DELIM: 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.
DELIM
Largest movements
- Tangible fixed assets +€293,684
up €293,684 (+10.5%), from €2.8m to €3.1m
of which Land and buildings: +€935,929
- Receivables within one year -€73,130
down €73,130 (-88.7%), from €82,488 to €9,358
of which Other amounts receivable: -€73,130
- Financial fixed assets +€72,000
up €72,000 (+34.3%), from €210,045 to €282,045
- Profit (loss) carried forward +€325,519
up €325,519 (+23.6%), from €1.4m to €1.7m
- Depreciation +€33,081
up €33,081 (+50.1%), from €66,047 to €99,128
- Taxes -€12,034
down €12,034 (-10.5%), from €114,359 to €102,325
- Gross operating margin -€11,726
down €11,726 (-2.1%), from €546,259 to €534,533
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 | €3,117,672 | €3,422,445 | +€304,772 | +9.8% |
| Fixed assets | 21/28 | €2,997,634 | €3,363,318 | +€365,684 | +12.2% |
| Tangible fixed assets | 22/27 | €2,787,589 | €3,081,273 | +€293,684 | +10.5% |
| Land and buildings | 22 | €2,114,597 | €3,050,527 | +€935,929 | +44.3% |
| Plant, machinery and equipment | 23 | €6,886 | €6,644 | -€242 | -3.5% |
| Furniture and vehicles | 24 | €12,624 | €24,102 | +€11,479 | +90.9% |
| Assets under construction and advance payments | 27 | €653,482 | - | -€653,482 | |
| Financial fixed assets | 28 | €210,045 | €282,045 | +€72,000 | +34.3% |
| Current assets | 29/58 | €120,038 | €59,126 | -€60,912 | -50.7% |
| Amounts receivable within one year | 40/41 | €82,488 | €9,358 | -€73,130 | -88.7% |
| Trade receivables | 40 | €1,683 | €1,683 | = | 0.0% |
| Other amounts receivable | 41 | €80,805 | €7,675 | -€73,130 | -90.5% |
| Cash at bank and in hand | 54/58 | €37,549 | €49,768 | +€12,219 | +32.5% |
| Total equity and liabilities | 10/49 | €3,117,672 | €3,422,445 | +€304,772 | +9.8% |
| Equity | 10/15 | €2,484,042 | €2,809,561 | +€325,519 | +13.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,096,111 | €1,096,111 | = | 0.0% |
| Distributable reserves | 133 | €1,096,111 | €1,096,111 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,381,732 | €1,707,251 | +€325,519 | +23.6% |
| Amounts payable | 17/49 | €633,630 | €612,883 | -€20,746 | -3.3% |
| Amounts payable after more than one year | 17 | €600,000 | €600,000 | = | 0.0% |
| Financial debts | 170/4 | €600,000 | €600,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €33,630 | €12,883 | -€20,746 | -61.7% |
| Trade debts | 44 | €11,112 | €3,369 | -€7,743 | -69.7% |
| Suppliers | 440/4 | €11,112 | €3,369 | -€7,743 | -69.7% |
| Taxes, remuneration and social security | 45 | €14,783 | €6,803 | -€7,980 | -54.0% |
| Taxes | 450/3 | €14,783 | €6,803 | -€7,980 | -54.0% |
| Other amounts payable | 47/48 | €7,734 | €2,711 | -€5,024 | -65.0% |
| Non-recurring operating income | 76A | €3,944 | €2,061 | -€1,883 | -47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,047 | €99,128 | +€33,081 | +50.1% |
| Other operating charges | 640/8 | €6,662 | €6,460 | -€202 | -3.0% |
| Non-recurring operating charges | 66A | - | €341 | +€341 | |
| Gross operating margin | 9900 | €546,259 | €534,533 | -€11,726 | -2.1% |
| Operating profit (loss) | 9901 | €473,550 | €428,604 | -€44,947 | -9.5% |
| Financial income | 75/76B | €2,196 | - | -€2,196 | |
| Recurring financial income | 75 | €2,196 | - | -€2,196 | |
| Financial charges | 65/66B | €307 | €760 | +€453 | +148% |
| Recurring financial charges | 65 | €307 | €760 | +€453 | +148% |
| Profit (loss) for the period before taxes | 9903 | €475,440 | €427,844 | -€47,596 | -10.0% |
| Income taxes | 67/77 | €114,359 | €102,325 | -€12,034 | -10.5% |
| Profit (loss) for the period | 9904 | €361,081 | €325,519 | -€35,562 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €361,081 | €325,519 | -€35,562 | -9.8% |
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 28 October 2026 via checked.be.