DELVAE: 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.
DELVAE
Largest movements
- Tangible fixed assets -€58,509
down €58,509 (-3.5%), from €1.7m to €1.6m
of which Land and buildings: -€56,392
- Cash +€48,636
up €48,636 (+426.5%), from €11,403 to €60,038
mainly Depreciation (+€50,344) and Net result for the year (+€39,279)
- Debts after one year -€62,290
down €62,290 (-4.8%), from €1.3m to €1.2m
- Profit (loss) carried forward +€42,833
up €42,833 (+36.1%), from -€118,662 to -€75,829
- Other debts +€21,869
up €21,869 (+10.1%), from €215,625 to €237,494
- Depreciation -€151,846
down €151,846 (-75.1%), from €202,189 to €50,344
- Gross operating margin +€139,696
up €139,696 (+1144.9%), from €12,201 to €151,898
- Financial charges +€48,726
up €48,726 (+1921.7%), from €2,536 to €51,262
- Other operating charges +€3,298
up €3,298 (+36.8%), from €8,961 to €12,258
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 | €1,692,643 | €1,682,769 | -€9,874 | -0.6% |
| Fixed assets | 21/28 | €1,681,240 | €1,622,731 | -€58,509 | -3.5% |
| Tangible fixed assets | 22/27 | €1,681,240 | €1,622,731 | -€58,509 | -3.5% |
| Land and buildings | 22 | €1,673,294 | €1,616,902 | -€56,392 | -3.4% |
| Plant, machinery and equipment | 23 | €2,444 | €2,132 | -€312 | -12.8% |
| Other tangible fixed assets | 26 | €5,502 | €3,697 | -€1,806 | -32.8% |
| Current assets | 29/58 | €11,403 | €60,038 | +€48,636 | +426.5% |
| Cash at bank and in hand | 54/58 | €11,403 | €60,038 | +€48,636 | +426.5% |
| Total equity and liabilities | 10/49 | €1,692,643 | €1,682,769 | -€9,874 | -0.6% |
| Equity | 10/15 | €71,773 | €111,052 | +€39,279 | +54.7% |
| Contributions | 10/11 | €148,000 | €148,000 | = | 0.0% |
| Capital | 10 | €148,000 | €148,000 | = | 0.0% |
| Issued capital | 100 | €148,000 | €148,000 | = | 0.0% |
| Reserves | 13 | €42,435 | €38,881 | -€3,554 | -8.4% |
| Tax-exempt reserves | 132 | €42,435 | €38,881 | -€3,554 | -8.4% |
| Profit (loss) carried forward | 14 | -€118,662 | -€75,829 | +€42,833 | +36.1% |
| Provisions and deferred taxes | 16 | €11,233 | €10,049 | -€1,185 | -10.5% |
| Deferred taxes | 168 | €11,233 | €10,049 | -€1,185 | -10.5% |
| Amounts payable | 17/49 | €1,609,636 | €1,561,668 | -€47,968 | -3.0% |
| Amounts payable after more than one year | 17 | €1,309,316 | €1,247,027 | -€62,290 | -4.8% |
| Financial debts | 170/4 | €1,309,316 | €1,247,027 | -€62,290 | -4.8% |
| Amounts payable within one year | 42/48 | €300,320 | €300,017 | -€303 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €77,759 | €62,290 | -€15,469 | -19.9% |
| Trade debts | 44 | €4,837 | €233 | -€4,604 | -95.2% |
| Suppliers | 440/4 | €4,837 | €233 | -€4,604 | -95.2% |
| Taxes, remuneration and social security | 45 | €2,099 | €0 | -€2,099 | -100.0% |
| Taxes | 450/3 | €2,099 | €0 | -€2,099 | -100.0% |
| Other amounts payable | 47/48 | €215,625 | €237,494 | +€21,869 | +10.1% |
| Accrued charges and deferred income | 492/3 | - | €14,625 | +€14,625 | |
| Non-recurring operating income | 76A | - | €41,834 | +€41,834 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €202,189 | €50,344 | -€151,846 | -75.1% |
| Other operating charges | 640/8 | €8,961 | €12,258 | +€3,298 | +36.8% |
| Non-recurring operating charges | 66A | €85,919 | €0 | -€85,919 | -100.0% |
| Gross operating margin | 9900 | €12,201 | €151,898 | +€139,696 | +1144.9% |
| Operating profit (loss) | 9901 | -€284,867 | €89,296 | +€374,163 | |
| Financial income | 75/76B | €204 | €61 | -€143 | -70.3% |
| Recurring financial income | 75 | €204 | €61 | -€143 | -70.3% |
| Financial charges | 65/66B | €2,536 | €51,262 | +€48,726 | +1921.7% |
| Recurring financial charges | 65 | €2,536 | €51,262 | +€48,726 | +1921.7% |
| Profit (loss) for the period before taxes | 9903 | -€287,199 | €38,095 | +€325,294 | |
| Transfer from deferred taxes | 780 | €44,066 | €1,185 | -€42,881 | -97.3% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€243,133 | €39,279 | +€282,413 | |
| Transfer from tax-exempt reserves | 789 | €132,197 | €3,554 | -€128,643 | -97.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€110,936 | €42,833 | +€153,770 |
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 2 October 2026 via checked.be.