Delvanex: 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.
Delvanex
Largest movements
- Receivables within one year +€1.5m
new in 2025: €1.5m
- Tangible fixed assets -€276,099
down €276,099 (-13.0%), from €2.1m to €1.8m
of which Land and buildings: -€252,184
- Cash +€205,585
up €205,585 (+660.2%), from €31,140 to €236,725
mainly Net result for the year (+€1.6m) and Other debts (+€1.3m)
- Deferred charges and accrued income +€42,807
up €42,807 (+3188.7%), from €1,342 to €44,149
- Other debts +€1.3m
up €1.3m (+340.3%), from €393,058 to €1.7m
- Tax, wage and social debts +€137,709
new in 2025: €137,709
- Gross operating margin +€1.9m
up €1.9m, from -€28,904 to €1.8m
- Taxes +€137,709
new in 2025: €137,709
- Financial income +€43,151
new in 2025: €43,151
- Depreciation -€25,279
down €25,279 (-24.2%), from €104,298 to €79,019
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 | €2,150,104 | €3,622,396 | +€1.5m | +68.5% |
| Fixed assets | 21/28 | €2,117,621 | €1,841,522 | -€276,099 | -13.0% |
| Tangible fixed assets | 22/27 | €2,117,621 | €1,841,522 | -€276,099 | -13.0% |
| Land and buildings | 22 | €2,093,706 | €1,841,522 | -€252,184 | -12.0% |
| Plant, machinery and equipment | 23 | €23,916 | - | -€23,916 | |
| Current assets | 29/58 | €32,482 | €1,780,874 | +€1.7m | +5382.6% |
| Amounts receivable within one year | 40/41 | - | €1,500,000 | +€1.5m | |
| Other amounts receivable | 41 | - | €1,500,000 | +€1.5m | |
| Cash at bank and in hand | 54/58 | €31,140 | €236,725 | +€205,585 | +660.2% |
| Deferred charges and accrued income | 490/1 | €1,342 | €44,149 | +€42,807 | +3188.7% |
| Total equity and liabilities | 10/49 | €2,150,104 | €3,622,396 | +€1.5m | +68.5% |
| Equity | 10/15 | €1,751,424 | €1,751,424 | = | 0.0% |
| Contributions | 10/11 | €1,088,750 | €1,088,750 | = | 0.0% |
| Capital | 10 | €1,088,750 | €1,088,750 | = | 0.0% |
| Issued capital | 100 | €1,088,750 | €1,088,750 | = | 0.0% |
| Reserves | 13 | €662,674 | €662,674 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €108,875 | +€102,675 | +1656.0% |
| Legal reserve | 130 | €6,200 | €108,875 | +€102,675 | +1656.0% |
| Distributable reserves | 133 | €656,474 | €553,799 | -€102,675 | -15.6% |
| Amounts payable | 17/49 | €398,679 | €1,870,972 | +€1.5m | +369.3% |
| Amounts payable within one year | 42/48 | €398,679 | €1,870,972 | +€1.5m | +369.3% |
| Trade debts | 44 | €5,621 | €2,689 | -€2,932 | -52.2% |
| Suppliers | 440/4 | €5,621 | €2,689 | -€2,932 | -52.2% |
| Taxes, remuneration and social security | 45 | - | €137,709 | +€137,709 | |
| Taxes | 450/3 | - | €137,709 | +€137,709 | |
| Other amounts payable | 47/48 | €393,058 | €1,730,575 | +€1.3m | +340.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,298 | €79,019 | -€25,279 | -24.2% |
| Other operating charges | 640/8 | €4,938 | €6,070 | +€1,133 | +22.9% |
| Gross operating margin | 9900 | -€28,904 | €1,830,047 | +€1.9m | |
| Operating profit (loss) | 9901 | -€138,139 | €1,744,958 | +€1.9m | |
| Financial income | 75/76B | - | €43,151 | +€43,151 | |
| Recurring financial income | 75 | - | €43,151 | +€43,151 | |
| Financial charges | 65/66B | €665 | €507 | -€158 | -23.7% |
| Recurring financial charges | 65 | €665 | €507 | -€158 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | -€138,804 | €1,787,601 | +€1.9m | |
| Income taxes | 67/77 | - | €137,709 | +€137,709 | |
| Profit (loss) for the period | 9904 | -€138,804 | €1,649,893 | +€1.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€138,804 | €1,649,893 | +€1.8m |
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.