DELTA HENA: 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 HENA
Largest movements
- Current investments +€54,841
up €54,841 (+48.4%), from €113,234 to €168,075
- Cash -€39,167
down €39,167 (-47.2%), from €82,960 to €43,793
mainly Trade debts (-€73,279) and Current investments (-€54,841)
- Receivables within one year -€39,089
down €39,089 (-68.7%), from €56,934 to €17,845
of which Other amounts receivable: -€35,084
- Stocks and contracts +€8,720
up €8,720 (+65.1%), from €13,387 to €22,107
- Tangible fixed assets -€7,814
down €7,814 (-7.3%), from €107,208 to €99,394
of which Plant, machinery and equipment: -€15,907
- Trade debts -€73,279
down €73,279 (-71.5%), from €102,517 to €29,238
- Debts after one year +€40,358
new in 2025: €40,358
- Tax, wage and social debts -€39,426
down €39,426 (-47.5%), from €83,069 to €43,642
of which Remuneration and social security: -€42,780
- Reserves +€19,183
up €19,183 (+16.3%), from €117,391 to €136,574
- Current portion of long-term debt +€17,880
up €17,880 (+514%), from €3,480 to €21,360
- Gross operating margin +€82,231
up €82,231 (+29.8%), from €275,679 to €357,910
- Staff costs +€43,127
up €43,127 (+18.9%), from €228,657 to €271,784
- Financial charges +€11,200
up €11,200 (+90.1%), from €12,434 to €23,634
- Depreciation +€8,436
up €8,436 (+33.5%), from €25,216 to €33,652
- Taxes +€4,119
up €4,119 (+1,189%), from €346 to €4,465
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 | €380,672 | €357,369 | -€23,302 | -6.1% |
| Fixed assets | 21/28 | €107,208 | €99,394 | -€7,814 | -7.3% |
| Tangible fixed assets | 22/27 | €107,208 | €99,394 | -€7,814 | -7.3% |
| Plant, machinery and equipment | 23 | €100,474 | €84,566 | -€15,907 | -15.8% |
| Furniture and vehicles | 24 | €6,735 | €4,723 | -€2,012 | -29.9% |
| Assets under construction and advance payments | 27 | - | €10,105 | +€10,105 | |
| Current assets | 29/58 | €273,463 | €257,975 | -€15,488 | -5.7% |
| Stocks and contracts in progress | 3 | €13,387 | €22,107 | +€8,720 | +65.1% |
| Stocks | 30/36 | €13,387 | €22,107 | +€8,720 | +65.1% |
| Amounts receivable within one year | 40/41 | €56,934 | €17,845 | -€39,089 | -68.7% |
| Trade receivables | 40 | €9,338 | €5,333 | -€4,005 | -42.9% |
| Other amounts receivable | 41 | €47,596 | €12,512 | -€35,084 | -73.7% |
| Current investments | 50/53 | €113,234 | €168,075 | +€54,841 | +48.4% |
| Cash at bank and in hand | 54/58 | €82,960 | €43,793 | -€39,167 | -47.2% |
| Deferred charges and accrued income | 490/1 | €6,948 | €6,156 | -€792 | -11.4% |
| Total equity and liabilities | 10/49 | €380,672 | €357,369 | -€23,302 | -6.1% |
| Equity | 10/15 | €123,591 | €142,774 | +€19,183 | +15.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €117,391 | €136,574 | +€19,183 | +16.3% |
| Distributable reserves | 133 | €117,391 | €136,574 | +€19,183 | +16.3% |
| Amounts payable | 17/49 | €257,081 | €214,595 | -€42,486 | -16.5% |
| Amounts payable after more than one year | 17 | - | €40,358 | +€40,358 | |
| Financial debts | 170/4 | - | €40,358 | +€40,358 | |
| Amounts payable within one year | 42/48 | €253,427 | €171,894 | -€81,533 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €3,480 | €21,360 | +€17,880 | +514% |
| Trade debts | 44 | €102,517 | €29,238 | -€73,279 | -71.5% |
| Suppliers | 440/4 | €102,517 | €29,238 | -€73,279 | -71.5% |
| Advances received on contracts in progress | 46 | €3,622 | €0 | -€3,622 | -100% |
| Taxes, remuneration and social security | 45 | €83,069 | €43,642 | -€39,426 | -47.5% |
| Taxes | 450/3 | €3,236 | €6,590 | +€3,354 | +104% |
| Remuneration and social security | 454/9 | €79,832 | €37,052 | -€42,780 | -53.6% |
| Other amounts payable | 47/48 | €60,739 | €77,653 | +€16,914 | +27.8% |
| Accrued charges and deferred income | 492/3 | €3,653 | €2,344 | -€1,310 | -35.9% |
| Non-recurring operating income | 76A | - | €60 | +€60 | |
| Remuneration, social security and pensions | 62 | €228,657 | €271,784 | +€43,127 | +18.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,216 | €33,652 | +€8,436 | +33.5% |
| Other operating charges | 640/8 | €9,722 | €9,760 | +€38 | +0.4% |
| Gross operating margin | 9900 | €275,679 | €357,910 | +€82,231 | +29.8% |
| Operating profit (loss) | 9901 | €12,084 | €42,714 | +€30,630 | +253% |
| Financial income | 75/76B | €4,161 | €4,569 | +€408 | +9.8% |
| Recurring financial income | 75 | €4,161 | €4,569 | +€408 | +9.8% |
| Financial charges | 65/66B | €12,434 | €23,634 | +€11,200 | +90.1% |
| Recurring financial charges | 65 | €12,434 | €23,634 | +€11,200 | +90.1% |
| Profit (loss) for the period before taxes | 9903 | €3,811 | €23,649 | +€19,838 | +521% |
| Income taxes | 67/77 | €346 | €4,465 | +€4,119 | +1,189% |
| Profit (loss) for the period | 9904 | €3,465 | €19,183 | +€15,719 | +454% |
| Profit (loss) for the period to be appropriated | 9905 | €3,465 | €19,183 | +€15,719 | +454% |
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 18 October 2026 via checked.be.