DELTA T: 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 T
Largest movements
- Cash +€240,225
up €240,225 (+491.1%), from €48,919 to €289,144
mainly Net result for the year (+€223,667) and Investment in fixed assets (net) (+€97,868)
- Tangible fixed assets -€166,917
down €166,917 (-14.5%), from €1.2m to €985,881
of which Land and buildings: -€187,445
- Receivables within one year +€27,984
up €27,984 (+34.0%), from €82,272 to €110,256
of which Trade receivables: +€14,014
- Reserves +€215,114
up €215,114 (+83.6%), from €257,209 to €472,323
of which Distributable reserves: +€216,615
- Debts after one year -€157,796
down €157,796 (-20.4%), from €773,978 to €616,182
- Short-term financial debts +€37,627
new in 2025: €37,627
- Current portion of long-term debt -€27,011
down €27,011 (-40.7%), from €66,304 to €39,293
- Tax, wage and social debts +€19,217
up €19,217 (+53.4%), from €36,004 to €55,221
of which Taxes: +€20,344
- Gross operating margin +€145,181
up €145,181 (+25.0%), from €581,819 to €727,000
- Taxes +€77,317
up €77,317 (+734.6%), from €10,525 to €87,842
- Staff costs -€45,128
down €45,128 (-13.0%), from €346,527 to €301,399
- Other operating charges -€42,121
down €42,121 (-81.1%), from €51,942 to €9,821
- Depreciation -€20,256
down €20,256 (-22.7%), from €89,305 to €69,049
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.
Cash bridge derived
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 | €1,330,864 | €1,431,835 | +€100,972 | +7.6% |
| Fixed assets | 21/28 | €1,155,447 | €988,530 | -€166,917 | -14.4% |
| Tangible fixed assets | 22/27 | €1,152,798 | €985,881 | -€166,917 | -14.5% |
| Land and buildings | 22 | €1,057,998 | €870,553 | -€187,445 | -17.7% |
| Plant, machinery and equipment | 23 | €18,458 | €27,551 | +€9,093 | +49.3% |
| Furniture and vehicles | 24 | €76,342 | €87,778 | +€11,436 | +15.0% |
| Financial fixed assets | 28 | €2,649 | €2,649 | = | 0.0% |
| Current assets | 29/58 | €175,417 | €443,305 | +€267,888 | +152.7% |
| Stocks and contracts in progress | 3 | €43,127 | €38,785 | -€4,342 | -10.1% |
| Stocks | 30/36 | €43,127 | €38,785 | -€4,342 | -10.1% |
| Amounts receivable within one year | 40/41 | €82,272 | €110,256 | +€27,984 | +34.0% |
| Trade receivables | 40 | €72,670 | €86,684 | +€14,014 | +19.3% |
| Other amounts receivable | 41 | €9,602 | €23,572 | +€13,970 | +145.5% |
| Cash at bank and in hand | 54/58 | €48,919 | €289,144 | +€240,225 | +491.1% |
| Deferred charges and accrued income | 490/1 | €1,100 | €5,121 | +€4,021 | +365.6% |
| Total equity and liabilities | 10/49 | €1,330,864 | €1,431,835 | +€100,972 | +7.6% |
| Equity | 10/15 | €275,759 | €490,873 | +€215,114 | +78.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €257,209 | €472,323 | +€215,114 | +83.6% |
| Tax-exempt reserves | 132 | €114,083 | €112,582 | -€1,501 | -1.3% |
| Distributable reserves | 133 | €143,126 | €359,741 | +€216,615 | +151.3% |
| Provisions and deferred taxes | 16 | €28,521 | €22,516 | -€6,004 | -21.1% |
| Deferred taxes | 168 | €28,521 | €22,516 | -€6,004 | -21.1% |
| Amounts payable | 17/49 | €1,026,584 | €918,445 | -€108,138 | -10.5% |
| Amounts payable after more than one year | 17 | €773,978 | €616,182 | -€157,796 | -20.4% |
| Financial debts | 170/4 | €773,978 | €616,182 | -€157,796 | -20.4% |
| Amounts payable within one year | 42/48 | €250,205 | €299,863 | +€49,658 | +19.8% |
| Current portion of amounts payable after more than one year | 42 | €66,304 | €39,293 | -€27,011 | -40.7% |
| Financial debts | 43 | - | €37,627 | +€37,627 | |
| Credit institutions | 430/8 | - | €37,627 | +€37,627 | |
| Trade debts | 44 | €145,512 | €161,944 | +€16,432 | +11.3% |
| Suppliers | 440/4 | €145,512 | €161,944 | +€16,432 | +11.3% |
| Taxes, remuneration and social security | 45 | €36,004 | €55,221 | +€19,217 | +53.4% |
| Taxes | 450/3 | €31,398 | €51,741 | +€20,344 | +64.8% |
| Remuneration and social security | 454/9 | €4,606 | €3,479 | -€1,127 | -24.5% |
| Other amounts payable | 47/48 | €2,385 | €5,778 | +€3,393 | +142.2% |
| Accrued charges and deferred income | 492/3 | €2,400 | €2,400 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €346,527 | €301,399 | -€45,128 | -13.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,305 | €69,049 | -€20,256 | -22.7% |
| Other operating charges | 640/8 | €51,942 | €9,821 | -€42,121 | -81.1% |
| Gross operating margin | 9900 | €581,819 | €727,000 | +€145,181 | +25.0% |
| Operating profit (loss) | 9901 | €94,046 | €346,732 | +€252,686 | +268.7% |
| Financial income | 75/76B | €5,838 | €3,109 | -€2,729 | -46.7% |
| Recurring financial income | 75 | €5,838 | €3,109 | -€2,729 | -46.7% |
| Financial charges | 65/66B | €41,759 | €39,833 | -€1,926 | -4.6% |
| Recurring financial charges | 65 | €41,759 | €39,833 | -€1,926 | -4.6% |
| Profit (loss) for the period before taxes | 9903 | €58,124 | €310,008 | +€251,883 | +433.4% |
| Transfer from deferred taxes | 780 | €1,501 | €1,501 | = | 0.0% |
| Income taxes | 67/77 | €10,525 | €87,842 | +€77,317 | +734.6% |
| Profit (loss) for the period | 9904 | €49,101 | €223,667 | +€174,566 | +355.5% |
| Transfer from tax-exempt reserves | 789 | €6,004 | €6,004 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €55,105 | €229,671 | +€174,566 | +316.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.