JOEL DELFORCE: 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.
JOEL DELFORCE
Largest movements
- Tangible fixed assets -€150,283
down €150,283 (-72.2%), from €208,106 to €57,823
- Receivables within one year +€46,667
up €46,667 (+9.0%), from €516,879 to €563,546
of which Trade receivables: +€53,765
- Stocks and contracts +€39,288
up €39,288 (+71.0%), from €55,305 to €94,593
of which Contracts in progress: +€38,392
- Cash +€32,204
new in 2025: €32,204
mainly Investment in fixed assets (net) (+€103,248) and Short-term financial debts (+€80,337)
- Deferred charges and accrued income +€13,154
up €13,154 (+425%), from €3,097 to €16,251
- Short-term financial debts +€80,337
up €80,337 (+394%), from €20,382 to €100,719
of which Other loans: +€97,488
- Trade debts -€49,882
down €49,882 (-34.3%), from €145,509 to €95,627
- Debts after one year -€27,163
down €27,163 (-60.1%), from €45,178 to €18,015
- Current portion of long-term debt -€23,330
down €23,330 (-46.0%), from €50,761 to €27,432
- Reserves +€12,697
up €12,697 (+2.8%), from €460,506 to €473,203
- Depreciation -€39,837
down €39,837 (-45.9%), from €86,872 to €47,035
- Staff costs +€31,223
up €31,223 (+26.1%), from €119,832 to €151,055
- Taxes -€25,692
down €25,692 (-84.1%), from €30,544 to €4,852
- Gross operating margin +€4,845
up €4,845 (+1.9%), from €261,325 to €266,170
- Financial charges +€3,980
up €3,980 (+31.0%), from €12,827 to €16,807
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 | €783,387 | €764,417 | -€18,970 | -2.4% |
| Fixed assets | 21/28 | €208,106 | €57,823 | -€150,283 | -72.2% |
| Tangible fixed assets | 22/27 | €208,106 | €57,823 | -€150,283 | -72.2% |
| Plant, machinery and equipment | 23 | €60,184 | €6,190 | -€53,994 | -89.7% |
| Furniture and vehicles | 24 | €59,235 | €2,416 | -€56,819 | -95.9% |
| Leasing and similar rights | 25 | €83,643 | €46,012 | -€37,632 | -45.0% |
| Other tangible fixed assets | 26 | €5,044 | €3,206 | -€1,838 | -36.4% |
| Current assets | 29/58 | €575,281 | €706,594 | +€131,313 | +22.8% |
| Stocks and contracts in progress | 3 | €55,305 | €94,593 | +€39,288 | +71.0% |
| Stocks | 30/36 | €4,975 | €5,870 | +€896 | +18.0% |
| Contracts in progress | 37 | €50,331 | €88,723 | +€38,392 | +76.3% |
| Amounts receivable within one year | 40/41 | €516,879 | €563,546 | +€46,667 | +9.0% |
| Trade receivables | 40 | €28,551 | €82,315 | +€53,765 | +188% |
| Other amounts receivable | 41 | €488,328 | €481,230 | -€7,098 | -1.5% |
| Cash at bank and in hand | 54/58 | - | €32,204 | +€32,204 | |
| Deferred charges and accrued income | 490/1 | €3,097 | €16,251 | +€13,154 | +425% |
| Total equity and liabilities | 10/49 | €783,387 | €764,417 | -€18,970 | -2.4% |
| Equity | 10/15 | €478,623 | €491,320 | +€12,697 | +2.7% |
| Contributions | 10/11 | €18,117 | €18,117 | = | 0.0% |
| Reserves | 13 | €460,506 | €473,203 | +€12,697 | +2.8% |
| Distributable reserves | 133 | €460,506 | €473,203 | +€12,697 | +2.8% |
| Amounts payable | 17/49 | €304,765 | €273,097 | -€31,667 | -10.4% |
| Amounts payable after more than one year | 17 | €45,178 | €18,015 | -€27,163 | -60.1% |
| Financial debts | 170/4 | €45,178 | €18,015 | -€27,163 | -60.1% |
| Amounts payable within one year | 42/48 | €254,369 | €249,231 | -€5,137 | -2.0% |
| Current portion of amounts payable after more than one year | 42 | €50,761 | €27,432 | -€23,330 | -46.0% |
| Financial debts | 43 | €20,382 | €100,719 | +€80,337 | +394% |
| Credit institutions | 430/8 | €20,382 | €3,231 | -€17,152 | -84.1% |
| Other loans | 439 | - | €97,488 | +€97,488 | |
| Trade debts | 44 | €145,509 | €95,627 | -€49,882 | -34.3% |
| Suppliers | 440/4 | €145,509 | €95,627 | -€49,882 | -34.3% |
| Taxes, remuneration and social security | 45 | €37,716 | €25,453 | -€12,263 | -32.5% |
| Taxes | 450/3 | €32,206 | €14,554 | -€17,652 | -54.8% |
| Remuneration and social security | 454/9 | €5,511 | €10,899 | +€5,389 | +97.8% |
| Accrued charges and deferred income | 492/3 | €5,218 | €5,851 | +€633 | +12.1% |
| Non-recurring operating income | 76A | - | €2,444 | +€2,444 | |
| Remuneration, social security and pensions | 62 | €119,832 | €151,055 | +€31,223 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,872 | €47,035 | -€39,837 | -45.9% |
| Other operating charges | 640/8 | €5,742 | €4,296 | -€1,446 | -25.2% |
| Non-recurring operating charges | 66A | - | €33,039 | +€33,039 | |
| Gross operating margin | 9900 | €261,325 | €266,170 | +€4,845 | +1.9% |
| Operating profit (loss) | 9901 | €48,880 | €30,746 | -€18,134 | -37.1% |
| Financial income | 75/76B | €3,088 | €3,610 | +€522 | +16.9% |
| Recurring financial income | 75 | €3,088 | €3,610 | +€522 | +16.9% |
| Financial charges | 65/66B | €12,827 | €16,807 | +€3,980 | +31.0% |
| Recurring financial charges | 65 | €12,827 | €16,807 | +€3,980 | +31.0% |
| Profit (loss) for the period before taxes | 9903 | €39,141 | €17,549 | -€21,592 | -55.2% |
| Income taxes | 67/77 | €30,544 | €4,852 | -€25,692 | -84.1% |
| Profit (loss) for the period | 9904 | €8,597 | €12,697 | +€4,100 | +47.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,597 | €12,697 | +€4,100 | +47.7% |
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 14 October 2026 via checked.be.