DELVAUX: 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.
DELVAUX
Largest movements
- Tangible fixed assets -€401,295
down €401,295 (-42.9%), from €934,727 to €533,432
of which Land and buildings: -€402,813
- Cash +€270,738
up €270,738 (+52.2%), from €518,969 to €789,707
mainly Net result for the year (+€559,952) and Investment in fixed assets (net) (+€338,903)
- Receivables after one year -€125,000
down €125,000 (-100%), from €125,000 to €0
- Stocks and contracts +€66,962
up €66,962 (+8.4%), from €800,086 to €867,048
- Receivables within one year -€50,149
down €50,149 (-8.9%), from €562,681 to €512,531
of which Trade receivables: -€64,185
- Profit (loss) carried forward +€490,603
up €490,603 (+95.7%), from €512,669 to €1.0m
- Reserves -€489,205
down €489,205 (-31.2%), from €1.6m to €1.1m
of which Distributable reserves: -€304,238
- Debts after one year -€273,908
down €273,908 (-56.8%), from €482,021 to €208,113
- Trade debts +€90,568
up €90,568 (+59.3%), from €152,811 to €243,379
- Current portion of long-term debt -€39,801
down €39,801 (-46.7%), from €85,295 to €45,494
- Gross operating margin +€139,804
up €139,804 (+18.5%), from €757,265 to €897,068
- Write-downs +€51,841
up €51,841 (+156%), from €33,285 to €85,126
- Taxes -€43,309
down €43,309 (-24.4%), from €177,699 to €134,390
- Financial income +€20,108
up €20,108 (+37.8%), from €53,263 to €73,371
- Other operating charges +€13,605
up €13,605 (+113%), from €11,995 to €25,600
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 | €3,137,441 | €2,884,224 | -€253,217 | -8.1% |
| Fixed assets | 21/28 | €936,562 | €535,267 | -€401,295 | -42.8% |
| Tangible fixed assets | 22/27 | €934,727 | €533,432 | -€401,295 | -42.9% |
| Land and buildings | 22 | €853,070 | €450,257 | -€402,813 | -47.2% |
| Plant, machinery and equipment | 23 | €2,957 | - | -€2,957 | |
| Furniture and vehicles | 24 | €78,700 | €83,175 | +€4,475 | +5.7% |
| Financial fixed assets | 28 | €1,835 | €1,835 | = | 0.0% |
| Current assets | 29/58 | €2,200,880 | €2,348,957 | +€148,078 | +6.7% |
| Amounts receivable after more than one year | 29 | €125,000 | €0 | -€125,000 | -100% |
| Trade receivables | 290 | €125,000 | €0 | -€125,000 | -100% |
| Stocks and contracts in progress | 3 | €800,086 | €867,048 | +€66,962 | +8.4% |
| Stocks | 30/36 | €800,086 | €867,048 | +€66,962 | +8.4% |
| Amounts receivable within one year | 40/41 | €562,681 | €512,531 | -€50,149 | -8.9% |
| Trade receivables | 40 | €562,634 | €498,449 | -€64,185 | -11.4% |
| Other amounts receivable | 41 | €47 | €14,083 | +€14,036 | +30,017% |
| Current investments | 50/53 | €180,188 | €166,972 | -€13,216 | -7.3% |
| Cash at bank and in hand | 54/58 | €518,969 | €789,707 | +€270,738 | +52.2% |
| Deferred charges and accrued income | 490/1 | €13,956 | €12,699 | -€1,257 | -9.0% |
| Total equity and liabilities | 10/49 | €3,137,441 | €2,884,224 | -€253,217 | -8.1% |
| Equity | 10/15 | €2,251,619 | €2,228,235 | -€23,383 | -1.0% |
| Contributions | 10/11 | €168,750 | €143,968 | -€24,782 | -14.7% |
| Reserves | 13 | €1,570,199 | €1,080,994 | -€489,205 | -31.2% |
| Non-distributable reserves | 130/1 | €16,875 | €14,397 | -€2,478 | -14.7% |
| Reserves not available under the articles | 1311 | €16,875 | €14,397 | -€2,478 | -14.7% |
| Tax-exempt reserves | 132 | €808,924 | €626,436 | -€182,489 | -22.6% |
| Distributable reserves | 133 | €744,400 | €440,162 | -€304,238 | -40.9% |
| Profit (loss) carried forward | 14 | €512,669 | €1,003,273 | +€490,603 | +95.7% |
| Amounts payable | 17/49 | €885,823 | €655,989 | -€229,834 | -25.9% |
| Amounts payable after more than one year | 17 | €482,021 | €208,113 | -€273,908 | -56.8% |
| Financial debts | 170/4 | €482,021 | €208,113 | -€273,908 | -56.8% |
| Amounts payable within one year | 42/48 | €401,970 | €446,050 | +€44,081 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €85,295 | €45,494 | -€39,801 | -46.7% |
| Trade debts | 44 | €152,811 | €243,379 | +€90,568 | +59.3% |
| Suppliers | 440/4 | €152,811 | €243,379 | +€90,568 | +59.3% |
| Taxes, remuneration and social security | 45 | €90,631 | €100,502 | +€9,871 | +10.9% |
| Taxes | 450/3 | €80,363 | €81,545 | +€1,182 | +1.5% |
| Remuneration and social security | 454/9 | €10,268 | €18,957 | +€8,689 | +84.6% |
| Other amounts payable | 47/48 | €73,233 | €56,675 | -€16,557 | -22.6% |
| Accrued charges and deferred income | 492/3 | €1,832 | €1,825 | -€7 | -0.4% |
| Remuneration, social security and pensions | 62 | €87,844 | €92,106 | +€4,262 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,654 | €62,392 | -€3,263 | -5.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €33,285 | €85,126 | +€51,841 | +156% |
| Other operating charges | 640/8 | €11,995 | €25,600 | +€13,605 | +113% |
| Gross operating margin | 9900 | €757,265 | €897,068 | +€139,804 | +18.5% |
| Operating profit (loss) | 9901 | €558,487 | €631,845 | +€73,358 | +13.1% |
| Financial income | 75/76B | €53,263 | €73,371 | +€20,108 | +37.8% |
| Recurring financial income | 75 | €53,263 | €73,371 | +€20,108 | +37.8% |
| Financial charges | 65/66B | €18,883 | €10,873 | -€8,009 | -42.4% |
| Recurring financial charges | 65 | €18,883 | €10,873 | -€8,009 | -42.4% |
| Profit (loss) for the period before taxes | 9903 | €592,867 | €694,342 | +€101,475 | +17.1% |
| Income taxes | 67/77 | €177,699 | €134,390 | -€43,309 | -24.4% |
| Profit (loss) for the period | 9904 | €415,168 | €559,952 | +€144,784 | +34.9% |
| Transfer from tax-exempt reserves | 789 | €105,250 | €71,835 | -€33,415 | -31.7% |
| Transfer to tax-exempt reserves | 689 | €270,080 | €29,470 | -€240,610 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €250,338 | €602,317 | +€351,979 | +141% |
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 18 October 2026 via checked.be.