ETS DAVID DELHAYE: 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.
ETS DAVID DELHAYE
Largest movements
- Receivables within one year -€77,594
down €77,594 (-26.2%), from €295,732 to €218,138
- Stocks and contracts +€76,252
up €76,252 (+213%), from €35,850 to €112,102
- Cash -€26,792
down €26,792 (-41.5%), from €64,632 to €37,840
mainly Stocks and contracts (-€76,252) and Trade debts (-€73,143)
- Receivables after one year -€15,136
down €15,136 (-59.7%), from €25,366 to €10,230
- Trade debts -€73,143
down €73,143 (-17.9%), from €409,202 to €336,059
- Tax, wage and social debts +€22,713
up €22,713 (+109%), from €20,807 to €43,520
of which Taxes: +€23,707
- Profit (loss) carried forward +€9,696
up €9,696 (+21.7%), from -€44,758 to -€35,062
- Gross operating margin -€19,344
down €19,344 (-28.5%), from €67,860 to €48,516
- Taxes -€5,351
down €5,351 (-28.3%), from €18,885 to €13,534
- Other operating charges -€2,813
down €2,813 (-54.1%), from €5,196 to €2,383
- Financial charges +€907
up €907 (+76.2%), from €1,191 to €2,098
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 | €424,537 | €382,803 | -€41,734 | -9.8% |
| Fixed assets | 21/28 | €2,000 | €3,091 | +€1,091 | +54.6% |
| Intangible fixed assets | 21 | - | €1,091 | +€1,091 | |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €422,537 | €379,712 | -€42,825 | -10.1% |
| Amounts receivable after more than one year | 29 | €25,366 | €10,230 | -€15,136 | -59.7% |
| Other amounts receivable | 291 | €25,366 | €10,230 | -€15,136 | -59.7% |
| Stocks and contracts in progress | 3 | €35,850 | €112,102 | +€76,252 | +213% |
| Stocks | 30/36 | €35,850 | €112,102 | +€76,252 | +213% |
| Amounts receivable within one year | 40/41 | €295,732 | €218,138 | -€77,594 | -26.2% |
| Trade receivables | 40 | €295,732 | €218,138 | -€77,594 | -26.2% |
| Cash at bank and in hand | 54/58 | €64,632 | €37,840 | -€26,792 | -41.5% |
| Deferred charges and accrued income | 490/1 | €957 | €1,402 | +€445 | +46.5% |
| Total equity and liabilities | 10/49 | €424,537 | €382,803 | -€41,734 | -9.8% |
| Equity | 10/15 | -€30,498 | -€20,802 | +€9,696 | +31.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€44,758 | -€35,062 | +€9,696 | +21.7% |
| Amounts payable | 17/49 | €455,035 | €403,605 | -€51,430 | -11.3% |
| Amounts payable within one year | 42/48 | €455,009 | €403,579 | -€51,430 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €24,000 | -€1,000 | -4.0% |
| Trade debts | 44 | €409,202 | €336,059 | -€73,143 | -17.9% |
| Suppliers | 440/4 | €409,202 | €336,059 | -€73,143 | -17.9% |
| Taxes, remuneration and social security | 45 | €20,807 | €43,520 | +€22,713 | +109% |
| Taxes | 450/3 | €19,813 | €43,520 | +€23,707 | +120% |
| Remuneration and social security | 454/9 | €994 | - | -€994 | |
| Accrued charges and deferred income | 492/3 | €26 | €26 | = | 0.0% |
| Non-recurring operating income | 76A | €13,500 | €994 | -€12,506 | -92.6% |
| Other operating charges | 640/8 | €5,196 | €2,383 | -€2,813 | -54.1% |
| Non-recurring operating charges | 66A | €27,811 | €20,866 | -€6,945 | -25.0% |
| Gross operating margin | 9900 | €67,860 | €48,516 | -€19,344 | -28.5% |
| Operating profit (loss) | 9901 | €34,853 | €25,267 | -€9,586 | -27.5% |
| Financial income | 75/76B | €28 | €61 | +€33 | +118% |
| Recurring financial income | 75 | €28 | €61 | +€33 | +118% |
| Financial charges | 65/66B | €1,191 | €2,098 | +€907 | +76.2% |
| Recurring financial charges | 65 | €1,191 | €2,098 | +€907 | +76.2% |
| Profit (loss) for the period before taxes | 9903 | €33,690 | €23,230 | -€10,460 | -31.0% |
| Income taxes | 67/77 | €18,885 | €13,534 | -€5,351 | -28.3% |
| Profit (loss) for the period | 9904 | €14,805 | €9,696 | -€5,109 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €14,805 | €9,696 | -€5,109 | -34.5% |
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 22 October 2026 via checked.be.