ETS.DELFOSSE: what changed
Two fiscal 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.DELFOSSE
Largest movements
- Tangible fixed assets +€78,155
up €78,155 (+68.0%), from €114,890 to €193,045
of which Leasing and similar rights: +€97,516
- Stocks and contracts +€53,445
up €53,445 (+96.1%), from €55,621 to €109,066
- Receivables within one year +€43,888
up €43,888 (+94.3%), from €46,526 to €90,413
of which Trade receivables: +€40,022
- Cash -€8,802
down €8,802 (-33.6%), from €26,167 to €17,365
mainly Investment in fixed assets (net) (-€109,456) and Stocks and contracts (-€53,445)
- Deferred charges and accrued income +€5,945
up €5,945 (+169.6%), from €3,504 to €9,449
- Reserves +€79,579
up €79,579 (+628.9%), from €12,653 to €92,232
- Debts after one year +€72,680
up €72,680 (+237.4%), from €30,612 to €103,292
- Other debts -€47,981
down €47,981 (-62.8%), from €76,411 to €28,430
- Current portion of long-term debt +€35,522
up €35,522 (+141.3%), from €25,141 to €60,662
- Trade debts +€24,067
up €24,067 (+97.6%), from €24,657 to €48,724
- Purchases and services +€267,528
up €267,528 (+51.7%), from €517,611 to €785,139
- Turnover +€264,046
up €264,046 (+41.7%), from €633,388 to €897,435
- Gross operating margin +€47,078
up €47,078 (+38.4%), from €122,551 to €169,629
- Taxes +€15,163
up €15,163 (+80.8%), from €18,771 to €33,934
- Staff costs -€12,664
down €12,664 (-73.6%), from €17,212 to €4,548
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.
Cash bridge derived
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 | €254,843 | €426,473 | +€171,630 | +67.3% |
| Fixed assets | 21/28 | €123,025 | €200,180 | +€77,155 | +62.7% |
| Intangible fixed assets | 21 | €8,000 | €7,000 | -€1,000 | -12.5% |
| Tangible fixed assets | 22/27 | €114,890 | €193,045 | +€78,155 | +68.0% |
| Plant, machinery and equipment | 23 | €28,753 | €39,781 | +€11,028 | +38.4% |
| Furniture and vehicles | 24 | €43,927 | €13,538 | -€30,389 | -69.2% |
| Leasing and similar rights | 25 | €42,210 | €139,725 | +€97,516 | +231.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €131,818 | €226,293 | +€94,475 | +71.7% |
| Stocks and contracts in progress | 3 | €55,621 | €109,066 | +€53,445 | +96.1% |
| Stocks | 30/36 | €55,621 | €109,066 | +€53,445 | +96.1% |
| Amounts receivable within one year | 40/41 | €46,526 | €90,413 | +€43,888 | +94.3% |
| Trade receivables | 40 | €44,568 | €84,591 | +€40,022 | +89.8% |
| Other amounts receivable | 41 | €1,958 | €5,823 | +€3,865 | +197.4% |
| Cash at bank and in hand | 54/58 | €26,167 | €17,365 | -€8,802 | -33.6% |
| Deferred charges and accrued income | 490/1 | €3,504 | €9,449 | +€5,945 | +169.6% |
| Total equity and liabilities | 10/49 | €254,843 | €426,473 | +€171,630 | +67.3% |
| Equity | 10/15 | €76,807 | €156,386 | +€79,579 | +103.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €12,653 | €92,232 | +€79,579 | +628.9% |
| Distributable reserves | 133 | €12,653 | €92,232 | +€79,579 | +628.9% |
| Profit (loss) carried forward | 14 | €59,154 | €59,154 | = | 0.0% |
| Amounts payable | 17/49 | €178,036 | €270,088 | +€92,052 | +51.7% |
| Amounts payable after more than one year | 17 | €30,612 | €103,292 | +€72,680 | +237.4% |
| Financial debts | 170/4 | €30,612 | €103,292 | +€72,680 | +237.4% |
| Amounts payable within one year | 42/48 | €147,424 | €166,796 | +€19,372 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €25,141 | €60,662 | +€35,522 | +141.3% |
| Trade debts | 44 | €24,657 | €48,724 | +€24,067 | +97.6% |
| Suppliers | 440/4 | €24,657 | €48,724 | +€24,067 | +97.6% |
| Advances received on contracts in progress | 46 | €626 | €150 | -€476 | -76.0% |
| Taxes, remuneration and social security | 45 | €20,590 | €28,830 | +€8,240 | +40.0% |
| Taxes | 450/3 | €16,805 | €28,443 | +€11,638 | +69.3% |
| Remuneration and social security | 454/9 | €3,785 | €387 | -€3,398 | -89.8% |
| Other amounts payable | 47/48 | €76,411 | €28,430 | -€47,981 | -62.8% |
| Turnover | 70 | €633,388 | €897,435 | +€264,046 | +41.7% |
| Non-recurring operating income | 76A | - | €10,647 | +€10,647 | |
| Goods, raw materials, services and sundry goods | 60/61 | €517,611 | €785,139 | +€267,528 | +51.7% |
| Remuneration, social security and pensions | 62 | €17,212 | €4,548 | -€12,664 | -73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,242 | €32,301 | +€11,059 | +52.1% |
| Other operating charges | 640/8 | €4,522 | €8,644 | +€4,122 | +91.1% |
| Non-recurring operating charges | 66A | - | €4,607 | +€4,607 | |
| Gross operating margin | 9900 | €122,551 | €169,629 | +€47,078 | +38.4% |
| Operating profit (loss) | 9901 | €79,575 | €119,528 | +€39,954 | +50.2% |
| Financial income | 75/76B | €18 | €658 | +€640 | +3506.0% |
| Recurring financial income | 75 | €18 | €658 | +€640 | +3506.0% |
| Financial charges | 65/66B | €1,668 | €6,673 | +€5,005 | +300.1% |
| Recurring financial charges | 65 | €1,668 | €6,673 | +€5,005 | +300.1% |
| Profit (loss) for the period before taxes | 9903 | €77,925 | €113,513 | +€35,588 | +45.7% |
| Income taxes | 67/77 | €18,771 | €33,934 | +€15,163 | +80.8% |
| Profit (loss) for the period | 9904 | €59,154 | €79,579 | +€20,425 | +34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €59,154 | €79,579 | +€20,425 | +34.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.