Delta 11: 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.
What changed
Delta 11
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€32,648
2024 · €1.5m-€1.5m
Equity
€10.3m
2024 · €10.3m+€32,648
Cash
€90,706
2024 · €35,789+€54,917
Balance sheet total
€10.5m
2024 · €11.1m-€653,262
Largest movements
Assets
- Receivables within one year -€704,430
down €704,430 (-40.2%), from €1.8m to €1.0m
of which Other amounts receivable: -€704,430
Equity and liabilities
- Other debts -€500,387
down €500,387 (-98.1%), from €510,069 to €9,683
- Trade debts -€179,184
down €179,184 (-75.6%), from €237,088 to €57,905
Income statement
- Financial income -€1.5m
down €1.5m (-96.6%), from €1.5m to €50,750
- Staff costs +€71,785
up €71,785 (+42.1%), from €170,477 to €242,262
- Gross operating margin +€49,229
up €49,229 (+23.1%), from €212,698 to €261,927
- Taxes -€11,951
down €11,951 (-42.9%), from €27,862 to €15,911
- Depreciation +€9,226
up €9,226 (+708%), from €1,304 to €10,530
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
€1.5m
Gross operating margin
+€49,229
Staff costs
-€71,785
Depreciation
-€9,226
Other operating charges
-€5,003
Financial income
-€1.5m
Financial charges
-€859
Taxes
+€11,951
Result 2025
€32,648
raises the resultlowers the result
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.
From operations
+€62,511
Investment
-€43,695
Financing
+€36,100
Cash 2024
€35,789
From operations (derived)
+€62,511
Net result for the year
+€32,648
Depreciation
+€10,530
Receivables within one year
+€704,430
Deferred charges and accrued income
+€36,914
Trade debts
-€179,184
Tax, wage and social debts
-€42,611
Other debts
-€500,387
Accrued charges and deferred income
+€171
Investment (derived)
-€43,695
Investment in fixed assets (net)
-€43,695
Financing
+€36,100
Debts after one year
+€28,160
Current portion of long-term debt
+€7,940
Cash 2025
€90,706
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,110,622 | €10,457,360 | -€653,262 | -5.9% |
| Fixed assets | 21/28 | €5,224,458 | €5,257,623 | +€33,165 | +0.6% |
| Tangible fixed assets | 22/27 | €13,542 | €46,707 | +€33,165 | +245% |
| Furniture and vehicles | 24 | €4,158 | €2,660 | -€1,498 | -36.0% |
| Leasing and similar rights | 25 | - | €35,363 | +€35,363 | |
| Other tangible fixed assets | 26 | €9,384 | €8,684 | -€700 | -7.5% |
| Financial fixed assets | 28 | €5,210,916 | €5,210,916 | = | 0.0% |
| Current assets | 29/58 | €5,886,164 | €5,199,737 | -€686,427 | -11.7% |
| Amounts receivable after more than one year | 29 | €4,060,000 | €4,060,000 | = | 0.0% |
| Other amounts receivable | 291 | €4,060,000 | €4,060,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,750,427 | €1,045,997 | -€704,430 | -40.2% |
| Trade receivables | 40 | €235,775 | €235,775 | = | 0.0% |
| Other amounts receivable | 41 | €1,514,651 | €810,221 | -€704,430 | -46.5% |
| Cash at bank and in hand | 54/58 | €35,789 | €90,706 | +€54,917 | +153% |
| Deferred charges and accrued income | 490/1 | €39,948 | €3,034 | -€36,914 | -92.4% |
| Total equity and liabilities | 10/49 | €11,110,622 | €10,457,360 | -€653,262 | -5.9% |
| Equity | 10/15 | €10,261,566 | €10,294,214 | +€32,648 | +0.3% |
| Contributions | 10/11 | €1,018,600 | €1,018,600 | = | 0.0% |
| Reserves | 13 | €9,242,966 | €9,275,614 | +€32,648 | +0.4% |
| Distributable reserves | 133 | €9,242,966 | €9,275,614 | +€32,648 | +0.4% |
| Amounts payable | 17/49 | €849,056 | €163,146 | -€685,909 | -80.8% |
| Amounts payable after more than one year | 17 | - | €28,160 | +€28,160 | |
| Financial debts | 170/4 | - | €28,160 | +€28,160 | |
| Amounts payable within one year | 42/48 | €848,330 | €134,089 | -€714,241 | -84.2% |
| Current portion of amounts payable after more than one year | 42 | - | €7,940 | +€7,940 | |
| Trade debts | 44 | €237,088 | €57,905 | -€179,184 | -75.6% |
| Suppliers | 440/4 | €237,088 | €57,905 | -€179,184 | -75.6% |
| Advances received on contracts in progress | 46 | €553 | €553 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €100,620 | €58,009 | -€42,611 | -42.3% |
| Taxes | 450/3 | €64,553 | €11,127 | -€53,426 | -82.8% |
| Remuneration and social security | 454/9 | €36,067 | €46,882 | +€10,815 | +30.0% |
| Other amounts payable | 47/48 | €510,069 | €9,683 | -€500,387 | -98.1% |
| Accrued charges and deferred income | 492/3 | €726 | €897 | +€171 | +23.6% |
| Remuneration, social security and pensions | 62 | €170,477 | €242,262 | +€71,785 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,304 | €10,530 | +€9,226 | +708% |
| Other operating charges | 640/8 | €2,107 | €7,109 | +€5,003 | +237% |
| Gross operating margin | 9900 | €212,698 | €261,927 | +€49,229 | +23.1% |
| Operating profit (loss) | 9901 | €38,810 | €2,025 | -€36,785 | -94.8% |
| Financial income | 75/76B | €1,505,295 | €50,750 | -€1.5m | -96.6% |
| Recurring financial income | 75 | €1,505,295 | €50,750 | -€1.5m | -96.6% |
| Financial charges | 65/66B | €3,358 | €4,217 | +€859 | +25.6% |
| Recurring financial charges | 65 | €3,358 | €4,217 | +€859 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €1,540,748 | €48,558 | -€1.5m | -96.8% |
| Income taxes | 67/77 | €27,862 | €15,911 | -€11,951 | -42.9% |
| Profit (loss) for the period | 9904 | €1,512,886 | €32,648 | -€1.5m | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,512,886 | €32,648 | -€1.5m | -97.8% |
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 17 October 2026 via checked.be.