Dell: 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.
Dell
Largest movements
- Current investments +€400,000
up €400,000 (+100%), from €400,000 to €800,000
- Cash -€184,874
down €184,874 (-49.9%), from €370,464 to €185,590
mainly Current investments (-€400,000) and Other debts (-€138,791)
- Receivables within one year -€151,330
down €151,330 (-99.7%), from €151,821 to €491
of which Trade receivables: -€150,000
- Tangible fixed assets -€112,310
down €112,310 (-5.7%), from €2.0m to €1.9m
- Reserves +€250,542
up €250,542 (+28.3%), from €885,147 to €1.1m
of which Distributable reserves: +€250,542
- Other debts -€138,791
down €138,791 (-72.6%), from €191,087 to €52,297
- Debts after one year -€63,586
down €63,586 (-11.4%), from €558,074 to €494,488
- Tax, wage and social debts -€38,397
down €38,397 (-60.6%), from €63,343 to €24,946
- Provisions -€36,280
down €36,280 (-71.7%), from €50,572 to €14,292
- Provisions -€29,967
down €29,967 (-475%), from -€6,313 to -€36,280
- Gross operating margin -€11,781
down €11,781 (-2.5%), from €465,948 to €454,167
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 | €2,905,804 | €2,864,706 | -€41,099 | -1.4% |
| Fixed assets | 21/28 | €1,982,237 | €1,869,774 | -€112,463 | -5.7% |
| Tangible fixed assets | 22/27 | €1,982,084 | €1,869,774 | -€112,310 | -5.7% |
| Land and buildings | 22 | €1,982,084 | €1,869,774 | -€112,310 | -5.7% |
| Financial fixed assets | 28 | €154 | - | -€154 | |
| Current assets | 29/58 | €923,567 | €994,932 | +€71,365 | +7.7% |
| Amounts receivable within one year | 40/41 | €151,821 | €491 | -€151,330 | -99.7% |
| Trade receivables | 40 | €150,000 | - | -€150,000 | |
| Other amounts receivable | 41 | €1,821 | €491 | -€1,330 | -73.0% |
| Current investments | 50/53 | €400,000 | €800,000 | +€400,000 | +100% |
| Cash at bank and in hand | 54/58 | €370,464 | €185,590 | -€184,874 | -49.9% |
| Deferred charges and accrued income | 490/1 | €1,282 | €8,851 | +€7,569 | +590% |
| Total equity and liabilities | 10/49 | €2,905,804 | €2,864,706 | -€41,099 | -1.4% |
| Equity | 10/15 | €1,952,857 | €2,203,399 | +€250,542 | +12.8% |
| Contributions | 10/11 | €142,628 | €142,628 | = | 0.0% |
| Capital | 10 | €132,835 | €132,835 | = | 0.0% |
| Issued capital | 100 | €132,835 | €132,835 | = | 0.0% |
| Contributions outside capital | 11 | €9,793 | €9,793 | = | 0.0% |
| Share premium | 1100/10 | €9,793 | €9,793 | = | 0.0% |
| Reserves | 13 | €885,147 | €1,135,689 | +€250,542 | +28.3% |
| Non-distributable reserves | 130/1 | €13,283 | €13,283 | = | 0.0% |
| Legal reserve | 130 | €13,283 | €13,283 | = | 0.0% |
| Distributable reserves | 133 | €871,864 | €1,122,405 | +€250,542 | +28.7% |
| Profit (loss) carried forward | 14 | €925,082 | €925,082 | = | 0.0% |
| Provisions and deferred taxes | 16 | €50,572 | €14,292 | -€36,280 | -71.7% |
| Provisions for liabilities and charges | 160/5 | €50,572 | €14,292 | -€36,280 | -71.7% |
| Major repairs and maintenance | 162 | €50,572 | €14,292 | -€36,280 | -71.7% |
| Amounts payable | 17/49 | €902,375 | €647,015 | -€255,361 | -28.3% |
| Amounts payable after more than one year | 17 | €558,074 | €494,488 | -€63,586 | -11.4% |
| Financial debts | 170/4 | €558,074 | €494,488 | -€63,586 | -11.4% |
| Amounts payable within one year | 42/48 | €319,059 | €140,828 | -€178,230 | -55.9% |
| Current portion of amounts payable after more than one year | 42 | €62,703 | €63,586 | +€883 | +1.4% |
| Trade debts | 44 | €1,925 | - | -€1,925 | |
| Suppliers | 440/4 | €1,925 | - | -€1,925 | |
| Taxes, remuneration and social security | 45 | €63,343 | €24,946 | -€38,397 | -60.6% |
| Taxes | 450/3 | €63,343 | €24,946 | -€38,397 | -60.6% |
| Other amounts payable | 47/48 | €191,087 | €52,297 | -€138,791 | -72.6% |
| Accrued charges and deferred income | 492/3 | €25,242 | €11,698 | -€13,544 | -53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,843 | €112,310 | +€467 | +0.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€6,313 | -€36,280 | -€29,967 | -475% |
| Other operating charges | 640/8 | €14,151 | €17,841 | +€3,691 | +26.1% |
| Gross operating margin | 9900 | €465,948 | €454,167 | -€11,781 | -2.5% |
| Operating profit (loss) | 9901 | €346,267 | €360,296 | +€14,029 | +4.1% |
| Financial income | 75/76B | €12,985 | €16,302 | +€3,317 | +25.5% |
| Recurring financial income | 75 | €12,985 | €10,757 | -€2,227 | -17.2% |
| Non-recurring financial income | 76B | - | €5,544 | +€5,544 | |
| Financial charges | 65/66B | €9,475 | €9,137 | -€338 | -3.6% |
| Recurring financial charges | 65 | €9,475 | €9,137 | -€338 | -3.6% |
| Profit (loss) for the period before taxes | 9903 | €349,777 | €367,461 | +€17,684 | +5.1% |
| Income taxes | 67/77 | €112,805 | €116,920 | +€4,115 | +3.6% |
| Profit (loss) for the period | 9904 | €236,973 | €250,542 | +€13,569 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €236,973 | €250,542 | +€13,569 | +5.7% |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.