DELVEAU: 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.
DELVEAU
Largest movements
- Tangible fixed assets +€1.2m
up €1.2m (+86.4%), from €1.4m to €2.6m
of which Plant, machinery and equipment: +€668,548
- Cash +€318,883
up €318,883 (+202.1%), from €157,794 to €476,677
mainly Debts after one year (+€1.1m) and Net result for the year (+€580,907)
- Receivables within one year +€279,459
up €279,459 (+49.8%), from €560,900 to €840,359
of which Trade receivables: +€253,151
- Deferred charges and accrued income +€131,362
up €131,362 (+71.6%), from €183,359 to €314,721
- Debts after one year +€1.1m
up €1.1m (+78.0%), from €1.4m to €2.5m
- Profit (loss) carried forward +€580,907
up €580,907 (+575.9%), from €100,874 to €681,781
- Current portion of long-term debt +€230,362
up €230,362 (+65.9%), from €349,827 to €580,189
- Trade debts +€60,169
up €60,169 (+74.8%), from €80,420 to €140,589
- Gross operating margin +€640,461
up €640,461 (+151.1%), from €423,977 to €1.1m
- Depreciation +€142,115
up €142,115 (+64.6%), from €220,082 to €362,197
- Financial charges +€48,769
up €48,769 (+164.7%), from €29,606 to €78,375
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 | €2,294,551 | €4,221,999 | +€1.9m | +84.0% |
| Fixed assets | 21/28 | €1,392,498 | €2,590,242 | +€1.2m | +86.0% |
| Tangible fixed assets | 22/27 | €1,385,498 | €2,583,242 | +€1.2m | +86.4% |
| Plant, machinery and equipment | 23 | €4,379 | €672,927 | +€668,548 | +15267.1% |
| Furniture and vehicles | 24 | €1,381,119 | €1,910,315 | +€529,196 | +38.3% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €902,053 | €1,631,757 | +€729,704 | +80.9% |
| Amounts receivable within one year | 40/41 | €560,900 | €840,359 | +€279,459 | +49.8% |
| Trade receivables | 40 | €553,935 | €807,086 | +€253,151 | +45.7% |
| Other amounts receivable | 41 | €6,965 | €33,273 | +€26,308 | +377.7% |
| Cash at bank and in hand | 54/58 | €157,794 | €476,677 | +€318,883 | +202.1% |
| Deferred charges and accrued income | 490/1 | €183,359 | €314,721 | +€131,362 | +71.6% |
| Total equity and liabilities | 10/49 | €2,294,551 | €4,221,999 | +€1.9m | +84.0% |
| Equity | 10/15 | €414,474 | €995,381 | +€580,907 | +140.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €295,000 | €295,000 | = | 0.0% |
| Distributable reserves | 133 | €295,000 | €295,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €100,874 | €681,781 | +€580,907 | +575.9% |
| Amounts payable | 17/49 | €1,880,077 | €3,226,618 | +€1.3m | +71.6% |
| Amounts payable after more than one year | 17 | €1,384,651 | €2,464,991 | +€1.1m | +78.0% |
| Financial debts | 170/4 | €1,384,651 | €2,464,991 | +€1.1m | +78.0% |
| Amounts payable within one year | 42/48 | €495,426 | €761,627 | +€266,201 | +53.7% |
| Current portion of amounts payable after more than one year | 42 | €349,827 | €580,189 | +€230,362 | +65.9% |
| Trade debts | 44 | €80,420 | €140,589 | +€60,169 | +74.8% |
| Suppliers | 440/4 | €80,420 | €140,589 | +€60,169 | +74.8% |
| Taxes, remuneration and social security | 45 | €64,492 | €39,665 | -€24,827 | -38.5% |
| Taxes | 450/3 | €64,492 | €39,665 | -€24,827 | -38.5% |
| Other amounts payable | 47/48 | €687 | €1,184 | +€497 | +72.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €220,082 | €362,197 | +€142,115 | +64.6% |
| Other operating charges | 640/8 | €295 | €3,466 | +€3,171 | +1074.9% |
| Gross operating margin | 9900 | €423,977 | €1,064,438 | +€640,461 | +151.1% |
| Operating profit (loss) | 9901 | €203,600 | €698,775 | +€495,175 | +243.2% |
| Financial income | 75/76B | €79 | €1,709 | +€1,630 | +2063.3% |
| Recurring financial income | 75 | €79 | €1,709 | +€1,630 | +2063.3% |
| Financial charges | 65/66B | €29,606 | €78,375 | +€48,769 | +164.7% |
| Recurring financial charges | 65 | €29,606 | €78,375 | +€48,769 | +164.7% |
| Profit (loss) for the period before taxes | 9903 | €174,073 | €622,109 | +€448,036 | +257.4% |
| Income taxes | 67/77 | €44,975 | €41,202 | -€3,773 | -8.4% |
| Profit (loss) for the period | 9904 | €129,098 | €580,907 | +€451,809 | +350.0% |
| Profit (loss) for the period to be appropriated | 9905 | €129,098 | €580,907 | +€451,809 | +350.0% |
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 12 October 2026 via checked.be.