DR. GUENTER DELPHINE: 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. GUENTER DELPHINE
Largest movements
- Cash +€35,871
up €35,871 (+38.5%), from €93,265 to €129,137
mainly Net result for the year (+€85,579) and Trade debts (+€2,015)
- Receivables within one year +€4,412
up €4,412 (+17.9%), from €24,645 to €29,057
- Reserves +€85,579
up €85,579 (+94.4%), from €90,669 to €176,248
- Other debts -€47,306
down €47,306 (-92.2%), from €51,331 to €4,025
- Trade debts +€2,015
up €2,015 (+53.3%), from €3,778 to €5,793
- Gross operating margin +€3,420
up €3,420 (+3.2%), from €105,694 to €109,114
- Taxes +€1,257
up €1,257 (+5.9%), from €21,346 to €22,603
- Depreciation -€1,161
down €1,161 (-52.7%), from €2,204 to €1,043
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 | €149,123 | €190,668 | +€41,545 | +27.9% |
| Fixed assets | 21/28 | €587 | €2,082 | +€1,496 | +255% |
| Tangible fixed assets | 22/27 | €587 | €2,082 | +€1,496 | +255% |
| Furniture and vehicles | 24 | €587 | €2,082 | +€1,496 | +255% |
| Current assets | 29/58 | €148,536 | €188,585 | +€40,049 | +27.0% |
| Amounts receivable after more than one year | 29 | €30,000 | €30,000 | = | 0.0% |
| Other amounts receivable | 291 | €30,000 | €30,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €24,645 | €29,057 | +€4,412 | +17.9% |
| Trade receivables | 40 | €24,645 | €29,057 | +€4,412 | +17.9% |
| Cash at bank and in hand | 54/58 | €93,265 | €129,137 | +€35,871 | +38.5% |
| Deferred charges and accrued income | 490/1 | €627 | €392 | -€235 | -37.5% |
| Total equity and liabilities | 10/49 | €149,123 | €190,668 | +€41,545 | +27.9% |
| Equity | 10/15 | €92,669 | €178,248 | +€85,579 | +92.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €90,669 | €176,248 | +€85,579 | +94.4% |
| Distributable reserves | 133 | €90,669 | €176,248 | +€85,579 | +94.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €56,455 | €12,420 | -€44,034 | -78.0% |
| Amounts payable within one year | 42/48 | €56,455 | €12,420 | -€44,034 | -78.0% |
| Trade debts | 44 | €3,778 | €5,793 | +€2,015 | +53.3% |
| Suppliers | 440/4 | €3,778 | €5,793 | +€2,015 | +53.3% |
| Taxes, remuneration and social security | 45 | €1,346 | €2,603 | +€1,257 | +93.4% |
| Taxes | 450/3 | €1,346 | €2,603 | +€1,257 | +93.4% |
| Other amounts payable | 47/48 | €51,331 | €4,025 | -€47,306 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,204 | €1,043 | -€1,161 | -52.7% |
| Other operating charges | 640/8 | €710 | €544 | -€166 | -23.4% |
| Gross operating margin | 9900 | €105,694 | €109,114 | +€3,420 | +3.2% |
| Operating profit (loss) | 9901 | €102,780 | €107,528 | +€4,747 | +4.6% |
| Financial income | 75/76B | €262 | €699 | +€437 | +167% |
| Recurring financial income | 75 | €262 | €699 | +€437 | +167% |
| Financial charges | 65/66B | €43 | €45 | +€2 | +3.5% |
| Recurring financial charges | 65 | €43 | €45 | +€2 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €102,999 | €108,181 | +€5,183 | +5.0% |
| Income taxes | 67/77 | €21,346 | €22,603 | +€1,257 | +5.9% |
| Profit (loss) for the period | 9904 | €81,653 | €85,579 | +€3,926 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €81,653 | €85,579 | +€3,926 | +4.8% |
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.