DELTA-RAAD: 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-RAAD
Largest movements
- Cash +€101,989
up €101,989 (+29.7%), from €343,642 to €445,631
mainly Net result for the year (+€129,817) and Other debts (+€84,575)
- Receivables within one year +€100,944
up €100,944 (+65.5%), from €154,058 to €255,003
of which Trade receivables: +€88,318
- Tangible fixed assets -€18,829
down €18,829 (-19.4%), from €97,270 to €78,441
of which Furniture and vehicles: -€14,305
- Reserves +€90,535
up €90,535 (+18.0%), from €502,768 to €593,303
of which Distributable reserves: +€90,535
- Other debts +€84,575
up €84,575 (+171%), from €49,556 to €134,132
- Trade debts +€10,683
up €10,683 (+42.1%), from €25,381 to €36,064
- Tax, wage and social debts +€9,309
up €9,309 (+23.7%), from €39,272 to €48,581
of which Taxes: +€6,911
- Financial charges +€54,305
up €54,305 (+55.3%), from €98,142 to €152,447
- Taxes -€27,145
down €27,145 (-29.9%), from €90,889 to €63,744
- Gross operating margin -€18,898
down €18,898 (-2.9%), from €662,506 to €643,608
- Staff costs +€18,383
up €18,383 (+7.6%), from €242,528 to €260,911
- Depreciation -€7,750
down €7,750 (-18.8%), from €41,325 to €33,575
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 | €642,180 | €830,680 | +€188,500 | +29.4% |
| Fixed assets | 21/28 | €97,270 | €78,441 | -€18,829 | -19.4% |
| Tangible fixed assets | 22/27 | €97,270 | €78,441 | -€18,829 | -19.4% |
| Land and buildings | 22 | €24,224 | €20,815 | -€3,409 | -14.1% |
| Plant, machinery and equipment | 23 | €26,263 | €25,511 | -€753 | -2.9% |
| Furniture and vehicles | 24 | €46,420 | €32,115 | -€14,305 | -30.8% |
| Other tangible fixed assets | 26 | €362 | €0 | -€362 | -100% |
| Current assets | 29/58 | €544,910 | €752,239 | +€207,329 | +38.0% |
| Amounts receivable within one year | 40/41 | €154,058 | €255,003 | +€100,944 | +65.5% |
| Trade receivables | 40 | €150,370 | €238,688 | +€88,318 | +58.7% |
| Other amounts receivable | 41 | €3,688 | €16,315 | +€12,626 | +342% |
| Cash at bank and in hand | 54/58 | €343,642 | €445,631 | +€101,989 | +29.7% |
| Deferred charges and accrued income | 490/1 | €47,210 | €51,605 | +€4,395 | +9.3% |
| Total equity and liabilities | 10/49 | €642,180 | €830,680 | +€188,500 | +29.4% |
| Equity | 10/15 | €521,368 | €611,903 | +€90,535 | +17.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €502,768 | €593,303 | +€90,535 | +18.0% |
| Tax-exempt reserves | 132 | €1,375 | €1,375 | = | 0.0% |
| Distributable reserves | 133 | €501,393 | €591,928 | +€90,535 | +18.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €120,812 | €218,777 | +€97,965 | +81.1% |
| Amounts payable within one year | 42/48 | €114,209 | €218,777 | +€104,568 | +91.6% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €25,381 | €36,064 | +€10,683 | +42.1% |
| Suppliers | 440/4 | €25,381 | €36,064 | +€10,683 | +42.1% |
| Taxes, remuneration and social security | 45 | €39,272 | €48,581 | +€9,309 | +23.7% |
| Taxes | 450/3 | €11,936 | €18,847 | +€6,911 | +57.9% |
| Remuneration and social security | 454/9 | €27,336 | €29,735 | +€2,399 | +8.8% |
| Other amounts payable | 47/48 | €49,556 | €134,132 | +€84,575 | +171% |
| Accrued charges and deferred income | 492/3 | €6,602 | €0 | -€6,602 | -100% |
| Non-recurring operating income | 76A | €1,838 | €1,931 | +€93 | +5.1% |
| Remuneration, social security and pensions | 62 | €242,528 | €260,911 | +€18,383 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,325 | €33,575 | -€7,750 | -18.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,138 | €0 | +€5,138 | |
| Other operating charges | 640/8 | €8,496 | €3,308 | -€5,187 | -61.1% |
| Gross operating margin | 9900 | €662,506 | €643,608 | -€18,898 | -2.9% |
| Operating profit (loss) | 9901 | €375,296 | €345,814 | -€29,482 | -7.9% |
| Financial income | 75/76B | €75 | €194 | +€119 | +158% |
| Recurring financial income | 75 | €75 | €194 | +€119 | +158% |
| Financial charges | 65/66B | €98,142 | €152,447 | +€54,305 | +55.3% |
| Recurring financial charges | 65 | €98,142 | €152,447 | +€54,305 | +55.3% |
| Profit (loss) for the period before taxes | 9903 | €277,229 | €193,560 | -€83,669 | -30.2% |
| Income taxes | 67/77 | €90,889 | €63,744 | -€27,145 | -29.9% |
| Profit (loss) for the period | 9904 | €186,341 | €129,817 | -€56,524 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | €186,341 | €129,817 | -€56,524 | -30.3% |
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 22 October 2026 via checked.be.