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
- Tangible fixed assets -€367,399
down €367,399 (-11.9%), from €3.1m to €2.7m
of which Land and buildings: -€344,464
- Cash +€200,513
up €200,513 (+2,187%), from €9,169 to €209,682
mainly Investment in fixed assets (net) (+€250,153) and Depreciation (+€117,246)
- Debts after one year -€100,285
down €100,285 (-8.2%), from €1.2m to €1.1m
- Reserves -€46,238
down €46,238 (-10.8%), from €428,534 to €382,295
of which Tax-exempt reserves: -€46,238
- Profit (loss) carried forward +€33,621
up €33,621 (+91.9%), from -€36,587 to -€2,966
- Other debts -€33,109
down €33,109 (-59.7%), from €55,472 to €22,363
- Gross operating margin -€87,618
down €87,618 (-30.7%), from €285,615 to €197,998
- Financial charges -€73,701
down €73,701 (-86.2%), from €85,523 to €11,822
- Depreciation +€19,671
up €19,671 (+20.2%), from €97,575 to €117,246
- Other operating charges +€11,441
up €11,441 (+45.4%), from €25,173 to €36,614
- Taxes +€10,000
new in 2025: €10,000
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 | €3,108,043 | €2,956,173 | -€151,870 | -4.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €3,098,875 | €2,731,476 | -€367,399 | -11.9% |
| Tangible fixed assets | 22/27 | €3,098,875 | €2,731,476 | -€367,399 | -11.9% |
| Land and buildings | 22 | €3,059,308 | €2,714,844 | -€344,464 | -11.3% |
| Plant, machinery and equipment | 23 | €1,898 | €0 | -€1,898 | -100.0% |
| Furniture and vehicles | 24 | €37,668 | €16,631 | -€21,036 | -55.8% |
| Financial fixed assets | 28 | €0 | €0 | = | |
| Current assets | 29/58 | €9,169 | €224,697 | +€215,529 | +2,351% |
| Amounts receivable within one year | 40/41 | - | €15,015 | +€15,015 | |
| Other amounts receivable | 41 | - | €15,015 | +€15,015 | |
| Cash at bank and in hand | 54/58 | €9,169 | €209,682 | +€200,513 | +2,187% |
| Total equity and liabilities | 10/49 | €3,108,043 | €2,956,173 | -€151,870 | -4.9% |
| Equity | 10/15 | €1,596,315 | €1,583,698 | -€12,617 | -0.8% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | - | €74,368 | +€74,368 | |
| Issued capital | 100 | - | €74,368 | +€74,368 | |
| Revaluation surpluses | 12 | €1,130,000 | €1,130,000 | = | 0.0% |
| Reserves | 13 | €428,534 | €382,295 | -€46,238 | -10.8% |
| Non-distributable reserves | 130/1 | €16,437 | €16,437 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,437 | €7,437 | = | 0.0% |
| Other | 1319 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €354,534 | €308,296 | -€46,238 | -13.0% |
| Distributable reserves | 133 | €57,563 | €57,563 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€36,587 | -€2,966 | +€33,621 | +91.9% |
| Provisions and deferred taxes | 16 | €118,178 | €102,765 | -€15,413 | -13.0% |
| Deferred taxes | 168 | €118,178 | €102,765 | -€15,413 | -13.0% |
| Amounts payable | 17/49 | €1,393,550 | €1,269,710 | -€123,840 | -8.9% |
| Amounts payable after more than one year | 17 | €1,222,062 | €1,121,777 | -€100,285 | -8.2% |
| Financial debts | 170/4 | €1,222,062 | €1,121,777 | -€100,285 | -8.2% |
| Amounts payable within one year | 42/48 | €171,488 | €142,400 | -€29,088 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €112,052 | €95,511 | -€16,542 | -14.8% |
| Trade debts | 44 | €2,605 | €14,597 | +€11,992 | +460% |
| Suppliers | 440/4 | €2,605 | €14,597 | +€11,992 | +460% |
| Taxes, remuneration and social security | 45 | €1,359 | €9,930 | +€8,571 | +631% |
| Taxes | 450/3 | - | €9,930 | +€9,930 | |
| Remuneration and social security | 454/9 | €1,359 | €0 | -€1,359 | -100% |
| Other amounts payable | 47/48 | €55,472 | €22,363 | -€33,109 | -59.7% |
| Accrued charges and deferred income | 492/3 | - | €5,533 | +€5,533 | |
| Non-recurring operating income | 76A | €56,045 | €42,950 | -€13,095 | -23.4% |
| Remuneration, social security and pensions | 62 | €34,206 | €37,778 | +€3,573 | +10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,575 | €117,246 | +€19,671 | +20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,517 | €160 | +€1,677 | |
| Other operating charges | 640/8 | €25,173 | €36,614 | +€11,441 | +45.4% |
| Non-recurring operating charges | 66A | - | €12,421 | +€12,421 | |
| Gross operating margin | 9900 | €285,615 | €197,998 | -€87,618 | -30.7% |
| Operating profit (loss) | 9901 | €130,178 | -€6,222 | -€136,400 | |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €85,523 | €11,822 | -€73,701 | -86.2% |
| Recurring financial charges | 65 | €85,523 | €11,822 | -€73,701 | -86.2% |
| Profit (loss) for the period before taxes | 9903 | €44,656 | -€18,030 | -€62,686 | |
| Transfer from deferred taxes | 780 | - | €15,413 | +€15,413 | |
| Income taxes | 67/77 | - | €10,000 | +€10,000 | |
| Profit (loss) for the period | 9904 | €44,656 | -€12,617 | -€57,273 | |
| Transfer from tax-exempt reserves | 789 | - | €46,238 | +€46,238 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,656 | €33,621 | -€11,035 | -24.7% |
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 25 October 2026 via checked.be.