Delwa: 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.
Delwa
Largest movements
- Cash +€385,038
up €385,038 (+106.4%), from €361,998 to €747,036
mainly Net result for the year (+€1.4m) and Depreciation (+€495,902)
- Tangible fixed assets -€327,843
down €327,843 (-7.3%), from €4.5m to €4.2m
of which Plant, machinery and equipment: -€204,439
- Receivables within one year +€326,989
up €326,989 (+90.1%), from €362,888 to €689,878
of which Trade receivables: +€499,597
- Other debts -€1.3m
down €1.3m (-93.0%), from €1.4m to €95,385
- Reserves +€939,672
up €939,672 (+872.0%), from €107,756 to €1.0m
- Profit (loss) carried forward +€456,019
up €456,019, from -€456,019 to €0
- Trade debts +€299,777
up €299,777 (+12.1%), from €2.5m to €2.8m
- Debts after one year -€223,208
down €223,208 (-10.9%), from €2.1m to €1.8m
- Staff costs -€909,220
down €909,220 (-33.5%), from €2.7m to €1.8m
- Gross operating margin +€650,884
up €650,884 (+21.1%), from €3.1m to €3.7m
- Depreciation -€231,958
down €231,958 (-31.9%), from €727,860 to €495,902
- Financial charges -€62,393
down €62,393 (-52.9%), from €118,024 to €55,631
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,516,111 | €6,838,739 | +€322,627 | +5.0% |
| Formation expenses | 20 | €129,241 | €95,522 | -€33,719 | -26.1% |
| Fixed assets | 21/28 | €4,665,328 | €4,289,984 | -€375,343 | -8.0% |
| Intangible fixed assets | 21 | €151,524 | €104,024 | -€47,500 | -31.3% |
| Tangible fixed assets | 22/27 | €4,507,453 | €4,179,610 | -€327,843 | -7.3% |
| Plant, machinery and equipment | 23 | €2,912,685 | €2,708,247 | -€204,439 | -7.0% |
| Furniture and vehicles | 24 | €119,362 | €99,083 | -€20,279 | -17.0% |
| Other tangible fixed assets | 26 | €1,475,406 | €1,372,280 | -€103,126 | -7.0% |
| Financial fixed assets | 28 | €6,350 | €6,350 | = | 0.0% |
| Current assets | 29/58 | €1,721,543 | €2,453,233 | +€731,690 | +42.5% |
| Amounts receivable after more than one year | 29 | €31,167 | €13,167 | -€18,000 | -57.8% |
| Other amounts receivable | 291 | €31,167 | €13,167 | -€18,000 | -57.8% |
| Stocks and contracts in progress | 3 | €800,701 | €844,623 | +€43,922 | +5.5% |
| Stocks | 30/36 | €800,701 | €844,623 | +€43,922 | +5.5% |
| Amounts receivable within one year | 40/41 | €362,888 | €689,878 | +€326,989 | +90.1% |
| Trade receivables | 40 | €150,724 | €650,321 | +€499,597 | +331.5% |
| Other amounts receivable | 41 | €212,164 | €39,556 | -€172,608 | -81.4% |
| Cash at bank and in hand | 54/58 | €361,998 | €747,036 | +€385,038 | +106.4% |
| Deferred charges and accrued income | 490/1 | €164,788 | €158,529 | -€6,260 | -3.8% |
| Total equity and liabilities | 10/49 | €6,516,111 | €6,838,739 | +€322,627 | +5.0% |
| Equity | 10/15 | €135,631 | €1,546,579 | +€1.4m | +1040.3% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €107,756 | €1,047,429 | +€939,672 | +872.0% |
| Distributable reserves | 133 | €107,756 | €1,047,429 | +€939,672 | +872.0% |
| Profit (loss) carried forward | 14 | -€456,019 | €0 | +€456,019 | |
| Investment grants | 15 | €83,893 | €99,150 | +€15,257 | +18.2% |
| Amounts payable | 17/49 | €6,380,481 | €5,292,160 | -€1.1m | -17.1% |
| Amounts payable after more than one year | 17 | €2,052,151 | €1,828,943 | -€223,208 | -10.9% |
| Financial debts | 170/4 | €2,052,151 | €1,828,943 | -€223,208 | -10.9% |
| Amounts payable within one year | 42/48 | €4,306,782 | €3,452,284 | -€854,498 | -19.8% |
| Current portion of amounts payable after more than one year | 42 | €242,153 | €243,441 | +€1,288 | +0.5% |
| Trade debts | 44 | €2,478,591 | €2,778,368 | +€299,777 | +12.1% |
| Suppliers | 440/4 | €2,478,591 | €2,778,368 | +€299,777 | +12.1% |
| Advances received on contracts in progress | 46 | €3,107 | €6,020 | +€2,913 | +93.7% |
| Taxes, remuneration and social security | 45 | €220,911 | €329,070 | +€108,159 | +49.0% |
| Taxes | 450/3 | €7,788 | €44,680 | +€36,892 | +473.7% |
| Remuneration and social security | 454/9 | €213,123 | €284,390 | +€71,267 | +33.4% |
| Other amounts payable | 47/48 | €1,362,020 | €95,385 | -€1.3m | -93.0% |
| Accrued charges and deferred income | 492/3 | €21,548 | €10,933 | -€10,615 | -49.3% |
| Remuneration, social security and pensions | 62 | €2,715,700 | €1,806,480 | -€909,220 | -33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €727,860 | €495,902 | -€231,958 | -31.9% |
| Other operating charges | 640/8 | €6,317 | €4,757 | -€1,560 | -24.7% |
| Operating charges capitalised as restructuring costs | 649 | -€168,595 | €0 | +€168,595 | |
| Non-recurring operating charges | 66A | €168,595 | €0 | -€168,595 | -100.0% |
| Gross operating margin | 9900 | €3,086,731 | €3,737,616 | +€650,884 | +21.1% |
| Operating profit (loss) | 9901 | -€363,146 | €1,430,476 | +€1.8m | |
| Financial income | 75/76B | €25,316 | €21,185 | -€4,132 | -16.3% |
| Recurring financial income | 75 | €25,316 | €21,185 | -€4,132 | -16.3% |
| Financial charges | 65/66B | €118,024 | €55,631 | -€62,393 | -52.9% |
| Recurring financial charges | 65 | €118,024 | €55,631 | -€62,393 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | -€455,854 | €1,396,030 | +€1.9m | |
| Income taxes | 67/77 | €165 | €339 | +€174 | +105.4% |
| Profit (loss) for the period | 9904 | -€456,019 | €1,395,691 | +€1.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€456,019 | €1,395,691 | +€1.9m |
Source: filed annual accounts (NBB), fiscal years ended 29 September 2023 and 29 September 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.