DELTA - EM: 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 - EM
Largest movements
- Stocks and contracts +€3.2m
new in 2026: €3.2m
- Deferred charges and accrued income +€1.7m
up €1.7m (+3,388%), from €50,855 to €1.8m
- Receivables within one year +€1.1m
up €1.1m (+92.3%), from €1.2m to €2.3m
of which Trade receivables: +€1.9m
- Cash +€650,889
up €650,889 (+289%), from €225,608 to €876,496
mainly Trade debts (+€3.1m) and Accrued charges and deferred income (+€2.2m)
- Receivables after one year -€576,750
no longer reported in 2026 (was €576,750)
- Trade debts +€3.1m
up €3.1m (+654%), from €472,239 to €3.6m
- Accrued charges and deferred income +€2.2m
up €2.2m (+484%), from €445,454 to €2.6m
- Profit (loss) carried forward +€994,399
up €994,399 (+478%), from €208,114 to €1.2m
- Current portion of long-term debt -€180,000
no longer reported in 2026 (was €180,000)
- Gross operating margin +€1.4m
up €1.4m (+433%), from €315,245 to €1.7m
- Staff costs +€547,621
new in 2026: €547,621
- Taxes -€97,962
down €97,962 (-64.9%), from €150,988 to €53,026
- Financial charges +€49,609
up €49,609 (+380%), from €13,043 to €62,652
- Other operating charges +€28,989
up €28,989 (+145%), from €19,970 to €48,958
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,218,434 | €9,319,780 | +€6.1m | +190% |
| Fixed assets | 21/28 | €1,144,000 | €1,165,726 | +€21,726 | +1.9% |
| Tangible fixed assets | 22/27 | - | €21,726 | +€21,726 | |
| Furniture and vehicles | 24 | - | €21,726 | +€21,726 | |
| Financial fixed assets | 28 | €1,144,000 | €1,144,000 | = | 0.0% |
| Current assets | 29/58 | €2,074,434 | €8,154,054 | +€6.1m | +293% |
| Amounts receivable after more than one year | 29 | €576,750 | - | -€576,750 | |
| Other amounts receivable | 291 | €576,750 | - | -€576,750 | |
| Stocks and contracts in progress | 3 | - | €3,155,452 | +€3.2m | |
| Stocks | 30/36 | - | €3,155,452 | +€3.2m | |
| Amounts receivable within one year | 40/41 | €1,221,222 | €2,348,498 | +€1.1m | +92.3% |
| Trade receivables | 40 | €207,524 | €2,112,644 | +€1.9m | +918% |
| Other amounts receivable | 41 | €1,013,697 | €235,854 | -€777,844 | -76.7% |
| Cash at bank and in hand | 54/58 | €225,608 | €876,496 | +€650,889 | +289% |
| Deferred charges and accrued income | 490/1 | €50,855 | €1,773,608 | +€1.7m | +3,388% |
| Total equity and liabilities | 10/49 | €3,218,434 | €9,319,780 | +€6.1m | +190% |
| Equity | 10/15 | €232,315 | €1,226,714 | +€994,399 | +428% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Contributions outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €5,609 | €5,609 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,750 | €3,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,114 | €1,202,513 | +€994,399 | +478% |
| Amounts payable | 17/49 | €2,986,119 | €8,093,066 | +€5.1m | +171% |
| Amounts payable after more than one year | 17 | €1,801,120 | €1,801,120 | = | 0.0% |
| Other amounts payable | 178/9 | €1,801,120 | €1,801,120 | = | 0.0% |
| Amounts payable within one year | 42/48 | €739,545 | €3,690,673 | +€3.0m | +399% |
| Current portion of amounts payable after more than one year | 42 | €180,000 | - | -€180,000 | |
| Trade debts | 44 | €472,239 | €3,558,656 | +€3.1m | +654% |
| Suppliers | 440/4 | €472,239 | €3,558,656 | +€3.1m | +654% |
| Taxes, remuneration and social security | 45 | €87,306 | €132,017 | +€44,711 | +51.2% |
| Taxes | 450/3 | €87,306 | €128,048 | +€40,742 | +46.7% |
| Remuneration and social security | 454/9 | - | €3,969 | +€3,969 | |
| Accrued charges and deferred income | 492/3 | €445,454 | €2,601,273 | +€2.2m | +484% |
| Non-recurring operating income | 76A | €167,080 | - | -€167,080 | |
| Remuneration, social security and pensions | 62 | - | €547,621 | +€547,621 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €8,274 | +€8,274 | |
| Other operating charges | 640/8 | €19,970 | €48,958 | +€28,989 | +145% |
| Gross operating margin | 9900 | €315,245 | €1,679,771 | +€1.4m | +433% |
| Operating profit (loss) | 9901 | €295,276 | €1,074,918 | +€779,643 | +264% |
| Financial income | 75/76B | €23,836 | €35,160 | +€11,324 | +47.5% |
| Recurring financial income | 75 | €23,836 | €35,160 | +€11,324 | +47.5% |
| Financial charges | 65/66B | €13,043 | €62,652 | +€49,609 | +380% |
| Recurring financial charges | 65 | €13,043 | €62,652 | +€49,609 | +380% |
| Profit (loss) for the period before taxes | 9903 | €306,068 | €1,047,426 | +€741,358 | +242% |
| Income taxes | 67/77 | €150,988 | €53,026 | -€97,962 | -64.9% |
| Profit (loss) for the period | 9904 | €155,080 | €994,399 | +€839,320 | +541% |
| Profit (loss) for the period to be appropriated | 9905 | €155,080 | €994,399 | +€839,320 | +541% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.