DELHEY: 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.
DELHEY
Largest movements
- Tangible fixed assets +€361,373
up €361,373 (+49.7%), from €726,436 to €1.1m
of which Land and buildings: +€313,264
- Cash -€75,430
down €75,430 (-41.3%), from €182,828 to €107,398
mainly Investment in fixed assets (net) (-€436,289) and Other debts (-€9,126)
- Debts after one year +€217,150
up €217,150 (+42.8%), from €507,795 to €724,945
- Short-term financial debts +€25,000
new in 2025: €25,000
- Reserves +€20,582
up €20,582 (+11.8%), from €174,576 to €195,158
- Current portion of long-term debt +€17,383
up €17,383 (+18.8%), from €92,287 to €109,670
- Staff costs +€45,509
up €45,509 (+28.3%), from €160,792 to €206,301
- Depreciation +€27,290
up €27,290 (+57.3%), from €47,626 to €74,916
- Gross operating margin -€24,857
down €24,857 (-7.1%), from €349,564 to €324,707
- Taxes -€21,028
down €21,028 (-98.1%), from €21,440 to €412
- Financial charges +€5,586
up €5,586 (+47.3%), from €11,820 to €17,406
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 | €965,133 | €1,242,675 | +€277,542 | +28.8% |
| Fixed assets | 21/28 | €726,686 | €1,088,059 | +€361,373 | +49.7% |
| Tangible fixed assets | 22/27 | €726,436 | €1,087,809 | +€361,373 | +49.7% |
| Land and buildings | 22 | €597,762 | €911,025 | +€313,264 | +52.4% |
| Plant, machinery and equipment | 23 | €128,675 | €173,051 | +€44,377 | +34.5% |
| Furniture and vehicles | 24 | - | €3,733 | +€3,733 | |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €238,447 | €154,616 | -€83,831 | -35.2% |
| Stocks and contracts in progress | 3 | €23,271 | €23,271 | = | 0.0% |
| Stocks | 30/36 | €23,271 | €23,271 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €32,348 | €20,044 | -€12,304 | -38.0% |
| Trade receivables | 40 | €30,217 | €7,744 | -€22,473 | -74.4% |
| Other amounts receivable | 41 | €2,131 | €12,300 | +€10,169 | +477.2% |
| Cash at bank and in hand | 54/58 | €182,828 | €107,398 | -€75,430 | -41.3% |
| Deferred charges and accrued income | 490/1 | - | €3,903 | +€3,903 | |
| Total equity and liabilities | 10/49 | €965,133 | €1,242,675 | +€277,542 | +28.8% |
| Equity | 10/15 | €249,576 | €270,158 | +€20,582 | +8.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €174,576 | €195,158 | +€20,582 | +11.8% |
| Distributable reserves | 133 | €174,576 | €195,158 | +€20,582 | +11.8% |
| Amounts payable | 17/49 | €715,557 | €972,517 | +€256,960 | +35.9% |
| Amounts payable after more than one year | 17 | €507,795 | €724,945 | +€217,150 | +42.8% |
| Financial debts | 170/4 | €507,795 | €724,945 | +€217,150 | +42.8% |
| Amounts payable within one year | 42/48 | €207,763 | €247,323 | +€39,561 | +19.0% |
| Current portion of amounts payable after more than one year | 42 | €92,287 | €109,670 | +€17,383 | +18.8% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €58,876 | €60,383 | +€1,508 | +2.6% |
| Suppliers | 440/4 | €58,876 | €60,383 | +€1,508 | +2.6% |
| Taxes, remuneration and social security | 45 | €43,176 | €47,971 | +€4,796 | +11.1% |
| Taxes | 450/3 | €9,660 | €5,987 | -€3,673 | -38.0% |
| Remuneration and social security | 454/9 | €33,516 | €41,985 | +€8,469 | +25.3% |
| Other amounts payable | 47/48 | €13,424 | €4,298 | -€9,126 | -68.0% |
| Accrued charges and deferred income | 492/3 | - | €249 | +€249 | |
| Remuneration, social security and pensions | 62 | €160,792 | €206,301 | +€45,509 | +28.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,626 | €74,916 | +€27,290 | +57.3% |
| Other operating charges | 640/8 | €3,299 | €5,123 | +€1,824 | +55.3% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €349,564 | €324,707 | -€24,857 | -7.1% |
| Operating profit (loss) | 9901 | €137,845 | €38,366 | -€99,480 | -72.2% |
| Financial income | 75/76B | €160 | €34 | -€125 | -78.5% |
| Recurring financial income | 75 | €160 | €34 | -€125 | -78.5% |
| Financial charges | 65/66B | €11,820 | €17,406 | +€5,586 | +47.3% |
| Recurring financial charges | 65 | €11,820 | €17,406 | +€5,586 | +47.3% |
| Profit (loss) for the period before taxes | 9903 | €126,186 | €20,995 | -€105,191 | -83.4% |
| Income taxes | 67/77 | €21,440 | €412 | -€21,028 | -98.1% |
| Profit (loss) for the period | 9904 | €104,745 | €20,582 | -€84,163 | -80.4% |
| Profit (loss) for the period to be appropriated | 9905 | €104,745 | €20,582 | -€84,163 | -80.4% |
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 12 October 2026 via checked.be.