DELVAR: 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.
DELVAR
Largest movements
- Receivables within one year +€550,946
up €550,946 (+2855.5%), from €19,294 to €570,240
of which Other amounts receivable: +€519,388
- Current investments -€467,008
down €467,008 (-35.2%), from €1.3m to €858,411
- Tangible fixed assets +€40,702
up €40,702 (+11.7%), from €346,684 to €387,387
of which Plant, machinery and equipment: +€60,262
- Other debts +€155,354
up €155,354 (+6092.3%), from €2,550 to €157,904
- Reserves -€49,662
down €49,662 (-2.2%), from €2.2m to €2.2m
of which Distributable reserves: -€28,612
- Gross operating margin +€80,870
up €80,870 (+19.8%), from €408,902 to €489,773
- Taxes +€35,634
up €35,634 (+33.5%), from €106,406 to €142,041
- Depreciation -€12,885
down €12,885 (-37.7%), from €34,194 to €21,309
- Financial charges +€5,570
up €5,570 (+288.6%), from €1,930 to €7,501
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 | €2,285,230 | €2,400,009 | +€114,780 | +5.0% |
| Fixed assets | 21/28 | €346,684 | €387,387 | +€40,702 | +11.7% |
| Tangible fixed assets | 22/27 | €346,684 | €387,387 | +€40,702 | +11.7% |
| Land and buildings | 22 | €346,684 | €327,125 | -€19,559 | -5.6% |
| Plant, machinery and equipment | 23 | - | €60,262 | +€60,262 | |
| Current assets | 29/58 | €1,938,545 | €2,012,623 | +€74,077 | +3.8% |
| Amounts receivable after more than one year | 29 | €309,887 | €309,887 | = | 0.0% |
| Other amounts receivable | 291 | €309,887 | €309,887 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,294 | €570,240 | +€550,946 | +2855.5% |
| Trade receivables | 40 | €5,124 | €36,682 | +€31,558 | +615.8% |
| Other amounts receivable | 41 | €14,170 | €533,557 | +€519,388 | +3665.5% |
| Current investments | 50/53 | €1,325,419 | €858,411 | -€467,008 | -35.2% |
| Cash at bank and in hand | 54/58 | €262,253 | €255,597 | -€6,656 | -2.5% |
| Deferred charges and accrued income | 490/1 | €21,693 | €18,489 | -€3,205 | -14.8% |
| Total equity and liabilities | 10/49 | €2,285,230 | €2,400,009 | +€114,780 | +5.0% |
| Equity | 10/15 | €2,261,377 | €2,211,715 | -€49,662 | -2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,242,777 | €2,193,115 | -€49,662 | -2.2% |
| Tax-exempt reserves | 132 | €210,500 | €189,450 | -€21,050 | -10.0% |
| Distributable reserves | 133 | €2,032,277 | €2,003,665 | -€28,612 | -1.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €23,852 | €188,294 | +€164,442 | +689.4% |
| Amounts payable within one year | 42/48 | €14,716 | €185,029 | +€170,313 | +1157.3% |
| Trade debts | 44 | €130 | €1,755 | +€1,625 | +1248.9% |
| Suppliers | 440/4 | €130 | €1,755 | +€1,625 | +1248.9% |
| Taxes, remuneration and social security | 45 | €12,036 | €25,370 | +€13,334 | +110.8% |
| Taxes | 450/3 | €12,036 | €25,370 | +€13,334 | +110.8% |
| Other amounts payable | 47/48 | €2,550 | €157,904 | +€155,354 | +6092.3% |
| Accrued charges and deferred income | 492/3 | €9,136 | €3,265 | -€5,871 | -64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,194 | €21,309 | -€12,885 | -37.7% |
| Other operating charges | 640/8 | €4,334 | €4,553 | +€220 | +5.1% |
| Gross operating margin | 9900 | €408,902 | €489,773 | +€80,870 | +19.8% |
| Operating profit (loss) | 9901 | €370,375 | €463,910 | +€93,535 | +25.3% |
| Financial income | 75/76B | €58,091 | €56,434 | -€1,657 | -2.9% |
| Recurring financial income | 75 | €58,091 | €56,434 | -€1,657 | -2.9% |
| Financial charges | 65/66B | €1,930 | €7,501 | +€5,570 | +288.6% |
| Recurring financial charges | 65 | €1,930 | €7,501 | +€5,570 | +288.6% |
| Profit (loss) for the period before taxes | 9903 | €426,536 | €512,843 | +€86,308 | +20.2% |
| Income taxes | 67/77 | €106,406 | €142,041 | +€35,634 | +33.5% |
| Profit (loss) for the period | 9904 | €320,129 | €370,802 | +€50,673 | +15.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €84,200 | +€84,200 | |
| Transfer to tax-exempt reserves | 689 | €63,150 | €63,150 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €256,979 | €391,852 | +€134,873 | +52.5% |
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 4 October 2026 via checked.be.