DELIVER-E: 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.
DELIVER-E
Largest movements
- Tangible fixed assets +€91,355
up €91,355 (+44.2%), from €206,650 to €298,005
of which Leasing and similar rights: +€66,241
- Intangible fixed assets -€62,306
down €62,306 (-14.9%), from €418,993 to €356,688
- Receivables within one year +€39,413
up €39,413 (+11.8%), from €332,715 to €372,128
of which Trade receivables: +€40,237
- Deferred charges and accrued income +€17,730
up €17,730 (+196.8%), from €9,008 to €26,739
- Debts after one year +€61,434
up €61,434 (+45.8%), from €134,244 to €195,678
- Short-term financial debts +€37,814
up €37,814 (+20.4%), from €185,000 to €222,814
- Trade debts +€33,573
up €33,573 (+24.7%), from €136,144 to €169,718
- Tax, wage and social debts -€23,669
down €23,669 (-14.1%), from €167,551 to €143,882
of which Taxes: -€20,727
- Staff costs +€67,126
up €67,126 (+12.6%), from €534,414 to €601,541
- Gross operating margin +€43,178
up €43,178 (+5.2%), from €827,298 to €870,476
- Depreciation +€21,307
up €21,307 (+19.2%), from €110,703 to €132,010
- Taxes -€16,563
down €16,563 (-43.7%), from €37,881 to €21,317
- Other operating charges +€10,805
up €10,805 (+52.1%), from €20,734 to €31,539
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 | €1,226,640 | €1,315,438 | +€88,798 | +7.2% |
| Fixed assets | 21/28 | €633,193 | €660,059 | +€26,866 | +4.2% |
| Intangible fixed assets | 21 | €418,993 | €356,688 | -€62,306 | -14.9% |
| Tangible fixed assets | 22/27 | €206,650 | €298,005 | +€91,355 | +44.2% |
| Land and buildings | 22 | €19,789 | €11,317 | -€8,472 | -42.8% |
| Furniture and vehicles | 24 | €9,695 | €26,058 | +€16,363 | +168.8% |
| Leasing and similar rights | 25 | €177,166 | €243,407 | +€66,241 | +37.4% |
| Other tangible fixed assets | 26 | - | €17,223 | +€17,223 | |
| Financial fixed assets | 28 | €7,549 | €5,365 | -€2,184 | -28.9% |
| Current assets | 29/58 | €593,447 | €655,379 | +€61,932 | +10.4% |
| Amounts receivable after more than one year | 29 | €161,742 | €161,742 | = | 0.0% |
| Other amounts receivable | 291 | €161,742 | €161,742 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €332,715 | €372,128 | +€39,413 | +11.8% |
| Trade receivables | 40 | €330,311 | €370,548 | +€40,237 | +12.2% |
| Other amounts receivable | 41 | €2,404 | €1,580 | -€824 | -34.3% |
| Cash at bank and in hand | 54/58 | €89,982 | €94,771 | +€4,789 | +5.3% |
| Deferred charges and accrued income | 490/1 | €9,008 | €26,739 | +€17,730 | +196.8% |
| Total equity and liabilities | 10/49 | €1,226,640 | €1,315,438 | +€88,798 | +7.2% |
| Equity | 10/15 | €466,687 | €460,864 | -€5,823 | -1.2% |
| Contributions | 10/11 | €344,000 | €344,000 | = | 0.0% |
| Reserves | 13 | €1,243 | €1,243 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,243 | €1,243 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,243 | €1,243 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,444 | €115,620 | -€5,823 | -4.8% |
| Amounts payable | 17/49 | €759,953 | €854,574 | +€94,621 | +12.5% |
| Amounts payable after more than one year | 17 | €134,244 | €195,678 | +€61,434 | +45.8% |
| Financial debts | 170/4 | €134,244 | €195,678 | +€61,434 | +45.8% |
| Amounts payable within one year | 42/48 | €623,544 | €652,862 | +€29,318 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €89,490 | €81,967 | -€7,522 | -8.4% |
| Financial debts | 43 | €185,000 | €222,814 | +€37,814 | +20.4% |
| Credit institutions | 430/8 | €185,000 | €222,814 | +€37,814 | +20.4% |
| Trade debts | 44 | €136,144 | €169,718 | +€33,573 | +24.7% |
| Suppliers | 440/4 | €136,144 | €169,718 | +€33,573 | +24.7% |
| Taxes, remuneration and social security | 45 | €167,551 | €143,882 | -€23,669 | -14.1% |
| Taxes | 450/3 | €91,274 | €70,548 | -€20,727 | -22.7% |
| Remuneration and social security | 454/9 | €76,276 | €73,334 | -€2,942 | -3.9% |
| Other amounts payable | 47/48 | €45,359 | €34,482 | -€10,877 | -24.0% |
| Accrued charges and deferred income | 492/3 | €2,165 | €6,034 | +€3,869 | +178.7% |
| Remuneration, social security and pensions | 62 | €534,414 | €601,541 | +€67,126 | +12.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,703 | €132,010 | +€21,307 | +19.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €4,851 | +€4,851 | |
| Other operating charges | 640/8 | €20,734 | €31,539 | +€10,805 | +52.1% |
| Gross operating margin | 9900 | €827,298 | €870,476 | +€43,178 | +5.2% |
| Operating profit (loss) | 9901 | €161,446 | €100,536 | -€60,911 | -37.7% |
| Financial income | 75/76B | €5,877 | €3,155 | -€2,722 | -46.3% |
| Recurring financial income | 75 | €5,877 | €3,155 | -€2,722 | -46.3% |
| Financial charges | 65/66B | €90,913 | €88,197 | -€2,717 | -3.0% |
| Recurring financial charges | 65 | €90,913 | €88,197 | -€2,717 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €76,410 | €15,494 | -€60,916 | -79.7% |
| Income taxes | 67/77 | €37,881 | €21,317 | -€16,563 | -43.7% |
| Profit (loss) for the period | 9904 | €38,530 | -€5,823 | -€44,353 | |
| Profit (loss) for the period to be appropriated | 9905 | €38,530 | -€5,823 | -€44,353 |
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 6 October 2026 via checked.be.