DELTA V: 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 V
Largest movements
- Receivables within one year -€29,399
down €29,399 (-98.0%), from €29,999 to €600
of which Trade receivables: -€16,532
- Tangible fixed assets +€26,560
up €26,560 (+57.3%), from €46,392 to €72,951
of which Furniture and vehicles: +€31,324
- Cash +€23,109
up €23,109 (+70.2%), from €32,925 to €56,034
mainly Net result for the year (+€75,541) and Receivables within one year (+€29,399)
- Current investments +€6,485
up €6,485 (+10.2%), from €63,560 to €70,046
- Other debts +€25,556
up €25,556 (+24.5%), from €104,482 to €130,039
- Debts after one year +€25,225
new in 2025: €25,225
- Trade debts -€22,483
down €22,483 (-84.3%), from €26,661 to €4,178
- Profit (loss) carried forward -€10,438
no longer reported in 2025 (was €10,438)
- Current portion of long-term debt +€5,767
new in 2025: €5,767
- Gross operating margin -€12,587
down €12,587 (-9.9%), from €126,750 to €114,164
- Other operating charges -€8,205
down €8,205 (-89.7%), from €9,152 to €946
- Depreciation +€5,086
up €5,086 (+117.1%), from €4,343 to €9,429
- Taxes -€2,893
down €2,893 (-9.7%), from €29,963 to €27,070
- Financial charges +€1,718
up €1,718 (+1121.2%), from €153 to €1,871
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 | €176,119 | €204,761 | +€28,642 | +16.3% |
| Fixed assets | 21/28 | €46,392 | €72,951 | +€26,560 | +57.3% |
| Tangible fixed assets | 22/27 | €46,392 | €72,951 | +€26,560 | +57.3% |
| Land and buildings | 22 | €31,319 | €27,151 | -€4,168 | -13.3% |
| Plant, machinery and equipment | 23 | €2,659 | €2,063 | -€596 | -22.4% |
| Furniture and vehicles | 24 | €12,414 | €43,738 | +€31,324 | +252.3% |
| Current assets | 29/58 | €129,727 | €131,810 | +€2,083 | +1.6% |
| Amounts receivable within one year | 40/41 | €29,999 | €600 | -€29,399 | -98.0% |
| Trade receivables | 40 | €16,532 | - | -€16,532 | |
| Other amounts receivable | 41 | €13,466 | €600 | -€12,866 | -95.5% |
| Current investments | 50/53 | €63,560 | €70,046 | +€6,485 | +10.2% |
| Cash at bank and in hand | 54/58 | €32,925 | €56,034 | +€23,109 | +70.2% |
| Deferred charges and accrued income | 490/1 | €3,244 | €5,130 | +€1,887 | +58.2% |
| Total equity and liabilities | 10/49 | €176,119 | €204,761 | +€28,642 | +16.3% |
| Equity | 10/15 | €30,898 | €20,460 | -€10,438 | -33.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,438 | - | -€10,438 | |
| Amounts payable | 17/49 | €145,221 | €184,301 | +€39,081 | +26.9% |
| Amounts payable after more than one year | 17 | - | €25,225 | +€25,225 | |
| Financial debts | 170/4 | - | €25,225 | +€25,225 | |
| Amounts payable within one year | 42/48 | €145,221 | €154,925 | +€9,704 | +6.7% |
| Current portion of amounts payable after more than one year | 42 | - | €5,767 | +€5,767 | |
| Trade debts | 44 | €26,661 | €4,178 | -€22,483 | -84.3% |
| Suppliers | 440/4 | €26,661 | €4,178 | -€22,483 | -84.3% |
| Taxes, remuneration and social security | 45 | €14,078 | €14,941 | +€864 | +6.1% |
| Taxes | 450/3 | €14,078 | €14,941 | +€864 | +6.1% |
| Other amounts payable | 47/48 | €104,482 | €130,039 | +€25,556 | +24.5% |
| Accrued charges and deferred income | 492/3 | - | €4,152 | +€4,152 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,343 | €9,429 | +€5,086 | +117.1% |
| Other operating charges | 640/8 | €9,152 | €946 | -€8,205 | -89.7% |
| Gross operating margin | 9900 | €126,750 | €114,164 | -€12,587 | -9.9% |
| Operating profit (loss) | 9901 | €113,255 | €103,788 | -€9,467 | -8.4% |
| Financial income | 75/76B | €284 | €694 | +€409 | +143.9% |
| Recurring financial income | 75 | €284 | €694 | +€409 | +143.9% |
| Financial charges | 65/66B | €153 | €1,871 | +€1,718 | +1121.2% |
| Recurring financial charges | 65 | €153 | €1,871 | +€1,718 | +1121.2% |
| Profit (loss) for the period before taxes | 9903 | €113,387 | €102,610 | -€10,776 | -9.5% |
| Income taxes | 67/77 | €29,963 | €27,070 | -€2,893 | -9.7% |
| Profit (loss) for the period | 9904 | €83,424 | €75,541 | -€7,883 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €83,424 | €75,541 | -€7,883 | -9.4% |
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 10 October 2026 via checked.be.