DELIVERECT: 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.
What changed
DELIVERECT
NACE 62.100, Computer programming
fiscal year 31-12-2024 against 31-12-2025filed annual accounts (NBB)
Net result for the year
-€17.8m
31-12-2024 · -€19.5m+€1.7m
Equity
€57.3m
31-12-2024 · €75.1m-€17.8m
Cash
€25.3m
31-12-2024 · €16.9m+€8.4m
Balance sheet total
€75.8m
31-12-2024 · €90.7m-€14.8m
Largest movements
Assets
- Current investments -€32.0m
no longer reported in 2025 (was €32.0m)
- Receivables within one year +€8.6m
up €8.6m (+79.6%), from €10.8m to €19.3m
of which Other amounts receivable: +€9.3m
- Cash +€8.4m
up €8.4m (+50.0%), from €16.9m to €25.3m
mainly Current investments (+€32.0m) and Depreciation (+€9.7m)
Equity and liabilities
- Profit (loss) carried forward -€17.8m
down €17.8m (-91.2%), from -€19.5m to -€37.4m
- Other debts +€1.3m
up €1.3m (+17.0%), from €7.4m to €8.7m
- Accrued charges and deferred income +€911,276
up €911,276 (+21.4%), from €4.3m to €5.2m
Income statement
- Turnover +€7.4m
up €7.4m (+21.9%), from €33.8m to €41.2m
- Financial charges +€2.3m
up €2.3m (+165.6%), from €1.4m to €3.7m
- Depreciation +€1.7m
up €1.7m (+21.5%), from €8.0m to €9.7m
- Staff costs -€1.5m
down €1.5m (-14.3%), from €10.4m to €8.9m
- Services and other goods -€1.3m
down €1.3m (-2.7%), from €49.7m to €48.4m
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
-€19.5m
Turnover
+€7.4m
Other operating income
+€481,407
Goods and materials
-€4,336
Services and other goods
+€1.3m
Staff costs
+€1.5m
Depreciation
-€1.7m
Write-downs
-€45,141
Provisions
-€40,462
Other operating charges
-€10,545
Other operating items
-€3.8m
Financial income
-€1.0m
Financial charges
-€2.3m
Taxes
-€63,205
Result 31-12-2025
-€17.8m
Cash bridge derived
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€13.8m
Investment
+€22.2m
Financing
+€9,804
Cash 31-12-2024
€16.9m
From operations (derived)
-€13.8m
Net result for the year
-€17.8m
Depreciation
+€9.7m
Receivables after one year
-€387,355
Receivables within one year
-€8.6m
Deferred charges and accrued income
+€257,243
Provisions
-€0
Trade debts
+€669,179
Tax, wage and social debts
+€152,915
Other debts
+€1.3m
Accrued charges and deferred income
+€911,276
Investment (derived)
+€22.2m
Investment in fixed assets (net)
-€9.8m
Current investments
+€32.0m
Financing
+€9,804
Contributions, distributions and other
+€9,804
Cash 31-12-2025
€25.3m
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,674,073 | €75,849,426 | -€14.8m | -16.3% |
| Fixed assets | 21/28 | €28,110,233 | €28,168,539 | +€58,306 | +0.2% |
| Intangible fixed assets | 21 | €21,832,717 | €21,924,510 | +€91,793 | +0.4% |
| Tangible fixed assets | 22/27 | €675,132 | €519,880 | -€155,252 | -23.0% |
| Plant, machinery and equipment | 23 | €13,934 | €11,262 | -€2,672 | -19.2% |
| Furniture and vehicles | 24 | €167,913 | €86,761 | -€81,152 | -48.3% |
| Other tangible fixed assets | 26 | €493,284 | €421,857 | -€71,427 | -14.5% |
| Financial fixed assets | 28 | €5,602,384 | €5,724,149 | +€121,765 | +2.2% |
| Affiliated companies | 280/1 | €5,555,549 | €5,555,549 | -€0 | 0.0% |
| Participating interests | 280 | €5,555,549 | €5,555,549 | -€0 | 0.0% |
| Other financial fixed assets | 284/8 | €46,835 | €168,600 | +€121,765 | +260.0% |
| Amounts receivable and cash guarantees | 285/8 | €46,835 | €168,600 | +€121,765 | +260.0% |
| Current assets | 29/58 | €62,563,840 | €47,680,887 | -€14.9m | -23.8% |
| Amounts receivable after more than one year | 29 | €2,054,876 | €2,442,231 | +€387,355 | +18.9% |
| Other amounts receivable | 291 | €2,054,876 | €2,442,231 | +€387,355 | +18.9% |
| Amounts receivable within one year | 40/41 | €10,768,475 | €19,341,264 | +€8.6m | +79.6% |
| Trade receivables | 40 | €4,985,337 | €4,306,960 | -€678,377 | -13.6% |
| Other amounts receivable | 41 | €5,783,138 | €15,034,304 | +€9.3m | +160.0% |
| Current investments | 50/53 | €32,020,115 | - | -€32.0m | |
| Other investments | 51/53 | €32,020,115 | - | -€32.0m | |
| Cash at bank and in hand | 54/58 | €16,884,326 | €25,318,587 | +€8.4m | +50.0% |
| Deferred charges and accrued income | 490/1 | €836,048 | €578,805 | -€257,243 | -30.8% |
| Total equity and liabilities | 10/49 | €90,674,073 | €75,849,426 | -€14.8m | -16.3% |
| Equity | 10/15 | €75,128,665 | €57,313,096 | -€17.8m | -23.7% |
| Contributions | 10/11 | €94,678,316 | €94,688,120 | +€9,804 | 0.0% |
| Capital | 10 | €7,694,888 | €7,700,389 | +€5,501 | +0.1% |
| Issued capital | 100 | €7,694,888 | €7,700,389 | +€5,501 | +0.1% |
| Outside capital | 11 | €86,983,428 | €86,987,731 | +€4,303 | 0.0% |
| Share premium | 1100/10 | €86,983,428 | €86,987,731 | +€4,303 | 0.0% |
| Profit (loss) carried forward | 14 | -€19,549,651 | -€37,375,024 | -€17.8m | -91.2% |
| Provisions and deferred taxes | 16 | €0 | - | -€0 | |
| Provisions for liabilities and charges | 160/5 | €0 | - | -€0 | |
| Other liabilities and charges | 164/5 | €0 | - | -€0 | |
| Amounts payable | 17/49 | €15,545,408 | €18,536,330 | +€3.0m | +19.2% |
| Amounts payable within one year | 42/48 | €11,289,574 | €13,369,220 | +€2.1m | +18.4% |
| Trade debts | 44 | €2,568,206 | €3,237,385 | +€669,179 | +26.1% |
| Suppliers | 440/4 | €2,568,206 | €3,237,385 | +€669,179 | +26.1% |
| Taxes, remuneration and social security | 45 | €1,326,132 | €1,479,047 | +€152,915 | +11.5% |
| Taxes | 450/3 | €28,862 | €16,854 | -€12,008 | -41.6% |
| Remuneration and social security | 454/9 | €1,297,270 | €1,462,193 | +€164,923 | +12.7% |
| Other amounts payable | 47/48 | €7,395,236 | €8,652,788 | +€1.3m | +17.0% |
| Accrued charges and deferred income | 492/3 | €4,255,834 | €5,167,110 | +€911,276 | +21.4% |
| Operating income | 70/76A | €47,638,556 | €54,015,214 | +€6.4m | +13.4% |
| Turnover | 70 | €33,784,384 | €41,193,281 | +€7.4m | +21.9% |
| Own construction capitalised | 72 | €13,435,638 | €11,921,621 | -€1.5m | -11.3% |
| Other operating income | 74 | €418,534 | €899,941 | +€481,407 | +115.0% |
| Non-recurring operating income | 76A | - | €371 | +€371 | |
| Operating charges | 60/66A | €69,194,792 | €70,490,215 | +€1.3m | +1.9% |
| Goods for resale, raw materials and consumables | 60 | - | €4,336 | +€4,336 | |
| Purchases | 600/8 | - | €4,336 | +€4,336 | |
| Services and other goods | 61 | €49,683,732 | €48,352,968 | -€1.3m | -2.7% |
| Remuneration, social security and pensions | 62 | €10,394,657 | €8,909,408 | -€1.5m | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,991,760 | €9,713,022 | +€1.7m | +21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€195,290 | -€150,149 | +€45,141 | +23.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €40,462 | +€40,462 | |
| Other operating charges | 640/8 | €1,294,805 | €1,305,350 | +€10,545 | +0.8% |
| Non-recurring operating charges | 66A | €25,128 | €2,314,818 | +€2.3m | +9112.1% |
| Operating profit (loss) | 9901 | -€21,556,236 | -€16,475,001 | +€5.1m | +23.6% |
| Financial income | 75/76B | €2,918,519 | €1,912,448 | -€1.0m | -34.5% |
| Recurring financial income | 75 | €2,918,519 | €1,912,448 | -€1.0m | -34.5% |
| Income from current assets | 751 | €2,206,009 | €1,321,693 | -€884,316 | -40.1% |
| Other financial income | 752/9 | €712,511 | €590,755 | -€121,756 | -17.1% |
| Financial charges | 65/66B | €1,381,654 | €3,669,336 | +€2.3m | +165.6% |
| Recurring financial charges | 65 | €1,381,654 | €3,669,336 | +€2.3m | +165.6% |
| Debt charges | 650 | €1,799 | €872 | -€927 | -51.5% |
| Other financial charges | 652/9 | €1,379,856 | €3,668,464 | +€2.3m | +165.9% |
| Profit (loss) for the period before taxes | 9903 | -€20,019,371 | -€18,231,889 | +€1.8m | +8.9% |
| Income taxes | 67/77 | -€469,721 | -€406,516 | +€63,205 | +13.5% |
| Taxes | 670/3 | €50,564 | - | -€50,564 | |
| Tax adjustments and reversals of tax provisions | 77 | €520,285 | €406,516 | -€113,769 | -21.9% |
| Profit (loss) for the period | 9904 | -€19,549,651 | -€17,825,373 | +€1.7m | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,549,651 | -€17,825,373 | +€1.7m | +8.8% |
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 4 October 2026 via checked.be.