DELVICI: 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.
What changed
DELVICI
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.6m
2024 · €288,547+€3.3m
Equity
€23.2m
2024 · €19.6m+€3.6m
Cash
€17,416
2024 · €288,059-€270,643
Balance sheet total
€43.6m
2024 · €43.1m+€591,091
Largest movements
Assets
- Tangible fixed assets +€615,749
up €615,749 (+4.5%), from €13.7m to €14.3m
of which Land and buildings: +€8.9m
Equity and liabilities
- Reserves +€3.6m
up €3.6m (+50.9%), from €7.0m to €10.5m
of which Tax-exempt reserves: +€2.0m
- Short-term financial debts -€2.3m
down €2.3m (-95.3%), from €2.4m to €112,772
- Debts after one year -€947,666
down €947,666 (-5.1%), from €18.7m to €17.8m
- Provisions +€814,470
new in 2025: €814,470
Income statement
- Gross operating margin +€4.0m
up €4.0m (+252%), from €1.6m to €5.7m
- Financial income +€495,406
up €495,406 (+9,639%), from €5,139 to €500,546
- Depreciation +€366,691
up €366,691 (+105%), from €348,191 to €714,882
- Financial charges +€102,181
up €102,181 (+23.6%), from €432,450 to €534,631
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
€288,547
Gross operating margin
+€4.0m
Staff costs
-€6,440
Depreciation
-€366,691
Other operating charges
+€19,423
Other operating items
-€8,001
Financial income
+€495,406
Financial charges
-€102,181
Taxes
+€768
Deferred taxes and other
-€814,470
Result 2025
€3.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.7m
Investment
-€1.3m
Financing
-€3.6m
Cash 2024
€288,059
From operations (derived)
+€4.7m
Net result for the year
+€3.6m
Depreciation
+€714,882
Smaller working-capital items
-€789
Receivables within one year
-€251,070
Provisions
+€814,470
Trade debts
-€277,903
Other debts
+€129,343
Investment (derived)
-€1.3m
Investment in fixed assets (net)
-€1.3m
Financing
-€3.6m
Debts after one year
-€947,666
Current portion of long-term debt
-€389,251
Short-term financial debts
-€2.3m
Cash 2025
€17,416
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €43,058,162 | €43,649,253 | +€591,091 | +1.4% |
| Fixed assets | 21/28 | €42,453,551 | €43,068,995 | +€615,444 | +1.4% |
| Intangible fixed assets | 21 | €305 | - | -€305 | |
| Tangible fixed assets | 22/27 | €13,710,898 | €14,326,648 | +€615,749 | +4.5% |
| Land and buildings | 22 | €4,917,299 | €13,837,271 | +€8.9m | +181% |
| Plant, machinery and equipment | 23 | €462,946 | €429,809 | -€33,137 | -7.2% |
| Furniture and vehicles | 24 | €9,703 | €1,636 | -€8,067 | -83.1% |
| Leasing and similar rights | 25 | €79,752 | €48,224 | -€31,529 | -39.5% |
| Assets under construction and advance payments | 27 | €8,241,197 | €9,707 | -€8.2m | -99.9% |
| Financial fixed assets | 28 | €28,742,347 | €28,742,347 | = | 0.0% |
| Current assets | 29/58 | €604,611 | €580,258 | -€24,353 | -4.0% |
| Amounts receivable after more than one year | 29 | €13,233 | €8,454 | -€4,780 | -36.1% |
| Other amounts receivable | 291 | €13,233 | €8,454 | -€4,780 | -36.1% |
| Amounts receivable within one year | 40/41 | €303,319 | €554,388 | +€251,070 | +82.8% |
| Trade receivables | 40 | €208,305 | €488,502 | +€280,197 | +135% |
| Other amounts receivable | 41 | €95,013 | €65,886 | -€29,127 | -30.7% |
| Cash at bank and in hand | 54/58 | €288,059 | €17,416 | -€270,643 | -94.0% |
| Total equity and liabilities | 10/49 | €43,058,162 | €43,649,253 | +€591,091 | +1.4% |
| Equity | 10/15 | €19,606,208 | €23,158,725 | +€3.6m | +18.1% |
| Contributions | 10/11 | €12,625,499 | €12,625,499 | = | 0.0% |
| Reserves | 13 | €6,980,709 | €10,533,227 | +€3.6m | +50.9% |
| Tax-exempt reserves | 132 | €529,511 | €2,551,920 | +€2.0m | +382% |
| Distributable reserves | 133 | €6,451,199 | €7,981,307 | +€1.5m | +23.7% |
| Provisions and deferred taxes | 16 | - | €814,470 | +€814,470 | |
| Deferred taxes | 168 | - | €814,470 | +€814,470 | |
| Amounts payable | 17/49 | €23,451,954 | €19,676,058 | -€3.8m | -16.1% |
| Amounts payable after more than one year | 17 | €18,733,420 | €17,785,754 | -€947,666 | -5.1% |
| Financial debts | 170/4 | €18,733,420 | €17,785,754 | -€947,666 | -5.1% |
| Amounts payable within one year | 42/48 | €4,710,155 | €1,889,300 | -€2.8m | -59.9% |
| Current portion of amounts payable after more than one year | 42 | €1,256,889 | €867,637 | -€389,251 | -31.0% |
| Financial debts | 43 | €2,397,621 | €112,772 | -€2.3m | -95.3% |
| Credit institutions | 430/8 | €2,397,621 | €112,772 | -€2.3m | -95.3% |
| Trade debts | 44 | €454,659 | €176,756 | -€277,903 | -61.1% |
| Suppliers | 440/4 | €454,659 | €176,756 | -€277,903 | -61.1% |
| Taxes, remuneration and social security | 45 | €73,702 | €75,508 | +€1,806 | +2.5% |
| Taxes | 450/3 | €26,435 | €21,761 | -€4,675 | -17.7% |
| Remuneration and social security | 454/9 | €47,266 | €53,747 | +€6,481 | +13.7% |
| Other amounts payable | 47/48 | €527,284 | €656,626 | +€129,343 | +24.5% |
| Accrued charges and deferred income | 492/3 | €8,379 | €1,004 | -€7,375 | -88.0% |
| Non-recurring operating income | 76A | €2,000 | €3,448,180 | +€3.4m | +172,309% |
| Remuneration, social security and pensions | 62 | €449,699 | €456,139 | +€6,440 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348,191 | €714,882 | +€366,691 | +105% |
| Other operating charges | 640/8 | €90,597 | €71,174 | -€19,423 | -21.4% |
| Non-recurring operating charges | 66A | - | €8,001 | +€8,001 | |
| Gross operating margin | 9900 | €1,606,913 | €5,653,069 | +€4.0m | +252% |
| Operating profit (loss) | 9901 | €718,426 | €4,402,873 | +€3.7m | +513% |
| Financial income | 75/76B | €5,139 | €500,546 | +€495,406 | +9,639% |
| Recurring financial income | 75 | €5,139 | €500,546 | +€495,406 | +9,639% |
| Financial charges | 65/66B | €432,450 | €534,631 | +€102,181 | +23.6% |
| Recurring financial charges | 65 | €432,450 | €534,631 | +€102,181 | +23.6% |
| Profit (loss) for the period before taxes | 9903 | €291,115 | €4,368,788 | +€4.1m | +1,401% |
| Transfer from deferred taxes | 780 | - | €42,867 | +€42,867 | |
| Transfer to deferred taxes | 680 | - | €857,337 | +€857,337 | |
| Income taxes | 67/77 | €2,568 | €1,800 | -€768 | -29.9% |
| Profit (loss) for the period | 9904 | €288,547 | €3,552,517 | +€3.3m | +1,131% |
| Transfer from tax-exempt reserves | 789 | €651,850 | €549,601 | -€102,249 | -15.7% |
| Transfer to tax-exempt reserves | 689 | - | €2,572,010 | +€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €940,397 | €1,530,108 | +€589,711 | +62.7% |
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 18 October 2026 via checked.be.