Group Delta: 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.
Group Delta
Largest movements
- Tangible fixed assets +€113,395
up €113,395 (+89.5%), from €126,743 to €240,138
of which Furniture and vehicles: +€142,191
- Cash +€23,416
up €23,416 (+56.1%), from €41,734 to €65,151
mainly Debts after one year (+€167,107) and Depreciation (+€50,586)
- Deferred charges and accrued income -€9,512
down €9,512 (-31.6%), from €30,128 to €20,616
- Debts after one year +€167,107
up €167,107 (+324%), from €51,521 to €218,627
- Short-term financial debts +€39,243
up €39,243 (+67.0%), from €58,538 to €97,781
- Trade debts -€37,994
down €37,994 (-13.2%), from €288,383 to €250,389
- Accrued charges and deferred income -€32,836
down €32,836 (-100%), from €32,836 to €0
- Current portion of long-term debt -€17,915
down €17,915 (-26.1%), from €68,541 to €50,626
- Staff costs -€135,377
down €135,377 (-34.4%), from €393,945 to €258,568
- Write-downs +€54,553
up €54,553, from €0 to €54,553
- Gross operating margin -€52,669
down €52,669 (-10.7%), from €493,204 to €440,535
- Depreciation +€11,459
up €11,459 (+29.3%), from €39,127 to €50,586
- Other operating charges -€7,320
down €7,320 (-41.2%), from €17,758 to €10,438
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 | €611,085 | €736,124 | +€125,039 | +20.5% |
| Fixed assets | 21/28 | €127,241 | €240,636 | +€113,395 | +89.1% |
| Tangible fixed assets | 22/27 | €126,743 | €240,138 | +€113,395 | +89.5% |
| Land and buildings | 22 | €72,138 | €47,729 | -€24,409 | -33.8% |
| Plant, machinery and equipment | 23 | €29,001 | €24,614 | -€4,387 | -15.1% |
| Furniture and vehicles | 24 | €25,605 | €167,796 | +€142,191 | +555% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €483,843 | €495,487 | +€11,644 | +2.4% |
| Amounts receivable within one year | 40/41 | €411,981 | €409,721 | -€2,260 | -0.5% |
| Trade receivables | 40 | €368,791 | €342,156 | -€26,635 | -7.2% |
| Other amounts receivable | 41 | €43,190 | €67,564 | +€24,375 | +56.4% |
| Cash at bank and in hand | 54/58 | €41,734 | €65,151 | +€23,416 | +56.1% |
| Deferred charges and accrued income | 490/1 | €30,128 | €20,616 | -€9,512 | -31.6% |
| Total equity and liabilities | 10/49 | €611,085 | €736,124 | +€125,039 | +20.5% |
| Equity | 10/15 | €89,429 | €85,069 | -€4,360 | -4.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €47,660 | €43,290 | -€4,370 | -9.2% |
| Distributable reserves | 133 | €47,660 | €43,290 | -€4,370 | -9.2% |
| Profit (loss) carried forward | 14 | €35,569 | €35,579 | +€10 | 0.0% |
| Amounts payable | 17/49 | €521,656 | €651,055 | +€129,399 | +24.8% |
| Amounts payable after more than one year | 17 | €51,521 | €218,627 | +€167,107 | +324% |
| Financial debts | 170/4 | €51,521 | €218,627 | +€167,107 | +324% |
| Amounts payable within one year | 42/48 | €437,300 | €432,428 | -€4,872 | -1.1% |
| Current portion of amounts payable after more than one year | 42 | €68,541 | €50,626 | -€17,915 | -26.1% |
| Financial debts | 43 | €58,538 | €97,781 | +€39,243 | +67.0% |
| Credit institutions | 430/8 | €58,538 | €97,781 | +€39,243 | +67.0% |
| Trade debts | 44 | €288,383 | €250,389 | -€37,994 | -13.2% |
| Suppliers | 440/4 | €288,383 | €250,389 | -€37,994 | -13.2% |
| Taxes, remuneration and social security | 45 | €8,137 | €22,269 | +€14,132 | +174% |
| Taxes | 450/3 | €3 | €15,203 | +€15,200 | +565,059% |
| Remuneration and social security | 454/9 | €8,134 | €7,066 | -€1,068 | -13.1% |
| Other amounts payable | 47/48 | €13,700 | €11,362 | -€2,338 | -17.1% |
| Accrued charges and deferred income | 492/3 | €32,836 | €0 | -€32,836 | -100% |
| Non-recurring operating income | 76A | - | €12,662 | +€12,662 | |
| Remuneration, social security and pensions | 62 | €393,945 | €258,568 | -€135,377 | -34.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,127 | €50,586 | +€11,459 | +29.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €54,553 | +€54,553 | |
| Other operating charges | 640/8 | €17,758 | €10,438 | -€7,320 | -41.2% |
| Non-recurring operating charges | 66A | €229 | €22,885 | +€22,656 | +9,908% |
| Gross operating margin | 9900 | €493,204 | €440,535 | -€52,669 | -10.7% |
| Operating profit (loss) | 9901 | €42,146 | €43,504 | +€1,359 | +3.2% |
| Financial income | 75/76B | €40 | €1,336 | +€1,296 | +3,268% |
| Recurring financial income | 75 | €40 | €1,336 | +€1,296 | +3,268% |
| Financial charges | 65/66B | €10,351 | €14,471 | +€4,120 | +39.8% |
| Recurring financial charges | 65 | €10,351 | €14,471 | +€4,120 | +39.8% |
| Profit (loss) for the period before taxes | 9903 | €31,834 | €30,369 | -€1,465 | -4.6% |
| Income taxes | 67/77 | €22,973 | €23,729 | +€757 | +3.3% |
| Profit (loss) for the period | 9904 | €8,862 | €6,640 | -€2,222 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €8,862 | €6,640 | -€2,222 | -25.1% |
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 16 October 2026 via checked.be.