DELMAVAN: 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.
DELMAVAN
Largest movements
- Financial fixed assets +€350,316
up €350,316 (+25.6%), from €1.4m to €1.7m
- Current investments -€200,000
down €200,000 (-26.5%), from €753,841 to €553,841
- Receivables within one year -€61,427
down €61,427 (-46.7%), from €131,598 to €70,171
of which Other amounts receivable: -€75,020
- Cash +€44,133
up €44,133 (+102%), from €43,181 to €87,314
mainly Current investments (+€200,000) and Debts after one year (+€166,908)
- Tangible fixed assets -€31,545
down €31,545 (-14.0%), from €225,259 to €193,714
- Debts after one year +€166,908
new in 2025: €166,908
- Reserves -€93,960
down €93,960 (-6.8%), from €1.4m to €1.3m
of which Distributable reserves: -€93,960
- Financial income -€96,588
down €96,588 (-87.3%), from €110,658 to €14,070
of which Non-recurring financial income: -€93,437
- Gross operating margin +€60,052
up €60,052 (+56.3%), from €106,678 to €166,730
- Taxes +€18,819
up €18,819 (+137%), from €13,778 to €32,597
- Depreciation +€8,048
up €8,048 (+29.8%), from €26,966 to €35,014
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 | €2,788,613 | €2,881,213 | +€92,601 | +3.3% |
| Fixed assets | 21/28 | €1,595,046 | €1,913,817 | +€318,771 | +20.0% |
| Tangible fixed assets | 22/27 | €225,259 | €193,714 | -€31,545 | -14.0% |
| Land and buildings | 22 | €83,741 | €76,530 | -€7,211 | -8.6% |
| Furniture and vehicles | 24 | €44,277 | €34,789 | -€9,487 | -21.4% |
| Other tangible fixed assets | 26 | €97,242 | €82,395 | -€14,847 | -15.3% |
| Financial fixed assets | 28 | €1,369,787 | €1,720,102 | +€350,316 | +25.6% |
| Current assets | 29/58 | €1,193,567 | €967,397 | -€226,170 | -18.9% |
| Amounts receivable after more than one year | 29 | €256,071 | €256,071 | = | 0.0% |
| Other amounts receivable | 291 | €256,071 | €256,071 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €131,598 | €70,171 | -€61,427 | -46.7% |
| Trade receivables | 40 | - | €13,593 | +€13,593 | |
| Other amounts receivable | 41 | €131,598 | €56,578 | -€75,020 | -57.0% |
| Current investments | 50/53 | €753,841 | €553,841 | -€200,000 | -26.5% |
| Cash at bank and in hand | 54/58 | €43,181 | €87,314 | +€44,133 | +102% |
| Deferred charges and accrued income | 490/1 | €8,876 | €0 | -€8,876 | -100% |
| Total equity and liabilities | 10/49 | €2,788,613 | €2,881,213 | +€92,601 | +3.3% |
| Equity | 10/15 | €2,177,734 | €2,083,783 | -€93,951 | -4.3% |
| Contributions | 10/11 | €538,600 | €538,600 | = | 0.0% |
| Reserves | 13 | €1,374,965 | €1,281,005 | -€93,960 | -6.8% |
| Non-distributable reserves | 130/1 | €14,500 | €14,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,500 | €14,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,965 | €21,965 | = | 0.0% |
| Distributable reserves | 133 | €1,338,500 | €1,244,540 | -€93,960 | -7.0% |
| Profit (loss) carried forward | 14 | €264,169 | €264,178 | +€9 | 0.0% |
| Amounts payable | 17/49 | €610,879 | €797,431 | +€186,552 | +30.5% |
| Amounts payable after more than one year | 17 | - | €166,908 | +€166,908 | |
| Financial debts | 170/4 | - | €166,908 | +€166,908 | |
| Amounts payable within one year | 42/48 | €610,879 | €626,123 | +€15,244 | +2.5% |
| Trade debts | 44 | €3,695 | €5,282 | +€1,588 | +43.0% |
| Suppliers | 440/4 | €3,695 | €5,282 | +€1,588 | +43.0% |
| Taxes, remuneration and social security | 45 | €13,078 | €5,748 | -€7,330 | -56.0% |
| Taxes | 450/3 | €13,078 | €5,748 | -€7,330 | -56.0% |
| Other amounts payable | 47/48 | €594,106 | €615,092 | +€20,986 | +3.5% |
| Accrued charges and deferred income | 492/3 | - | €4,400 | +€4,400 | |
| Non-recurring operating income | 76A | €1,005 | €0 | -€1,005 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,966 | €35,014 | +€8,048 | +29.8% |
| Other operating charges | 640/8 | €4,476 | €4,710 | +€234 | +5.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €106,678 | €166,730 | +€60,052 | +56.3% |
| Operating profit (loss) | 9901 | €75,237 | €127,006 | +€51,769 | +68.8% |
| Financial income | 75/76B | €110,658 | €14,070 | -€96,588 | -87.3% |
| Recurring financial income | 75 | €17,221 | €14,070 | -€3,151 | -18.3% |
| Non-recurring financial income | 76B | €93,437 | €0 | -€93,437 | -100% |
| Financial charges | 65/66B | €44,252 | €44,614 | +€362 | +0.8% |
| Recurring financial charges | 65 | €44,252 | €44,614 | +€362 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €141,643 | €96,462 | -€45,181 | -31.9% |
| Income taxes | 67/77 | €13,778 | €32,597 | +€18,819 | +137% |
| Profit (loss) for the period | 9904 | €127,865 | €63,865 | -€64,000 | -50.1% |
| Profit (loss) for the period to be appropriated | 9905 | €127,865 | €63,865 | -€64,000 | -50.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.