DELVAUX S.: 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 S.
Largest movements
- Tangible fixed assets -€12,393
down €12,393 (-6.7%), from €183,876 to €171,483
of which Plant, machinery and equipment: -€6,877
- Cash +€7,178
up €7,178 (+208%), from €3,452 to €10,630
mainly Depreciation (+€55,080) and Trade debts (+€22,804)
- Receivables within one year -€3,167
down €3,167 (-15.6%), from €20,353 to €17,186
of which Trade receivables: -€6,833
- Trade debts +€22,804
up €22,804 (+1,650%), from €1,382 to €24,186
- Profit (loss) carried forward -€18,049
down €18,049, from €9,117 to -€8,932
- Debts after one year -€10,337
down €10,337 (-18.9%), from €54,701 to €44,364
- Other debts +€9,774
up €9,774 (+13.3%), from €73,711 to €83,485
- Current portion of long-term debt -€5,113
down €5,113 (-14.6%), from €35,034 to €29,921
- Gross operating margin -€17,974
down €17,974 (-31.1%), from €57,735 to €39,761
- Depreciation +€5,475
up €5,475 (+11.0%), from €49,605 to €55,080
- Taxes -€1,685
down €1,685 (-99.6%), from €1,691 to €6
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 | €223,888 | €215,111 | -€8,776 | -3.9% |
| Fixed assets | 21/28 | €183,876 | €171,483 | -€12,393 | -6.7% |
| Tangible fixed assets | 22/27 | €183,876 | €171,483 | -€12,393 | -6.7% |
| Plant, machinery and equipment | 23 | €17,416 | €10,539 | -€6,877 | -39.5% |
| Furniture and vehicles | 24 | €166,460 | €160,944 | -€5,516 | -3.3% |
| Current assets | 29/58 | €40,011 | €43,628 | +€3,617 | +9.0% |
| Stocks and contracts in progress | 3 | €11,774 | €10,300 | -€1,474 | -12.5% |
| Stocks | 30/36 | €11,774 | €10,300 | -€1,474 | -12.5% |
| Amounts receivable within one year | 40/41 | €20,353 | €17,186 | -€3,167 | -15.6% |
| Trade receivables | 40 | €19,280 | €12,447 | -€6,833 | -35.4% |
| Other amounts receivable | 41 | €1,073 | €4,739 | +€3,666 | +342% |
| Cash at bank and in hand | 54/58 | €3,452 | €10,630 | +€7,178 | +208% |
| Deferred charges and accrued income | 490/1 | €4,433 | €5,513 | +€1,080 | +24.4% |
| Total equity and liabilities | 10/49 | €223,888 | €215,111 | -€8,776 | -3.9% |
| Equity | 10/15 | €44,313 | €26,265 | -€18,049 | -40.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €22,796 | €22,796 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €22,796 | €22,796 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,117 | -€8,932 | -€18,049 | |
| Provisions and deferred taxes | 16 | €6,333 | €6,333 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €6,333 | €6,333 | = | 0.0% |
| Pensions and similar obligations | 160 | €6,333 | €6,333 | = | 0.0% |
| Amounts payable | 17/49 | €173,241 | €182,513 | +€9,272 | +5.4% |
| Amounts payable after more than one year | 17 | €54,701 | €44,364 | -€10,337 | -18.9% |
| Financial debts | 170/4 | €54,701 | €44,364 | -€10,337 | -18.9% |
| Amounts payable within one year | 42/48 | €113,776 | €137,592 | +€23,816 | +20.9% |
| Current portion of amounts payable after more than one year | 42 | €35,034 | €29,921 | -€5,113 | -14.6% |
| Trade debts | 44 | €1,382 | €24,186 | +€22,804 | +1,650% |
| Suppliers | 440/4 | €1,382 | €24,186 | +€22,804 | +1,650% |
| Taxes, remuneration and social security | 45 | €3,649 | €0 | -€3,649 | -100% |
| Taxes | 450/3 | €2,149 | €0 | -€2,149 | -100% |
| Remuneration and social security | 454/9 | €1,500 | €0 | -€1,500 | -100% |
| Other amounts payable | 47/48 | €73,711 | €83,485 | +€9,774 | +13.3% |
| Accrued charges and deferred income | 492/3 | €4,764 | €557 | -€4,207 | -88.3% |
| Non-recurring operating income | 76A | - | €26 | +€26 | |
| Remuneration, social security and pensions | 62 | €214 | €221 | +€8 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,605 | €55,080 | +€5,475 | +11.0% |
| Other operating charges | 640/8 | €668 | €895 | +€227 | +34.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €57,735 | €39,761 | -€17,974 | -31.1% |
| Operating profit (loss) | 9901 | €7,249 | -€16,435 | -€23,684 | |
| Financial income | 75/76B | €622 | €781 | +€159 | +25.6% |
| Recurring financial income | 75 | €622 | €781 | +€159 | +25.6% |
| Financial charges | 65/66B | €1,973 | €2,389 | +€416 | +21.1% |
| Recurring financial charges | 65 | €1,973 | €2,389 | +€416 | +21.1% |
| Profit (loss) for the period before taxes | 9903 | €5,898 | -€18,043 | -€23,941 | |
| Income taxes | 67/77 | €1,691 | €6 | -€1,685 | -99.6% |
| Profit (loss) for the period | 9904 | €4,207 | -€18,049 | -€22,256 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,207 | -€18,049 | -€22,256 |
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.