Delta Victory: 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 Victory
Largest movements
- Current investments +€70,000
up €70,000 (+127%), from €55,000 to €125,000
- Receivables within one year +€18,380
new in 2025: €18,380
of which Trade receivables: +€15,067
- Cash +€6,957
up €6,957 (+35.5%), from €19,620 to €26,577
mainly Net result for the year (+€74,014) and Tax, wage and social debts (+€21,645)
- Profit (loss) carried forward +€74,014
up €74,014 (+114%), from €65,175 to €139,188
- Tax, wage and social debts +€21,645
up €21,645 (+88.8%), from €24,369 to €46,014
- Gross operating margin +€12,384
up €12,384 (+14.6%), from €85,106 to €97,491
- Taxes +€2,251
up €2,251 (+13.4%), from €16,855 to €19,106
- Depreciation +€1,345
up €1,345 (+45.5%), from €2,959 to €4,304
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 | €92,825 | €188,219 | +€95,393 | +103% |
| Fixed assets | 21/28 | €15,045 | €15,196 | +€151 | +1.0% |
| Tangible fixed assets | 22/27 | €15,045 | €15,196 | +€151 | +1.0% |
| Plant, machinery and equipment | 23 | €4,935 | €7,627 | +€2,692 | +54.6% |
| Furniture and vehicles | 24 | €10,110 | €7,569 | -€2,542 | -25.1% |
| Current assets | 29/58 | €77,780 | €173,023 | +€95,243 | +122% |
| Amounts receivable within one year | 40/41 | - | €18,380 | +€18,380 | |
| Trade receivables | 40 | - | €15,067 | +€15,067 | |
| Other amounts receivable | 41 | - | €3,313 | +€3,313 | |
| Current investments | 50/53 | €55,000 | €125,000 | +€70,000 | +127% |
| Cash at bank and in hand | 54/58 | €19,620 | €26,577 | +€6,957 | +35.5% |
| Deferred charges and accrued income | 490/1 | €3,159 | €3,065 | -€94 | -3.0% |
| Total equity and liabilities | 10/49 | €92,825 | €188,219 | +€95,393 | +103% |
| Equity | 10/15 | €67,675 | €141,688 | +€74,014 | +109% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,175 | €139,188 | +€74,014 | +114% |
| Amounts payable | 17/49 | €25,151 | €46,530 | +€21,380 | +85.0% |
| Amounts payable within one year | 42/48 | €24,643 | €46,014 | +€21,371 | +86.7% |
| Trade debts | 44 | €274 | - | -€274 | |
| Suppliers | 440/4 | €274 | - | -€274 | |
| Taxes, remuneration and social security | 45 | €24,369 | €46,014 | +€21,645 | +88.8% |
| Taxes | 450/3 | €24,369 | €46,014 | +€21,645 | +88.8% |
| Accrued charges and deferred income | 492/3 | €507 | €516 | +€8 | +1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,959 | €4,304 | +€1,345 | +45.5% |
| Other operating charges | 640/8 | €118 | €120 | +€2 | +1.7% |
| Gross operating margin | 9900 | €85,106 | €97,491 | +€12,384 | +14.6% |
| Operating profit (loss) | 9901 | €82,030 | €93,067 | +€11,038 | +13.5% |
| Financial income | 75/76B | - | €779 | +€779 | |
| Recurring financial income | 75 | - | €779 | +€779 | |
| Financial charges | 65/66B | - | €726 | +€726 | |
| Recurring financial charges | 65 | - | €726 | +€726 | |
| Profit (loss) for the period before taxes | 9903 | €82,030 | €93,120 | +€11,090 | +13.5% |
| Income taxes | 67/77 | €16,855 | €19,106 | +€2,251 | +13.4% |
| Profit (loss) for the period | 9904 | €65,175 | €74,014 | +€8,839 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,175 | €74,014 | +€8,839 | +13.6% |
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 21 October 2026 via checked.be.