DELINVEST: 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.
DELINVEST
Largest movements
- Stocks and contracts -€103,433
down €103,433 (-15.0%), from €687,779 to €584,346
- Financial fixed assets +€62,160
up €62,160 (+14.0%), from €445,010 to €507,170
- Tangible fixed assets -€39,415
down €39,415 (-4.7%), from €835,007 to €795,592
of which Land and buildings: -€27,883
- Reserves -€63,897
down €63,897 (-4.4%), from €1.4m to €1.4m
of which Distributable reserves: -€63,897
- Gross operating margin +€35,525
up €35,525 (+81.8%), from -€43,446 to -€7,921
- Financial income +€3,505
up €3,505 (+23.7%), from €14,778 to €18,283
of which Financial income: +€3,505
- Financial charges -€1,475
down €1,475 (-33.3%), from €4,431 to €2,956
of which Financial charges: -€1,475
- Other operating charges +€772
up €772 (+56.4%), from €1,369 to €2,141
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 | €2,468,372 | €2,397,495 | -€70,876 | -2.9% |
| Fixed assets | 21/28 | €1,280,017 | €1,302,763 | +€22,745 | +1.8% |
| Tangible fixed assets | 22/27 | €835,007 | €795,592 | -€39,415 | -4.7% |
| Land and buildings | 22 | €760,442 | €732,559 | -€27,883 | -3.7% |
| Plant, machinery and equipment | 23 | €74,565 | €63,033 | -€11,532 | -15.5% |
| Financial fixed assets | 28 | €445,010 | €507,170 | +€62,160 | +14.0% |
| Current assets | 29/58 | €1,188,354 | €1,094,733 | -€93,622 | -7.9% |
| Amounts receivable after more than one year | 29 | €146,918 | €146,918 | = | 0.0% |
| Other amounts receivable | 291 | €146,918 | €146,918 | = | 0.0% |
| Stocks and contracts in progress | 3 | €687,779 | €584,346 | -€103,433 | -15.0% |
| Stocks | 30/36 | €687,779 | €584,346 | -€103,433 | -15.0% |
| Amounts receivable within one year | 40/41 | €32,318 | €41,417 | +€9,099 | +28.2% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €32,318 | €41,417 | +€9,099 | +28.2% |
| Cash at bank and in hand | 54/58 | €318,850 | €320,448 | +€1,597 | +0.5% |
| Deferred charges and accrued income | 490/1 | €2,489 | €1,603 | -€886 | -35.6% |
| Total equity and liabilities | 10/49 | €2,468,372 | €2,397,495 | -€70,876 | -2.9% |
| Equity | 10/15 | €2,459,598 | €2,395,701 | -€63,897 | -2.6% |
| Contributions | 10/11 | €1,015,435 | €1,015,435 | = | 0.0% |
| Capital | 10 | €1,015,435 | €1,015,435 | = | 0.0% |
| Issued capital | 100 | €1,015,435 | €1,015,435 | = | 0.0% |
| Reserves | 13 | €1,444,163 | €1,380,266 | -€63,897 | -4.4% |
| Non-distributable reserves | 130/1 | €57,500 | €57,500 | = | 0.0% |
| Legal reserve | 130 | €57,500 | €57,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,213 | €19,213 | = | 0.0% |
| Distributable reserves | 133 | €1,367,450 | €1,303,553 | -€63,897 | -4.7% |
| Amounts payable | 17/49 | €8,773 | €1,794 | -€6,979 | -79.6% |
| Amounts payable within one year | 42/48 | €6,681 | €1,794 | -€4,887 | -73.1% |
| Trade debts | 44 | €79 | €1,794 | +€1,715 | +2,166% |
| Suppliers | 440/4 | €79 | €1,794 | +€1,715 | +2,166% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,602 | €0 | -€6,602 | -100% |
| Accrued charges and deferred income | 492/3 | €2,093 | €0 | -€2,093 | -100% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,999 | €69,162 | +€164 | +0.2% |
| Other operating charges | 640/8 | €1,369 | €2,141 | +€772 | +56.4% |
| Non-recurring operating charges | 66A | €76 | €0 | -€76 | -100% |
| Gross operating margin | 9900 | -€43,446 | -€7,921 | +€35,525 | +81.8% |
| Operating profit (loss) | 9901 | -€113,891 | -€79,225 | +€34,666 | +30.4% |
| Financial income | 75/76B | €14,778 | €18,283 | +€3,505 | +23.7% |
| Recurring financial income | 75 | €14,778 | €18,283 | +€3,505 | +23.7% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,431 | €2,956 | -€1,475 | -33.3% |
| Recurring financial charges | 65 | €4,431 | €2,956 | -€1,475 | -33.3% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€103,543 | -€63,897 | +€39,646 | +38.3% |
| Income taxes | 67/77 | €66 | €0 | -€66 | -100% |
| Profit (loss) for the period | 9904 | -€103,610 | -€63,897 | +€39,712 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€103,610 | -€63,897 | +€39,712 | +38.3% |
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 1 November 2026 via checked.be.