Guillaume Delfosse: 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.
Guillaume Delfosse
Largest movements
- Receivables within one year +€26,516
up €26,516 (+755%), from €3,511 to €30,027
of which Trade receivables: +€27,775
- Cash -€18,790
down €18,790 (-41.6%), from €45,148 to €26,358
mainly Contributions, distributions and other (-€130,000) and Receivables within one year (-€26,516)
- Tangible fixed assets -€7,220
down €7,220 (-1.9%), from €370,775 to €363,555
of which Land and buildings: -€6,527
- Other debts +€42,407
up €42,407 (+35.9%), from €118,260 to €160,667
- Profit (loss) carried forward -€32,788
down €32,788 (-97.2%), from €33,718 to €930
- Debts after one year -€12,045
down €12,045 (-4.8%), from €251,683 to €239,638
- Tax, wage and social debts +€4,868
up €4,868 (+1,097%), from €444 to €5,312
- Gross operating margin +€41,418
up €41,418 (+41.3%), from €100,219 to €141,637
- Taxes +€11,598
up €11,598 (+73.7%), from €15,741 to €27,339
- Depreciation -€8,880
down €8,880 (-54.7%), from €16,223 to €7,342
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 | €421,008 | €421,542 | +€534 | +0.1% |
| Formation expenses | 20 | €134 | €12 | -€122 | -91.2% |
| Fixed assets | 21/28 | €370,775 | €363,555 | -€7,220 | -1.9% |
| Tangible fixed assets | 22/27 | €370,775 | €363,555 | -€7,220 | -1.9% |
| Land and buildings | 22 | €368,091 | €361,564 | -€6,527 | -1.8% |
| Furniture and vehicles | 24 | €2,684 | €1,991 | -€693 | -25.8% |
| Current assets | 29/58 | €50,100 | €57,975 | +€7,876 | +15.7% |
| Amounts receivable within one year | 40/41 | €3,511 | €30,027 | +€26,516 | +755% |
| Trade receivables | 40 | €2,252 | €30,027 | +€27,775 | +1,233% |
| Other amounts receivable | 41 | €1,259 | - | -€1,259 | |
| Cash at bank and in hand | 54/58 | €45,148 | €26,358 | -€18,790 | -41.6% |
| Deferred charges and accrued income | 490/1 | €1,441 | €1,590 | +€150 | +10.4% |
| Total equity and liabilities | 10/49 | €421,008 | €421,542 | +€534 | +0.1% |
| Equity | 10/15 | €36,218 | €3,430 | -€32,788 | -90.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,718 | €930 | -€32,788 | -97.2% |
| Amounts payable | 17/49 | €384,790 | €418,112 | +€33,322 | +8.7% |
| Amounts payable after more than one year | 17 | €251,683 | €239,638 | -€12,045 | -4.8% |
| Financial debts | 170/4 | €251,683 | €239,638 | -€12,045 | -4.8% |
| Amounts payable within one year | 42/48 | €132,658 | €178,025 | +€45,367 | +34.2% |
| Current portion of amounts payable after more than one year | 42 | €11,758 | €12,045 | +€287 | +2.4% |
| Trade debts | 44 | €2,196 | - | -€2,196 | |
| Suppliers | 440/4 | €2,196 | - | -€2,196 | |
| Taxes, remuneration and social security | 45 | €444 | €5,312 | +€4,868 | +1,097% |
| Taxes | 450/3 | €444 | €5,312 | +€4,868 | +1,097% |
| Other amounts payable | 47/48 | €118,260 | €160,667 | +€42,407 | +35.9% |
| Accrued charges and deferred income | 492/3 | €450 | €450 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,223 | €7,342 | -€8,880 | -54.7% |
| Other operating charges | 640/8 | €1,616 | €2,908 | +€1,292 | +79.9% |
| Gross operating margin | 9900 | €100,219 | €141,637 | +€41,418 | +41.3% |
| Operating profit (loss) | 9901 | €82,381 | €131,387 | +€49,006 | +59.5% |
| Financial charges | 65/66B | €6,991 | €6,836 | -€155 | -2.2% |
| Recurring financial charges | 65 | €6,991 | €6,836 | -€155 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €75,390 | €124,551 | +€49,161 | +65.2% |
| Income taxes | 67/77 | €15,741 | €27,339 | +€11,598 | +73.7% |
| Profit (loss) for the period | 9904 | €59,648 | €97,212 | +€37,563 | +63.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,648 | €97,212 | +€37,563 | +63.0% |
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 31 October 2026 via checked.be.