Delvaux-Fox: 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-Fox
Largest movements
- Cash -€18,976
down €18,976 (-58.1%), from €32,644 to €13,668
mainly Contributions, distributions and other (-€30,000) and Receivables within one year (-€7,713)
- Receivables within one year +€7,713
up €7,713 (+63.8%), from €12,093 to €19,806
of which Other amounts receivable: +€8,669
- Tangible fixed assets +€5,489
up €5,489 (+144%), from €3,804 to €9,292
of which Plant, machinery and equipment: +€5,412
- Deferred charges and accrued income +€977
new in 2025: €977
- Tax, wage and social debts -€5,570
down €5,570 (-14.5%), from €38,525 to €32,955
- Profit (loss) carried forward +€2,543
up €2,543 (+45.0%), from €5,654 to €8,196
- Trade debts -€1,770
down €1,770 (-74.9%), from €2,363 to €593
- Gross operating margin -€46,334
down €46,334 (-50.5%), from €91,723 to €45,389
- Taxes -€9,636
down €9,636 (-52.7%), from €18,295 to €8,659
- Staff costs +€2,150
new in 2025: €2,150
- Depreciation +€1,609
up €1,609 (+531%), from €303 to €1,912
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 | €48,542 | €43,743 | -€4,798 | -9.9% |
| Fixed assets | 21/28 | €3,804 | €9,292 | +€5,489 | +144% |
| Tangible fixed assets | 22/27 | €3,804 | €9,292 | +€5,489 | +144% |
| Plant, machinery and equipment | 23 | - | €5,412 | +€5,412 | |
| Furniture and vehicles | 24 | €3,804 | €3,880 | +€76 | +2.0% |
| Current assets | 29/58 | €44,738 | €34,451 | -€10,287 | -23.0% |
| Amounts receivable within one year | 40/41 | €12,093 | €19,806 | +€7,713 | +63.8% |
| Trade receivables | 40 | €10,406 | €9,450 | -€956 | -9.2% |
| Other amounts receivable | 41 | €1,687 | €10,356 | +€8,669 | +514% |
| Cash at bank and in hand | 54/58 | €32,644 | €13,668 | -€18,976 | -58.1% |
| Deferred charges and accrued income | 490/1 | - | €977 | +€977 | |
| Total equity and liabilities | 10/49 | €48,542 | €43,743 | -€4,798 | -9.9% |
| Equity | 10/15 | €7,654 | €10,196 | +€2,543 | +33.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,654 | €8,196 | +€2,543 | +45.0% |
| Amounts payable | 17/49 | €40,888 | €33,547 | -€7,341 | -18.0% |
| Amounts payable within one year | 42/48 | €40,888 | €33,547 | -€7,341 | -18.0% |
| Trade debts | 44 | €2,363 | €593 | -€1,770 | -74.9% |
| Suppliers | 440/4 | €2,363 | €593 | -€1,770 | -74.9% |
| Taxes, remuneration and social security | 45 | €38,525 | €32,955 | -€5,570 | -14.5% |
| Taxes | 450/3 | €38,525 | €32,955 | -€5,570 | -14.5% |
| Remuneration, social security and pensions | 62 | - | €2,150 | +€2,150 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €303 | €1,912 | +€1,609 | +531% |
| Gross operating margin | 9900 | €91,723 | €45,389 | -€46,334 | -50.5% |
| Operating profit (loss) | 9901 | €91,420 | €41,327 | -€50,093 | -54.8% |
| Financial charges | 65/66B | €39 | €125 | +€86 | +220% |
| Recurring financial charges | 65 | €39 | €125 | +€86 | +220% |
| Profit (loss) for the period before taxes | 9903 | €91,381 | €41,202 | -€50,179 | -54.9% |
| Income taxes | 67/77 | €18,295 | €8,659 | -€9,636 | -52.7% |
| Profit (loss) for the period | 9904 | €73,086 | €32,543 | -€40,543 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €73,086 | €32,543 | -€40,543 | -55.5% |
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 28 October 2026 via checked.be.