DELMAX: 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.
DELMAX
Largest movements
- Cash +€590,773
up €590,773 (+1656.9%), from €35,655 to €626,428
mainly Current investments (+€400,000) and Depreciation (+€158,819)
- Current investments -€400,000
down €400,000 (-100.0%), from €400,000 to €0
- Tangible fixed assets -€157,562
down €157,562 (-6.6%), from €2.4m to €2.2m
of which Land and buildings: -€152,821
- Provisions -€51,896
down €51,896 (-36.1%), from €143,716 to €91,821
- Profit (loss) carried forward +€41,017
up €41,017 (+7.6%), from €537,318 to €578,335
- Gross operating margin -€62,267
down €62,267 (-18.9%), from €329,351 to €267,084
- Other operating charges +€4,507
up €4,507 (+14.8%), from €30,505 to €35,012
- Taxes -€3,376
down €3,376 (-8.4%), from €40,115 to €36,740
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 | €2,851,883 | €2,877,774 | +€25,891 | +0.9% |
| Fixed assets | 21/28 | €2,401,609 | €2,244,047 | -€157,562 | -6.6% |
| Tangible fixed assets | 22/27 | €2,401,219 | €2,243,657 | -€157,562 | -6.6% |
| Land and buildings | 22 | €2,370,376 | €2,217,555 | -€152,821 | -6.4% |
| Plant, machinery and equipment | 23 | €28,169 | €24,461 | -€3,708 | -13.2% |
| Furniture and vehicles | 24 | €2,674 | €1,641 | -€1,033 | -38.6% |
| Financial fixed assets | 28 | €390 | €390 | = | 0.0% |
| Current assets | 29/58 | €450,274 | €633,727 | +€183,453 | +40.7% |
| Amounts receivable within one year | 40/41 | €14,165 | €7,299 | -€6,866 | -48.5% |
| Trade receivables | 40 | €14,165 | €7,299 | -€6,866 | -48.5% |
| Current investments | 50/53 | €400,000 | €0 | -€400,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €35,655 | €626,428 | +€590,773 | +1656.9% |
| Deferred charges and accrued income | 490/1 | €454 | €0 | -€454 | -100.0% |
| Total equity and liabilities | 10/49 | €2,851,883 | €2,877,774 | +€25,891 | +0.9% |
| Equity | 10/15 | €1,836,204 | €1,888,798 | +€52,593 | +2.9% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Capital | 10 | €800,000 | €800,000 | = | 0.0% |
| Issued capital | 100 | €800,000 | €800,000 | = | 0.0% |
| Reserves | 13 | €498,887 | €510,463 | +€11,576 | +2.3% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Legal reserve | 130 | €80,000 | €80,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €263,887 | €275,463 | +€11,576 | +4.4% |
| Distributable reserves | 133 | €155,000 | €155,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €537,318 | €578,335 | +€41,017 | +7.6% |
| Provisions and deferred taxes | 16 | €143,716 | €91,821 | -€51,896 | -36.1% |
| Deferred taxes | 168 | €143,716 | €91,821 | -€51,896 | -36.1% |
| Amounts payable | 17/49 | €871,963 | €897,156 | +€25,193 | +2.9% |
| Amounts payable after more than one year | 17 | €400,000 | €419,800 | +€19,800 | +5.0% |
| Financial debts | 170/4 | €400,000 | €400,000 | = | 0.0% |
| Other amounts payable | 178/9 | - | €19,800 | +€19,800 | |
| Amounts payable within one year | 42/48 | €459,267 | €460,881 | +€1,614 | +0.4% |
| Trade debts | 44 | €600 | €4,128 | +€3,528 | +588.0% |
| Suppliers | 440/4 | €600 | €4,128 | +€3,528 | +588.0% |
| Taxes, remuneration and social security | 45 | €40,115 | €58,551 | +€18,436 | +46.0% |
| Taxes | 450/3 | €40,115 | €58,551 | +€18,436 | +46.0% |
| Other amounts payable | 47/48 | €418,552 | €398,202 | -€20,350 | -4.9% |
| Accrued charges and deferred income | 492/3 | €12,696 | €16,475 | +€3,779 | +29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,973 | €158,819 | +€1,846 | +1.2% |
| Other operating charges | 640/8 | €30,505 | €35,012 | +€4,507 | +14.8% |
| Gross operating margin | 9900 | €329,351 | €267,084 | -€62,267 | -18.9% |
| Operating profit (loss) | 9901 | €141,873 | €73,253 | -€68,620 | -48.4% |
| Financial income | 75/76B | €6,406 | €9,315 | +€2,909 | +45.4% |
| Recurring financial income | 75 | €6,406 | €9,315 | +€2,909 | +45.4% |
| Financial charges | 65/66B | €42,054 | €45,130 | +€3,076 | +7.3% |
| Recurring financial charges | 65 | €42,054 | €45,130 | +€3,076 | +7.3% |
| Profit (loss) for the period before taxes | 9903 | €106,224 | €37,437 | -€68,787 | -64.8% |
| Transfer from deferred taxes | 780 | €10,281 | €10,281 | = | 0.0% |
| Income taxes | 67/77 | €40,115 | €36,740 | -€3,376 | -8.4% |
| Profit (loss) for the period | 9904 | €76,390 | €10,979 | -€65,411 | -85.6% |
| Transfer from tax-exempt reserves | 789 | €30,038 | €30,038 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €106,428 | €41,017 | -€65,411 | -61.5% |
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 28 September 2026 via checked.be.