DELMOTTE MATHIEU: 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.
DELMOTTE MATHIEU
Largest movements
- Receivables after one year -€162,500
no longer reported in 2025 (was €162,500)
- Tangible fixed assets +€127,413
up €127,413 (+67.1%), from €190,012 to €317,425
of which Plant, machinery and equipment: +€141,319
- Receivables within one year +€52,608
up €52,608 (+33.2%), from €158,639 to €211,248
of which Other amounts receivable: +€49,167
- Current investments -€21,954
down €21,954 (-49.0%), from €44,813 to €22,860
- Cash +€6,923
up €6,923 (+322%), from €2,148 to €9,071
mainly Receivables after one year (+€162,500) and Debts after one year (+€137,009)
- Other debts -€184,700
down €184,700 (-86.6%), from €213,161 to €28,461
- Debts after one year +€137,009
up €137,009 (+88.7%), from €154,467 to €291,476
- Current portion of long-term debt +€30,450
up €30,450 (+174%), from €17,461 to €47,911
- Reserves +€14,700
up €14,700 (+12.0%), from €122,960 to €137,660
- Gross operating margin +€30,517
up €30,517 (+43.4%), from €70,391 to €100,908
- Depreciation +€9,266
up €9,266 (+39.7%), from €23,321 to €32,587
- Financial charges +€3,762
up €3,762 (+40.3%), from €9,326 to €13,088
- Taxes +€1,839
up €1,839 (+19.2%), from €9,598 to €11,437
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 | €559,952 | €562,672 | +€2,721 | +0.5% |
| Fixed assets | 21/28 | €190,012 | €317,425 | +€127,413 | +67.1% |
| Tangible fixed assets | 22/27 | €190,012 | €317,425 | +€127,413 | +67.1% |
| Land and buildings | 22 | €155,717 | €143,068 | -€12,649 | -8.1% |
| Plant, machinery and equipment | 23 | €31,668 | €172,987 | +€141,319 | +446% |
| Furniture and vehicles | 24 | €2,626 | €1,370 | -€1,257 | -47.8% |
| Current assets | 29/58 | €369,940 | €245,248 | -€124,692 | -33.7% |
| Amounts receivable after more than one year | 29 | €162,500 | - | -€162,500 | |
| Trade receivables | 290 | €162,500 | - | -€162,500 | |
| Amounts receivable within one year | 40/41 | €158,639 | €211,248 | +€52,608 | +33.2% |
| Trade receivables | 40 | €40,334 | €43,775 | +€3,441 | +8.5% |
| Other amounts receivable | 41 | €118,305 | €167,473 | +€49,167 | +41.6% |
| Current investments | 50/53 | €44,813 | €22,860 | -€21,954 | -49.0% |
| Cash at bank and in hand | 54/58 | €2,148 | €9,071 | +€6,923 | +322% |
| Deferred charges and accrued income | 490/1 | €1,840 | €2,069 | +€230 | +12.5% |
| Total equity and liabilities | 10/49 | €559,952 | €562,672 | +€2,721 | +0.5% |
| Equity | 10/15 | €160,544 | €175,701 | +€15,158 | +9.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €122,960 | €137,660 | +€14,700 | +12.0% |
| Distributable reserves | 133 | €122,960 | €137,660 | +€14,700 | +12.0% |
| Profit (loss) carried forward | 14 | €25,184 | €25,641 | +€458 | +1.8% |
| Amounts payable | 17/49 | €399,408 | €386,971 | -€12,437 | -3.1% |
| Amounts payable after more than one year | 17 | €154,467 | €291,476 | +€137,009 | +88.7% |
| Financial debts | 170/4 | €154,467 | €291,476 | +€137,009 | +88.7% |
| Amounts payable within one year | 42/48 | €244,940 | €95,495 | -€149,445 | -61.0% |
| Current portion of amounts payable after more than one year | 42 | €17,461 | €47,911 | +€30,450 | +174% |
| Trade debts | 44 | €1,266 | €1,255 | -€11 | -0.9% |
| Suppliers | 440/4 | €1,266 | €1,255 | -€11 | -0.9% |
| Taxes, remuneration and social security | 45 | €13,052 | €17,868 | +€4,816 | +36.9% |
| Taxes | 450/3 | €10,071 | €14,887 | +€4,816 | +47.8% |
| Remuneration and social security | 454/9 | €2,981 | €2,981 | = | 0.0% |
| Other amounts payable | 47/48 | €213,161 | €28,461 | -€184,700 | -86.6% |
| Non-recurring operating income | 76A | €1,800 | - | -€1,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,321 | €32,587 | +€9,266 | +39.7% |
| Other operating charges | 640/8 | €3,155 | €3,433 | +€278 | +8.8% |
| Gross operating margin | 9900 | €70,391 | €100,908 | +€30,517 | +43.4% |
| Operating profit (loss) | 9901 | €43,915 | €64,888 | +€20,973 | +47.8% |
| Financial income | 75/76B | €109 | €95 | -€14 | -12.7% |
| Recurring financial income | 75 | €109 | €95 | -€14 | -12.7% |
| Financial charges | 65/66B | €9,326 | €13,088 | +€3,762 | +40.3% |
| Recurring financial charges | 65 | €9,326 | €13,088 | +€3,762 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €34,697 | €51,894 | +€17,197 | +49.6% |
| Income taxes | 67/77 | €9,598 | €11,437 | +€1,839 | +19.2% |
| Profit (loss) for the period | 9904 | €25,099 | €40,458 | +€15,358 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €25,099 | €40,458 | +€15,358 | +61.2% |
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 20 October 2026 via checked.be.