DELTA PROJECT: 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 PROJECT
Largest movements
- Cash -€203,687
down €203,687 (-82.1%), from €248,011 to €44,325
mainly Current investments (-€175,627) and Investment in fixed assets (net) (-€87,738)
- Current investments +€175,627
up €175,627 (+82.7%), from €212,279 to €387,906
- Tangible fixed assets +€58,481
up €58,481 (+7.6%), from €769,353 to €827,834
of which Furniture and vehicles: +€43,915
- Receivables within one year -€15,148
down €15,148 (-33.7%), from €44,993 to €29,845
of which Trade receivables: -€22,875
- Reserves +€49,986
up €49,986 (+6.8%), from €733,005 to €782,991
of which Distributable reserves: +€56,492
- Current portion of long-term debt -€43,745
down €43,745 (-85.1%), from €51,398 to €7,653
- Tax, wage and social debts -€27,022
down €27,022 (-82.7%), from €32,687 to €5,665
of which Taxes: -€24,542
- Debts after one year +€26,663
up €26,663, from €0 to €26,663
- Accrued charges and deferred income +€15,898
up €15,898 (+61.6%), from €25,793 to €41,691
- Gross operating margin -€12,283
down €12,283 (-10.6%), from €115,984 to €103,701
- Financial income +€5,211
up €5,211 (+205.6%), from €2,534 to €7,746
- Taxes -€4,999
down €4,999 (-18.6%), from €26,930 to €21,931
- Financial charges +€3,826
up €3,826 (+234.4%), from €1,632 to €5,458
- Depreciation +€2,994
up €2,994 (+11.4%), from €26,263 to €29,257
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,277,924 | €1,292,321 | +€14,397 | +1.1% |
| Fixed assets | 21/28 | €769,353 | €827,834 | +€58,481 | +7.6% |
| Tangible fixed assets | 22/27 | €769,353 | €827,834 | +€58,481 | +7.6% |
| Land and buildings | 22 | €769,013 | €783,826 | +€14,813 | +1.9% |
| Plant, machinery and equipment | 23 | €339 | €92 | -€247 | -72.9% |
| Furniture and vehicles | 24 | €0 | €43,915 | +€43,915 | |
| Current assets | 29/58 | €508,571 | €464,487 | -€44,084 | -8.7% |
| Amounts receivable within one year | 40/41 | €44,993 | €29,845 | -€15,148 | -33.7% |
| Trade receivables | 40 | €44,993 | €22,117 | -€22,875 | -50.8% |
| Other amounts receivable | 41 | €0 | €7,727 | +€7,727 | |
| Current investments | 50/53 | €212,279 | €387,906 | +€175,627 | +82.7% |
| Cash at bank and in hand | 54/58 | €248,011 | €44,325 | -€203,687 | -82.1% |
| Deferred charges and accrued income | 490/1 | €3,288 | €2,412 | -€876 | -26.7% |
| Total equity and liabilities | 10/49 | €1,277,924 | €1,292,321 | +€14,397 | +1.1% |
| Equity | 10/15 | €961,176 | €1,011,162 | +€49,986 | +5.2% |
| Contributions | 10/11 | €120,228 | €120,228 | = | 0.0% |
| Capital | 10 | €120,228 | €120,228 | = | 0.0% |
| Issued capital | 100 | €120,228 | €120,228 | = | 0.0% |
| Reserves | 13 | €733,005 | €782,991 | +€49,986 | +6.8% |
| Non-distributable reserves | 130/1 | €12,023 | €12,023 | = | 0.0% |
| Legal reserve | 130 | €12,023 | €12,023 | = | 0.0% |
| Tax-exempt reserves | 132 | €177,813 | €171,308 | -€6,505 | -3.7% |
| Distributable reserves | 133 | €543,169 | €599,661 | +€56,492 | +10.4% |
| Profit (loss) carried forward | 14 | €107,943 | €107,943 | = | 0.0% |
| Provisions and deferred taxes | 16 | €91,560 | €88,210 | -€3,350 | -3.7% |
| Deferred taxes | 168 | €91,560 | €88,210 | -€3,350 | -3.7% |
| Amounts payable | 17/49 | €225,188 | €192,948 | -€32,240 | -14.3% |
| Amounts payable after more than one year | 17 | €0 | €26,663 | +€26,663 | |
| Financial debts | 170/4 | €0 | €26,663 | +€26,663 | |
| Amounts payable within one year | 42/48 | €199,395 | €124,594 | -€74,801 | -37.5% |
| Current portion of amounts payable after more than one year | 42 | €51,398 | €7,653 | -€43,745 | -85.1% |
| Trade debts | 44 | €1,133 | €1,294 | +€161 | +14.2% |
| Suppliers | 440/4 | €1,133 | €1,294 | +€161 | +14.2% |
| Taxes, remuneration and social security | 45 | €32,687 | €5,665 | -€27,022 | -82.7% |
| Taxes | 450/3 | €30,207 | €5,665 | -€24,542 | -81.2% |
| Remuneration and social security | 454/9 | €2,480 | €0 | -€2,480 | -100.0% |
| Other amounts payable | 47/48 | €114,177 | €109,983 | -€4,194 | -3.7% |
| Accrued charges and deferred income | 492/3 | €25,793 | €41,691 | +€15,898 | +61.6% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,263 | €29,257 | +€2,994 | +11.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €6,539 | €8,165 | +€1,625 | +24.8% |
| Gross operating margin | 9900 | €115,984 | €103,701 | -€12,283 | -10.6% |
| Operating profit (loss) | 9901 | €83,182 | €66,280 | -€16,902 | -20.3% |
| Financial income | 75/76B | €2,534 | €7,746 | +€5,211 | +205.6% |
| Recurring financial income | 75 | €2,534 | €7,746 | +€5,211 | +205.6% |
| Financial charges | 65/66B | €1,632 | €5,458 | +€3,826 | +234.4% |
| Recurring financial charges | 65 | €1,632 | €5,458 | +€3,826 | +234.4% |
| Profit (loss) for the period before taxes | 9903 | €84,084 | €68,567 | -€15,517 | -18.5% |
| Transfer from deferred taxes | 780 | €3,350 | €3,350 | = | 0.0% |
| Income taxes | 67/77 | €26,930 | €21,931 | -€4,999 | -18.6% |
| Profit (loss) for the period | 9904 | €60,504 | €49,986 | -€10,518 | -17.4% |
| Transfer from tax-exempt reserves | 789 | €6,505 | €6,505 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €67,009 | €56,492 | -€10,518 | -15.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.