Dr. Delport: 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.
Dr. Delport
Largest movements
- Cash +€406,412
up €406,412 (+236%), from €172,266 to €578,678
mainly Net result for the year (+€361,699) and Depreciation (+€97,323)
- Tangible fixed assets -€66,209
down €66,209 (-25.8%), from €256,714 to €190,504
of which Land and buildings: -€40,988
- Reserves +€361,699
up €361,699 (+21.2%), from €1.7m to €2.1m
of which Distributable reserves: +€401,749
- Gross operating margin +€71,175
up €71,175 (+12.6%), from €567,076 to €638,251
- Taxes +€14,886
up €14,886 (+8.5%), from €174,639 to €189,526
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 | €1,804,298 | €2,142,116 | +€337,818 | +18.7% |
| Fixed assets | 21/28 | €256,714 | €190,504 | -€66,209 | -25.8% |
| Tangible fixed assets | 22/27 | €256,714 | €190,504 | -€66,209 | -25.8% |
| Land and buildings | 22 | €117,499 | €76,511 | -€40,988 | -34.9% |
| Plant, machinery and equipment | 23 | €6,200 | €4,085 | -€2,115 | -34.1% |
| Furniture and vehicles | 24 | €130,515 | €94,393 | -€36,122 | -27.7% |
| Other tangible fixed assets | 26 | €2,500 | €15,516 | +€13,016 | +521% |
| Current assets | 29/58 | €1,547,584 | €1,951,612 | +€404,028 | +26.1% |
| Amounts receivable within one year | 40/41 | €264,789 | €274,359 | +€9,569 | +3.6% |
| Trade receivables | 40 | €25,900 | €29,419 | +€3,519 | +13.6% |
| Other amounts receivable | 41 | €238,890 | €244,940 | +€6,050 | +2.5% |
| Current investments | 50/53 | €1,110,529 | €1,096,529 | -€14,000 | -1.3% |
| Cash at bank and in hand | 54/58 | €172,266 | €578,678 | +€406,412 | +236% |
| Deferred charges and accrued income | 490/1 | - | €2,046 | +€2,046 | |
| Total equity and liabilities | 10/49 | €1,804,298 | €2,142,116 | +€337,818 | +18.7% |
| Equity | 10/15 | €1,721,399 | €2,083,098 | +€361,699 | +21.0% |
| Contributions | 10/11 | €12,403 | €12,403 | = | 0.0% |
| Reserves | 13 | €1,708,997 | €2,070,695 | +€361,699 | +21.2% |
| Tax-exempt reserves | 132 | €160,200 | €120,150 | -€40,050 | -25.0% |
| Distributable reserves | 133 | €1,548,797 | €1,950,545 | +€401,749 | +25.9% |
| Amounts payable | 17/49 | €82,899 | €59,019 | -€23,880 | -28.8% |
| Amounts payable after more than one year | 17 | €18,844 | - | -€18,844 | |
| Financial debts | 170/4 | €18,844 | - | -€18,844 | |
| Amounts payable within one year | 42/48 | €61,820 | €59,019 | -€2,802 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €24,618 | €18,844 | -€5,774 | -23.5% |
| Taxes, remuneration and social security | 45 | €36,705 | €40,175 | +€3,470 | +9.5% |
| Taxes | 450/3 | €36,705 | €40,175 | +€3,470 | +9.5% |
| Other amounts payable | 47/48 | €497 | - | -€497 | |
| Accrued charges and deferred income | 492/3 | €2,235 | - | -€2,235 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,400 | €97,323 | +€2,923 | +3.1% |
| Other operating charges | 640/8 | €3,333 | €4,530 | +€1,197 | +35.9% |
| Gross operating margin | 9900 | €567,076 | €638,251 | +€71,175 | +12.6% |
| Operating profit (loss) | 9901 | €469,343 | €536,397 | +€67,055 | +14.3% |
| Financial income | 75/76B | €20,575 | €15,715 | -€4,860 | -23.6% |
| Recurring financial income | 75 | €20,575 | €15,715 | -€4,860 | -23.6% |
| Financial charges | 65/66B | €1,631 | €888 | -€743 | -45.6% |
| Recurring financial charges | 65 | €1,631 | €888 | -€743 | -45.6% |
| Profit (loss) for the period before taxes | 9903 | €488,287 | €551,224 | +€62,938 | +12.9% |
| Income taxes | 67/77 | €174,639 | €189,526 | +€14,886 | +8.5% |
| Profit (loss) for the period | 9904 | €313,647 | €361,699 | +€48,051 | +15.3% |
| Transfer from tax-exempt reserves | 789 | €53,400 | €40,050 | -€13,350 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €367,047 | €401,749 | +€34,701 | +9.5% |
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.