Delta Squared: 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 Squared
Largest movements
- Cash +€75,348
up €75,348 (+174%), from €43,308 to €118,657
mainly Net result for the year (+€84,245) and Tax, wage and social debts (+€24,442)
- Receivables within one year +€30,910
up €30,910 (+201%), from €15,379 to €46,289
of which Other amounts receivable: +€29,833
- Deferred charges and accrued income +€2,560
up €2,560 (+1,664%), from €154 to €2,714
- Tangible fixed assets -€1,959
down €1,959 (-34.4%), from €5,692 to €3,732
of which Plant, machinery and equipment: -€1,541
- Reserves +€82,579
up €82,579 (+201%), from €41,131 to €123,710
- Tax, wage and social debts +€24,442
up €24,442 (+134%), from €18,226 to €42,668
of which Taxes: +€24,638
- Gross operating margin +€52,463
up €52,463 (+94.3%), from €55,655 to €108,118
- Taxes +€10,803
up €10,803 (+93.1%), from €11,601 to €22,403
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 | €64,533 | €171,392 | +€106,859 | +166% |
| Fixed assets | 21/28 | €5,692 | €3,732 | -€1,959 | -34.4% |
| Tangible fixed assets | 22/27 | €5,692 | €3,732 | -€1,959 | -34.4% |
| Plant, machinery and equipment | 23 | €3,917 | €2,376 | -€1,541 | -39.3% |
| Furniture and vehicles | 24 | €1,775 | €1,356 | -€419 | -23.6% |
| Current assets | 29/58 | €58,841 | €167,659 | +€108,818 | +185% |
| Amounts receivable within one year | 40/41 | €15,379 | €46,289 | +€30,910 | +201% |
| Trade receivables | 40 | €15,379 | €16,456 | +€1,077 | +7.0% |
| Other amounts receivable | 41 | - | €29,833 | +€29,833 | |
| Cash at bank and in hand | 54/58 | €43,308 | €118,657 | +€75,348 | +174% |
| Deferred charges and accrued income | 490/1 | €154 | €2,714 | +€2,560 | +1,664% |
| Total equity and liabilities | 10/49 | €64,533 | €171,392 | +€106,859 | +166% |
| Equity | 10/15 | €44,131 | €126,710 | +€82,579 | +187% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €41,131 | €123,710 | +€82,579 | +201% |
| Distributable reserves | 133 | €41,131 | €123,710 | +€82,579 | +201% |
| Amounts payable | 17/49 | €20,402 | €44,682 | +€24,280 | +119% |
| Amounts payable within one year | 42/48 | €20,402 | €44,682 | +€24,280 | +119% |
| Trade debts | 44 | €72 | €348 | +€276 | +384% |
| Suppliers | 440/4 | €72 | €348 | +€276 | +384% |
| Taxes, remuneration and social security | 45 | €18,226 | €42,668 | +€24,442 | +134% |
| Taxes | 450/3 | €18,030 | €42,668 | +€24,638 | +137% |
| Remuneration and social security | 454/9 | €196 | - | -€196 | |
| Other amounts payable | 47/48 | €2,105 | €1,666 | -€439 | -20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,024 | €1,959 | +€935 | +91.3% |
| Other operating charges | 640/8 | €225 | €186 | -€39 | -17.4% |
| Gross operating margin | 9900 | €55,655 | €108,118 | +€52,463 | +94.3% |
| Operating profit (loss) | 9901 | €54,406 | €105,973 | +€51,567 | +94.8% |
| Financial income | 75/76B | - | €808 | +€808 | |
| Recurring financial income | 75 | - | €808 | +€808 | |
| Financial charges | 65/66B | €57 | €133 | +€77 | +135% |
| Recurring financial charges | 65 | €57 | €133 | +€77 | +135% |
| Profit (loss) for the period before taxes | 9903 | €54,350 | €106,648 | +€52,299 | +96.2% |
| Income taxes | 67/77 | €11,601 | €22,403 | +€10,803 | +93.1% |
| Profit (loss) for the period | 9904 | €42,749 | €84,245 | +€41,496 | +97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,749 | €84,245 | +€41,496 | +97.1% |
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 13 October 2026 via checked.be.