DELVAUX PASCAL: 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.
DELVAUX PASCAL
Largest movements
- Cash -€24,147
down €24,147 (-59.4%), from €40,686 to €16,539
mainly Net result for the year (-€125,044) and Receivables within one year (-€23,582)
- Receivables within one year +€23,582
up €23,582 (+188.8%), from €12,491 to €36,073
of which Other amounts receivable: +€25,179
- Tangible fixed assets -€8,257
down €8,257 (-12.8%), from €64,279 to €56,021
of which Land and buildings: -€6,359
- Financial fixed assets +€8,000
up €8,000 (+8000.0%), from €100 to €8,100
- Intangible fixed assets +€3,239
new in 2025: €3,239
- Profit (loss) carried forward -€125,044
down €125,044, from €47,201 to -€77,843
- Trade debts +€64,472
up €64,472 (+177.9%), from €36,249 to €100,721
- Debts after one year +€25,916
up €25,916, from €0 to €25,916
- Tax, wage and social debts +€23,333
up €23,333 (+123.9%), from €18,826 to €42,159
of which Remuneration and social security: +€22,150
- Current portion of long-term debt +€10,980
new in 2025: €10,980
- Staff costs +€129,891
up €129,891 (+149.9%), from €86,669 to €216,560
- Other operating charges +€2,144
up €2,144 (+59.3%), from €3,613 to €5,757
- Gross operating margin -€1,773
down €1,773 (-1.5%), from €121,554 to €119,780
- Depreciation +€1,720
up €1,720 (+9.8%), from €17,604 to €19,324
- Financial charges +€1,470
up €1,470 (+52.9%), from €2,779 to €4,249
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 | €138,104 | €137,079 | -€1,025 | -0.7% |
| Fixed assets | 21/28 | €64,379 | €67,361 | +€2,982 | +4.6% |
| Intangible fixed assets | 21 | - | €3,239 | +€3,239 | |
| Tangible fixed assets | 22/27 | €64,279 | €56,021 | -€8,257 | -12.8% |
| Land and buildings | 22 | €35,185 | €28,825 | -€6,359 | -18.1% |
| Plant, machinery and equipment | 23 | €29,094 | €22,997 | -€6,096 | -21.0% |
| Furniture and vehicles | 24 | - | €4,199 | +€4,199 | |
| Financial fixed assets | 28 | €100 | €8,100 | +€8,000 | +8000.0% |
| Current assets | 29/58 | €73,726 | €69,718 | -€4,007 | -5.4% |
| Stocks and contracts in progress | 3 | €15,218 | €12,962 | -€2,256 | -14.8% |
| Stocks | 30/36 | €15,218 | €12,962 | -€2,256 | -14.8% |
| Amounts receivable within one year | 40/41 | €12,491 | €36,073 | +€23,582 | +188.8% |
| Trade receivables | 40 | €7,234 | €5,637 | -€1,597 | -22.1% |
| Other amounts receivable | 41 | €5,258 | €30,437 | +€25,179 | +478.9% |
| Cash at bank and in hand | 54/58 | €40,686 | €16,539 | -€24,147 | -59.4% |
| Deferred charges and accrued income | 490/1 | €5,331 | €4,144 | -€1,187 | -22.3% |
| Total equity and liabilities | 10/49 | €138,104 | €137,079 | -€1,025 | -0.7% |
| Equity | 10/15 | €73,464 | -€51,580 | -€125,044 | |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €5,803 | €5,803 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,803 | €5,803 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,201 | -€77,843 | -€125,044 | |
| Amounts payable | 17/49 | €64,640 | €188,659 | +€124,019 | +191.9% |
| Amounts payable after more than one year | 17 | €0 | €25,916 | +€25,916 | |
| Other amounts payable | 178/9 | €0 | €25,916 | +€25,916 | |
| Amounts payable within one year | 42/48 | €64,574 | €162,353 | +€97,779 | +151.4% |
| Current portion of amounts payable after more than one year | 42 | - | €10,980 | +€10,980 | |
| Financial debts | 43 | €6,062 | €8,492 | +€2,429 | +40.1% |
| Credit institutions | 430/8 | - | €8,492 | +€8,492 | |
| Other loans | 439 | €6,062 | €0 | -€6,062 | -100.0% |
| Trade debts | 44 | €36,249 | €100,721 | +€64,472 | +177.9% |
| Suppliers | 440/4 | €36,249 | €100,721 | +€64,472 | +177.9% |
| Taxes, remuneration and social security | 45 | €18,826 | €42,159 | +€23,333 | +123.9% |
| Taxes | 450/3 | €2,600 | €3,783 | +€1,183 | +45.5% |
| Remuneration and social security | 454/9 | €16,226 | €38,376 | +€22,150 | +136.5% |
| Other amounts payable | 47/48 | €3,436 | €0 | -€3,436 | -100.0% |
| Accrued charges and deferred income | 492/3 | €66 | €390 | +€324 | +489.9% |
| Remuneration, social security and pensions | 62 | €86,669 | €216,560 | +€129,891 | +149.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,604 | €19,324 | +€1,720 | +9.8% |
| Other operating charges | 640/8 | €3,613 | €5,757 | +€2,144 | +59.3% |
| Gross operating margin | 9900 | €121,554 | €119,780 | -€1,773 | -1.5% |
| Operating profit (loss) | 9901 | €13,668 | -€121,861 | -€135,529 | |
| Financial income | 75/76B | €1 | €1,065 | +€1,064 | +99466.4% |
| Recurring financial income | 75 | €1 | €1,065 | +€1,064 | +99466.4% |
| Financial charges | 65/66B | €2,779 | €4,249 | +€1,470 | +52.9% |
| Recurring financial charges | 65 | €2,779 | €4,249 | +€1,470 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €10,890 | -€125,044 | -€135,934 | |
| Profit (loss) for the period | 9904 | €10,890 | -€125,044 | -€135,934 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,890 | -€125,044 | -€135,934 |
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.