Delta i: 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 i
Largest movements
- Tangible fixed assets +€704,752
up €704,752 (+25.7%), from €2.7m to €3.4m
of which Land and buildings: +€513,519
- Receivables within one year +€277,480
up €277,480 (+53.6%), from €517,918 to €795,398
of which Trade receivables: +€279,366
- Current portion of long-term debt +€588,645
new in 2025: €588,645
- Trade debts +€269,063
up €269,063 (+145.9%), from €184,363 to €453,426
- Debts after one year +€268,818
up €268,818 (+38.3%), from €702,686 to €971,504
- Reserves -€161,624
down €161,624 (-6.3%), from €2.5m to €2.4m
of which Distributable reserves: -€159,658
- Profit (loss) carried forward +€80,305
up €80,305, from -€80,305 to €0
- Taxes -€48,320
down €48,320 (-61.6%), from €78,490 to €30,169
- Gross operating margin -€47,468
down €47,468 (-17.1%), from €277,600 to €230,132
- Staff costs -€38,795
down €38,795 (-43.2%), from €89,901 to €51,106
- Other operating charges +€25,394
up €25,394 (+93.7%), from €27,098 to €52,491
- Financial income -€11,684
down €11,684 (-77.0%), from €15,174 to €3,490
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 | €3,700,436 | €4,671,260 | +€970,825 | +26.2% |
| Fixed assets | 21/28 | €2,761,927 | €3,473,809 | +€711,882 | +25.8% |
| Tangible fixed assets | 22/27 | €2,740,138 | €3,444,890 | +€704,752 | +25.7% |
| Land and buildings | 22 | €2,123,348 | €2,636,867 | +€513,519 | +24.2% |
| Plant, machinery and equipment | 23 | €604,037 | €808,023 | +€203,987 | +33.8% |
| Furniture and vehicles | 24 | €12,753 | €0 | -€12,753 | -100.0% |
| Financial fixed assets | 28 | €21,789 | €28,919 | +€7,130 | +32.7% |
| Current assets | 29/58 | €938,509 | €1,197,451 | +€258,942 | +27.6% |
| Amounts receivable within one year | 40/41 | €517,918 | €795,398 | +€277,480 | +53.6% |
| Trade receivables | 40 | €168,877 | €448,243 | +€279,366 | +165.4% |
| Other amounts receivable | 41 | €349,041 | €347,156 | -€1,886 | -0.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €417,190 | €401,703 | -€15,487 | -3.7% |
| Deferred charges and accrued income | 490/1 | €3,401 | €350 | -€3,051 | -89.7% |
| Total equity and liabilities | 10/49 | €3,700,436 | €4,671,260 | +€970,825 | +26.2% |
| Equity | 10/15 | €2,486,114 | €2,404,795 | -€81,319 | -3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,547,819 | €2,386,195 | -€161,624 | -6.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,773 | €7,807 | -€1,966 | -20.1% |
| Distributable reserves | 133 | €2,536,186 | €2,376,528 | -€159,658 | -6.3% |
| Profit (loss) carried forward | 14 | -€80,305 | €0 | +€80,305 | |
| Provisions and deferred taxes | 16 | €157,499 | €156,487 | -€1,013 | -0.6% |
| Provisions for liabilities and charges | 160/5 | €152,471 | €152,471 | = | 0.0% |
| Pensions and similar obligations | 160 | €152,471 | €152,471 | = | 0.0% |
| Deferred taxes | 168 | €5,028 | €4,016 | -€1,013 | -20.1% |
| Amounts payable | 17/49 | €1,056,823 | €2,109,979 | +€1.1m | +99.7% |
| Amounts payable after more than one year | 17 | €702,686 | €971,504 | +€268,818 | +38.3% |
| Financial debts | 170/4 | €702,686 | €971,504 | +€268,818 | +38.3% |
| Amounts payable within one year | 42/48 | €353,929 | €1,137,612 | +€783,683 | +221.4% |
| Current portion of amounts payable after more than one year | 42 | - | €588,645 | +€588,645 | |
| Trade debts | 44 | €184,363 | €453,426 | +€269,063 | +145.9% |
| Suppliers | 440/4 | €184,363 | €453,426 | +€269,063 | +145.9% |
| Taxes, remuneration and social security | 45 | €33,692 | €22,955 | -€10,737 | -31.9% |
| Taxes | 450/3 | €17,755 | €22,955 | +€5,200 | +29.3% |
| Remuneration and social security | 454/9 | €15,937 | €0 | -€15,937 | -100.0% |
| Other amounts payable | 47/48 | €135,874 | €72,587 | -€63,287 | -46.6% |
| Accrued charges and deferred income | 492/3 | €208 | €862 | +€654 | +314.9% |
| Non-recurring operating income | 76A | - | €18,831 | +€18,831 | |
| Remuneration, social security and pensions | 62 | €89,901 | €51,106 | -€38,795 | -43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €144,592 | €146,588 | +€1,996 | +1.4% |
| Other operating charges | 640/8 | €27,098 | €52,491 | +€25,394 | +93.7% |
| Gross operating margin | 9900 | €277,600 | €230,132 | -€47,468 | -17.1% |
| Operating profit (loss) | 9901 | €16,010 | -€20,052 | -€36,062 | |
| Financial income | 75/76B | €15,174 | €3,490 | -€11,684 | -77.0% |
| Recurring financial income | 75 | €15,174 | €3,490 | -€11,684 | -77.0% |
| Financial charges | 65/66B | €35,978 | €35,600 | -€378 | -1.1% |
| Recurring financial charges | 65 | €35,978 | €35,600 | -€378 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,793 | -€52,162 | -€47,368 | -988.2% |
| Transfer from deferred taxes | 780 | €1,013 | €1,013 | = | 0.0% |
| Income taxes | 67/77 | €78,490 | €30,169 | -€48,320 | -61.6% |
| Profit (loss) for the period | 9904 | -€82,271 | -€81,319 | +€952 | +1.2% |
| Transfer from tax-exempt reserves | 789 | €1,966 | €1,966 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€80,305 | -€79,353 | +€952 | +1.2% |
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 4 October 2026 via checked.be.