DELRUE: 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.
DELRUE
Largest movements
- Cash -€321,237
down €321,237 (-40.7%), from €789,018 to €467,780
mainly Other debts (-€746,039) and Accrued charges and deferred income (-€37,083)
- Tangible fixed assets -€60,882
down €60,882 (-15.4%), from €394,148 to €333,266
of which Furniture and vehicles: -€43,133
- Other debts -€746,039
down €746,039 (-100.0%), from €746,039 to €0
- Trade debts +€196,885
up €196,885 (+132.8%), from €148,245 to €345,130
- Reserves +€146,824
up €146,824 (+32.5%), from €451,347 to €598,171
of which Distributable reserves: +€149,922
- Accrued charges and deferred income -€37,083
down €37,083 (-100.0%), from €37,083 to €0
- Advances received +€30,626
up €30,626 (+38.3%), from €80,035 to €110,661
- Gross operating margin +€78,087
up €78,087 (+14.2%), from €549,670 to €627,757
- Staff costs +€71,180
up €71,180 (+28.9%), from €246,690 to €317,871
- Financial charges -€26,763
down €26,763 (-42.2%), from €63,387 to €36,625
- Taxes +€9,720
up €9,720 (+24.4%), from €39,773 to €49,493
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 | €1,804,571 | €1,402,853 | -€401,718 | -22.3% |
| Fixed assets | 21/28 | €394,148 | €333,266 | -€60,882 | -15.4% |
| Tangible fixed assets | 22/27 | €394,148 | €333,266 | -€60,882 | -15.4% |
| Land and buildings | 22 | €211,239 | €193,020 | -€18,219 | -8.6% |
| Plant, machinery and equipment | 23 | €11,922 | €12,392 | +€470 | +3.9% |
| Furniture and vehicles | 24 | €170,986 | €127,853 | -€43,133 | -25.2% |
| Current assets | 29/58 | €1,410,424 | €1,069,587 | -€340,837 | -24.2% |
| Stocks and contracts in progress | 3 | €561,169 | €558,153 | -€3,016 | -0.5% |
| Stocks | 30/36 | €561,169 | €558,153 | -€3,016 | -0.5% |
| Amounts receivable within one year | 40/41 | €54,902 | €38,103 | -€16,799 | -30.6% |
| Trade receivables | 40 | €35,663 | €37,462 | +€1,799 | +5.0% |
| Other amounts receivable | 41 | €19,239 | €641 | -€18,598 | -96.7% |
| Cash at bank and in hand | 54/58 | €789,018 | €467,780 | -€321,237 | -40.7% |
| Deferred charges and accrued income | 490/1 | €5,336 | €5,551 | +€215 | +4.0% |
| Total equity and liabilities | 10/49 | €1,804,571 | €1,402,853 | -€401,718 | -22.3% |
| Equity | 10/15 | €697,847 | €844,671 | +€146,824 | +21.0% |
| Contributions | 10/11 | €246,500 | €246,500 | = | 0.0% |
| Capital | 10 | €246,500 | €246,500 | = | 0.0% |
| Issued capital | 100 | €246,500 | €246,500 | = | 0.0% |
| Reserves | 13 | €451,347 | €598,171 | +€146,824 | +32.5% |
| Non-distributable reserves | 130/1 | €40,931 | €40,931 | = | 0.0% |
| Legal reserve | 130 | €40,931 | €40,931 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,256 | €10,158 | -€3,098 | -23.4% |
| Distributable reserves | 133 | €397,160 | €547,082 | +€149,922 | +37.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €4,419 | €3,386 | -€1,033 | -23.4% |
| Deferred taxes | 168 | €4,419 | €3,386 | -€1,033 | -23.4% |
| Amounts payable | 17/49 | €1,102,306 | €554,797 | -€547,509 | -49.7% |
| Amounts payable within one year | 42/48 | €1,065,223 | €554,797 | -€510,426 | -47.9% |
| Trade debts | 44 | €148,245 | €345,130 | +€196,885 | +132.8% |
| Suppliers | 440/4 | €148,245 | €345,130 | +€196,885 | +132.8% |
| Advances received on contracts in progress | 46 | €80,035 | €110,661 | +€30,626 | +38.3% |
| Taxes, remuneration and social security | 45 | €90,904 | €99,006 | +€8,102 | +8.9% |
| Taxes | 450/3 | €55,732 | €40,379 | -€15,353 | -27.5% |
| Remuneration and social security | 454/9 | €35,172 | €58,627 | +€23,455 | +66.7% |
| Other amounts payable | 47/48 | €746,039 | €0 | -€746,039 | -100.0% |
| Accrued charges and deferred income | 492/3 | €37,083 | €0 | -€37,083 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €246,690 | €317,871 | +€71,180 | +28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,454 | €66,167 | -€287 | -0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €12,350 | €12,328 | -€22 | -0.2% |
| Non-recurring operating charges | 66A | €7,467 | €0 | -€7,467 | -100.0% |
| Gross operating margin | 9900 | €549,670 | €627,757 | +€78,087 | +14.2% |
| Operating profit (loss) | 9901 | €216,709 | €231,392 | +€14,682 | +6.8% |
| Financial income | 75/76B | €4,587 | €517 | -€4,071 | -88.7% |
| Recurring financial income | 75 | €4,587 | €517 | -€4,071 | -88.7% |
| Financial charges | 65/66B | €63,387 | €36,625 | -€26,763 | -42.2% |
| Recurring financial charges | 65 | €63,387 | €36,625 | -€26,763 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €157,909 | €195,284 | +€37,374 | +23.7% |
| Transfer from deferred taxes | 780 | €745 | €1,033 | +€288 | +38.6% |
| Income taxes | 67/77 | €39,773 | €49,493 | +€9,720 | +24.4% |
| Profit (loss) for the period | 9904 | €118,881 | €146,824 | +€27,942 | +23.5% |
| Transfer from tax-exempt reserves | 789 | €2,235 | €3,098 | +€863 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €121,116 | €149,922 | +€28,806 | +23.8% |
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.