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
- Stocks and contracts -€24,031
down €24,031 (-42.2%), from €56,928 to €32,897
- Cash +€9,150
up €9,150 (+113%), from €8,083 to €17,234
mainly Stocks and contracts (+€24,031) and Depreciation (+€5,410)
- Receivables within one year -€4,001
down €4,001 (-11.9%), from €33,614 to €29,613
of which Other amounts receivable: -€2,562
- Tangible fixed assets -€3,637
down €3,637 (-14.8%), from €24,537 to €20,900
of which Other tangible fixed assets: -€4,718
- Trade debts -€8,765
down €8,765 (-70.6%), from €12,413 to €3,648
- Profit (loss) carried forward -€8,450
down €8,450 (-29.8%), from -€28,383 to -€36,833
- Current portion of long-term debt -€4,376
no longer reported in 2025 (was €4,376)
- Tax, wage and social debts -€3,021
down €3,021 (-95.8%), from €3,155 to €134
of which Taxes: -€1,671
- Other debts +€1,836
up €1,836 (+1.8%), from €101,487 to €103,324
- Gross operating margin -€8,288
down €8,288 (-76.9%), from €10,781 to €2,493
- Financial charges +€666
up €666 (+44.4%), from €1,501 to €2,166
- Depreciation +€332
up €332 (+6.5%), from €5,078 to €5,410
- Other operating charges +€173
up €173 (+5.4%), from €3,192 to €3,365
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 | €125,097 | €101,259 | -€23,837 | -19.1% |
| Fixed assets | 21/28 | €25,438 | €21,391 | -€4,047 | -15.9% |
| Tangible fixed assets | 22/27 | €24,537 | €20,900 | -€3,637 | -14.8% |
| Plant, machinery and equipment | 23 | €208 | - | -€208 | |
| Furniture and vehicles | 24 | - | €1,289 | +€1,289 | |
| Other tangible fixed assets | 26 | €24,329 | €19,611 | -€4,718 | -19.4% |
| Financial fixed assets | 28 | €901 | €491 | -€410 | -45.5% |
| Current assets | 29/58 | €99,658 | €79,868 | -€19,790 | -19.9% |
| Stocks and contracts in progress | 3 | €56,928 | €32,897 | -€24,031 | -42.2% |
| Stocks | 30/36 | €56,928 | €32,897 | -€24,031 | -42.2% |
| Amounts receivable within one year | 40/41 | €33,614 | €29,613 | -€4,001 | -11.9% |
| Trade receivables | 40 | €29,284 | €27,845 | -€1,439 | -4.9% |
| Other amounts receivable | 41 | €4,330 | €1,768 | -€2,562 | -59.2% |
| Cash at bank and in hand | 54/58 | €8,083 | €17,234 | +€9,150 | +113% |
| Deferred charges and accrued income | 490/1 | €1,033 | €125 | -€908 | -87.9% |
| Total equity and liabilities | 10/49 | €125,097 | €101,259 | -€23,837 | -19.1% |
| Equity | 10/15 | €2,604 | -€5,846 | -€8,450 | |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,383 | -€36,833 | -€8,450 | -29.8% |
| Amounts payable | 17/49 | €122,493 | €107,106 | -€15,387 | -12.6% |
| Amounts payable within one year | 42/48 | €121,431 | €107,106 | -€14,325 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €4,376 | - | -€4,376 | |
| Trade debts | 44 | €12,413 | €3,648 | -€8,765 | -70.6% |
| Suppliers | 440/4 | €12,413 | €3,648 | -€8,765 | -70.6% |
| Taxes, remuneration and social security | 45 | €3,155 | €134 | -€3,021 | -95.8% |
| Taxes | 450/3 | €1,805 | €134 | -€1,671 | -92.6% |
| Remuneration and social security | 454/9 | €1,350 | - | -€1,350 | |
| Other amounts payable | 47/48 | €101,487 | €103,324 | +€1,836 | +1.8% |
| Accrued charges and deferred income | 492/3 | €1,062 | - | -€1,062 | |
| Non-recurring operating income | 76A | €9,132 | €960 | -€8,172 | -89.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,078 | €5,410 | +€332 | +6.5% |
| Other operating charges | 640/8 | €3,192 | €3,365 | +€173 | +5.4% |
| Gross operating margin | 9900 | €10,781 | €2,493 | -€8,288 | -76.9% |
| Operating profit (loss) | 9901 | €2,511 | -€6,281 | -€8,792 | |
| Financial income | 75/76B | €99 | €138 | +€40 | +40.2% |
| Recurring financial income | 75 | €99 | €138 | +€40 | +40.2% |
| Financial charges | 65/66B | €1,501 | €2,166 | +€666 | +44.4% |
| Recurring financial charges | 65 | €1,501 | €2,166 | +€666 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €1,108 | -€8,310 | -€9,418 | |
| Income taxes | 67/77 | €202 | €140 | -€62 | -30.6% |
| Profit (loss) for the period | 9904 | €906 | -€8,450 | -€9,356 | |
| Profit (loss) for the period to be appropriated | 9905 | €906 | -€8,450 | -€9,356 |
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 29 October 2026 via checked.be.