DELORY: 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.
DELORY
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+49.3%), from €3.2m to €4.8m
- Receivables within one year +€121,625
up €121,625 (+30.0%), from €405,068 to €526,693
of which Other amounts receivable: +€116,893
- Cash +€72,358
up €72,358 (+44.0%), from €164,426 to €236,785
mainly Debts after one year (+€1.4m) and Other debts (+€700,598)
- Debts after one year +€1.4m
up €1.4m (+64.1%), from €2.1m to €3.5m
of which Financial debts: +€1.4m
- Other debts +€700,598
up €700,598 (+282.7%), from €247,857 to €948,455
- Trade debts -€487,545
down €487,545 (-88.3%), from €552,029 to €64,484
- Current portion of long-term debt +€145,524
up €145,524 (+56.5%), from €257,362 to €402,886
- Reserves +€62,372
up €62,372 (+10.3%), from €605,870 to €668,242
of which Distributable reserves: +€62,372
- Depreciation +€172,499
up €172,499 (+73.0%), from €236,266 to €408,765
- Gross operating margin +€119,662
up €119,662 (+22.6%), from €529,931 to €649,592
- Financial charges +€80,613
up €80,613 (+280.2%), from €28,770 to €109,383
- Taxes -€29,812
down €29,812 (-80.2%), from €37,171 to €7,359
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 | €3,798,587 | €5,577,217 | +€1.8m | +46.8% |
| Fixed assets | 21/28 | €3,222,423 | €4,812,227 | +€1.6m | +49.3% |
| Tangible fixed assets | 22/27 | €3,222,423 | €4,812,227 | +€1.6m | +49.3% |
| Land and buildings | 22 | €3,222,423 | €4,812,227 | +€1.6m | +49.3% |
| Current assets | 29/58 | €576,164 | €764,990 | +€188,825 | +32.8% |
| Amounts receivable within one year | 40/41 | €405,068 | €526,693 | +€121,625 | +30.0% |
| Trade receivables | 40 | €59,380 | €64,111 | +€4,732 | +8.0% |
| Other amounts receivable | 41 | €345,688 | €462,582 | +€116,893 | +33.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €164,426 | €236,785 | +€72,358 | +44.0% |
| Deferred charges and accrued income | 490/1 | €6,670 | €1,512 | -€5,158 | -77.3% |
| Total equity and liabilities | 10/49 | €3,798,587 | €5,577,217 | +€1.8m | +46.8% |
| Equity | 10/15 | €624,420 | €686,792 | +€62,372 | +10.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €605,870 | €668,242 | +€62,372 | +10.3% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €604,015 | €666,387 | +€62,372 | +10.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,174,167 | €4,890,425 | +€1.7m | +54.1% |
| Amounts payable after more than one year | 17 | €2,116,919 | €3,474,167 | +€1.4m | +64.1% |
| Financial debts | 170/4 | €2,021,119 | €3,378,367 | +€1.4m | +67.2% |
| Other amounts payable | 178/9 | €95,800 | €95,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,057,249 | €1,416,258 | +€359,010 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €257,362 | €402,886 | +€145,524 | +56.5% |
| Trade debts | 44 | €552,029 | €64,484 | -€487,545 | -88.3% |
| Suppliers | 440/4 | €552,029 | €64,484 | -€487,545 | -88.3% |
| Taxes, remuneration and social security | 45 | €0 | €433 | +€433 | |
| Taxes | 450/3 | €0 | €433 | +€433 | |
| Other amounts payable | 47/48 | €247,857 | €948,455 | +€700,598 | +282.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €236,266 | €408,765 | +€172,499 | +73.0% |
| Other operating charges | 640/8 | €59,935 | €61,713 | +€1,778 | +3.0% |
| Gross operating margin | 9900 | €529,931 | €649,592 | +€119,662 | +22.6% |
| Operating profit (loss) | 9901 | €233,730 | €179,114 | -€54,615 | -23.4% |
| Financial income | 75/76B | €3,725 | €0 | -€3,725 | -100.0% |
| Recurring financial income | 75 | €3,725 | €0 | -€3,725 | -100.0% |
| Financial charges | 65/66B | €28,770 | €109,383 | +€80,613 | +280.2% |
| Recurring financial charges | 65 | €28,770 | €109,383 | +€80,613 | +280.2% |
| Profit (loss) for the period before taxes | 9903 | €208,684 | €69,731 | -€138,953 | -66.6% |
| Income taxes | 67/77 | €37,171 | €7,359 | -€29,812 | -80.2% |
| Profit (loss) for the period | 9904 | €171,513 | €62,372 | -€109,141 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €171,513 | €62,372 | -€109,141 | -63.6% |
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 1 October 2026 via checked.be.