DR CHRISTOPHE DELCORDE: what changed
DR CHRISTOPHE DELCORDE
Largest movements
- Tangible fixed assets +€63,395
up €63,395 (+18.3%), from €345,651 to €409,047
of which Furniture and vehicles: +€88,958
- Deferred charges and accrued income +€41,311
up €41,311 (+44.5%), from €92,874 to €134,185
- Cash +€20,842
up €20,842 (+17.4%), from €119,757 to €140,600
mainly Net result for the year (+€500,566) and Other debts (+€59,109)
- Other debts +€59,109
up €59,109 (+11.8%), from €498,863 to €557,972
- Debts after one year +€53,330
new in 2025: €53,330
- Current portion of long-term debt +€15,408
new in 2025: €15,408
- Trade debts -€15,219
down €15,219 (-90.0%), from €16,912 to €1,692
- Tax, wage and social debts +€12,346
up €12,346 (+140%), from €8,814 to €21,160
of which Taxes: +€12,329
- Gross operating margin +€121,090
up €121,090 (+19.1%), from €633,713 to €754,804
- Depreciation +€29,485
up €29,485 (+108%), from €27,184 to €56,669
- Taxes +€23,446
up €23,446 (+16.9%), from €138,883 to €162,329
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €558,386 | €683,926 | +€125,539 | +22.5% |
| Fixed assets | 21/28 | €345,676 | €409,072 | +€63,395 | +18.3% |
| Tangible fixed assets | 22/27 | €345,651 | €409,047 | +€63,395 | +18.3% |
| Land and buildings | 22 | €304,078 | €278,516 | -€25,562 | -8.4% |
| Furniture and vehicles | 24 | €41,573 | €130,531 | +€88,958 | +214% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €212,710 | €274,854 | +€62,144 | +29.2% |
| Current investments | 50/53 | €79 | €69 | -€10 | -12.7% |
| Cash at bank and in hand | 54/58 | €119,757 | €140,600 | +€20,842 | +17.4% |
| Deferred charges and accrued income | 490/1 | €92,874 | €134,185 | +€41,311 | +44.5% |
| Total equity and liabilities | 10/49 | €558,386 | €683,926 | +€125,539 | +22.5% |
| Equity | 10/15 | €33,798 | €34,363 | +€566 | +1.7% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Contributions outside capital | 11 | €24,800 | - | -€24,800 | |
| Other | 1109/19 | €24,800 | - | -€24,800 | |
| Reserves | 13 | €3,720 | €3,720 | = | 0.0% |
| Distributable reserves | 133 | €3,720 | €3,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,278 | €5,843 | +€566 | +10.7% |
| Amounts payable | 17/49 | €524,589 | €649,562 | +€124,973 | +23.8% |
| Amounts payable after more than one year | 17 | - | €53,330 | +€53,330 | |
| Financial debts | 170/4 | - | €53,330 | +€53,330 | |
| Amounts payable within one year | 42/48 | €524,589 | €596,232 | +€71,643 | +13.7% |
| Current portion of amounts payable after more than one year | 42 | - | €15,408 | +€15,408 | |
| Trade debts | 44 | €16,912 | €1,692 | -€15,219 | -90.0% |
| Suppliers | 440/4 | €16,912 | €1,692 | -€15,219 | -90.0% |
| Taxes, remuneration and social security | 45 | €8,814 | €21,160 | +€12,346 | +140% |
| Taxes | 450/3 | €3,883 | €16,212 | +€12,329 | +318% |
| Remuneration and social security | 454/9 | €4,931 | €4,949 | +€17 | +0.3% |
| Other amounts payable | 47/48 | €498,863 | €557,972 | +€59,109 | +11.8% |
| Remuneration, social security and pensions | 62 | €29,493 | €28,653 | -€840 | -2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,184 | €56,669 | +€29,485 | +108% |
| Other operating charges | 640/8 | €2,701 | €2,176 | -€525 | -19.4% |
| Gross operating margin | 9900 | €633,713 | €754,804 | +€121,090 | +19.1% |
| Operating profit (loss) | 9901 | €574,336 | €667,305 | +€92,970 | +16.2% |
| Financial charges | 65/66B | €2,217 | €4,411 | +€2,194 | +99.0% |
| Recurring financial charges | 65 | €2,217 | €4,411 | +€2,194 | +99.0% |
| Profit (loss) for the period before taxes | 9903 | €572,118 | €662,895 | +€90,776 | +15.9% |
| Income taxes | 67/77 | €138,883 | €162,329 | +€23,446 | +16.9% |
| Profit (loss) for the period | 9904 | €433,236 | €500,566 | +€67,330 | +15.5% |
| Profit (loss) for the period to be appropriated | 9905 | €433,236 | €500,566 | +€67,330 | +15.5% |
Next steps
Calculation and sources
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 8 November 2026 via checked.be.