Delivery K&L: what changed
Delivery K&L
Largest movements
- Cash -€34,560
down €34,560 (-50.7%), from €68,129 to €33,569
mainly Current portion of long-term debt (-€31,979) and Receivables within one year (-€13,210)
- Tangible fixed assets -€20,205
down €20,205 (-39.2%), from €51,510 to €31,305
- Intangible fixed assets -€20,175
no longer reported in 2025 (was €20,175)
- Receivables within one year +€13,210
up €13,210 (+13.0%), from €101,336 to €114,546
- Current portion of long-term debt -€31,979
down €31,979 (-47.0%), from €68,052 to €36,073
- Trade debts -€12,604
down €12,604 (-20.1%), from €62,574 to €49,970
- Reserves -€10,985
down €10,985 (-35.8%), from €30,647 to €19,662
- Tax, wage and social debts -€7,407
down €7,407 (-44.7%), from €16,579 to €9,172
of which Taxes: -€6,566
- Gross operating margin -€44,134
down €44,134 (-10.0%), from €440,842 to €396,708
- Depreciation -€37,529
down €37,529 (-48.2%), from €77,909 to €40,380
- Staff costs -€5,533
down €5,533 (-1.5%), from €367,297 to €361,764
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €252,573 | €191,384 | -€61,189 | -24.2% |
| Fixed assets | 21/28 | €71,685 | €31,305 | -€40,380 | -56.3% |
| Intangible fixed assets | 21 | €20,175 | - | -€20,175 | |
| Tangible fixed assets | 22/27 | €51,510 | €31,305 | -€20,205 | -39.2% |
| Plant, machinery and equipment | 23 | €51,510 | €31,305 | -€20,205 | -39.2% |
| Current assets | 29/58 | €180,888 | €160,079 | -€20,809 | -11.5% |
| Stocks and contracts in progress | 3 | €8,823 | €9,808 | +€985 | +11.2% |
| Stocks | 30/36 | €8,823 | €9,808 | +€985 | +11.2% |
| Amounts receivable within one year | 40/41 | €101,336 | €114,546 | +€13,210 | +13.0% |
| Other amounts receivable | 41 | €101,336 | €114,546 | +€13,210 | +13.0% |
| Cash at bank and in hand | 54/58 | €68,129 | €33,569 | -€34,560 | -50.7% |
| Deferred charges and accrued income | 490/1 | €2,600 | €2,156 | -€444 | -17.1% |
| Total equity and liabilities | 10/49 | €252,573 | €191,384 | -€61,189 | -24.2% |
| Equity | 10/15 | €60,647 | €49,662 | -€10,985 | -18.1% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Capital | 10 | €30,000 | €30,000 | = | 0.0% |
| Issued capital | 100 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €30,647 | €19,662 | -€10,985 | -35.8% |
| Distributable reserves | 133 | €30,647 | €19,662 | -€10,985 | -35.8% |
| Amounts payable | 17/49 | €191,926 | €141,722 | -€50,204 | -26.2% |
| Amounts payable after more than one year | 17 | €44,721 | €46,507 | +€1,786 | +4.0% |
| Financial debts | 170/4 | €44,721 | €46,507 | +€1,786 | +4.0% |
| Amounts payable within one year | 42/48 | €147,205 | €95,215 | -€51,990 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €68,052 | €36,073 | -€31,979 | -47.0% |
| Trade debts | 44 | €62,574 | €49,970 | -€12,604 | -20.1% |
| Suppliers | 440/4 | €62,574 | €49,970 | -€12,604 | -20.1% |
| Taxes, remuneration and social security | 45 | €16,579 | €9,172 | -€7,407 | -44.7% |
| Taxes | 450/3 | €6,706 | €140 | -€6,566 | -97.9% |
| Remuneration and social security | 454/9 | €9,873 | €9,032 | -€841 | -8.5% |
| Non-recurring operating income | 76A | €5,000 | - | -€5,000 | |
| Remuneration, social security and pensions | 62 | €367,297 | €361,764 | -€5,533 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,909 | €40,380 | -€37,529 | -48.2% |
| Other operating charges | 640/8 | €227 | €469 | +€242 | +107% |
| Gross operating margin | 9900 | €440,842 | €396,708 | -€44,134 | -10.0% |
| Operating profit (loss) | 9901 | -€4,591 | -€5,905 | -€1,314 | -28.6% |
| Financial income | 75/76B | €404 | €57 | -€347 | -85.9% |
| Recurring financial income | 75 | €404 | €57 | -€347 | -85.9% |
| Financial charges | 65/66B | €5,843 | €4,996 | -€847 | -14.5% |
| Recurring financial charges | 65 | €5,843 | €4,996 | -€847 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,030 | -€10,844 | -€814 | -8.1% |
| Income taxes | 67/77 | €129 | €141 | +€12 | +9.3% |
| Profit (loss) for the period | 9904 | -€10,159 | -€10,985 | -€826 | -8.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,159 | -€10,985 | -€826 | -8.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.