Deltherm: 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.
Deltherm
Largest movements
- Receivables within one year +€19,817
up €19,817 (+215.7%), from €9,188 to €29,005
of which Trade receivables: +€20,384
- Cash +€12,322
up €12,322 (+12.9%), from €95,568 to €107,890
mainly Other debts (+€26,630) and Net result for the year (+€16,110)
- Stocks and contracts -€3,975
down €3,975 (-40.8%), from €9,749 to €5,774
- Other debts +€26,630
up €26,630 (+58.6%), from €45,474 to €72,104
- Reserves -€12,171
down €12,171 (-23.4%), from €52,111 to €39,940
- Accrued charges and deferred income +€9,600
new in 2025: €9,600
- Tax, wage and social debts +€3,594
up €3,594 (+357.8%), from €1,004 to €4,599
- Gross operating margin +€14,375
up €14,375 (+160.9%), from €8,935 to €23,310
- Taxes +€5,407
up €5,407 (+575.2%), from €940 to €6,347
- Depreciation +€439
up €439 (+642.0%), from €68 to €508
- Other operating charges -€298
down €298 (-69.9%), from €426 to €128
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 | €117,274 | €146,213 | +€28,939 | +24.7% |
| Fixed assets | 21/28 | €1,161 | €2,002 | +€842 | +72.5% |
| Tangible fixed assets | 22/27 | €1,005 | €1,847 | +€842 | +83.7% |
| Plant, machinery and equipment | 23 | - | €1,199 | +€1,199 | |
| Furniture and vehicles | 24 | €1,005 | €647 | -€358 | -35.6% |
| Financial fixed assets | 28 | €156 | €156 | = | 0.0% |
| Current assets | 29/58 | €116,113 | €144,211 | +€28,098 | +24.2% |
| Stocks and contracts in progress | 3 | €9,749 | €5,774 | -€3,975 | -40.8% |
| Stocks | 30/36 | €9,749 | €5,774 | -€3,975 | -40.8% |
| Amounts receivable within one year | 40/41 | €9,188 | €29,005 | +€19,817 | +215.7% |
| Trade receivables | 40 | €4,500 | €24,884 | +€20,384 | +453.0% |
| Other amounts receivable | 41 | €4,688 | €4,121 | -€567 | -12.1% |
| Cash at bank and in hand | 54/58 | €95,568 | €107,890 | +€12,322 | +12.9% |
| Deferred charges and accrued income | 490/1 | €1,608 | €1,542 | -€66 | -4.1% |
| Total equity and liabilities | 10/49 | €117,274 | €146,213 | +€28,939 | +24.7% |
| Equity | 10/15 | €70,711 | €58,540 | -€12,171 | -17.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €52,111 | €39,940 | -€12,171 | -23.4% |
| Distributable reserves | 133 | €52,111 | €39,940 | -€12,171 | -23.4% |
| Amounts payable | 17/49 | €46,563 | €87,673 | +€41,110 | +88.3% |
| Amounts payable within one year | 42/48 | €46,563 | €78,073 | +€31,510 | +67.7% |
| Trade debts | 44 | €85 | €1,370 | +€1,286 | +1520.6% |
| Suppliers | 440/4 | €85 | €1,370 | +€1,286 | +1520.6% |
| Taxes, remuneration and social security | 45 | €1,004 | €4,599 | +€3,594 | +357.8% |
| Taxes | 450/3 | €1,004 | €4,599 | +€3,594 | +357.8% |
| Other amounts payable | 47/48 | €45,474 | €72,104 | +€26,630 | +58.6% |
| Accrued charges and deferred income | 492/3 | - | €9,600 | +€9,600 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68 | €508 | +€439 | +642.0% |
| Other operating charges | 640/8 | €426 | €128 | -€298 | -69.9% |
| Non-recurring operating charges | 66A | €63 | €184 | +€121 | +192.3% |
| Gross operating margin | 9900 | €8,935 | €23,310 | +€14,375 | +160.9% |
| Operating profit (loss) | 9901 | €8,378 | €22,490 | +€14,112 | +168.5% |
| Financial income | 75/76B | €602 | €583 | -€19 | -3.2% |
| Recurring financial income | 75 | €402 | €583 | +€181 | +44.9% |
| Non-recurring financial income | 76B | €200 | - | -€200 | |
| Financial charges | 65/66B | €434 | €616 | +€182 | +41.9% |
| Recurring financial charges | 65 | €434 | €616 | +€182 | +41.9% |
| Profit (loss) for the period before taxes | 9903 | €8,546 | €22,457 | +€13,911 | +162.8% |
| Income taxes | 67/77 | €940 | €6,347 | +€5,407 | +575.2% |
| Profit (loss) for the period | 9904 | €7,606 | €16,110 | +€8,504 | +111.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,606 | €16,110 | +€8,504 | +111.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.