DELTA PRODUCT: 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 PRODUCT
Largest movements
- Stocks and contracts -€90,667
down €90,667 (-16.7%), from €544,079 to €453,412
- Receivables within one year +€33,753
up €33,753 (+34.9%), from €96,834 to €130,587
of which Trade receivables: +€41,778
- Tangible fixed assets -€22,295
down €22,295 (-17.2%), from €129,758 to €107,463
of which Plant, machinery and equipment: -€11,164
- Cash -€11,910
down €11,910 (-68.8%), from €17,299 to €5,389
mainly Trade debts (-€77,639) and Receivables within one year (-€33,753)
- Trade debts -€77,639
down €77,639 (-29.6%), from €261,921 to €184,282
- Debts after one year -€13,537
down €13,537 (-27.3%), from €49,555 to €36,018
- Other debts -€12,041
down €12,041 (-2.1%), from €578,161 to €566,120
- Profit (loss) carried forward +€10,023
up €10,023 (+4.7%), from -€214,055 to -€204,032
- Gross operating margin +€13,543
up €13,543 (+7.3%), from €184,823 to €198,367
- Staff costs +€10,956
up €10,956 (+8.0%), from €136,399 to €147,355
- Financial charges -€8,765
down €8,765 (-69.2%), from €12,664 to €3,899
- Depreciation +€3,502
up €3,502 (+10.7%), from €32,870 to €36,372
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 | €801,862 | €711,062 | -€90,800 | -11.3% |
| Fixed assets | 21/28 | €140,364 | €118,069 | -€22,295 | -15.9% |
| Tangible fixed assets | 22/27 | €129,758 | €107,463 | -€22,295 | -17.2% |
| Plant, machinery and equipment | 23 | €64,486 | €53,323 | -€11,164 | -17.3% |
| Furniture and vehicles | 24 | €26,020 | €24,407 | -€1,613 | -6.2% |
| Other tangible fixed assets | 26 | €39,252 | €29,734 | -€9,518 | -24.2% |
| Financial fixed assets | 28 | €10,606 | €10,606 | = | 0.0% |
| Current assets | 29/58 | €661,498 | €592,992 | -€68,505 | -10.4% |
| Stocks and contracts in progress | 3 | €544,079 | €453,412 | -€90,667 | -16.7% |
| Stocks | 30/36 | €544,079 | €453,412 | -€90,667 | -16.7% |
| Amounts receivable within one year | 40/41 | €96,834 | €130,587 | +€33,753 | +34.9% |
| Trade receivables | 40 | €28,282 | €70,059 | +€41,778 | +148% |
| Other amounts receivable | 41 | €68,552 | €60,527 | -€8,025 | -11.7% |
| Cash at bank and in hand | 54/58 | €17,299 | €5,389 | -€11,910 | -68.8% |
| Deferred charges and accrued income | 490/1 | €3,286 | €3,605 | +€318 | +9.7% |
| Total equity and liabilities | 10/49 | €801,862 | €711,062 | -€90,800 | -11.3% |
| Equity | 10/15 | -€123,595 | -€113,572 | +€10,023 | +8.1% |
| Contributions | 10/11 | €88,600 | €88,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€214,055 | -€204,032 | +€10,023 | +4.7% |
| Amounts payable | 17/49 | €925,457 | €824,634 | -€100,823 | -10.9% |
| Amounts payable after more than one year | 17 | €49,555 | €36,018 | -€13,537 | -27.3% |
| Financial debts | 170/4 | €49,555 | €36,018 | -€13,537 | -27.3% |
| Amounts payable within one year | 42/48 | €875,902 | €788,616 | -€87,286 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €17,818 | €20,367 | +€2,550 | +14.3% |
| Trade debts | 44 | €261,921 | €184,282 | -€77,639 | -29.6% |
| Suppliers | 440/4 | €261,921 | €184,282 | -€77,639 | -29.6% |
| Taxes, remuneration and social security | 45 | €18,003 | €17,847 | -€155 | -0.9% |
| Taxes | 450/3 | €3,146 | - | -€3,146 | |
| Remuneration and social security | 454/9 | €14,857 | €17,847 | +€2,990 | +20.1% |
| Other amounts payable | 47/48 | €578,161 | €566,120 | -€12,041 | -2.1% |
| Non-recurring operating income | 76A | - | €22,969 | +€22,969 | |
| Remuneration, social security and pensions | 62 | €136,399 | €147,355 | +€10,956 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,870 | €36,372 | +€3,502 | +10.7% |
| Other operating charges | 640/8 | €1,367 | €959 | -€408 | -29.9% |
| Non-recurring operating charges | 66A | €181,862 | - | -€181,862 | |
| Gross operating margin | 9900 | €184,823 | €198,367 | +€13,543 | +7.3% |
| Operating profit (loss) | 9901 | -€167,674 | €13,681 | +€181,354 | |
| Financial income | 75/76B | €14 | €242 | +€227 | +1,586% |
| Recurring financial income | 75 | €14 | €242 | +€227 | +1,586% |
| Financial charges | 65/66B | €12,664 | €3,899 | -€8,765 | -69.2% |
| Recurring financial charges | 65 | €12,664 | €3,899 | -€8,765 | -69.2% |
| Profit (loss) for the period before taxes | 9903 | -€180,324 | €10,023 | +€190,347 | |
| Income taxes | 67/77 | €128 | - | -€128 | |
| Profit (loss) for the period | 9904 | -€180,452 | €10,023 | +€190,475 | |
| Profit (loss) for the period to be appropriated | 9905 | -€180,452 | €10,023 | +€190,475 |
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 24 October 2026 via checked.be.