DELROE: 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.
What changed
DELROE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€463,952
2024 · €567,218-€103,266
Equity
€836,093
2024 · €1.1m-€280,468
Cash
€379,522
2024 · €694,175-€314,653
Balance sheet total
€3.7m
2024 · €5.4m-€1.6m
Largest movements
Assets
- Tangible fixed assets -€2.0m
down €2.0m (-54.2%), from €3.7m to €1.7m
of which Land and buildings: -€1.8m
- Receivables within one year +€538,487
up €538,487 (+617%), from €87,213 to €625,699
of which Other amounts receivable: +€514,437
- Cash -€314,653
down €314,653 (-45.3%), from €694,175 to €379,522
mainly Debts after one year (-€1.1m) and Contributions, distributions and other (-€744,420)
- Stocks and contracts +€81,439
up €81,439 (+9.7%), from €837,979 to €919,418
- Deferred charges and accrued income +€77,037
up €77,037 (+151%), from €51,119 to €128,156
Equity and liabilities
- Debts after one year -€1.1m
no longer reported in 2025 (was €1.1m)
- Short-term financial debts -€405,751
no longer reported in 2025 (was €405,751)
- Trade debts +€297,915
up €297,915 (+15.1%), from €2.0m to €2.3m
- Profit (loss) carried forward -€137,720
down €137,720 (-18.0%), from €764,721 to €627,001
- Current portion of long-term debt -€91,392
down €91,392 (-43.1%), from €212,225 to €120,833
Income statement
No income-statement line moved by more than 1% of the activity.
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.
Result 2024
€567,218
Turnover
-€55,344
Other operating income
+€15,397
Goods and materials
+€112,327
Services and other goods
-€179,162
Staff costs
-€3,504
Depreciation
+€76,674
Other operating charges
-€81,706
Other operating items
-€4,250
Financial income
+€15,416
Financial charges
-€38,144
Taxes
+€39,029
Result 2025
€463,952
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€484,189
Investment
+€1.6m
Financing
-€2.4m
Cash 2024
€694,175
From operations (derived)
+€484,189
Net result for the year
+€463,952
Depreciation
+€418,832
Receivables after one year
+€21,650
Stocks and contracts
-€81,439
Receivables within one year
-€538,487
Deferred charges and accrued income
-€77,037
Trade debts
+€297,915
Tax, wage and social debts
+€30,579
Other debts
-€30,530
Accrued charges and deferred income
-€21,246
Investment (derived)
+€1.6m
Investment in fixed assets (net)
+€1.6m
Financing
-€2.4m
Debts after one year
-€1.1m
Current portion of long-term debt
-€91,392
Short-term financial debts
-€405,751
Contributions, distributions and other
-€744,420
Cash 2025
€379,522
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,355,201 | €3,728,860 | -€1.6m | -30.4% |
| Fixed assets | 21/28 | €3,663,066 | €1,676,065 | -€2.0m | -54.2% |
| Tangible fixed assets | 22/27 | €3,662,841 | €1,675,965 | -€2.0m | -54.2% |
| Land and buildings | 22 | €1,770,500 | - | -€1.8m | |
| Plant, machinery and equipment | 23 | €1,807,842 | €1,652,376 | -€155,466 | -8.6% |
| Furniture and vehicles | 24 | €84,498 | €23,589 | -€60,910 | -72.1% |
| Financial fixed assets | 28 | €225 | €100 | -€125 | -55.6% |
| Other financial fixed assets | 284/8 | €225 | €100 | -€125 | -55.6% |
| Amounts receivable and cash guarantees | 285/8 | €225 | €100 | -€125 | -55.6% |
| Current assets | 29/58 | €1,692,136 | €2,052,795 | +€360,660 | +21.3% |
| Amounts receivable after more than one year | 29 | €21,650 | - | -€21,650 | |
| Trade receivables | 290 | €21,650 | - | -€21,650 | |
| Stocks and contracts in progress | 3 | €837,979 | €919,418 | +€81,439 | +9.7% |
| Stocks | 30/36 | €837,979 | €919,418 | +€81,439 | +9.7% |
| Raw materials and consumables | 30/31 | €11,986 | €20,232 | +€8,246 | +68.8% |
| Goods purchased for resale | 34 | €825,992 | €899,186 | +€73,193 | +8.9% |
| Amounts receivable within one year | 40/41 | €87,213 | €625,699 | +€538,487 | +617% |
| Trade receivables | 40 | €21,341 | €45,391 | +€24,050 | +113% |
| Other amounts receivable | 41 | €65,872 | €580,308 | +€514,437 | +781% |
| Cash at bank and in hand | 54/58 | €694,175 | €379,522 | -€314,653 | -45.3% |
| Deferred charges and accrued income | 490/1 | €51,119 | €128,156 | +€77,037 | +151% |
| Total equity and liabilities | 10/49 | €5,355,201 | €3,728,860 | -€1.6m | -30.4% |
| Equity | 10/15 | €1,116,560 | €836,093 | -€280,468 | -25.1% |
| Contributions | 10/11 | €131,243 | €78,932 | -€52,311 | -39.9% |
| Capital | 10 | €131,243 | €78,932 | -€52,311 | -39.9% |
| Issued capital | 100 | €131,243 | €78,932 | -€52,311 | -39.9% |
| Reserves | 13 | €177,596 | €98,106 | -€79,490 | -44.8% |
| Non-distributable reserves | 130/1 | €13,124 | €7,893 | -€5,231 | -39.9% |
| Legal reserve | 130 | €13,124 | €7,893 | -€5,231 | -39.9% |
| Tax-exempt reserves | 132 | €14,472 | - | -€14,472 | |
| Distributable reserves | 133 | €150,000 | €90,213 | -€59,787 | -39.9% |
| Profit (loss) carried forward | 14 | €764,721 | €627,001 | -€137,720 | -18.0% |
| Investment grants | 15 | €43,000 | €32,054 | -€10,946 | -25.5% |
| Amounts payable | 17/49 | €4,238,641 | €2,892,767 | -€1.3m | -31.8% |
| Amounts payable after more than one year | 17 | €1,125,448 | - | -€1.1m | |
| Financial debts | 170/4 | €1,125,448 | - | -€1.1m | |
| Credit institutions | 173 | €1,125,448 | - | -€1.1m | |
| Amounts payable within one year | 42/48 | €3,079,194 | €2,880,015 | -€199,179 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €212,225 | €120,833 | -€91,392 | -43.1% |
| Financial debts | 43 | €405,751 | - | -€405,751 | |
| Credit institutions | 430/8 | €405,751 | - | -€405,751 | |
| Trade debts | 44 | €1,966,611 | €2,264,526 | +€297,915 | +15.1% |
| Suppliers | 440/4 | €1,966,611 | €2,264,526 | +€297,915 | +15.1% |
| Taxes, remuneration and social security | 45 | €213,199 | €243,778 | +€30,579 | +14.3% |
| Taxes | 450/3 | €98,501 | €26,017 | -€72,484 | -73.6% |
| Remuneration and social security | 454/9 | €114,698 | €217,761 | +€103,063 | +89.9% |
| Other amounts payable | 47/48 | €281,408 | €250,877 | -€30,530 | -10.8% |
| Accrued charges and deferred income | 492/3 | €33,999 | €12,753 | -€21,246 | -62.5% |
| Operating income | 70/76A | €25,825,655 | €25,781,458 | -€44,197 | -0.2% |
| Turnover | 70 | €25,769,173 | €25,713,829 | -€55,344 | -0.2% |
| Other operating income | 74 | €52,232 | €67,628 | +€15,397 | +29.5% |
| Non-recurring operating income | 76A | €4,250 | - | -€4,250 | |
| Operating charges | 60/66A | €25,084,978 | €25,160,348 | +€75,370 | +0.3% |
| Goods for resale, raw materials and consumables | 60 | €21,123,360 | €21,011,033 | -€112,327 | -0.5% |
| Purchases | 600/8 | €21,188,503 | €21,092,472 | -€96,031 | -0.5% |
| Change in stocks: decrease (increase) | 609 | -€65,143 | -€81,439 | -€16,297 | -25.0% |
| Services and other goods | 61 | €2,065,387 | €2,244,548 | +€179,162 | +8.7% |
| Remuneration, social security and pensions | 62 | €1,350,170 | €1,353,674 | +€3,504 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €495,506 | €418,832 | -€76,674 | -15.5% |
| Other operating charges | 640/8 | €50,556 | €132,261 | +€81,706 | +162% |
| Operating profit (loss) | 9901 | €740,677 | €621,110 | -€119,567 | -16.1% |
| Financial income | 75/76B | €83,452 | €98,868 | +€15,416 | +18.5% |
| Recurring financial income | 75 | €83,452 | €98,868 | +€15,416 | +18.5% |
| Income from financial fixed assets | 750 | €268 | €1,288 | +€1,020 | +381% |
| Income from current assets | 751 | - | €634 | +€634 | |
| Other financial income | 752/9 | €83,184 | €96,946 | +€13,762 | +16.5% |
| Financial charges | 65/66B | €59,364 | €97,508 | +€38,144 | +64.3% |
| Recurring financial charges | 65 | €59,364 | €76,756 | +€17,392 | +29.3% |
| Debt charges | 650 | €30,576 | €43,476 | +€12,901 | +42.2% |
| Other financial charges | 652/9 | €28,788 | €33,280 | +€4,491 | +15.6% |
| Non-recurring financial charges | 66B | - | €20,752 | +€20,752 | |
| Profit (loss) for the period before taxes | 9903 | €764,764 | €622,470 | -€142,295 | -18.6% |
| Income taxes | 67/77 | €197,546 | €158,517 | -€39,029 | -19.8% |
| Taxes | 670/3 | €197,546 | €158,517 | -€39,029 | -19.8% |
| Profit (loss) for the period | 9904 | €567,218 | €463,952 | -€103,266 | -18.2% |
| Profit (loss) for the period to be appropriated | 9905 | €567,218 | €463,952 | -€103,266 | -18.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.