DELHUZO: 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.
DELHUZO
Largest movements
- Receivables within one year +€77,024
up €77,024 (+67.3%), from €114,402 to €191,425
of which Other amounts receivable: +€80,169
- Tangible fixed assets -€42,864
down €42,864 (-6.1%), from €704,714 to €661,850
of which Land and buildings: -€45,412
- Cash -€17,469
down €17,469 (-84.1%), from €20,776 to €3,307
mainly Receivables within one year (-€77,024) and Accrued charges and deferred income (-€53,368)
- Reserves +€81,345
up €81,345 (+58.8%), from €138,433 to €219,778
of which Distributable reserves: +€87,203
- Accrued charges and deferred income -€53,368
down €53,368 (-41.2%), from €129,674 to €76,306
- Debts after one year -€30,580
down €30,580 (-7.9%), from €386,468 to €355,888
of which Financial debts: -€20,000
- Tax, wage and social debts +€16,971
up €16,971 (+27.4%), from €61,940 to €78,911
of which Taxes: +€9,379
- Short-term financial debts +€9,328
new in 2025: €9,328
- Gross operating margin +€97,868
up €97,868 (+21.3%), from €460,146 to €558,014
- Financial income -€7,139
down €7,139 (-50.6%), from €14,113 to €6,974
of which Non-recurring financial income: -€7,133
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 | €864,823 | €879,775 | +€14,952 | +1.7% |
| Fixed assets | 21/28 | €704,863 | €661,999 | -€42,864 | -6.1% |
| Tangible fixed assets | 22/27 | €704,714 | €661,850 | -€42,864 | -6.1% |
| Land and buildings | 22 | €697,303 | €651,891 | -€45,412 | -6.5% |
| Plant, machinery and equipment | 23 | €4,114 | €2,685 | -€1,429 | -34.7% |
| Furniture and vehicles | 24 | €3,297 | €7,274 | +€3,976 | +121% |
| Financial fixed assets | 28 | €149 | €149 | = | 0.0% |
| Current assets | 29/58 | €159,960 | €217,776 | +€57,816 | +36.1% |
| Stocks and contracts in progress | 3 | €8,069 | €4,761 | -€3,308 | -41.0% |
| Stocks | 30/36 | €8,069 | €4,761 | -€3,308 | -41.0% |
| Amounts receivable within one year | 40/41 | €114,402 | €191,425 | +€77,024 | +67.3% |
| Trade receivables | 40 | €106,734 | €103,589 | -€3,145 | -2.9% |
| Other amounts receivable | 41 | €7,668 | €87,837 | +€80,169 | +1,045% |
| Cash at bank and in hand | 54/58 | €20,776 | €3,307 | -€17,469 | -84.1% |
| Deferred charges and accrued income | 490/1 | €16,713 | €18,283 | +€1,569 | +9.4% |
| Total equity and liabilities | 10/49 | €864,823 | €879,775 | +€14,952 | +1.7% |
| Equity | 10/15 | €214,476 | €294,260 | +€79,785 | +37.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €138,433 | €219,778 | +€81,345 | +58.8% |
| Tax-exempt reserves | 132 | €113,773 | €107,915 | -€5,858 | -5.1% |
| Distributable reserves | 133 | €24,661 | €111,863 | +€87,203 | +354% |
| Investment grants | 15 | €14,043 | €12,482 | -€1,560 | -11.1% |
| Provisions and deferred taxes | 16 | €37,924 | €35,972 | -€1,953 | -5.1% |
| Deferred taxes | 168 | €37,924 | €35,972 | -€1,953 | -5.1% |
| Amounts payable | 17/49 | €612,423 | €549,543 | -€62,880 | -10.3% |
| Amounts payable after more than one year | 17 | €386,468 | €355,888 | -€30,580 | -7.9% |
| Financial debts | 170/4 | €30,834 | €10,833 | -€20,000 | -64.9% |
| Other amounts payable | 178/9 | €355,634 | €345,054 | -€10,580 | -3.0% |
| Amounts payable within one year | 42/48 | €96,281 | €117,349 | +€21,068 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €30,967 | €24,100 | -€6,867 | -22.2% |
| Financial debts | 43 | - | €9,328 | +€9,328 | |
| Credit institutions | 430/8 | - | €9,328 | +€9,328 | |
| Trade debts | 44 | €3,374 | €5,010 | +€1,636 | +48.5% |
| Suppliers | 440/4 | €3,374 | €5,010 | +€1,636 | +48.5% |
| Taxes, remuneration and social security | 45 | €61,940 | €78,911 | +€16,971 | +27.4% |
| Taxes | 450/3 | €4,157 | €13,536 | +€9,379 | +226% |
| Remuneration and social security | 454/9 | €57,783 | €65,375 | +€7,591 | +13.1% |
| Accrued charges and deferred income | 492/3 | €129,674 | €76,306 | -€53,368 | -41.2% |
| Remuneration, social security and pensions | 62 | €409,882 | €413,444 | +€3,562 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,988 | €52,950 | -€38 | -0.1% |
| Other operating charges | 640/8 | €14,467 | €13,982 | -€485 | -3.4% |
| Gross operating margin | 9900 | €460,146 | €558,014 | +€97,868 | +21.3% |
| Operating profit (loss) | 9901 | -€17,192 | €77,638 | +€94,829 | |
| Financial income | 75/76B | €14,113 | €6,974 | -€7,139 | -50.6% |
| Recurring financial income | 75 | €1,679 | €1,673 | -€6 | -0.4% |
| Non-recurring financial income | 76B | €12,434 | €5,301 | -€7,133 | -57.4% |
| Financial charges | 65/66B | €5,445 | €4,538 | -€907 | -16.7% |
| Recurring financial charges | 65 | €5,445 | €4,538 | -€907 | -16.7% |
| Profit (loss) for the period before taxes | 9903 | -€8,524 | €80,074 | +€88,598 | |
| Transfer from deferred taxes | 780 | €1,953 | €1,953 | = | 0.0% |
| Income taxes | 67/77 | €537 | €682 | +€145 | +26.9% |
| Profit (loss) for the period | 9904 | -€7,108 | €81,345 | +€88,453 | |
| Transfer from tax-exempt reserves | 789 | €5,858 | €5,858 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,250 | €87,203 | +€88,453 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.