DELTA-MANAGEMENT: 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-MANAGEMENT
Largest movements
- Tangible fixed assets +€109,280
up €109,280 (+17.9%), from €611,960 to €721,239
of which Other tangible fixed assets: +€83,655
- Cash +€54,760
up €54,760 (+81.6%), from €67,133 to €121,893
mainly Other debts (+€310,016) and Net result for the year (+€133,039)
- Other debts +€310,016
up €310,016 (+4,468%), from €6,939 to €316,955
- Reserves -€237,332
no longer reported in 2025 (was €237,332)
- Debts after one year +€51,679
up €51,679 (+12.9%), from €402,135 to €453,814
of which Financial debts: +€49,009
- Tax, wage and social debts +€20,847
up €20,847 (+64.1%), from €32,510 to €53,357
- Current portion of long-term debt +€10,082
up €10,082 (+24.6%), from €40,908 to €50,991
- Gross operating margin +€35,617
up €35,617 (+18.9%), from €188,261 to €223,878
- Other operating charges -€20,263
down €20,263 (-54.5%), from €37,211 to €16,948
- Taxes +€9,849
up €9,849 (+34.7%), from €28,360 to €38,209
- Depreciation +€7,196
up €7,196 (+67.5%), from €10,664 to €17,860
- Financial charges +€5,145
up €5,145 (+40.5%), from €12,694 to €17,839
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 | €724,325 | €880,945 | +€156,620 | +21.6% |
| Fixed assets | 21/28 | €611,960 | €721,239 | +€109,280 | +17.9% |
| Tangible fixed assets | 22/27 | €611,960 | €721,239 | +€109,280 | +17.9% |
| Land and buildings | 22 | €136,125 | €161,750 | +€25,625 | +18.8% |
| Other tangible fixed assets | 26 | €475,835 | €559,489 | +€83,655 | +17.6% |
| Current assets | 29/58 | €112,366 | €159,706 | +€47,340 | +42.1% |
| Amounts receivable within one year | 40/41 | €41,789 | €37,668 | -€4,121 | -9.9% |
| Trade receivables | 40 | €30,150 | €24,238 | -€5,912 | -19.6% |
| Other amounts receivable | 41 | €11,640 | €13,431 | +€1,791 | +15.4% |
| Cash at bank and in hand | 54/58 | €67,133 | €121,893 | +€54,760 | +81.6% |
| Deferred charges and accrued income | 490/1 | €3,443 | €145 | -€3,298 | -95.8% |
| Total equity and liabilities | 10/49 | €724,325 | €880,945 | +€156,620 | +21.6% |
| Equity | 10/15 | €239,832 | €2,500 | -€237,332 | -99.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €237,332 | - | -€237,332 | |
| Distributable reserves | 133 | €237,332 | - | -€237,332 | |
| Amounts payable | 17/49 | €484,493 | €878,445 | +€393,953 | +81.3% |
| Amounts payable after more than one year | 17 | €402,135 | €453,814 | +€51,679 | +12.9% |
| Financial debts | 170/4 | €402,135 | €451,144 | +€49,009 | +12.2% |
| Other amounts payable | 178/9 | - | €2,670 | +€2,670 | |
| Amounts payable within one year | 42/48 | €82,358 | €423,691 | +€341,333 | +414% |
| Current portion of amounts payable after more than one year | 42 | €40,908 | €50,991 | +€10,082 | +24.6% |
| Trade debts | 44 | €2,001 | €2,389 | +€388 | +19.4% |
| Suppliers | 440/4 | €2,001 | €2,389 | +€388 | +19.4% |
| Taxes, remuneration and social security | 45 | €32,510 | €53,357 | +€20,847 | +64.1% |
| Taxes | 450/3 | €32,510 | €53,357 | +€20,847 | +64.1% |
| Other amounts payable | 47/48 | €6,939 | €316,955 | +€310,016 | +4,468% |
| Accrued charges and deferred income | 492/3 | - | €940 | +€940 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,664 | €17,860 | +€7,196 | +67.5% |
| Other operating charges | 640/8 | €37,211 | €16,948 | -€20,263 | -54.5% |
| Gross operating margin | 9900 | €188,261 | €223,878 | +€35,617 | +18.9% |
| Operating profit (loss) | 9901 | €140,386 | €189,070 | +€48,684 | +34.7% |
| Financial income | 75/76B | €2,165 | €18 | -€2,147 | -99.2% |
| Recurring financial income | 75 | €2,165 | €18 | -€2,147 | -99.2% |
| Financial charges | 65/66B | €12,694 | €17,839 | +€5,145 | +40.5% |
| Recurring financial charges | 65 | €12,694 | €17,839 | +€5,145 | +40.5% |
| Profit (loss) for the period before taxes | 9903 | €129,857 | €171,249 | +€41,392 | +31.9% |
| Income taxes | 67/77 | €28,360 | €38,209 | +€9,849 | +34.7% |
| Profit (loss) for the period | 9904 | €101,496 | €133,039 | +€31,543 | +31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €101,496 | €133,039 | +€31,543 | +31.1% |
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 17 October 2026 via checked.be.