DELVEDO: 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.
DELVEDO
Largest movements
- Tangible fixed assets -€25,066
down €25,066 (-7.4%), from €340,831 to €315,765
of which Land and buildings: -€14,901
- Deferred charges and accrued income -€15,000
down €15,000 (-25.0%), from €60,000 to €45,000
- Formation expenses +€8,428
up €8,428 (+86.7%), from €9,717 to €18,145
- Cash +€5,798
up €5,798 (+22.2%), from €26,128 to €31,926
mainly Depreciation (+€32,721) and Deferred charges and accrued income (+€15,000)
- Debts after one year -€32,927
down €32,927 (-21.6%), from €152,473 to €119,546
- Other debts -€14,572
down €14,572 (-30.0%), from €48,602 to €34,030
- Reserves +€14,191
up €14,191 (+8.3%), from €170,099 to €184,290
of which Distributable reserves: +€14,191
- Taxes -€4,788
down €4,788, from €1,302 to -€3,486
- Other operating charges -€4,253
down €4,253 (-55.3%), from €7,694 to €3,441
- Financial charges +€879
up €879 (+18.2%), from €4,822 to €5,701
- Depreciation +€766
up €766 (+2.4%), from €31,956 to €32,721
- Gross operating margin -€740
down €740 (-1.4%), from €53,305 to €52,565
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 | €469,471 | €440,691 | -€28,780 | -6.1% |
| Formation expenses | 20 | €9,717 | €18,145 | +€8,428 | +86.7% |
| Fixed assets | 21/28 | €340,856 | €315,790 | -€25,066 | -7.4% |
| Tangible fixed assets | 22/27 | €340,831 | €315,765 | -€25,066 | -7.4% |
| Land and buildings | 22 | €301,306 | €286,405 | -€14,901 | -4.9% |
| Plant, machinery and equipment | 23 | €4,589 | €2,747 | -€1,842 | -40.1% |
| Furniture and vehicles | 24 | €34,936 | €26,613 | -€8,323 | -23.8% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €118,898 | €106,756 | -€12,142 | -10.2% |
| Amounts receivable within one year | 40/41 | €32,770 | €29,829 | -€2,940 | -9.0% |
| Trade receivables | 40 | €32,770 | €29,829 | -€2,940 | -9.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,128 | €31,926 | +€5,798 | +22.2% |
| Deferred charges and accrued income | 490/1 | €60,000 | €45,000 | -€15,000 | -25.0% |
| Total equity and liabilities | 10/49 | €469,471 | €440,691 | -€28,780 | -6.1% |
| Equity | 10/15 | €235,943 | €250,134 | +€14,191 | +6.0% |
| Contributions | 10/11 | €65,844 | €65,844 | = | 0.0% |
| Capital | 10 | €65,844 | €65,844 | = | 0.0% |
| Issued capital | 100 | €65,844 | €65,844 | = | 0.0% |
| Reserves | 13 | €170,099 | €184,290 | +€14,191 | +8.3% |
| Non-distributable reserves | 130/1 | €6,584 | €6,584 | = | 0.0% |
| Legal reserve | 130 | €6,584 | €6,584 | = | 0.0% |
| Distributable reserves | 133 | €163,514 | €177,706 | +€14,191 | +8.7% |
| Amounts payable | 17/49 | €233,528 | €190,558 | -€42,971 | -18.4% |
| Amounts payable after more than one year | 17 | €152,473 | €119,546 | -€32,927 | -21.6% |
| Financial debts | 170/4 | €152,473 | €119,546 | -€32,927 | -21.6% |
| Amounts payable within one year | 42/48 | €81,055 | €71,011 | -€10,044 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €19,669 | €23,297 | +€3,629 | +18.4% |
| Trade debts | 44 | €5,551 | €2,938 | -€2,613 | -47.1% |
| Suppliers | 440/4 | €5,551 | €2,938 | -€2,613 | -47.1% |
| Taxes, remuneration and social security | 45 | €7,234 | €10,746 | +€3,512 | +48.6% |
| Taxes | 450/3 | €7,234 | €8,198 | +€964 | +13.3% |
| Remuneration and social security | 454/9 | - | €2,548 | +€2,548 | |
| Other amounts payable | 47/48 | €48,602 | €34,030 | -€14,572 | -30.0% |
| Remuneration, social security and pensions | 62 | - | €10 | +€10 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,956 | €32,721 | +€766 | +2.4% |
| Other operating charges | 640/8 | €7,694 | €3,441 | -€4,253 | -55.3% |
| Non-recurring operating charges | 66A | €532 | €0 | -€532 | -100% |
| Gross operating margin | 9900 | €53,305 | €52,565 | -€740 | -1.4% |
| Operating profit (loss) | 9901 | €13,123 | €16,392 | +€3,269 | +24.9% |
| Financial income | 75/76B | €26 | €14 | -€12 | -46.3% |
| Recurring financial income | 75 | €26 | €14 | -€12 | -46.3% |
| Financial charges | 65/66B | €4,822 | €5,701 | +€879 | +18.2% |
| Recurring financial charges | 65 | €4,822 | €5,701 | +€879 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €8,327 | €10,705 | +€2,378 | +28.6% |
| Income taxes | 67/77 | €1,302 | -€3,486 | -€4,788 | |
| Profit (loss) for the period | 9904 | €7,024 | €14,191 | +€7,167 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €7,024 | €14,191 | +€7,167 | +102% |
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 16 October 2026 via checked.be.