DELSARD: 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.
DELSARD
Largest movements
- Cash -€4,016
down €4,016 (-99.9%), from €4,021 to €5
mainly Short-term financial debts (-€25,000) and Net result for the year (-€12,870)
- Tangible fixed assets +€2,497
up €2,497 (+15.5%), from €16,153 to €18,650
- Receivables within one year -€856
down €856 (-57.1%), from €1,500 to €644
of which Trade receivables: -€1,166
- Other debts +€36,173
up €36,173 (+78.6%), from €46,024 to €82,197
- Short-term financial debts -€25,000
no longer reported in 2025 (was €25,000)
- Profit (loss) carried forward -€12,870
down €12,870 (-20.3%), from -€63,403 to -€76,274
- Trade debts -€841
no longer reported in 2025 (was €841)
- Financial charges -€3,906
down €3,906 (-97.0%), from €4,029 to €122
- Gross operating margin -€2,924
down €2,924 (-52.6%), from -€5,556 to -€8,480
- Other operating charges +€676
up €676 (+133.0%), from €508 to €1,184
- Depreciation +€194
up €194 (+6.7%), from €2,890 to €3,084
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 | €21,804 | €19,299 | -€2,505 | -11.5% |
| Fixed assets | 21/28 | €16,153 | €18,650 | +€2,497 | +15.5% |
| Tangible fixed assets | 22/27 | €16,153 | €18,650 | +€2,497 | +15.5% |
| Plant, machinery and equipment | 23 | €16,153 | €18,650 | +€2,497 | +15.5% |
| Current assets | 29/58 | €5,651 | €649 | -€5,002 | -88.5% |
| Amounts receivable within one year | 40/41 | €1,500 | €644 | -€856 | -57.1% |
| Trade receivables | 40 | €1,166 | - | -€1,166 | |
| Other amounts receivable | 41 | €334 | €644 | +€310 | +92.7% |
| Cash at bank and in hand | 54/58 | €4,021 | €5 | -€4,016 | -99.9% |
| Deferred charges and accrued income | 490/1 | €130 | - | -€130 | |
| Total equity and liabilities | 10/49 | €21,804 | €19,299 | -€2,505 | -11.5% |
| Equity | 10/15 | -€50,061 | -€62,931 | -€12,870 | -25.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €943 | €943 | = | 0.0% |
| Non-distributable reserves | 130/1 | €943 | €943 | = | 0.0% |
| Reserves not available under the articles | 1311 | €943 | €943 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€63,403 | -€76,274 | -€12,870 | -20.3% |
| Amounts payable | 17/49 | €71,865 | €82,230 | +€10,365 | +14.4% |
| Amounts payable within one year | 42/48 | €71,865 | €82,197 | +€10,332 | +14.4% |
| Financial debts | 43 | €25,000 | - | -€25,000 | |
| Other loans | 439 | €25,000 | - | -€25,000 | |
| Trade debts | 44 | €841 | - | -€841 | |
| Suppliers | 440/4 | €841 | - | -€841 | |
| Other amounts payable | 47/48 | €46,024 | €82,197 | +€36,173 | +78.6% |
| Accrued charges and deferred income | 492/3 | - | €33 | +€33 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,890 | €3,084 | +€194 | +6.7% |
| Other operating charges | 640/8 | €508 | €1,184 | +€676 | +133.0% |
| Gross operating margin | 9900 | -€5,556 | -€8,480 | -€2,924 | -52.6% |
| Operating profit (loss) | 9901 | -€8,954 | -€12,748 | -€3,794 | -42.4% |
| Financial charges | 65/66B | €4,029 | €122 | -€3,906 | -97.0% |
| Recurring financial charges | 65 | €4,029 | €122 | -€3,906 | -97.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,982 | -€12,870 | +€112 | +0.9% |
| Profit (loss) for the period | 9904 | -€12,982 | -€12,870 | +€112 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,982 | -€12,870 | +€112 | +0.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.