DELOA: 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.
DELOA
Largest movements
- Financial fixed assets +€150,000
new in 2025: €150,000
- Receivables within one year +€77,646
up €77,646 (+395.8%), from €19,618 to €97,264
of which Trade receivables: +€46,668
- Stocks and contracts -€25,735
no longer reported in 2025 (was €25,735)
- Cash -€22,358
down €22,358 (-66.6%), from €33,594 to €11,236
mainly Investment in fixed assets (net) (-€150,000) and Receivables within one year (-€77,646)
- Tangible fixed assets -€15,370
down €15,370 (-27.3%), from €56,394 to €41,024
of which Furniture and vehicles: -€12,972
- Debts after one year +€106,269
up €106,269 (+353.5%), from €30,062 to €136,331
- Reserves +€37,000
up €37,000 (+134.5%), from €27,500 to €64,500
- Current portion of long-term debt +€29,266
new in 2025: €29,266
- Trade debts -€18,915
down €18,915 (-73.9%), from €25,607 to €6,691
- Tax, wage and social debts +€17,573
up €17,573 (+186.8%), from €9,407 to €26,980
of which Taxes: +€19,906
- Gross operating margin +€52,159
up €52,159 (+196.0%), from €26,610 to €78,770
- Taxes +€16,815
up €16,815 (+813.6%), from €2,067 to €18,881
- Financial charges +€4,404
up €4,404 (+135.3%), from €3,256 to €7,660
- Financial income +€1,014
new in 2025: €1,014
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.
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 | €135,513 | €299,706 | +€164,193 | +121.2% |
| Fixed assets | 21/28 | €56,394 | €191,024 | +€134,630 | +238.7% |
| Tangible fixed assets | 22/27 | €56,394 | €41,024 | -€15,370 | -27.3% |
| Furniture and vehicles | 24 | €46,973 | €34,001 | -€12,972 | -27.6% |
| Other tangible fixed assets | 26 | €9,421 | €7,023 | -€2,399 | -25.5% |
| Financial fixed assets | 28 | - | €150,000 | +€150,000 | |
| Current assets | 29/58 | €79,119 | €108,683 | +€29,563 | +37.4% |
| Stocks and contracts in progress | 3 | €25,735 | - | -€25,735 | |
| Contracts in progress | 37 | €25,735 | - | -€25,735 | |
| Amounts receivable within one year | 40/41 | €19,618 | €97,264 | +€77,646 | +395.8% |
| Trade receivables | 40 | €19,590 | €66,258 | +€46,668 | +238.2% |
| Other amounts receivable | 41 | €28 | €31,006 | +€30,978 | +109617.8% |
| Cash at bank and in hand | 54/58 | €33,594 | €11,236 | -€22,358 | -66.6% |
| Deferred charges and accrued income | 490/1 | €172 | €183 | +€10 | +6.1% |
| Total equity and liabilities | 10/49 | €135,513 | €299,706 | +€164,193 | +121.2% |
| Equity | 10/15 | €34,845 | €72,118 | +€37,272 | +107.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €27,500 | €64,500 | +€37,000 | +134.5% |
| Distributable reserves | 133 | €27,500 | €64,500 | +€37,000 | +134.5% |
| Profit (loss) carried forward | 14 | €2,345 | €2,618 | +€272 | +11.6% |
| Amounts payable | 17/49 | €100,668 | €227,589 | +€126,921 | +126.1% |
| Amounts payable after more than one year | 17 | €30,062 | €136,331 | +€106,269 | +353.5% |
| Financial debts | 170/4 | €30,062 | €136,331 | +€106,269 | +353.5% |
| Amounts payable within one year | 42/48 | €70,606 | €91,257 | +€20,651 | +29.2% |
| Current portion of amounts payable after more than one year | 42 | - | €29,266 | +€29,266 | |
| Financial debts | 43 | €9,107 | - | -€9,107 | |
| Credit institutions | 430/8 | €9,107 | - | -€9,107 | |
| Trade debts | 44 | €25,607 | €6,691 | -€18,915 | -73.9% |
| Suppliers | 440/4 | €25,607 | €6,691 | -€18,915 | -73.9% |
| Taxes, remuneration and social security | 45 | €9,407 | €26,980 | +€17,573 | +186.8% |
| Taxes | 450/3 | €7,075 | €26,980 | +€19,906 | +281.4% |
| Remuneration and social security | 454/9 | €2,333 | - | -€2,333 | |
| Other amounts payable | 47/48 | €26,485 | €28,320 | +€1,835 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,294 | €15,370 | +€77 | +0.5% |
| Other operating charges | 640/8 | €719 | €599 | -€119 | -16.6% |
| Gross operating margin | 9900 | €26,610 | €78,770 | +€52,159 | +196.0% |
| Operating profit (loss) | 9901 | €10,598 | €62,800 | +€52,202 | +492.6% |
| Financial income | 75/76B | - | €1,014 | +€1,014 | |
| Recurring financial income | 75 | - | €1,014 | +€1,014 | |
| Financial charges | 65/66B | €3,256 | €7,660 | +€4,404 | +135.3% |
| Recurring financial charges | 65 | €3,256 | €7,660 | +€4,404 | +135.3% |
| Profit (loss) for the period before taxes | 9903 | €7,342 | €56,154 | +€48,812 | +664.8% |
| Income taxes | 67/77 | €2,067 | €18,881 | +€16,815 | +813.6% |
| Profit (loss) for the period | 9904 | €5,275 | €37,272 | +€31,997 | +606.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,275 | €37,272 | +€31,997 | +606.6% |
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 4 October 2026 via checked.be.