DELIVET: 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.
DELIVET
Largest movements
- Tangible fixed assets -€23,627
down €23,627 (-3.3%), from €715,666 to €692,039
of which Land and buildings: -€25,271
- Receivables within one year -€16,221
down €16,221 (-95.8%), from €16,940 to €719
- Reserves +€82,569
up €82,569 (+48.1%), from €171,785 to €254,354
- Debts after one year -€70,193
down €70,193 (-26.7%), from €262,670 to €192,477
- Other debts -€47,498
down €47,498 (-30.6%), from €155,276 to €107,777
- Tax, wage and social debts +€20,420
up €20,420 (+47.7%), from €42,835 to €63,255
of which Taxes: +€26,170
- Current portion of long-term debt -€11,299
down €11,299 (-14.5%), from €77,966 to €66,667
- Gross operating margin +€46,725
up €46,725 (+33.1%), from €141,214 to €187,939
- Taxes +€16,806
up €16,806 (+63.3%), from €26,534 to €43,340
- Financial charges -€3,193
down €3,193 (-18.1%), from €17,654 to €14,461
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 | €746,535 | €714,121 | -€32,414 | -4.3% |
| Fixed assets | 21/28 | €715,666 | €692,039 | -€23,627 | -3.3% |
| Tangible fixed assets | 22/27 | €715,666 | €692,039 | -€23,627 | -3.3% |
| Land and buildings | 22 | €670,504 | €645,233 | -€25,271 | -3.8% |
| Plant, machinery and equipment | 23 | €20,706 | €36,372 | +€15,665 | +75.7% |
| Furniture and vehicles | 24 | €4,373 | €3,055 | -€1,318 | -30.1% |
| Leasing and similar rights | 25 | €14,586 | €3,186 | -€11,400 | -78.2% |
| Other tangible fixed assets | 26 | €5,497 | €4,193 | -€1,303 | -23.7% |
| Current assets | 29/58 | €30,869 | €22,082 | -€8,786 | -28.5% |
| Amounts receivable within one year | 40/41 | €16,940 | €719 | -€16,221 | -95.8% |
| Trade receivables | 40 | €16,940 | €719 | -€16,221 | -95.8% |
| Cash at bank and in hand | 54/58 | €2,054 | €8,639 | +€6,585 | +320.6% |
| Deferred charges and accrued income | 490/1 | €11,875 | €12,725 | +€850 | +7.2% |
| Total equity and liabilities | 10/49 | €746,535 | €714,121 | -€32,414 | -4.3% |
| Equity | 10/15 | €190,385 | €272,954 | +€82,569 | +43.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €171,785 | €254,354 | +€82,569 | +48.1% |
| Distributable reserves | 133 | €171,785 | €254,354 | +€82,569 | +48.1% |
| Amounts payable | 17/49 | €556,150 | €441,168 | -€114,983 | -20.7% |
| Amounts payable after more than one year | 17 | €262,670 | €192,477 | -€70,193 | -26.7% |
| Financial debts | 170/4 | €262,670 | €192,477 | -€70,193 | -26.7% |
| Amounts payable within one year | 42/48 | €277,679 | €239,774 | -€37,905 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €77,966 | €66,667 | -€11,299 | -14.5% |
| Trade debts | 44 | €1,603 | €2,075 | +€472 | +29.5% |
| Suppliers | 440/4 | €1,603 | €2,075 | +€472 | +29.5% |
| Taxes, remuneration and social security | 45 | €42,835 | €63,255 | +€20,420 | +47.7% |
| Taxes | 450/3 | €34,835 | €61,005 | +€26,170 | +75.1% |
| Remuneration and social security | 454/9 | €8,000 | €2,250 | -€5,750 | -71.9% |
| Other amounts payable | 47/48 | €155,276 | €107,777 | -€47,498 | -30.6% |
| Accrued charges and deferred income | 492/3 | €15,802 | €8,917 | -€6,885 | -43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,202 | €43,915 | +€713 | +1.7% |
| Other operating charges | 640/8 | €2,171 | €3,655 | +€1,484 | +68.4% |
| Gross operating margin | 9900 | €141,214 | €187,939 | +€46,725 | +33.1% |
| Operating profit (loss) | 9901 | €95,841 | €140,369 | +€44,528 | +46.5% |
| Financial income | 75/76B | €2 | €0 | -€1 | -80.5% |
| Recurring financial income | 75 | €2 | €0 | -€1 | -80.5% |
| Financial charges | 65/66B | €17,654 | €14,461 | -€3,193 | -18.1% |
| Recurring financial charges | 65 | €17,654 | €14,461 | -€3,193 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €78,189 | €125,909 | +€47,719 | +61.0% |
| Income taxes | 67/77 | €26,534 | €43,340 | +€16,806 | +63.3% |
| Profit (loss) for the period | 9904 | €51,656 | €82,569 | +€30,913 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,656 | €82,569 | +€30,913 | +59.8% |
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.