DELTHA: 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.
DELTHA
Largest movements
- Receivables within one year +€159,693
up €159,693 (+15.3%), from €1.0m to €1.2m
of which Trade receivables: +€265,768
- Cash +€41,812
up €41,812 (+220%), from €19,034 to €60,846
mainly Trade debts (+€239,416) and Short-term financial debts (+€33,075)
- Financial fixed assets -€40,000
down €40,000 (-4.7%), from €851,200 to €811,200
- Tangible fixed assets +€32,497
up €32,497 (+635%), from €5,122 to €37,618
of which Furniture and vehicles: +€31,865
- Trade debts +€239,416
up €239,416 (+43.1%), from €556,051 to €795,467
- Other debts -€58,568
down €58,568 (-6.4%), from €918,019 to €859,451
- Tax, wage and social debts -€38,958
down €38,958 (-43.8%), from €88,978 to €50,020
of which Remuneration and social security: -€29,013
- Short-term financial debts +€33,075
new in 2025: €33,075
of which Credit institutions: +€19,321
- Financial charges -€22,828
down €22,828 (-51.1%), from €44,692 to €21,864
- Gross operating margin -€12,085
down €12,085 (-4.5%), from €271,181 to €259,096
- Other operating charges +€5,891
up €5,891 (+572%), from €1,030 to €6,920
- Staff costs +€3,091
up €3,091 (+1.5%), from €210,080 to €213,172
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 | €2,161,837 | €2,344,123 | +€182,286 | +8.4% |
| Fixed assets | 21/28 | €863,632 | €852,694 | -€10,938 | -1.3% |
| Intangible fixed assets | 21 | €7,310 | €3,875 | -€3,435 | -47.0% |
| Tangible fixed assets | 22/27 | €5,122 | €37,618 | +€32,497 | +635% |
| Plant, machinery and equipment | 23 | €3,071 | €3,703 | +€632 | +20.6% |
| Furniture and vehicles | 24 | €2,050 | €33,915 | +€31,865 | +1,554% |
| Financial fixed assets | 28 | €851,200 | €811,200 | -€40,000 | -4.7% |
| Current assets | 29/58 | €1,298,205 | €1,491,430 | +€193,225 | +14.9% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,040,759 | €1,200,451 | +€159,693 | +15.3% |
| Trade receivables | 40 | €188,159 | €453,927 | +€265,768 | +141% |
| Other amounts receivable | 41 | €852,600 | €746,524 | -€106,076 | -12.4% |
| Cash at bank and in hand | 54/58 | €19,034 | €60,846 | +€41,812 | +220% |
| Deferred charges and accrued income | 490/1 | €38,413 | €30,133 | -€8,280 | -21.6% |
| Total equity and liabilities | 10/49 | €2,161,837 | €2,344,123 | +€182,286 | +8.4% |
| Equity | 10/15 | €577,679 | €581,227 | +€3,547 | +0.6% |
| Contributions | 10/11 | €568,000 | €568,000 | = | 0.0% |
| Capital | 10 | €568,000 | €568,000 | = | 0.0% |
| Issued capital | 100 | €568,000 | €568,000 | = | 0.0% |
| Reserves | 13 | €29,849 | €29,849 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,360 | €5,360 | = | 0.0% |
| Legal reserve | 130 | €5,360 | €5,360 | = | 0.0% |
| Distributable reserves | 133 | €24,490 | €24,490 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,170 | -€16,622 | +€3,547 | +17.6% |
| Amounts payable | 17/49 | €1,584,158 | €1,762,897 | +€178,739 | +11.3% |
| Amounts payable after more than one year | 17 | - | €14,898 | +€14,898 | |
| Financial debts | 170/4 | - | €14,898 | +€14,898 | |
| Amounts payable within one year | 42/48 | €1,563,047 | €1,738,013 | +€174,965 | +11.2% |
| Financial debts | 43 | - | €33,075 | +€33,075 | |
| Credit institutions | 430/8 | - | €19,321 | +€19,321 | |
| Other loans | 439 | - | €13,754 | +€13,754 | |
| Trade debts | 44 | €556,051 | €795,467 | +€239,416 | +43.1% |
| Suppliers | 440/4 | €556,051 | €795,467 | +€239,416 | +43.1% |
| Taxes, remuneration and social security | 45 | €88,978 | €50,020 | -€38,958 | -43.8% |
| Taxes | 450/3 | €23,496 | €13,552 | -€9,945 | -42.3% |
| Remuneration and social security | 454/9 | €65,481 | €36,468 | -€29,013 | -44.3% |
| Other amounts payable | 47/48 | €918,019 | €859,451 | -€58,568 | -6.4% |
| Accrued charges and deferred income | 492/3 | €21,111 | €9,986 | -€11,124 | -52.7% |
| Non-recurring operating income | 76A | €6,375 | €0 | -€6,375 | -100% |
| Remuneration, social security and pensions | 62 | €210,080 | €213,172 | +€3,091 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,984 | €8,637 | +€2,652 | +44.3% |
| Other operating charges | 640/8 | €1,030 | €6,920 | +€5,891 | +572% |
| Non-recurring operating charges | 66A | - | €26,742 | +€26,742 | |
| Gross operating margin | 9900 | €271,181 | €259,096 | -€12,085 | -4.5% |
| Operating profit (loss) | 9901 | €54,087 | €3,625 | -€50,462 | -93.3% |
| Financial income | 75/76B | €22,924 | €22,125 | -€800 | -3.5% |
| Recurring financial income | 75 | €22,924 | €22,125 | -€800 | -3.5% |
| Financial charges | 65/66B | €44,692 | €21,864 | -€22,828 | -51.1% |
| Recurring financial charges | 65 | €44,692 | €21,864 | -€22,828 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €32,319 | €3,885 | -€28,434 | -88.0% |
| Income taxes | 67/77 | €1,604 | €338 | -€1,266 | -78.9% |
| Profit (loss) for the period | 9904 | €30,715 | €3,547 | -€27,168 | -88.5% |
| Profit (loss) for the period to be appropriated | 9905 | €30,715 | €3,547 | -€27,168 | -88.5% |
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 14 October 2026 via checked.be.