DELTA: 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.
DELTA
Largest movements
- Receivables after one year -€77,893
down €77,893 (-23.7%), from €328,138 to €250,244
- Cash +€51,190
up €51,190 (+48.4%), from €105,837 to €157,027
mainly Receivables after one year (+€77,893) and Receivables within one year (+€17,364)
- Receivables within one year -€17,364
down €17,364 (-9.5%), from €183,232 to €165,868
of which Trade receivables: -€15,196
- Tangible fixed assets -€12,500
down €12,500 (-29.8%), from €41,908 to €29,408
of which Leasing and similar rights: -€8,240
- Other debts -€21,490
down €21,490 (-42.8%), from €50,236 to €28,746
- Reserves -€13,963
down €13,963 (-27.1%), from €51,430 to €37,467
of which Distributable reserves: -€13,963
- Gross operating margin +€7,129
up €7,129 (+20.8%), from €34,202 to €41,331
- Financial charges -€5,852
down €5,852 (-22.0%), from €26,598 to €20,745
- Other operating charges -€3,048
down €3,048 (-12.7%), from €24,038 to €20,990
- Financial income +€693
up €693 (+1869.1%), from €37 to €730
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 | €659,878 | €603,355 | -€56,522 | -8.6% |
| Fixed assets | 21/28 | €41,908 | €29,408 | -€12,500 | -29.8% |
| Tangible fixed assets | 22/27 | €41,908 | €29,408 | -€12,500 | -29.8% |
| Furniture and vehicles | 24 | €4,602 | €4,049 | -€553 | -12.0% |
| Leasing and similar rights | 25 | €20,634 | €12,394 | -€8,240 | -39.9% |
| Other tangible fixed assets | 26 | €16,672 | €12,965 | -€3,706 | -22.2% |
| Current assets | 29/58 | €617,970 | €573,947 | -€44,023 | -7.1% |
| Amounts receivable after more than one year | 29 | €328,138 | €250,244 | -€77,893 | -23.7% |
| Trade receivables | 290 | €328,138 | €250,244 | -€77,893 | -23.7% |
| Amounts receivable within one year | 40/41 | €183,232 | €165,868 | -€17,364 | -9.5% |
| Trade receivables | 40 | €180,477 | €165,281 | -€15,196 | -8.4% |
| Other amounts receivable | 41 | €2,755 | €587 | -€2,168 | -78.7% |
| Cash at bank and in hand | 54/58 | €105,837 | €157,027 | +€51,190 | +48.4% |
| Deferred charges and accrued income | 490/1 | €763 | €807 | +€45 | +5.8% |
| Total equity and liabilities | 10/49 | €659,878 | €603,355 | -€56,522 | -8.6% |
| Equity | 10/15 | €301,430 | €287,467 | -€13,963 | -4.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €51,430 | €37,467 | -€13,963 | -27.1% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €21,430 | €7,467 | -€13,963 | -65.2% |
| Amounts payable | 17/49 | €358,447 | €315,888 | -€42,559 | -11.9% |
| Amounts payable after more than one year | 17 | €264,392 | €259,000 | -€5,392 | -2.0% |
| Financial debts | 170/4 | €264,392 | €259,000 | -€5,392 | -2.0% |
| Amounts payable within one year | 42/48 | €66,686 | €34,838 | -€31,848 | -47.8% |
| Current portion of amounts payable after more than one year | 42 | €10,560 | €5,392 | -€5,167 | -48.9% |
| Trade debts | 44 | €5,890 | €700 | -€5,191 | -88.1% |
| Suppliers | 440/4 | €5,890 | €700 | -€5,191 | -88.1% |
| Other amounts payable | 47/48 | €50,236 | €28,746 | -€21,490 | -42.8% |
| Accrued charges and deferred income | 492/3 | €27,369 | €22,050 | -€5,319 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,062 | €14,156 | +€94 | +0.7% |
| Other operating charges | 640/8 | €24,038 | €20,990 | -€3,048 | -12.7% |
| Gross operating margin | 9900 | €34,202 | €41,331 | +€7,129 | +20.8% |
| Operating profit (loss) | 9901 | -€3,898 | €6,184 | +€10,083 | |
| Financial income | 75/76B | €37 | €730 | +€693 | +1869.1% |
| Recurring financial income | 75 | €37 | €730 | +€693 | +1869.1% |
| Financial charges | 65/66B | €26,598 | €20,745 | -€5,852 | -22.0% |
| Recurring financial charges | 65 | €26,598 | €20,745 | -€5,852 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | -€30,459 | -€13,831 | +€16,628 | +54.6% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€30,587 | -€13,963 | +€16,624 | +54.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,587 | -€13,963 | +€16,624 | +54.4% |
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 10 October 2026 via checked.be.