DENIS DELFORGE: 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.
DENIS DELFORGE
Largest movements
- Receivables within one year +€52,760
up €52,760 (+28.6%), from €184,311 to €237,071
of which Other amounts receivable: +€32,409
- Deferred charges and accrued income +€4,389
up €4,389 (+119%), from €3,699 to €8,088
- Intangible fixed assets -€4,185
down €4,185 (-100%), from €4,185 to €0
- Reserves +€32,000
up €32,000 (+45.2%), from €70,860 to €102,860
- Tax, wage and social debts +€14,802
up €14,802 (+48.2%), from €30,689 to €45,491
of which Taxes: +€13,954
- Trade debts +€7,575
up €7,575 (+9.5%), from €80,033 to €87,608
- Depreciation -€25,407
down €25,407 (-82.8%), from €30,679 to €5,272
- Gross operating margin +€11,509
up €11,509 (+7.5%), from €153,613 to €165,122
- Taxes +€8,881
up €8,881 (+146%), from €6,073 to €14,954
- Staff costs +€2,142
up €2,142 (+1.9%), from €110,761 to €112,904
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 | €206,736 | €260,099 | +€53,363 | +25.8% |
| Fixed assets | 21/28 | €8,444 | €5,081 | -€3,363 | -39.8% |
| Intangible fixed assets | 21 | €4,185 | €0 | -€4,185 | -100% |
| Tangible fixed assets | 22/27 | €3,538 | €4,360 | +€822 | +23.2% |
| Furniture and vehicles | 24 | €3,538 | €4,360 | +€822 | +23.2% |
| Financial fixed assets | 28 | €721 | €721 | = | 0.0% |
| Current assets | 29/58 | €198,292 | €255,018 | +€56,726 | +28.6% |
| Stocks and contracts in progress | 3 | €10,250 | €9,698 | -€552 | -5.4% |
| Stocks | 30/36 | €10,250 | €9,698 | -€552 | -5.4% |
| Amounts receivable within one year | 40/41 | €184,311 | €237,071 | +€52,760 | +28.6% |
| Trade receivables | 40 | €87,377 | €107,728 | +€20,351 | +23.3% |
| Other amounts receivable | 41 | €96,935 | €129,344 | +€32,409 | +33.4% |
| Cash at bank and in hand | 54/58 | €31 | €160 | +€129 | +417% |
| Deferred charges and accrued income | 490/1 | €3,699 | €8,088 | +€4,389 | +119% |
| Total equity and liabilities | 10/49 | €206,736 | €260,099 | +€53,363 | +25.8% |
| Equity | 10/15 | €84,493 | €117,469 | +€32,977 | +39.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €70,860 | €102,860 | +€32,000 | +45.2% |
| Distributable reserves | 133 | €70,860 | €102,860 | +€32,000 | +45.2% |
| Profit (loss) carried forward | 14 | €1,233 | €2,209 | +€977 | +79.3% |
| Amounts payable | 17/49 | €122,243 | €142,629 | +€20,386 | +16.7% |
| Amounts payable within one year | 42/48 | €121,367 | €142,350 | +€20,982 | +17.3% |
| Financial debts | 43 | €2,146 | €3,251 | +€1,105 | +51.5% |
| Credit institutions | 430/8 | €2,146 | €3,251 | +€1,105 | +51.5% |
| Trade debts | 44 | €80,033 | €87,608 | +€7,575 | +9.5% |
| Suppliers | 440/4 | €80,033 | €87,608 | +€7,575 | +9.5% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €30,689 | €45,491 | +€14,802 | +48.2% |
| Taxes | 450/3 | €10,573 | €24,527 | +€13,954 | +132% |
| Remuneration and social security | 454/9 | €20,116 | €20,964 | +€848 | +4.2% |
| Other amounts payable | 47/48 | €8,500 | €6,000 | -€2,500 | -29.4% |
| Accrued charges and deferred income | 492/3 | €876 | €280 | -€596 | -68.1% |
| Remuneration, social security and pensions | 62 | €110,761 | €112,904 | +€2,142 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,679 | €5,272 | -€25,407 | -82.8% |
| Other operating charges | 640/8 | €3,418 | €3,734 | +€317 | +9.3% |
| Gross operating margin | 9900 | €153,613 | €165,122 | +€11,509 | +7.5% |
| Operating profit (loss) | 9901 | €8,755 | €43,212 | +€34,457 | +394% |
| Financial income | 75/76B | €4,206 | €5,690 | +€1,484 | +35.3% |
| Recurring financial income | 75 | €4,206 | €5,690 | +€1,484 | +35.3% |
| Financial charges | 65/66B | €1,221 | €971 | -€250 | -20.5% |
| Recurring financial charges | 65 | €1,221 | €971 | -€250 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €11,740 | €47,931 | +€36,191 | +308% |
| Income taxes | 67/77 | €6,073 | €14,954 | +€8,881 | +146% |
| Profit (loss) for the period | 9904 | €5,667 | €32,977 | +€27,310 | +482% |
| Profit (loss) for the period to be appropriated | 9905 | €5,667 | €32,977 | +€27,310 | +482% |
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 16 October 2026 via checked.be.