DELO: 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.
DELO
Largest movements
- Tangible fixed assets +€740,349
up €740,349 (+34.5%), from €2.1m to €2.9m
of which Leasing and similar rights: +€547,619
- Receivables within one year +€63,246
up €63,246 (+43.8%), from €144,341 to €207,587
of which Other amounts receivable: +€39,520
- Debts after one year +€590,881
up €590,881 (+59.4%), from €994,627 to €1.6m
- Other debts +€104,945
up €104,945 (+89.9%), from €116,749 to €221,694
- Current portion of long-term debt +€57,484
up €57,484 (+25.7%), from €223,274 to €280,758
- Reserves +€49,410
up €49,410 (+13.8%), from €357,273 to €406,683
- Gross operating margin +€123,270
up €123,270 (+32.1%), from €384,591 to €507,861
- Other operating charges +€84,068
up €84,068 (+561%), from €14,985 to €99,054
- Depreciation +€56,405
up €56,405 (+33.3%), from €169,585 to €225,989
- Taxes -€25,382
down €25,382 (-62.5%), from €40,643 to €15,261
- Staff costs +€6,107
up €6,107 (+28.8%), from €21,177 to €27,284
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 | €2,541,348 | €3,334,523 | +€793,176 | +31.2% |
| Fixed assets | 21/28 | €2,170,592 | €2,897,392 | +€726,800 | +33.5% |
| Intangible fixed assets | 21 | €20,469 | €6,786 | -€13,684 | -66.8% |
| Tangible fixed assets | 22/27 | €2,147,025 | €2,887,374 | +€740,349 | +34.5% |
| Land and buildings | 22 | €1,627,864 | €1,552,068 | -€75,796 | -4.7% |
| Plant, machinery and equipment | 23 | €15,085 | €118,229 | +€103,144 | +684% |
| Furniture and vehicles | 24 | €35,637 | €201,018 | +€165,382 | +464% |
| Leasing and similar rights | 25 | €468,439 | €1,016,058 | +€547,619 | +117% |
| Financial fixed assets | 28 | €3,098 | €3,233 | +€135 | +4.4% |
| Current assets | 29/58 | €370,756 | €437,131 | +€66,376 | +17.9% |
| Stocks and contracts in progress | 3 | €186,000 | €190,000 | +€4,000 | +2.2% |
| Stocks | 30/36 | €186,000 | €190,000 | +€4,000 | +2.2% |
| Amounts receivable within one year | 40/41 | €144,341 | €207,587 | +€63,246 | +43.8% |
| Trade receivables | 40 | €49,757 | €73,482 | +€23,725 | +47.7% |
| Other amounts receivable | 41 | €94,584 | €134,104 | +€39,520 | +41.8% |
| Current investments | 50/53 | €14,854 | €14,854 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €120 | €0 | -€120 | -100% |
| Deferred charges and accrued income | 490/1 | €25,441 | €24,691 | -€750 | -2.9% |
| Total equity and liabilities | 10/49 | €2,541,348 | €3,334,523 | +€793,176 | +31.2% |
| Equity | 10/15 | €722,513 | €771,923 | +€49,410 | +6.8% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Revaluation surpluses | 12 | €588,649 | €588,649 | = | 0.0% |
| Reserves | 13 | €357,273 | €406,683 | +€49,410 | +13.8% |
| Distributable reserves | 133 | €357,273 | €406,683 | +€49,410 | +13.8% |
| Profit (loss) carried forward | 14 | -€272,988 | -€272,988 | = | 0.0% |
| Amounts payable | 17/49 | €1,818,835 | €2,562,601 | +€743,766 | +40.9% |
| Amounts payable after more than one year | 17 | €994,627 | €1,585,508 | +€590,881 | +59.4% |
| Financial debts | 170/4 | €994,627 | €1,585,508 | +€590,881 | +59.4% |
| Amounts payable within one year | 42/48 | €820,592 | €974,573 | +€153,982 | +18.8% |
| Current portion of amounts payable after more than one year | 42 | €223,274 | €280,758 | +€57,484 | +25.7% |
| Financial debts | 43 | €34,847 | €67,317 | +€32,470 | +93.2% |
| Credit institutions | 430/8 | €34,847 | €67,317 | +€32,470 | +93.2% |
| Trade debts | 44 | €415,417 | €393,906 | -€21,511 | -5.2% |
| Suppliers | 440/4 | €415,417 | €393,906 | -€21,511 | -5.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €30,305 | €10,899 | -€19,406 | -64.0% |
| Taxes | 450/3 | €30,305 | €10,899 | -€19,406 | -64.0% |
| Other amounts payable | 47/48 | €116,749 | €221,694 | +€104,945 | +89.9% |
| Accrued charges and deferred income | 492/3 | €3,616 | €2,519 | -€1,097 | -30.3% |
| Non-recurring operating income | 76A | - | €16,853 | +€16,853 | |
| Remuneration, social security and pensions | 62 | €21,177 | €27,284 | +€6,107 | +28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €169,585 | €225,989 | +€56,405 | +33.3% |
| Other operating charges | 640/8 | €14,985 | €99,054 | +€84,068 | +561% |
| Gross operating margin | 9900 | €384,591 | €507,861 | +€123,270 | +32.1% |
| Operating profit (loss) | 9901 | €178,844 | €155,535 | -€23,309 | -13.0% |
| Financial income | 75/76B | €46 | €435 | +€389 | +850% |
| Recurring financial income | 75 | €46 | €435 | +€389 | +850% |
| Financial charges | 65/66B | €48,667 | €49,480 | +€813 | +1.7% |
| Recurring financial charges | 65 | €48,667 | €49,480 | +€813 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €130,222 | €106,489 | -€23,733 | -18.2% |
| Income taxes | 67/77 | €40,643 | €15,261 | -€25,382 | -62.5% |
| Profit (loss) for the period | 9904 | €89,579 | €91,228 | +€1,649 | +1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €89,579 | €91,228 | +€1,649 | +1.8% |
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 13 October 2026 via checked.be.