Delphy Belgium: 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.
Delphy Belgium
Largest movements
- Current investments +€250,000
new in 2025: €250,000
- Cash -€240,392
down €240,392 (-60.0%), from €400,701 to €160,309
mainly Contributions, distributions and other (-€300,000) and Current investments (-€250,000)
- Other debts +€180,000
up €180,000 (+150%), from €120,000 to €300,000
- Reserves -€138,972
down €138,972 (-65.1%), from €213,438 to €74,466
- Trade debts -€28,572
down €28,572 (-68.9%), from €41,449 to €12,877
- Staff costs +€58,594
up €58,594 (+20.2%), from €289,730 to €348,324
- Gross operating margin +€29,896
up €29,896 (+5.4%), from €552,079 to €581,975
- Taxes -€8,970
down €8,970 (-13.4%), from €67,092 to €58,122
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 | €455,988 | €465,448 | +€9,461 | +2.1% |
| Fixed assets | 21/28 | €11,756 | €11,685 | -€71 | -0.6% |
| Intangible fixed assets | 21 | €5,607 | €3,607 | -€2,000 | -35.7% |
| Tangible fixed assets | 22/27 | €6,000 | €7,929 | +€1,929 | +32.2% |
| Plant, machinery and equipment | 23 | €6,000 | €7,929 | +€1,929 | +32.2% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €444,231 | €453,763 | +€9,532 | +2.1% |
| Amounts receivable within one year | 40/41 | €39,360 | €38,846 | -€514 | -1.3% |
| Trade receivables | 40 | €10,822 | €29,073 | +€18,251 | +169% |
| Other amounts receivable | 41 | €28,538 | €9,773 | -€18,765 | -65.8% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €400,701 | €160,309 | -€240,392 | -60.0% |
| Deferred charges and accrued income | 490/1 | €4,170 | €4,608 | +€438 | +10.5% |
| Total equity and liabilities | 10/49 | €455,988 | €465,448 | +€9,461 | +2.1% |
| Equity | 10/15 | €232,038 | €93,066 | -€138,972 | -59.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €213,438 | €74,466 | -€138,972 | -65.1% |
| Distributable reserves | 133 | €213,438 | €74,466 | -€138,972 | -65.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €223,949 | €372,382 | +€148,433 | +66.3% |
| Amounts payable within one year | 42/48 | €223,822 | €372,382 | +€148,560 | +66.4% |
| Trade debts | 44 | €41,449 | €12,877 | -€28,572 | -68.9% |
| Suppliers | 440/4 | €41,449 | €12,877 | -€28,572 | -68.9% |
| Taxes, remuneration and social security | 45 | €62,373 | €59,505 | -€2,868 | -4.6% |
| Taxes | 450/3 | €27,136 | €17,696 | -€9,439 | -34.8% |
| Remuneration and social security | 454/9 | €35,237 | €41,809 | +€6,572 | +18.6% |
| Other amounts payable | 47/48 | €120,000 | €300,000 | +€180,000 | +150% |
| Accrued charges and deferred income | 492/3 | €128 | €0 | -€128 | -100% |
| Non-recurring operating income | 76A | - | €250 | +€250 | |
| Remuneration, social security and pensions | 62 | €289,730 | €348,324 | +€58,594 | +20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,518 | €4,176 | +€1,658 | +65.9% |
| Other operating charges | 640/8 | €1,232 | €1,387 | +€156 | +12.7% |
| Non-recurring operating charges | 66A | - | €54 | +€54 | |
| Gross operating margin | 9900 | €552,079 | €581,975 | +€29,896 | +5.4% |
| Operating profit (loss) | 9901 | €258,600 | €228,033 | -€30,566 | -11.8% |
| Financial income | 75/76B | €273 | €1,418 | +€1,146 | +420% |
| Recurring financial income | 75 | €273 | €1,418 | +€1,146 | +420% |
| Financial charges | 65/66B | €7,818 | €10,302 | +€2,485 | +31.8% |
| Recurring financial charges | 65 | €7,818 | €10,302 | +€2,485 | +31.8% |
| Profit (loss) for the period before taxes | 9903 | €251,055 | €219,150 | -€31,905 | -12.7% |
| Income taxes | 67/77 | €67,092 | €58,122 | -€8,970 | -13.4% |
| Profit (loss) for the period | 9904 | €183,963 | €161,028 | -€22,934 | -12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €183,963 | €161,028 | -€22,934 | -12.5% |
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 20 October 2026 via checked.be.