DELVER: 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.
What changed
DELVER
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€381,343
2024 · €363,554+€17,789
Equity
€9.6m
2024 · €9.2m+€381,343
Cash
€44,871
2024 · €33,995+€10,876
Balance sheet total
€13.2m
2024 · €13.2m+€4,971
Largest movements
Assets
- Current investments +€350,000
up €350,000 (+142.3%), from €245,900 to €595,900
- Receivables within one year -€237,072
down €237,072 (-69.3%), from €342,072 to €105,000
of which Other amounts receivable: -€222,726
Equity and liabilities
- Debts after one year -€591,132
down €591,132 (-17.9%), from €3.3m to €2.7m
- Reserves +€380,949
up €380,949 (+5.7%), from €6.7m to €7.1m
of which Distributable reserves: +€401,000
- Other debts +€158,761
up €158,761 (+109.6%), from €144,865 to €303,626
Income statement
- Financial income +€18,579
up €18,579 (+4.8%), from €385,216 to €403,795
- Gross operating margin +€15,487
up €15,487 (+7.1%), from €217,559 to €233,046
- Financial charges +€11,937
up €11,937 (+18.5%), from €64,684 to €76,621
- Other operating charges +€2,782
up €2,782 (+11.7%), from €23,721 to €26,503
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.
Result 2024
€363,554
Gross operating margin
+€15,487
Depreciation
+€322
Other operating charges
-€2,782
Financial income
+€18,579
Financial charges
-€11,937
Taxes
-€1,881
Result 2025
€381,343
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.
From operations
+€875,245
Investment
-€349,971
Financing
-€514,398
Cash 2024
€33,995
From operations (derived)
+€875,245
Net result for the year
+€381,343
Depreciation
+€118,804
Receivables within one year
+€237,072
Provisions
-€8,190
Trade debts
-€15,719
Tax, wage and social debts
+€3,173
Other debts
+€158,761
Investment (derived)
-€349,971
Investment in fixed assets (net)
+€29
Current investments
-€350,000
Financing
-€514,398
Debts after one year
-€591,132
Current portion of long-term debt
+€76,734
Cash 2025
€44,871
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,238,910 | €13,243,881 | +€4,971 | 0.0% |
| Fixed assets | 21/28 | €12,616,943 | €12,498,109 | -€118,833 | -0.9% |
| Tangible fixed assets | 22/27 | €3,079,496 | €2,960,691 | -€118,804 | -3.9% |
| Land and buildings | 22 | €3,078,810 | €2,960,439 | -€118,371 | -3.8% |
| Furniture and vehicles | 24 | €686 | €253 | -€433 | -63.2% |
| Financial fixed assets | 28 | €9,537,447 | €9,537,418 | -€29 | 0.0% |
| Current assets | 29/58 | €621,968 | €745,771 | +€123,804 | +19.9% |
| Amounts receivable within one year | 40/41 | €342,072 | €105,000 | -€237,072 | -69.3% |
| Trade receivables | 40 | €14,347 | - | -€14,347 | |
| Other amounts receivable | 41 | €327,726 | €105,000 | -€222,726 | -68.0% |
| Current investments | 50/53 | €245,900 | €595,900 | +€350,000 | +142.3% |
| Cash at bank and in hand | 54/58 | €33,995 | €44,871 | +€10,876 | +32.0% |
| Total equity and liabilities | 10/49 | €13,238,910 | €13,243,881 | +€4,971 | 0.0% |
| Equity | 10/15 | €9,234,553 | €9,615,896 | +€381,343 | +4.1% |
| Contributions | 10/11 | €2,523,055 | €2,523,055 | = | 0.0% |
| Capital | 10 | €2,523,055 | €2,523,055 | = | 0.0% |
| Issued capital | 100 | €2,523,055 | €2,523,055 | = | 0.0% |
| Revaluation surpluses | 12 | €2,220 | €2,220 | = | 0.0% |
| Reserves | 13 | €6,707,450 | €7,088,400 | +€380,949 | +5.7% |
| Non-distributable reserves | 130/1 | €24,113 | €24,113 | = | 0.0% |
| Legal reserve | 130 | €24,113 | €24,113 | = | 0.0% |
| Tax-exempt reserves | 132 | €440,592 | €420,542 | -€20,051 | -4.6% |
| Distributable reserves | 133 | €6,242,745 | €6,643,745 | +€401,000 | +6.4% |
| Profit (loss) carried forward | 14 | €1,828 | €2,222 | +€394 | +21.5% |
| Provisions and deferred taxes | 16 | €179,962 | €171,773 | -€8,190 | -4.6% |
| Provisions for liabilities and charges | 160/5 | €2 | €2 | = | 0.0% |
| Taxes | 161 | €2 | €2 | = | 0.0% |
| Deferred taxes | 168 | €179,960 | €171,771 | -€8,190 | -4.6% |
| Amounts payable | 17/49 | €3,824,395 | €3,456,212 | -€368,183 | -9.6% |
| Amounts payable after more than one year | 17 | €3,307,178 | €2,716,046 | -€591,132 | -17.9% |
| Financial debts | 170/4 | €3,307,178 | €2,716,046 | -€591,132 | -17.9% |
| Amounts payable within one year | 42/48 | €517,217 | €740,166 | +€222,949 | +43.1% |
| Current portion of amounts payable after more than one year | 42 | €314,398 | €391,132 | +€76,734 | +24.4% |
| Trade debts | 44 | €16,135 | €416 | -€15,719 | -97.4% |
| Suppliers | 440/4 | €16,135 | €416 | -€15,719 | -97.4% |
| Taxes, remuneration and social security | 45 | €41,820 | €44,993 | +€3,173 | +7.6% |
| Taxes | 450/3 | €41,820 | €44,993 | +€3,173 | +7.6% |
| Other amounts payable | 47/48 | €144,865 | €303,626 | +€158,761 | +109.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €119,127 | €118,804 | -€322 | -0.3% |
| Other operating charges | 640/8 | €23,721 | €26,503 | +€2,782 | +11.7% |
| Gross operating margin | 9900 | €217,559 | €233,046 | +€15,487 | +7.1% |
| Operating profit (loss) | 9901 | €74,711 | €87,738 | +€13,028 | +17.4% |
| Financial income | 75/76B | €385,216 | €403,795 | +€18,579 | +4.8% |
| Recurring financial income | 75 | €385,216 | €403,795 | +€18,579 | +4.8% |
| Financial charges | 65/66B | €64,684 | €76,621 | +€11,937 | +18.5% |
| Recurring financial charges | 65 | €64,684 | €76,621 | +€11,937 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €395,242 | €414,912 | +€19,670 | +5.0% |
| Transfer from deferred taxes | 780 | €8,190 | €8,190 | = | 0.0% |
| Income taxes | 67/77 | €39,878 | €41,759 | +€1,881 | +4.7% |
| Profit (loss) for the period | 9904 | €363,554 | €381,343 | +€17,789 | +4.9% |
| Transfer from tax-exempt reserves | 789 | €20,051 | €20,051 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €383,604 | €401,394 | +€17,789 | +4.6% |
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 8 October 2026 via checked.be.