DELVAMA: 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.
DELVAMA
Largest movements
- Cash +€351,323
up €351,323 (+88.8%), from €395,450 to €746,773
mainly Net result for the year (+€207,302) and Current investments (+€150,000)
- Current investments -€150,000
down €150,000 (-39.8%), from €376,500 to €226,500
- Intangible fixed assets -€23,142
down €23,142 (-93.8%), from €24,669 to €1,528
- Reserves +€141,302
up €141,302 (+30.3%), from €466,399 to €607,702
- Tax, wage and social debts +€51,220
up €51,220 (+47.2%), from €108,450 to €159,670
of which Taxes: +€29,807
- Other debts +€14,872
up €14,872 (+6.0%), from €245,929 to €260,800
- Staff costs +€39,627
up €39,627 (+7.1%), from €556,388 to €596,015
- Taxes +€18,224
up €18,224 (+23.6%), from €77,264 to €95,488
- Gross operating margin +€13,929
up €13,929 (+1.5%), from €941,876 to €955,805
- Depreciation -€13,212
down €13,212 (-26.0%), from €50,750 to €37,538
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 | €909,181 | €1,104,744 | +€195,562 | +21.5% |
| Fixed assets | 21/28 | €81,687 | €57,149 | -€24,538 | -30.0% |
| Intangible fixed assets | 21 | €24,669 | €1,528 | -€23,142 | -93.8% |
| Tangible fixed assets | 22/27 | €55,268 | €53,871 | -€1,396 | -2.5% |
| Land and buildings | 22 | €33,197 | €29,373 | -€3,823 | -11.5% |
| Plant, machinery and equipment | 23 | €18,277 | €21,591 | +€3,314 | +18.1% |
| Furniture and vehicles | 24 | €3,794 | €2,907 | -€887 | -23.4% |
| Financial fixed assets | 28 | €1,750 | €1,750 | = | 0.0% |
| Current assets | 29/58 | €827,494 | €1,047,595 | +€220,100 | +26.6% |
| Stocks and contracts in progress | 3 | €12,230 | €16,414 | +€4,184 | +34.2% |
| Stocks | 30/36 | €12,230 | €16,414 | +€4,184 | +34.2% |
| Amounts receivable within one year | 40/41 | €32,566 | €42,179 | +€9,614 | +29.5% |
| Trade receivables | 40 | €32,566 | €42,139 | +€9,574 | +29.4% |
| Other amounts receivable | 41 | - | €40 | +€40 | |
| Current investments | 50/53 | €376,500 | €226,500 | -€150,000 | -39.8% |
| Cash at bank and in hand | 54/58 | €395,450 | €746,773 | +€351,323 | +88.8% |
| Deferred charges and accrued income | 490/1 | €10,749 | €15,729 | +€4,980 | +46.3% |
| Total equity and liabilities | 10/49 | €909,181 | €1,104,744 | +€195,562 | +21.5% |
| Equity | 10/15 | €491,399 | €632,702 | +€141,302 | +28.8% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €466,399 | €607,702 | +€141,302 | +30.3% |
| Distributable reserves | 133 | €466,399 | €607,702 | +€141,302 | +30.3% |
| Amounts payable | 17/49 | €417,782 | €472,042 | +€54,260 | +13.0% |
| Amounts payable after more than one year | 17 | €5,109 | €5,009 | -€100 | -2.0% |
| Financial debts | 170/4 | €5,109 | €5,009 | -€100 | -2.0% |
| Amounts payable within one year | 42/48 | €412,673 | €467,033 | +€54,360 | +13.2% |
| Current portion of amounts payable after more than one year | 42 | €18,675 | €9,259 | -€9,415 | -50.4% |
| Trade debts | 44 | €39,619 | €37,303 | -€2,317 | -5.8% |
| Suppliers | 440/4 | €39,619 | €37,303 | -€2,317 | -5.8% |
| Taxes, remuneration and social security | 45 | €108,450 | €159,670 | +€51,220 | +47.2% |
| Taxes | 450/3 | €24,777 | €54,584 | +€29,807 | +120% |
| Remuneration and social security | 454/9 | €83,673 | €105,087 | +€21,414 | +25.6% |
| Other amounts payable | 47/48 | €245,929 | €260,800 | +€14,872 | +6.0% |
| Non-recurring operating income | 76A | €1,810 | - | -€1,810 | |
| Remuneration, social security and pensions | 62 | €556,388 | €596,015 | +€39,627 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,750 | €37,538 | -€13,212 | -26.0% |
| Other operating charges | 640/8 | €2,197 | €2,561 | +€364 | +16.6% |
| Gross operating margin | 9900 | €941,876 | €955,805 | +€13,929 | +1.5% |
| Operating profit (loss) | 9901 | €332,540 | €319,691 | -€12,850 | -3.9% |
| Financial income | 75/76B | €2,189 | €5,535 | +€3,346 | +153% |
| Recurring financial income | 75 | €2,189 | €5,535 | +€3,346 | +153% |
| Financial charges | 65/66B | €22,201 | €22,436 | +€235 | +1.1% |
| Recurring financial charges | 65 | €22,201 | €22,436 | +€235 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €312,528 | €302,790 | -€9,738 | -3.1% |
| Income taxes | 67/77 | €77,264 | €95,488 | +€18,224 | +23.6% |
| Profit (loss) for the period | 9904 | €235,265 | €207,302 | -€27,962 | -11.9% |
| Profit (loss) for the period to be appropriated | 9905 | €235,265 | €207,302 | -€27,962 | -11.9% |
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 15 October 2026 via checked.be.