GROUP-DEL: 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.
GROUP-DEL
Largest movements
- Receivables within one year +€268,228
up €268,228 (+113.6%), from €236,081 to €504,309
of which Other amounts receivable: +€388,172
- Tangible fixed assets +€167,064
up €167,064 (+8.9%), from €1.9m to €2.1m
of which Land and buildings: +€171,807
- Stocks and contracts -€138,384
down €138,384 (-9.0%), from €1.5m to €1.4m
of which Stocks: -€112,884
- Current investments +€56,458
up €56,458 (+32.3%), from €174,862 to €231,320
- Trade debts +€379,827
up €379,827 (+363.0%), from €104,626 to €484,453
- Profit (loss) carried forward +€151,612
up €151,612 (+15.4%), from €981,974 to €1.1m
- Other debts -€103,960
no longer reported in 2025 (was €103,960)
- Debts after one year -€70,085
down €70,085 (-6.5%), from €1.1m to €1.0m
- Gross operating margin +€22,482
up €22,482 (+5.9%), from €383,686 to €406,168
- Depreciation -€21,159
down €21,159 (-24.1%), from €87,909 to €66,750
- Taxes +€11,078
up €11,078 (+25.5%), from €43,374 to €54,453
- Other operating charges +€10,215
up €10,215 (+108.5%), from €9,416 to €19,631
- Financial income +€4,377
up €4,377 (+51.6%), from €8,483 to €12,860
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 | €3,885,677 | €4,228,997 | +€343,319 | +8.8% |
| Fixed assets | 21/28 | €1,887,257 | €2,053,620 | +€166,364 | +8.8% |
| Intangible fixed assets | 21 | €2,098 | €1,398 | -€700 | -33.4% |
| Tangible fixed assets | 22/27 | €1,885,158 | €2,052,222 | +€167,064 | +8.9% |
| Land and buildings | 22 | €1,852,862 | €2,024,669 | +€171,807 | +9.3% |
| Plant, machinery and equipment | 23 | €1,260 | €751 | -€509 | -40.4% |
| Furniture and vehicles | 24 | €13,288 | €9,054 | -€4,234 | -31.9% |
| Other tangible fixed assets | 26 | €17,748 | €17,748 | = | 0.0% |
| Current assets | 29/58 | €1,998,421 | €2,175,376 | +€176,955 | +8.9% |
| Stocks and contracts in progress | 3 | €1,544,300 | €1,405,917 | -€138,384 | -9.0% |
| Stocks | 30/36 | €561,800 | €448,917 | -€112,884 | -20.1% |
| Contracts in progress | 37 | €982,500 | €957,000 | -€25,500 | -2.6% |
| Amounts receivable within one year | 40/41 | €236,081 | €504,309 | +€268,228 | +113.6% |
| Trade receivables | 40 | €130,207 | €10,262 | -€119,944 | -92.1% |
| Other amounts receivable | 41 | €105,875 | €494,047 | +€388,172 | +366.6% |
| Current investments | 50/53 | €174,862 | €231,320 | +€56,458 | +32.3% |
| Cash at bank and in hand | 54/58 | €43,090 | €33,612 | -€9,478 | -22.0% |
| Deferred charges and accrued income | 490/1 | €87 | €218 | +€131 | +150.8% |
| Total equity and liabilities | 10/49 | €3,885,677 | €4,228,997 | +€343,319 | +8.8% |
| Equity | 10/15 | €1,017,724 | €1,169,336 | +€151,612 | +14.9% |
| Contributions | 10/11 | €32,500 | €32,500 | = | 0.0% |
| Reserves | 13 | €3,250 | €3,250 | = | 0.0% |
| Distributable reserves | 133 | €3,250 | €3,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €981,974 | €1,133,586 | +€151,612 | +15.4% |
| Amounts payable | 17/49 | €2,867,954 | €3,059,661 | +€191,707 | +6.7% |
| Amounts payable after more than one year | 17 | €1,079,655 | €1,009,570 | -€70,085 | -6.5% |
| Financial debts | 170/4 | €1,079,655 | €1,009,570 | -€70,085 | -6.5% |
| Amounts payable within one year | 42/48 | €1,785,298 | €2,050,090 | +€264,792 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €74,728 | €84,854 | +€10,127 | +13.6% |
| Financial debts | 43 | €1,431,729 | €1,450,762 | +€19,032 | +1.3% |
| Credit institutions | 430/8 | - | €1,409,000 | +€1.4m | |
| Other loans | 439 | €1,431,729 | €41,762 | -€1.4m | -97.1% |
| Trade debts | 44 | €104,626 | €484,453 | +€379,827 | +363.0% |
| Suppliers | 440/4 | €104,626 | €484,453 | +€379,827 | +363.0% |
| Taxes, remuneration and social security | 45 | €70,255 | €30,022 | -€40,234 | -57.3% |
| Taxes | 450/3 | €70,255 | €30,022 | -€40,234 | -57.3% |
| Other amounts payable | 47/48 | €103,960 | - | -€103,960 | |
| Accrued charges and deferred income | 492/3 | €3,000 | €0 | -€3,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,909 | €66,750 | -€21,159 | -24.1% |
| Other operating charges | 640/8 | €9,416 | €19,631 | +€10,215 | +108.5% |
| Gross operating margin | 9900 | €383,686 | €406,168 | +€22,482 | +5.9% |
| Operating profit (loss) | 9901 | €286,361 | €319,787 | +€33,426 | +11.7% |
| Financial income | 75/76B | €8,483 | €12,860 | +€4,377 | +51.6% |
| Recurring financial income | 75 | €8,483 | €12,860 | +€4,377 | +51.6% |
| Financial charges | 65/66B | €127,799 | €126,582 | -€1,217 | -1.0% |
| Recurring financial charges | 65 | €127,799 | €126,582 | -€1,217 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €167,045 | €206,065 | +€39,020 | +23.4% |
| Income taxes | 67/77 | €43,374 | €54,453 | +€11,078 | +25.5% |
| Profit (loss) for the period | 9904 | €123,671 | €151,612 | +€27,941 | +22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €123,671 | €151,612 | +€27,941 | +22.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.