DELVAL FRERES: 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.
DELVAL FRERES
Largest movements
- Cash +€139,326
up €139,326 (+166%), from €83,909 to €223,234
mainly Tax, wage and social debts (+€100,074) and Trade debts (+€87,779)
- Receivables within one year +€118,397
up €118,397 (+142%), from €83,339 to €201,736
of which Trade receivables: +€100,760
- Tangible fixed assets +€6,507
up €6,507 (+6.1%), from €107,065 to €113,573
of which Furniture and vehicles: +€9,677
- Tax, wage and social debts +€100,074
up €100,074 (+285%), from €35,139 to €135,213
of which Taxes: +€106,947
- Trade debts +€87,779
up €87,779 (+198%), from €44,242 to €132,020
- Profit (loss) carried forward +€82,437
up €82,437 (+76.4%), from €107,881 to €190,318
- Debts after one year -€7,035
down €7,035 (-9.7%), from €72,711 to €65,676
- Staff costs +€339,059
up €339,059 (+1,141%), from €29,724 to €368,783
- Gross operating margin +€335,328
up €335,328 (+197%), from €170,224 to €505,553
- Depreciation +€12,130
up €12,130 (+290%), from €4,186 to €16,316
- Financial charges +€5,348
up €5,348 (+279%), from €1,917 to €7,265
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 | €282,984 | €547,217 | +€264,232 | +93.4% |
| Fixed assets | 21/28 | €107,065 | €113,573 | +€6,507 | +6.1% |
| Tangible fixed assets | 22/27 | €107,065 | €113,573 | +€6,507 | +6.1% |
| Land and buildings | 22 | - | €1,746 | +€1,746 | |
| Plant, machinery and equipment | 23 | €19,513 | €10,167 | -€9,346 | -47.9% |
| Furniture and vehicles | 24 | €490 | €10,167 | +€9,677 | +1,976% |
| Other tangible fixed assets | 26 | €87,063 | €91,492 | +€4,430 | +5.1% |
| Current assets | 29/58 | €175,919 | €433,644 | +€257,725 | +147% |
| Stocks and contracts in progress | 3 | €8,557 | €8,557 | = | 0.0% |
| Stocks | 30/36 | €8,557 | €8,557 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €83,339 | €201,736 | +€118,397 | +142% |
| Trade receivables | 40 | €31,021 | €131,781 | +€100,760 | +325% |
| Other amounts receivable | 41 | €52,318 | €69,954 | +€17,637 | +33.7% |
| Cash at bank and in hand | 54/58 | €83,909 | €223,234 | +€139,326 | +166% |
| Deferred charges and accrued income | 490/1 | €115 | €117 | +€2 | +2.0% |
| Total equity and liabilities | 10/49 | €282,984 | €547,217 | +€264,232 | +93.4% |
| Equity | 10/15 | €117,881 | €200,318 | +€82,437 | +69.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,881 | €190,318 | +€82,437 | +76.4% |
| Amounts payable | 17/49 | €165,103 | €346,898 | +€181,795 | +110% |
| Amounts payable after more than one year | 17 | €72,711 | €65,676 | -€7,035 | -9.7% |
| Financial debts | 170/4 | €72,711 | €65,676 | -€7,035 | -9.7% |
| Amounts payable within one year | 42/48 | €92,392 | €281,223 | +€188,830 | +204% |
| Current portion of amounts payable after more than one year | 42 | €11,627 | €13,989 | +€2,362 | +20.3% |
| Trade debts | 44 | €44,242 | €132,020 | +€87,779 | +198% |
| Suppliers | 440/4 | €44,242 | €132,020 | +€87,779 | +198% |
| Taxes, remuneration and social security | 45 | €35,139 | €135,213 | +€100,074 | +285% |
| Taxes | 450/3 | €28,267 | €135,213 | +€106,947 | +378% |
| Remuneration and social security | 454/9 | €6,873 | - | -€6,873 | |
| Other amounts payable | 47/48 | €1,384 | - | -€1,384 | |
| Remuneration, social security and pensions | 62 | €29,724 | €368,783 | +€339,059 | +1,141% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,186 | €16,316 | +€12,130 | +290% |
| Other operating charges | 640/8 | - | €2,016 | +€2,016 | |
| Gross operating margin | 9900 | €170,224 | €505,553 | +€335,328 | +197% |
| Operating profit (loss) | 9901 | €136,314 | €118,438 | -€17,876 | -13.1% |
| Financial income | 75/76B | €4 | €0 | -€4 | -97.5% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -97.5% |
| Financial charges | 65/66B | €1,917 | €7,265 | +€5,348 | +279% |
| Recurring financial charges | 65 | €1,917 | €7,265 | +€5,348 | +279% |
| Profit (loss) for the period before taxes | 9903 | €134,402 | €111,174 | -€23,228 | -17.3% |
| Income taxes | 67/77 | €26,521 | €28,737 | +€2,216 | +8.4% |
| Profit (loss) for the period | 9904 | €107,881 | €82,437 | -€25,444 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €107,881 | €82,437 | -€25,444 | -23.6% |
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 27 October 2026 via checked.be.