delta T: 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 T
Largest movements
- Receivables within one year +€162,766
up €162,766 (+208%), from €78,193 to €240,959
of which Other amounts receivable: +€145,340
- Tangible fixed assets -€124,153
down €124,153 (-3.7%), from €3.3m to €3.2m
of which Other tangible fixed assets: -€88,076
- Cash -€107,766
down €107,766 (-29.0%), from €371,512 to €263,746
mainly Contributions, distributions and other (-€192,362) and Debts after one year (-€169,638)
- Debts after one year -€169,638
down €169,638 (-9.3%), from €1.8m to €1.7m
- Reserves +€85,619
up €85,619 (+4.0%), from €2.1m to €2.2m
- Gross operating margin +€101,173
up €101,173 (+17.5%), from €579,480 to €680,654
- Financial charges +€30,015
up €30,015 (+78.4%), from €38,269 to €68,284
- Taxes +€28,944
up €28,944 (+27.7%), from €104,527 to €133,471
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 | €4,299,595 | €4,222,961 | -€76,635 | -1.8% |
| Fixed assets | 21/28 | €3,840,119 | €3,715,966 | -€124,153 | -3.2% |
| Tangible fixed assets | 22/27 | €3,337,619 | €3,213,466 | -€124,153 | -3.7% |
| Land and buildings | 22 | €1,801,081 | €1,747,098 | -€53,983 | -3.0% |
| Plant, machinery and equipment | 23 | €22,479 | €20,017 | -€2,462 | -11.0% |
| Furniture and vehicles | 24 | €12,573 | €32,941 | +€20,368 | +162% |
| Other tangible fixed assets | 26 | €1,501,486 | €1,413,410 | -€88,076 | -5.9% |
| Financial fixed assets | 28 | €502,500 | €502,500 | = | 0.0% |
| Current assets | 29/58 | €459,476 | €506,995 | +€47,518 | +10.3% |
| Amounts receivable within one year | 40/41 | €78,193 | €240,959 | +€162,766 | +208% |
| Trade receivables | 40 | €39,981 | €57,408 | +€17,426 | +43.6% |
| Other amounts receivable | 41 | €38,211 | €183,551 | +€145,340 | +380% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €371,512 | €263,746 | -€107,766 | -29.0% |
| Deferred charges and accrued income | 490/1 | €9,772 | €2,290 | -€7,482 | -76.6% |
| Total equity and liabilities | 10/49 | €4,299,595 | €4,222,961 | -€76,635 | -1.8% |
| Equity | 10/15 | €2,145,082 | €2,230,700 | +€85,619 | +4.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,126,482 | €2,212,100 | +€85,619 | +4.0% |
| Distributable reserves | 133 | €2,126,482 | €2,212,100 | +€85,619 | +4.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,154,514 | €1,992,260 | -€162,253 | -7.5% |
| Amounts payable after more than one year | 17 | €1,831,010 | €1,661,372 | -€169,638 | -9.3% |
| Financial debts | 170/4 | €1,831,010 | €1,661,372 | -€169,638 | -9.3% |
| Amounts payable within one year | 42/48 | €323,503 | €301,155 | -€22,349 | -6.9% |
| Current portion of amounts payable after more than one year | 42 | €167,097 | €169,638 | +€2,541 | +1.5% |
| Financial debts | 43 | €42,772 | €42,875 | +€103 | +0.2% |
| Credit institutions | 430/8 | €42,772 | €42,875 | +€103 | +0.2% |
| Trade debts | 44 | €42,007 | €15,153 | -€26,853 | -63.9% |
| Suppliers | 440/4 | €42,007 | €15,153 | -€26,853 | -63.9% |
| Taxes, remuneration and social security | 45 | €71,127 | €70,988 | -€139 | -0.2% |
| Taxes | 450/3 | €71,127 | €70,988 | -€139 | -0.2% |
| Other amounts payable | 47/48 | €500 | €2,500 | +€2,000 | +400% |
| Accrued charges and deferred income | 492/3 | €0 | €29,733 | +€29,733 | |
| Non-recurring operating income | 76A | €7,589 | €54,719 | +€47,130 | +621% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,616 | €199,799 | -€2,817 | -1.4% |
| Other operating charges | 640/8 | €6,322 | €7,667 | +€1,345 | +21.3% |
| Non-recurring operating charges | 66A | €7,589 | €0 | -€7,589 | -100% |
| Gross operating margin | 9900 | €579,480 | €680,654 | +€101,173 | +17.5% |
| Operating profit (loss) | 9901 | €362,953 | €473,188 | +€110,234 | +30.4% |
| Financial income | 75/76B | €2,315 | €6,547 | +€4,232 | +183% |
| Recurring financial income | 75 | €2,315 | €6,547 | +€4,232 | +183% |
| Financial charges | 65/66B | €38,269 | €68,284 | +€30,015 | +78.4% |
| Recurring financial charges | 65 | €38,269 | €68,284 | +€30,015 | +78.4% |
| Profit (loss) for the period before taxes | 9903 | €326,999 | €411,451 | +€84,452 | +25.8% |
| Income taxes | 67/77 | €104,527 | €133,471 | +€28,944 | +27.7% |
| Profit (loss) for the period | 9904 | €222,473 | €277,980 | +€55,507 | +25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €222,473 | €277,980 | +€55,507 | +25.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.