Delmakor: 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.
Delmakor
Largest movements
- Tangible fixed assets +€109,484
up €109,484 (+131.4%), from €83,295 to €192,778
of which Leasing and similar rights: +€128,076
- Receivables within one year -€100,081
down €100,081 (-13.6%), from €737,117 to €637,036
of which Trade receivables: -€102,468
- Deferred charges and accrued income +€12,215
up €12,215 (+121.7%), from €10,033 to €22,248
- Debts after one year +€94,888
new in 2026: €94,888
- Trade debts -€77,928
down €77,928 (-45.7%), from €170,598 to €92,670
- Other debts -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Current portion of long-term debt +€27,474
up €27,474, from €0 to €27,474
- Reserves +€21,075
up €21,075 (+33.4%), from €63,151 to €84,226
of which Distributable reserves: +€16,575
- Gross operating margin +€95,885
up €95,885 (+4.4%), from €2.2m to €2.3m
- Staff costs +€76,304
up €76,304 (+3.7%), from €2.0m to €2.1m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €833,656 | €853,894 | +€20,238 | +2.4% |
| Fixed assets | 21/28 | €85,716 | €193,823 | +€108,107 | +126.1% |
| Intangible fixed assets | 21 | €1,746 | €370 | -€1,377 | -78.8% |
| Tangible fixed assets | 22/27 | €83,295 | €192,778 | +€109,484 | +131.4% |
| Plant, machinery and equipment | 23 | €25,814 | €16,474 | -€9,341 | -36.2% |
| Furniture and vehicles | 24 | €57,480 | €48,229 | -€9,251 | -16.1% |
| Leasing and similar rights | 25 | - | €128,076 | +€128,076 | |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €747,940 | €660,071 | -€87,869 | -11.7% |
| Amounts receivable within one year | 40/41 | €737,117 | €637,036 | -€100,081 | -13.6% |
| Trade receivables | 40 | €732,570 | €630,102 | -€102,468 | -14.0% |
| Other amounts receivable | 41 | €4,547 | €6,934 | +€2,387 | +52.5% |
| Cash at bank and in hand | 54/58 | €790 | €787 | -€3 | -0.4% |
| Deferred charges and accrued income | 490/1 | €10,033 | €22,248 | +€12,215 | +121.7% |
| Total equity and liabilities | 10/49 | €833,656 | €853,894 | +€20,238 | +2.4% |
| Equity | 10/15 | €277,151 | €298,226 | +€21,075 | +7.6% |
| Contributions | 10/11 | €214,000 | €214,000 | = | 0.0% |
| Capital | 10 | €214,000 | €214,000 | = | 0.0% |
| Issued capital | 100 | €214,000 | €214,000 | = | 0.0% |
| Reserves | 13 | €63,151 | €84,226 | +€21,075 | +33.4% |
| Non-distributable reserves | 130/1 | €21,400 | €21,400 | = | 0.0% |
| Legal reserve | 130 | €21,400 | €21,400 | = | 0.0% |
| Tax-exempt reserves | 132 | €25,400 | €29,900 | +€4,500 | +17.7% |
| Distributable reserves | 133 | €16,351 | €32,926 | +€16,575 | +101.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €556,505 | €555,667 | -€837 | -0.2% |
| Amounts payable after more than one year | 17 | - | €94,888 | +€94,888 | |
| Financial debts | 170/4 | - | €94,888 | +€94,888 | |
| Amounts payable within one year | 42/48 | €556,461 | €460,653 | -€95,809 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €27,474 | +€27,474 | |
| Trade debts | 44 | €170,598 | €92,670 | -€77,928 | -45.7% |
| Suppliers | 440/4 | €170,598 | €92,670 | -€77,928 | -45.7% |
| Taxes, remuneration and social security | 45 | €325,863 | €310,508 | -€15,355 | -4.7% |
| Taxes | 450/3 | €12,975 | €11,681 | -€1,294 | -10.0% |
| Remuneration and social security | 454/9 | €312,888 | €298,827 | -€14,061 | -4.5% |
| Other amounts payable | 47/48 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €43 | €126 | +€83 | +191.4% |
| Non-recurring operating income | 76A | €0 | €6,310 | +€6,310 | |
| Remuneration, social security and pensions | 62 | €2,048,067 | €2,124,371 | +€76,304 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,532 | €47,016 | +€14,483 | +44.5% |
| Other operating charges | 640/8 | €39,622 | €42,329 | +€2,707 | +6.8% |
| Gross operating margin | 9900 | €2,180,434 | €2,276,319 | +€95,885 | +4.4% |
| Operating profit (loss) | 9901 | €60,212 | €62,603 | +€2,391 | +4.0% |
| Financial income | 75/76B | €159 | €60 | -€99 | -62.6% |
| Recurring financial income | 75 | €159 | €60 | -€99 | -62.6% |
| Financial charges | 65/66B | €1,585 | €4,790 | +€3,204 | +202.1% |
| Recurring financial charges | 65 | €1,585 | €4,790 | +€3,204 | +202.1% |
| Profit (loss) for the period before taxes | 9903 | €58,786 | €57,873 | -€913 | -1.6% |
| Income taxes | 67/77 | €5,000 | €6,797 | +€1,797 | +35.9% |
| Profit (loss) for the period | 9904 | €53,786 | €51,075 | -€2,711 | -5.0% |
| Transfer to tax-exempt reserves | 689 | - | €4,500 | +€4,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €53,786 | €46,575 | -€7,211 | -13.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.