Delta: 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.
What changed
Delta
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€33,259
2024 · €1,208-€34,466
Equity
€1.2m
2024 · €1.2m-€33,259
Cash
€41,479
2024 · €63,495-€22,016
Balance sheet total
€2.2m
2024 · €2.1m+€16,780
Largest movements
Assets
- Stocks and contracts +€42,123
up €42,123 (+2.2%), from €1.9m to €1.9m
- Cash -€22,016
down €22,016 (-34.7%), from €63,495 to €41,479
mainly Investment in fixed assets (net) (-€62,647) and Stocks and contracts (-€42,123)
Equity and liabilities
- Other debts +€85,790
up €85,790 (+20.4%), from €420,452 to €506,242
- Trade debts -€37,463
down €37,463 (-11.3%), from €330,806 to €293,343
- Profit (loss) carried forward -€33,259
down €33,259 (-13.0%), from €255,196 to €221,937
- Debts after one year +€22,987
new in 2025: €22,987
Income statement
- Gross operating margin -€44,700
down €44,700 (-6.0%), from €748,638 to €703,938
- Staff costs +€15,605
up €15,605 (+2.3%), from €668,061 to €683,665
- Financial charges -€7,996
down €7,996 (-26.6%), from €30,052 to €22,056
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
€1,208
Gross operating margin
-€44,700
Staff costs
-€15,605
Depreciation
+€7,036
Write-downs
+€1,828
Other operating charges
+€6,525
Financial income
-€1,541
Financial charges
+€7,996
Taxes
+€3,994
Result 2025
-€33,259
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.
From operations
+€5,636
Investment
-€62,647
Financing
+€34,994
Cash 2024
€63,495
From operations (derived)
+€5,636
Net result for the year
-€33,259
Depreciation
+€45,242
Stocks and contracts
-€42,123
Receivables within one year
+€17,038
Deferred charges and accrued income
+€3,694
Trade debts
-€37,463
Tax, wage and social debts
-€7,030
Advances received
-€14,462
Other debts
+€85,790
Accrued charges and deferred income
-€11,790
Investment (derived)
-€62,647
Investment in fixed assets (net)
-€62,647
Financing
+€34,994
Debts after one year
+€22,987
Current portion of long-term debt
+€12,007
Cash 2025
€41,479
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,144,261 | €2,161,041 | +€16,780 | +0.8% |
| Fixed assets | 21/28 | €133,076 | €150,481 | +€17,405 | +13.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €133,076 | €150,481 | +€17,405 | +13.1% |
| Land and buildings | 22 | - | €6,627 | +€6,627 | |
| Plant, machinery and equipment | 23 | €35,517 | €25,899 | -€9,618 | -27.1% |
| Furniture and vehicles | 24 | €13,991 | €13,837 | -€154 | -1.1% |
| Leasing and similar rights | 25 | - | €36,069 | +€36,069 | |
| Other tangible fixed assets | 26 | €83,568 | €68,049 | -€15,520 | -18.6% |
| Current assets | 29/58 | €2,011,185 | €2,010,561 | -€625 | 0.0% |
| Stocks and contracts in progress | 3 | €1,894,113 | €1,936,237 | +€42,123 | +2.2% |
| Stocks | 30/36 | €1,894,113 | €1,936,237 | +€42,123 | +2.2% |
| Amounts receivable within one year | 40/41 | €40,550 | €23,512 | -€17,038 | -42.0% |
| Trade receivables | 40 | €40,550 | €23,512 | -€17,038 | -42.0% |
| Cash at bank and in hand | 54/58 | €63,495 | €41,479 | -€22,016 | -34.7% |
| Deferred charges and accrued income | 490/1 | €13,027 | €9,334 | -€3,694 | -28.4% |
| Total equity and liabilities | 10/49 | €2,144,261 | €2,161,041 | +€16,780 | +0.8% |
| Equity | 10/15 | €1,212,196 | €1,178,937 | -€33,259 | -2.7% |
| Contributions | 10/11 | €870,000 | €870,000 | = | 0.0% |
| Capital | 10 | €870,000 | €870,000 | = | 0.0% |
| Issued capital | 100 | €870,000 | €870,000 | = | 0.0% |
| Reserves | 13 | €87,000 | €87,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €87,000 | €87,000 | = | 0.0% |
| Legal reserve | 130 | €87,000 | €87,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,196 | €221,937 | -€33,259 | -13.0% |
| Amounts payable | 17/49 | €932,065 | €982,104 | +€50,039 | +5.4% |
| Amounts payable after more than one year | 17 | - | €22,987 | +€22,987 | |
| Financial debts | 170/4 | - | €22,987 | +€22,987 | |
| Amounts payable within one year | 42/48 | €899,766 | €938,608 | +€38,842 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | - | €12,007 | +€12,007 | |
| Trade debts | 44 | €330,806 | €293,343 | -€37,463 | -11.3% |
| Suppliers | 440/4 | €330,806 | €293,343 | -€37,463 | -11.3% |
| Advances received on contracts in progress | 46 | €17,806 | €3,344 | -€14,462 | -81.2% |
| Taxes, remuneration and social security | 45 | €130,702 | €123,673 | -€7,030 | -5.4% |
| Taxes | 450/3 | €12,990 | €17,143 | +€4,153 | +32.0% |
| Remuneration and social security | 454/9 | €117,712 | €106,530 | -€11,182 | -9.5% |
| Other amounts payable | 47/48 | €420,452 | €506,242 | +€85,790 | +20.4% |
| Accrued charges and deferred income | 492/3 | €32,299 | €20,509 | -€11,790 | -36.5% |
| Remuneration, social security and pensions | 62 | €668,061 | €683,665 | +€15,605 | +2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,278 | €45,242 | -€7,036 | -13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,258 | €5,430 | -€1,828 | -25.2% |
| Other operating charges | 640/8 | €34,560 | €28,035 | -€6,525 | -18.9% |
| Gross operating margin | 9900 | €748,638 | €703,938 | -€44,700 | -6.0% |
| Operating profit (loss) | 9901 | -€13,518 | -€58,434 | -€44,916 | -332.3% |
| Financial income | 75/76B | €48,828 | €47,287 | -€1,541 | -3.2% |
| Recurring financial income | 75 | €48,828 | €47,287 | -€1,541 | -3.2% |
| Financial charges | 65/66B | €30,052 | €22,056 | -€7,996 | -26.6% |
| Recurring financial charges | 65 | €30,052 | €22,056 | -€7,996 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €5,259 | -€33,202 | -€38,461 | |
| Income taxes | 67/77 | €4,051 | €56 | -€3,994 | -98.6% |
| Profit (loss) for the period | 9904 | €1,208 | -€33,259 | -€34,466 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,208 | -€33,259 | -€34,466 |
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 5 October 2026 via checked.be.