DELTA VE: 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 VE
Largest movements
- Cash +€41,400
up €41,400 (+68.1%), from €60,775 to €102,174
mainly Net result for the year (+€35,266) and Depreciation (+€28,950)
- Tangible fixed assets -€28,950
down €28,950 (-40.9%), from €70,795 to €41,845
of which Furniture and vehicles: -€24,409
- Receivables within one year -€21,192
down €21,192 (-44.5%), from €47,633 to €26,442
of which Trade receivables: -€24,771
- Reserves -€16,289
down €16,289 (-10.7%), from €152,143 to €135,854
- Tax, wage and social debts +€4,323
up €4,323 (+34.7%), from €12,451 to €16,774
of which Remuneration and social security: +€5,915
- Trade debts +€3,198
up €3,198 (+434.9%), from €735 to €3,933
- Other debts +€2,897
up €2,897 (+26.3%), from €11,004 to €13,900
- Accrued charges and deferred income -€2,870
no longer reported in 2025 (was €2,870)
- Gross operating margin +€16,718
up €16,718 (+25.6%), from €65,267 to €81,984
- Taxes +€3,580
up €3,580 (+34.4%), from €10,405 to €13,986
- Other operating charges +€1,905
up €1,905 (+101.8%), from €1,871 to €3,776
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 | €179,203 | €170,461 | -€8,742 | -4.9% |
| Fixed assets | 21/28 | €70,795 | €41,845 | -€28,950 | -40.9% |
| Tangible fixed assets | 22/27 | €70,795 | €41,845 | -€28,950 | -40.9% |
| Plant, machinery and equipment | 23 | €2,281 | €1,063 | -€1,217 | -53.4% |
| Furniture and vehicles | 24 | €62,125 | €37,715 | -€24,409 | -39.3% |
| Other tangible fixed assets | 26 | €6,389 | €3,066 | -€3,324 | -52.0% |
| Current assets | 29/58 | €108,408 | €128,616 | +€20,208 | +18.6% |
| Amounts receivable within one year | 40/41 | €47,633 | €26,442 | -€21,192 | -44.5% |
| Trade receivables | 40 | €47,633 | €22,863 | -€24,771 | -52.0% |
| Other amounts receivable | 41 | - | €3,579 | +€3,579 | |
| Cash at bank and in hand | 54/58 | €60,775 | €102,174 | +€41,400 | +68.1% |
| Total equity and liabilities | 10/49 | €179,203 | €170,461 | -€8,742 | -4.9% |
| Equity | 10/15 | €152,143 | €135,854 | -€16,289 | -10.7% |
| Reserves | 13 | €152,143 | €135,854 | -€16,289 | -10.7% |
| Distributable reserves | 133 | €152,143 | €135,854 | -€16,289 | -10.7% |
| Amounts payable | 17/49 | €27,060 | €34,607 | +€7,548 | +27.9% |
| Amounts payable within one year | 42/48 | €24,190 | €34,607 | +€10,417 | +43.1% |
| Trade debts | 44 | €735 | €3,933 | +€3,198 | +434.9% |
| Suppliers | 440/4 | €735 | €3,933 | +€3,198 | +434.9% |
| Taxes, remuneration and social security | 45 | €12,451 | €16,774 | +€4,323 | +34.7% |
| Taxes | 450/3 | €10,276 | €8,684 | -€1,592 | -15.5% |
| Remuneration and social security | 454/9 | €2,175 | €8,090 | +€5,915 | +271.9% |
| Other amounts payable | 47/48 | €11,004 | €13,900 | +€2,897 | +26.3% |
| Accrued charges and deferred income | 492/3 | €2,870 | - | -€2,870 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,503 | €28,950 | +€447 | +1.6% |
| Other operating charges | 640/8 | €1,871 | €3,776 | +€1,905 | +101.8% |
| Gross operating margin | 9900 | €65,267 | €81,984 | +€16,718 | +25.6% |
| Operating profit (loss) | 9901 | €34,892 | €49,259 | +€14,366 | +41.2% |
| Financial income | 75/76B | €206 | €216 | +€10 | +5.0% |
| Recurring financial income | 75 | €206 | €216 | +€10 | +5.0% |
| Financial charges | 65/66B | €405 | €223 | -€182 | -44.9% |
| Recurring financial charges | 65 | €405 | €223 | -€182 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | €34,694 | €49,252 | +€14,558 | +42.0% |
| Income taxes | 67/77 | €10,405 | €13,986 | +€3,580 | +34.4% |
| Profit (loss) for the period | 9904 | €24,288 | €35,266 | +€10,978 | +45.2% |
| Profit (loss) for the period to be appropriated | 9905 | €24,288 | €35,266 | +€10,978 | +45.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.