DELTA - ALPHA: 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.
DELTA - ALPHA
Largest movements
- Tangible fixed assets -€1.8m
no longer reported in 2025 (was €1.8m)
of which Leasing and similar rights: -€1.6m
- Receivables after one year +€600,000
new in 2025: €600,000
- Deferred charges and accrued income -€35,427
no longer reported in 2025 (was €35,427)
- Receivables within one year -€23,974
down €23,974 (-60.0%), from €39,968 to €15,994
of which Other amounts receivable: -€30,537
- Debts after one year -€1.4m
no longer reported in 2025 (was €1.4m)
- Current portion of long-term debt -€967,843
no longer reported in 2025 (was €967,843)
- Profit (loss) carried forward +€917,174
up €917,174 (+67.0%), from -€1.4m to -€452,222
- Other debts +€465,933
up €465,933 (+85.7%), from €543,658 to €1.0m
- Trade debts -€291,336
down €291,336 (-88.0%), from €330,985 to €39,649
- Gross operating margin +€799,532
up €799,532 (+282.5%), from €283,059 to €1.1m
- Depreciation -€205,616
no longer reported in 2025 (was €205,616)
- Other operating charges -€90,536
down €90,536 (-39.2%), from €230,967 to €140,431
- Financial charges -€37,100
down €37,100 (-59.8%), from €62,085 to €24,986
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 | €1,966,659 | €663,187 | -€1.3m | -66.3% |
| Fixed assets | 21/28 | €1,835,115 | - | -€1.8m | |
| Tangible fixed assets | 22/27 | €1,835,115 | - | -€1.8m | |
| Leasing and similar rights | 25 | €1,593,820 | - | -€1.6m | |
| Other tangible fixed assets | 26 | €241,294 | - | -€241,294 | |
| Current assets | 29/58 | €131,544 | €663,187 | +€531,643 | +404.2% |
| Amounts receivable after more than one year | 29 | - | €600,000 | +€600,000 | |
| Other amounts receivable | 291 | - | €600,000 | +€600,000 | |
| Amounts receivable within one year | 40/41 | €39,968 | €15,994 | -€23,974 | -60.0% |
| Trade receivables | 40 | €9,432 | €15,994 | +€6,562 | +69.6% |
| Other amounts receivable | 41 | €30,537 | - | -€30,537 | |
| Cash at bank and in hand | 54/58 | €56,149 | €47,193 | -€8,956 | -15.9% |
| Deferred charges and accrued income | 490/1 | €35,427 | - | -€35,427 | |
| Total equity and liabilities | 10/49 | €1,966,659 | €663,187 | -€1.3m | -66.3% |
| Equity | 10/15 | -€1,306,265 | -€389,091 | +€917,174 | +70.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,131 | €1,131 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,131 | €1,131 | = | 0.0% |
| Legal reserve | 130 | €1,131 | €1,131 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,369,396 | -€452,222 | +€917,174 | +67.0% |
| Amounts payable | 17/49 | €3,272,924 | €1,052,278 | -€2.2m | -67.8% |
| Amounts payable after more than one year | 17 | €1,425,000 | - | -€1.4m | |
| Other amounts payable | 178/9 | €1,425,000 | - | -€1.4m | |
| Amounts payable within one year | 42/48 | €1,847,924 | €1,052,278 | -€795,646 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €967,843 | - | -€967,843 | |
| Trade debts | 44 | €330,985 | €39,649 | -€291,336 | -88.0% |
| Suppliers | 440/4 | €330,985 | €39,649 | -€291,336 | -88.0% |
| Taxes, remuneration and social security | 45 | €5,438 | €3,038 | -€2,400 | -44.1% |
| Taxes | 450/3 | €5,438 | €3,038 | -€2,400 | -44.1% |
| Other amounts payable | 47/48 | €543,658 | €1,009,591 | +€465,933 | +85.7% |
| Non-recurring operating income | 76A | - | €1,514,885 | +€1.5m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €205,616 | - | -€205,616 | |
| Other operating charges | 640/8 | €230,967 | €140,431 | -€90,536 | -39.2% |
| Gross operating margin | 9900 | €283,059 | €1,082,591 | +€799,532 | +282.5% |
| Operating profit (loss) | 9901 | -€153,525 | €942,160 | +€1.1m | |
| Financial income | 75/76B | €256 | - | -€256 | |
| Recurring financial income | 75 | €256 | - | -€256 | |
| Financial charges | 65/66B | €62,085 | €24,986 | -€37,100 | -59.8% |
| Recurring financial charges | 65 | €62,085 | €24,986 | -€37,100 | -59.8% |
| Profit (loss) for the period before taxes | 9903 | -€215,355 | €917,174 | +€1.1m | |
| Profit (loss) for the period | 9904 | -€215,355 | €917,174 | +€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | -€215,355 | €917,174 | +€1.1m |
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 8 October 2026 via checked.be.