Delphine Keppens: 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.
Delphine Keppens
Largest movements
- Cash -€31,679
down €31,679 (-28.3%), from €111,871 to €80,192
mainly Other debts (-€35,674) and Contributions, distributions and other (-€23,529)
- Tangible fixed assets +€1,839
up €1,839 (+79.1%), from €2,324 to €4,163
of which Plant, machinery and equipment: +€2,415
- Other debts -€35,674
no longer reported in 2025 (was €35,674)
- Profit (loss) carried forward +€8,205
up €8,205 (+11.4%), from €72,290 to €80,496
- Gross operating margin -€2,086
down €2,086 (-4.5%), from €46,254 to €44,167
- Taxes +€1,117
up €1,117 (+11.7%), from €9,534 to €10,651
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 | €117,411 | €88,613 | -€28,798 | -24.5% |
| Fixed assets | 21/28 | €2,644 | €4,483 | +€1,839 | +69.6% |
| Tangible fixed assets | 22/27 | €2,324 | €4,163 | +€1,839 | +79.1% |
| Plant, machinery and equipment | 23 | €566 | €2,981 | +€2,415 | +426.7% |
| Furniture and vehicles | 24 | €1,758 | €1,182 | -€576 | -32.8% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €114,767 | €84,130 | -€30,637 | -26.7% |
| Amounts receivable within one year | 40/41 | €1,258 | €1,896 | +€638 | +50.7% |
| Trade receivables | 40 | - | €219 | +€219 | |
| Other amounts receivable | 41 | €1,258 | €1,677 | +€419 | +33.4% |
| Cash at bank and in hand | 54/58 | €111,871 | €80,192 | -€31,679 | -28.3% |
| Deferred charges and accrued income | 490/1 | €1,639 | €2,043 | +€404 | +24.6% |
| Total equity and liabilities | 10/49 | €117,411 | €88,613 | -€28,798 | -24.5% |
| Equity | 10/15 | €75,290 | €83,496 | +€8,205 | +10.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,290 | €80,496 | +€8,205 | +11.4% |
| Amounts payable | 17/49 | €42,120 | €5,117 | -€37,004 | -87.9% |
| Amounts payable within one year | 42/48 | €41,733 | €5,117 | -€36,616 | -87.7% |
| Trade debts | 44 | €1,698 | €1,463 | -€235 | -13.8% |
| Suppliers | 440/4 | €1,698 | €1,463 | -€235 | -13.8% |
| Taxes, remuneration and social security | 45 | €4,361 | €3,654 | -€707 | -16.2% |
| Taxes | 450/3 | €4,361 | €3,654 | -€707 | -16.2% |
| Other amounts payable | 47/48 | €35,674 | - | -€35,674 | |
| Accrued charges and deferred income | 492/3 | €387 | - | -€387 | |
| Remuneration, social security and pensions | 62 | €750 | €553 | -€197 | -26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €749 | €957 | +€208 | +27.8% |
| Other operating charges | 640/8 | €732 | €724 | -€8 | -1.1% |
| Non-recurring operating charges | 66A | - | €29 | +€29 | |
| Gross operating margin | 9900 | €46,254 | €44,167 | -€2,086 | -4.5% |
| Operating profit (loss) | 9901 | €44,023 | €41,904 | -€2,118 | -4.8% |
| Financial income | 75/76B | €468 | €571 | +€104 | +22.1% |
| Recurring financial income | 75 | €468 | €571 | +€104 | +22.1% |
| Financial charges | 65/66B | €12 | €91 | +€79 | +649.4% |
| Recurring financial charges | 65 | €12 | €91 | +€79 | +649.4% |
| Profit (loss) for the period before taxes | 9903 | €44,479 | €42,385 | -€2,093 | -4.7% |
| Income taxes | 67/77 | €9,534 | €10,651 | +€1,117 | +11.7% |
| Profit (loss) for the period | 9904 | €34,945 | €31,735 | -€3,210 | -9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,945 | €31,735 | -€3,210 | -9.2% |
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 3 October 2026 via checked.be.