GREGORY DELGUSTE: 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.
GREGORY DELGUSTE
Largest movements
- Tangible fixed assets +€55,750
up €55,750 (+37.5%), from €148,615 to €204,365
of which Furniture and vehicles: +€62,715
- Reserves +€28,000
up €28,000 (+14.2%), from €196,860 to €224,860
- Debts after one year +€23,134
up €23,134, from €0 to €23,134
- Other debts +€7,000
up €7,000 (+33.3%), from €21,000 to €28,000
- Current portion of long-term debt -€5,360
down €5,360 (-35.5%), from €15,115 to €9,754
- Gross operating margin +€21,115
up €21,115 (+25.3%), from €83,336 to €104,450
- Depreciation +€12,380
up €12,380 (+112.9%), from €10,966 to €23,346
- Taxes +€1,804
up €1,804 (+9.0%), from €20,139 to €21,943
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 | €292,156 | €343,622 | +€51,466 | +17.6% |
| Fixed assets | 21/28 | €148,615 | €204,365 | +€55,750 | +37.5% |
| Tangible fixed assets | 22/27 | €148,615 | €204,365 | +€55,750 | +37.5% |
| Land and buildings | 22 | €140,488 | €131,583 | -€8,905 | -6.3% |
| Plant, machinery and equipment | 23 | €5,619 | €7,559 | +€1,940 | +34.5% |
| Furniture and vehicles | 24 | €2,507 | €65,222 | +€62,715 | +2501.5% |
| Current assets | 29/58 | €143,542 | €139,257 | -€4,284 | -3.0% |
| Amounts receivable within one year | 40/41 | €2,505 | €486 | -€2,019 | -80.6% |
| Trade receivables | 40 | €2,504 | €486 | -€2,018 | -80.6% |
| Other amounts receivable | 41 | €2 | €0 | -€2 | -100.0% |
| Current investments | 50/53 | €94,272 | €92,807 | -€1,465 | -1.6% |
| Cash at bank and in hand | 54/58 | €46,764 | €45,965 | -€800 | -1.7% |
| Total equity and liabilities | 10/49 | €292,156 | €343,622 | +€51,466 | +17.6% |
| Equity | 10/15 | €243,553 | €271,882 | +€28,329 | +11.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €196,860 | €224,860 | +€28,000 | +14.2% |
| Distributable reserves | 133 | €196,860 | €224,860 | +€28,000 | +14.2% |
| Profit (loss) carried forward | 14 | €28,093 | €28,422 | +€329 | +1.2% |
| Amounts payable | 17/49 | €48,603 | €71,740 | +€23,137 | +47.6% |
| Amounts payable after more than one year | 17 | €0 | €23,134 | +€23,134 | |
| Financial debts | 170/4 | €0 | €23,134 | +€23,134 | |
| Amounts payable within one year | 42/48 | €48,603 | €48,606 | +€3 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €15,115 | €9,754 | -€5,360 | -35.5% |
| Financial debts | 43 | €10 | €205 | +€195 | +1953.0% |
| Credit institutions | 430/8 | €10 | €205 | +€195 | +1953.0% |
| Trade debts | 44 | €149 | €880 | +€730 | +489.2% |
| Suppliers | 440/4 | €149 | €880 | +€730 | +489.2% |
| Taxes, remuneration and social security | 45 | €12,329 | €9,767 | -€2,563 | -20.8% |
| Taxes | 450/3 | €12,329 | €9,767 | -€2,563 | -20.8% |
| Other amounts payable | 47/48 | €21,000 | €28,000 | +€7,000 | +33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,966 | €23,346 | +€12,380 | +112.9% |
| Other operating charges | 640/8 | €2,189 | €2,025 | -€164 | -7.5% |
| Gross operating margin | 9900 | €83,336 | €104,450 | +€21,115 | +25.3% |
| Operating profit (loss) | 9901 | €70,180 | €79,079 | +€8,899 | +12.7% |
| Financial income | 75/76B | €1,313 | €806 | -€507 | -38.6% |
| Recurring financial income | 75 | €1,313 | €806 | -€507 | -38.6% |
| Financial charges | 65/66B | €1,153 | €1,613 | +€461 | +40.0% |
| Recurring financial charges | 65 | €1,153 | €1,613 | +€461 | +40.0% |
| Profit (loss) for the period before taxes | 9903 | €70,341 | €78,272 | +€7,931 | +11.3% |
| Income taxes | 67/77 | €20,139 | €21,943 | +€1,804 | +9.0% |
| Profit (loss) for the period | 9904 | €50,202 | €56,329 | +€6,127 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €50,202 | €56,329 | +€6,127 | +12.2% |
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 11 October 2026 via checked.be.