DELWOL: 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.
DELWOL
Largest movements
- Receivables after one year +€1.5m
new in 2025: €1.5m
- Cash -€853,200
down €853,200 (-56.2%), from €1.5m to €665,584
mainly Trade debts (-€1.6m) and Receivables after one year (-€1.5m)
- Current investments -€550,000
no longer reported in 2025 (was €550,000)
- Receivables within one year +€539,310
up €539,310 (+58.3%), from €925,642 to €1.5m
of which Trade receivables: +€544,045
- Tangible fixed assets +€303,327
up €303,327 (+186%), from €163,085 to €466,411
of which Leasing and similar rights: +€220,901
- Debts after one year +€1.7m
up €1.7m (+148%), from €1.2m to €2.9m
of which Trade debts: +€2.2m
- Trade debts -€1.6m
down €1.6m (-61.7%), from €2.6m to €978,675
- Current portion of long-term debt +€827,189
up €827,189 (+4,736%), from €17,465 to €844,654
- Reserves +€444,033
new in 2025: €444,033
of which Distributable reserves: +€421,533
- Short-term financial debts -€350,000
no longer reported in 2025 (was €350,000)
- Financial charges +€369,961
up €369,961 (+499%), from €74,166 to €444,127
- Gross operating margin +€340,116
up €340,116 (+8.4%), from €4.0m to €4.4m
- Staff costs -€104,894
down €104,894 (-3.0%), from €3.5m to €3.4m
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 | €5,883,987 | €6,589,122 | +€705,135 | +12.0% |
| Formation expenses | 20 | €78,862 | €62,063 | -€16,799 | -21.3% |
| Fixed assets | 21/28 | €1,512,684 | €1,656,575 | +€143,891 | +9.5% |
| Intangible fixed assets | 21 | €1,349,599 | €1,190,164 | -€159,435 | -11.8% |
| Tangible fixed assets | 22/27 | €163,085 | €466,411 | +€303,327 | +186% |
| Plant, machinery and equipment | 23 | €9,927 | €119,257 | +€109,330 | +1,101% |
| Furniture and vehicles | 24 | €62,015 | €4,930 | -€57,086 | -92.1% |
| Leasing and similar rights | 25 | - | €220,901 | +€220,901 | |
| Other tangible fixed assets | 26 | €91,142 | €121,323 | +€30,181 | +33.1% |
| Current assets | 29/58 | €4,292,441 | €4,870,484 | +€578,043 | +13.5% |
| Amounts receivable after more than one year | 29 | - | €1,485,000 | +€1.5m | |
| Other amounts receivable | 291 | - | €1,485,000 | +€1.5m | |
| Stocks and contracts in progress | 3 | €1,292,306 | €1,252,071 | -€40,235 | -3.1% |
| Stocks | 30/36 | €1,292,306 | €1,252,071 | -€40,235 | -3.1% |
| Amounts receivable within one year | 40/41 | €925,642 | €1,464,953 | +€539,310 | +58.3% |
| Trade receivables | 40 | €895,548 | €1,439,593 | +€544,045 | +60.7% |
| Other amounts receivable | 41 | €30,095 | €25,360 | -€4,735 | -15.7% |
| Current investments | 50/53 | €550,000 | - | -€550,000 | |
| Cash at bank and in hand | 54/58 | €1,518,784 | €665,584 | -€853,200 | -56.2% |
| Deferred charges and accrued income | 490/1 | €5,709 | €2,877 | -€2,832 | -49.6% |
| Total equity and liabilities | 10/49 | €5,883,987 | €6,589,122 | +€705,135 | +12.0% |
| Equity | 10/15 | €1,208,968 | €1,444,033 | +€235,065 | +19.4% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | - | €444,033 | +€444,033 | |
| Non-distributable reserves | 130/1 | - | €22,500 | +€22,500 | |
| Legal reserve | 130 | - | €22,500 | +€22,500 | |
| Distributable reserves | 133 | - | €421,533 | +€421,533 | |
| Profit (loss) carried forward | 14 | €208,968 | - | -€208,968 | |
| Amounts payable | 17/49 | €4,675,019 | €5,145,089 | +€470,070 | +10.1% |
| Amounts payable after more than one year | 17 | €1,182,874 | €2,932,403 | +€1.7m | +148% |
| Financial debts | 170/4 | €875,654 | €777,395 | -€98,259 | -11.2% |
| Trade debts | 175 | - | €2,155,008 | +€2.2m | |
| Other amounts payable | 178/9 | €307,220 | - | -€307,220 | |
| Amounts payable within one year | 42/48 | €3,492,145 | €2,212,686 | -€1.3m | -36.6% |
| Current portion of amounts payable after more than one year | 42 | €17,465 | €844,654 | +€827,189 | +4,736% |
| Financial debts | 43 | €350,000 | - | -€350,000 | |
| Credit institutions | 430/8 | €350,000 | - | -€350,000 | |
| Trade debts | 44 | €2,558,158 | €978,675 | -€1.6m | -61.7% |
| Suppliers | 440/4 | €2,558,158 | €978,675 | -€1.6m | -61.7% |
| Taxes, remuneration and social security | 45 | €361,576 | €389,357 | +€27,781 | +7.7% |
| Taxes | 450/3 | €156,755 | €143,808 | -€12,947 | -8.3% |
| Remuneration and social security | 454/9 | €204,821 | €245,549 | +€40,728 | +19.9% |
| Other amounts payable | 47/48 | €204,945 | - | -€204,945 | |
| Remuneration, social security and pensions | 62 | €3,502,191 | €3,397,297 | -€104,894 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,884 | €206,778 | +€32,895 | +18.9% |
| Other operating charges | 640/8 | €13,691 | €11,587 | -€2,103 | -15.4% |
| Gross operating margin | 9900 | €4,045,308 | €4,385,424 | +€340,116 | +8.4% |
| Operating profit (loss) | 9901 | €355,542 | €769,761 | +€414,218 | +117% |
| Financial income | 75/76B | €1,124 | €9,210 | +€8,087 | +720% |
| Recurring financial income | 75 | €1,124 | €9,210 | +€8,087 | +720% |
| Financial charges | 65/66B | €74,166 | €444,127 | +€369,961 | +499% |
| Recurring financial charges | 65 | €74,166 | €444,127 | +€369,961 | +499% |
| Profit (loss) for the period before taxes | 9903 | €282,500 | €334,844 | +€52,344 | +18.5% |
| Income taxes | 67/77 | €73,532 | €99,779 | +€26,247 | +35.7% |
| Profit (loss) for the period | 9904 | €208,968 | €235,065 | +€26,097 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €208,968 | €235,065 | +€26,097 | +12.5% |
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 24 October 2026 via checked.be.