | €1,119,181 | -€158,047 | -12.4% |
| Equity | 10/15 | €892,730 | €779,955 | -€112,775 | -12.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €700,330 | €608,207 | -€92,123 | -13.2% |
| Distributable reserves | 133 | €700,330 | €608,207 | -€92,123 | -13.2% |
| Profit (loss) carried forward | 14 | €180,000 | €159,348 | -€20,652 | -11.5% |
| Amounts payable | 17/49 | €384,498 | €339,226 | -€45,272 | -11.8% |
| Amounts payable after more than one year | 17 | €245,006 | €204,146 | -€40,860 | -16.7% |
| Financial debts | 170/4 | €245,006 | €204,146 | -€40,860 | -16.7% |
| Amounts payable within one year | 42/48 | €139,492 | €135,080 | -€4,412 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €39,731 | €40,860 | +€1,129 | +2.8% |
| Trade debts | 44 | €2,123 | €1,376 | -€747 | -35.2% |
| Suppliers | 440/4 | €2,123 | €1,376 | -€747 | -35.2% |
| Taxes, remuneration and social security | 45 | €21,090 | €206 | -€20,884 | -99.0% |
| Taxes | 450/3 | €21,090 | €206 | -€20,884 | -99.0% |
| Other amounts payable | 47/48 | €76,548 | €92,638 | +€16,090 | +21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,859 | €47,812 | +€2,953 | +6.6% |
| Other operating charges | 640/8 | €7,128 | €7,152 | +€24 | +0.3% |
| Gross operating margin | 9900 | €31,133 | €29,381 | -€1,752 | -5.6% |
| Operating profit (loss) | 9901 | -€20,854 | -€25,583 | -€4,729 | -22.7% |
| Financial income | 75/76B | €260,359 | €12,561 | -€247,798 | -95.2% |
| Recurring financial income | 75 | €260,359 | €12,561 | -€247,798 | -95.2% |
| Financial charges | 65/66B | €8,512 | €7,414 | -€1,098 | -12.9% |
| Recurring financial charges | 65 | €8,512 | €7,414 | -€1,098 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €230,993 | -€20,436 | -€251,429 | |
| Income taxes | 67/77 | €21,110 | €216 | -€20,894 | -99.0% |
| Profit (loss) for the period | 9904 | €209,883 | -€20,652 | -€230,535 | |
| Profit (loss) for the period to be appropriated | 9905 | €209,883 | -€20,652 | -€230,535 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.