DELOGE: 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.
DELOGE
Largest movements
- Receivables within one year -€1.7m
down €1.7m (-69.6%), from €2.5m to €754,379
of which Other amounts receivable: -€940,803
- Cash -€638,628
down €638,628 (-82.4%), from €774,927 to €136,299
mainly Other debts (-€849,137) and Trade debts (-€803,109)
- Current investments +€556,050
new in 2025: €556,050
- Deferred charges and accrued income -€51,389
down €51,389 (-53.2%), from €96,564 to €45,175
- Other debts -€849,137
down €849,137 (-69.4%), from €1.2m to €374,109
- Trade debts -€803,109
down €803,109 (-82.2%), from €976,826 to €173,717
- Debts after one year -€92,699
no longer reported in 2025 (was €92,699)
of which Other amounts payable: -€85,548
- Accrued charges and deferred income -€64,151
down €64,151 (-44.8%), from €143,195 to €79,044
- Tax, wage and social debts -€62,195
down €62,195 (-36.2%), from €172,047 to €109,852
of which Taxes: -€59,246
- Financial charges -€160,000
down €160,000 (-80.8%), from €197,956 to €37,956
of which Non-recurring financial charges: -€158,373
- Staff costs +€84,915
up €84,915 (+18.1%), from €469,159 to €554,074
- Gross operating margin -€47,064
down €47,064 (-6.9%), from €678,174 to €631,110
- Other operating charges -€12,080
down €12,080 (-47.1%), from €25,638 to €13,558
- Depreciation -€9,059
down €9,059 (-11.8%), from €76,668 to €67,609
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 | €3,699,168 | €1,801,222 | -€1.9m | -51.3% |
| Fixed assets | 21/28 | €282,228 | €242,433 | -€39,795 | -14.1% |
| Intangible fixed assets | 21 | €212,365 | €190,769 | -€21,596 | -10.2% |
| Tangible fixed assets | 22/27 | €69,863 | €51,664 | -€18,199 | -26.0% |
| Plant, machinery and equipment | 23 | €25,816 | €10,893 | -€14,923 | -57.8% |
| Furniture and vehicles | 24 | €2,354 | €21,035 | +€18,681 | +794% |
| Leasing and similar rights | 25 | €14,804 | €6,345 | -€8,460 | -57.1% |
| Other tangible fixed assets | 26 | €26,888 | €13,392 | -€13,496 | -50.2% |
| Current assets | 29/58 | €3,416,940 | €1,558,789 | -€1.9m | -54.4% |
| Stocks and contracts in progress | 3 | €67,650 | €66,886 | -€764 | -1.1% |
| Stocks | 30/36 | €67,650 | €66,886 | -€764 | -1.1% |
| Amounts receivable within one year | 40/41 | €2,477,799 | €754,379 | -€1.7m | -69.6% |
| Trade receivables | 40 | €1,479,679 | €697,061 | -€782,618 | -52.9% |
| Other amounts receivable | 41 | €998,120 | €57,318 | -€940,803 | -94.3% |
| Current investments | 50/53 | - | €556,050 | +€556,050 | |
| Cash at bank and in hand | 54/58 | €774,927 | €136,299 | -€638,628 | -82.4% |
| Deferred charges and accrued income | 490/1 | €96,564 | €45,175 | -€51,389 | -53.2% |
| Total equity and liabilities | 10/49 | €3,699,168 | €1,801,222 | -€1.9m | -51.3% |
| Equity | 10/15 | €1,082,091 | €1,057,350 | -€24,742 | -2.3% |
| Contributions | 10/11 | €1,351,526 | €1,351,526 | = | 0.0% |
| Capital | 10 | €1,351,526 | €1,351,526 | = | 0.0% |
| Issued capital | 100 | €1,351,526 | €1,351,526 | = | 0.0% |
| Reserves | 13 | €893,952 | €872,355 | -€21,596 | -2.4% |
| Non-distributable reserves | 130/1 | €16,655 | €16,655 | = | 0.0% |
| Legal reserve | 130 | €13,566 | €13,566 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,089 | €3,089 | = | 0.0% |
| Tax-exempt reserves | 132 | €877,297 | €855,700 | -€21,596 | -2.5% |
| Profit (loss) carried forward | 14 | -€1,163,387 | -€1,166,532 | -€3,145 | -0.3% |
| Amounts payable | 17/49 | €2,617,077 | €743,872 | -€1.9m | -71.6% |
| Amounts payable after more than one year | 17 | €92,699 | - | -€92,699 | |
| Financial debts | 170/4 | €7,151 | - | -€7,151 | |
| Other amounts payable | 178/9 | €85,548 | - | -€85,548 | |
| Amounts payable within one year | 42/48 | €2,381,183 | €664,829 | -€1.7m | -72.1% |
| Current portion of amounts payable after more than one year | 42 | €9,064 | €7,151 | -€1,913 | -21.1% |
| Trade debts | 44 | €976,826 | €173,717 | -€803,109 | -82.2% |
| Suppliers | 440/4 | €976,826 | €173,717 | -€803,109 | -82.2% |
| Taxes, remuneration and social security | 45 | €172,047 | €109,852 | -€62,195 | -36.2% |
| Taxes | 450/3 | €91,002 | €31,756 | -€59,246 | -65.1% |
| Remuneration and social security | 454/9 | €81,045 | €78,096 | -€2,949 | -3.6% |
| Other amounts payable | 47/48 | €1,223,246 | €374,109 | -€849,137 | -69.4% |
| Accrued charges and deferred income | 492/3 | €143,195 | €79,044 | -€64,151 | -44.8% |
| Non-recurring operating income | 76A | €2,602 | €2,308 | -€293 | -11.3% |
| Remuneration, social security and pensions | 62 | €469,159 | €554,074 | +€84,915 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,668 | €67,609 | -€9,059 | -11.8% |
| Other operating charges | 640/8 | €25,638 | €13,558 | -€12,080 | -47.1% |
| Non-recurring operating charges | 66A | €43,170 | - | -€43,170 | |
| Gross operating margin | 9900 | €678,174 | €631,110 | -€47,064 | -6.9% |
| Operating profit (loss) | 9901 | €63,539 | -€4,131 | -€67,670 | |
| Financial income | 75/76B | €25,590 | €22,044 | -€3,545 | -13.9% |
| Recurring financial income | 75 | €25,590 | €22,044 | -€3,545 | -13.9% |
| Financial charges | 65/66B | €197,956 | €37,956 | -€160,000 | -80.8% |
| Recurring financial charges | 65 | €39,583 | €37,956 | -€1,627 | -4.1% |
| Non-recurring financial charges | 66B | €158,373 | - | -€158,373 | |
| Profit (loss) for the period before taxes | 9903 | -€108,828 | -€20,043 | +€88,784 | +81.6% |
| Income taxes | 67/77 | €4,488 | €4,699 | +€210 | +4.7% |
| Profit (loss) for the period | 9904 | -€113,316 | -€24,742 | +€88,574 | +78.2% |
| Transfer from tax-exempt reserves | 789 | €3,599 | €21,596 | +€17,997 | +500% |
| Transfer to tax-exempt reserves | 689 | €880,896 | - | -€880,896 | |
| Profit (loss) for the period to be appropriated | 9905 | -€990,613 | -€3,145 | +€987,467 | +99.7% |
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 19 October 2026 via checked.be.