DELZELLE: what changed
You see two financial years side by side: what moved most in the balance sheet and the result, why the result rose or fell and where the money went.
What changed
DELZELLE
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €2.2m-€685,538
Equity
€26.7m
2024 · €25.7m+€1.0m
Cash
€2.1m
2024 · €3.0m-€818,338
Balance sheet total
€51.8m
2024 · €56.3m-€4.5m
Largest movements
Assets
- Stocks and contracts -€4.7m
down €4.7m (-10.3%), from €45.0m to €40.4m
of which Contracts in progress: -€5.5m
- Cash -€818,338
down €818,338 (-27.6%), from €3.0m to €2.1m
mainly Short-term financial debts (-€4.7m) and Investment in fixed assets (net) (-€1.0m)
- Financial fixed assets +€620,000
up €620,000 (+9.3%), from €6.7m to €7.3m
of which Affiliated companies: +€620,000
Equity and liabilities
- Short-term financial debts -€4.7m
down €4.7m (-18.8%), from €25.1m to €20.4m
- Profit (loss) carried forward +€2.2m
up €2.2m (+31.3%), from €7.0m to €9.2m
- Trade debts -€788,859
down €788,859 (-34.1%), from €2.3m to €1.5m
- Revaluation surpluses -€625,382
down €625,382 (-13.2%), from €4.7m to €4.1m
Income statement
- Turnover -€4.8m
down €4.8m (-9.7%), from €50.0m to €45.1m
- Goods and materials -€3.6m
down €3.6m (-8.3%), from €43.0m to €39.4m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€2.2m
Turnover
-€4.8m
Other operating income
+€63,258
Goods and materials
+€3.6m
Services and other goods
+€38,800
Staff costs
+€130,217
Depreciation
-€10,448
Other operating charges
-€59,683
Financial income
-€70,704
Financial charges
+€333,140
Taxes
+€144,945
Result 2025
€1.5m
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€5.4m
Investment
-€1.0m
Financing
-€5.2m
Cash 2024
€3.0m
From operations (derived)
+€5.4m
Net result for the year
+€1.5m
Depreciation
+€137,628
Stocks and contracts
+€4.7m
Receivables within one year
-€82,395
Deferred charges and accrued income
-€13,129
Trade debts
-€788,859
Smaller working-capital items
-€4,739
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
-€5.2m
Debts after one year
-€28,291
Current portion of long-term debt
+€635
Short-term financial debts
-€4.7m
Contributions, distributions and other
-€451,128
Cash 2025
€2.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €56,266,876 | €51,756,477 | -€4.5m | -8.0% |
| Fixed assets | 21/28 | €7,441,159 | €8,310,810 | +€869,651 | +11.7% |
| Intangible fixed assets | 21 | €17,808 | €8,904 | -€8,904 | -50.0% |
| Tangible fixed assets | 22/27 | €758,053 | €1,016,608 | +€258,555 | +34.1% |
| Land and buildings | 22 | €604,362 | €582,578 | -€21,784 | -3.6% |
| Furniture and vehicles | 24 | €102,576 | €318,679 | +€216,103 | +211% |
| Other tangible fixed assets | 26 | €51,115 | €115,351 | +€64,236 | +126% |
| Financial fixed assets | 28 | €6,665,298 | €7,285,298 | +€620,000 | +9.3% |
| Affiliated companies | 280/1 | €6,463,723 | €7,083,723 | +€620,000 | +9.6% |
| Participating interests | 280 | €4,444,410 | €4,444,410 | = | 0.0% |
| Amounts receivable | 281 | €2,019,313 | €2,639,313 | +€620,000 | +30.7% |
| Other financial fixed assets | 284/8 | €201,575 | €201,575 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €201,575 | €201,575 | = | 0.0% |
| Current assets | 29/58 | €48,825,717 | €43,445,667 | -€5.4m | -11.0% |
| Stocks and contracts in progress | 3 | €45,024,302 | €40,367,066 | -€4.7m | -10.3% |
| Stocks | 30/36 | €22,947,161 | €23,817,558 | +€870,397 | +3.8% |
| Property held for sale | 35 | €22,947,161 | €23,817,558 | +€870,397 | +3.8% |
| Contracts in progress | 37 | €22,077,141 | €16,549,508 | -€5.5m | -25.0% |
| Amounts receivable within one year | 40/41 | €813,485 | €895,880 | +€82,395 | +10.1% |
| Trade receivables | 40 | €787,313 | €887,908 | +€100,595 | +12.8% |
| Other amounts receivable | 41 | €26,172 | €7,972 | -€18,200 | -69.5% |
| Cash at bank and in hand | 54/58 | €2,960,296 | €2,141,958 | -€818,338 | -27.6% |
| Deferred charges and accrued income | 490/1 | €27,634 | €40,763 | +€13,129 | +47.5% |
| Total equity and liabilities | 10/49 | €56,266,876 | €51,756,477 | -€4.5m | -8.0% |
| Equity | 10/15 | €25,667,781 | €26,706,859 | +€1.0m | +4.0% |
| Contributions | 10/11 | €1,231,755 | €1,231,755 | = | 0.0% |
| Capital | 10 | €1,231,755 | €1,231,755 | = | 0.0% |
| Issued capital | 100 | €1,231,755 | €1,231,755 | = | 0.0% |
| Revaluation surpluses | 12 | €4,749,536 | €4,124,154 | -€625,382 | -13.2% |
| Reserves | 13 | €12,693,651 | €12,167,401 | -€526,250 | -4.1% |
| Non-distributable reserves | 130/1 | €123,176 | €123,176 | = | 0.0% |
| Legal reserve | 130 | €123,176 | €123,176 | = | 0.0% |
| Tax-exempt reserves | 132 | €12,570,475 | €12,044,225 | -€526,250 | -4.2% |
| Profit (loss) carried forward | 14 | €6,992,839 | €9,183,549 | +€2.2m | +31.3% |
| Amounts payable | 17/49 | €30,599,095 | €25,049,618 | -€5.5m | -18.1% |
| Amounts payable after more than one year | 17 | €910,672 | €882,381 | -€28,291 | -3.1% |
| Financial debts | 170/4 | €910,672 | €882,381 | -€28,291 | -3.1% |
| Credit institutions | 173 | €223,172 | €194,881 | -€28,291 | -12.7% |
| Other loans | 174 | €687,500 | €687,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,681,335 | €24,165,553 | -€5.5m | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €27,656 | €28,291 | +€635 | +2.3% |
| Financial debts | 43 | €25,142,500 | €20,414,277 | -€4.7m | -18.8% |
| Credit institutions | 430/8 | €25,142,500 | €20,414,277 | -€4.7m | -18.8% |
| Trade debts | 44 | €2,315,164 | €1,526,305 | -€788,859 | -34.1% |
| Suppliers | 440/4 | €2,315,164 | €1,526,305 | -€788,859 | -34.1% |
| Taxes, remuneration and social security | 45 | €1,744,887 | €1,744,762 | -€125 | 0.0% |
| Taxes | 450/3 | €1,621,459 | €1,630,218 | +€8,759 | +0.5% |
| Remuneration and social security | 454/9 | €123,428 | €114,544 | -€8,884 | -7.2% |
| Other amounts payable | 47/48 | €451,128 | €451,918 | +€790 | +0.2% |
| Accrued charges and deferred income | 492/3 | €7,088 | €1,684 | -€5,404 | -76.2% |
| Operating income | 70/76A | €50,022,428 | €45,239,634 | -€4.8m | -9.6% |
| Turnover | 70 | €49,957,085 | €45,111,033 | -€4.8m | -9.7% |
| Other operating income | 74 | €65,343 | €128,601 | +€63,258 | +96.8% |
| Operating charges | 60/66A | €45,865,345 | €42,175,470 | -€3.7m | -8.0% |
| Goods for resale, raw materials and consumables | 60 | €43,026,923 | €39,435,934 | -€3.6m | -8.3% |
| Change in stocks: decrease (increase) | 609 | €43,026,923 | €39,435,934 | -€3.6m | -8.3% |
| Services and other goods | 61 | €1,573,861 | €1,535,061 | -€38,800 | -2.5% |
| Remuneration, social security and pensions | 62 | €1,123,930 | €993,713 | -€130,217 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,180 | €137,628 | +€10,448 | +8.2% |
| Other operating charges | 640/8 | €13,451 | €73,134 | +€59,683 | +444% |
| Operating profit (loss) | 9901 | €4,157,083 | €3,064,164 | -€1.1m | -26.3% |
| Financial income | 75/76B | €87,382 | €16,678 | -€70,704 | -80.9% |
| Recurring financial income | 75 | €87,382 | €16,678 | -€70,704 | -80.9% |
| Income from current assets | 751 | €1,777 | €1,274 | -€503 | -28.3% |
| Other financial income | 752/9 | €85,605 | €15,404 | -€70,201 | -82.0% |
| Financial charges | 65/66B | €1,105,944 | €772,804 | -€333,140 | -30.1% |
| Recurring financial charges | 65 | €1,105,944 | €772,804 | -€333,140 | -30.1% |
| Debt charges | 650 | €1,105,944 | €772,804 | -€333,140 | -30.1% |
| Profit (loss) for the period before taxes | 9903 | €3,138,521 | €2,308,038 | -€830,483 | -26.5% |
| Income taxes | 67/77 | €962,777 | €817,832 | -€144,945 | -15.1% |
| Taxes | 670/3 | €962,777 | €942,832 | -€19,945 | -2.1% |
| Tax adjustments and reversals of tax provisions | 77 | - | €125,000 | +€125,000 | |
| Profit (loss) for the period | 9904 | €2,175,744 | €1,490,206 | -€685,538 | -31.5% |
| Transfer from tax-exempt reserves | 789 | €450,464 | €1,151,632 | +€701,168 | +156% |
| Transfer to tax-exempt reserves | 689 | €7,846,855 | - | -€7.8m | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,220,647 | €2,641,838 | +€7.9m |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.