JULIE DELFORGE: 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.
JULIE DELFORGE
Largest movements
- Cash -€32,875
down €32,875 (-24.4%), from €134,662 to €101,788
mainly Contributions, distributions and other (-€257,227) and Tax, wage and social debts (-€34,388)
- Receivables within one year +€27,936
up €27,936 (+226%), from €12,355 to €40,290
of which Other amounts receivable: +€38,000
- Tangible fixed assets -€20,305
down €20,305 (-20.5%), from €99,089 to €78,784
of which Leasing and similar rights: -€17,051
- Deferred charges and accrued income +€12,968
up €12,968 (+47.9%), from €27,066 to €40,034
- Other debts +€163,104
up €163,104 (+38.5%), from €423,540 to €586,644
- Profit (loss) carried forward -€111,463
down €111,463, from €105,367 to -€6,096
- Tax, wage and social debts -€34,388
down €34,388 (-46.0%), from €74,800 to €40,412
- Debts after one year -€16,856
down €16,856 (-32.5%), from €51,917 to €35,061
- Trade debts -€9,777
down €9,777 (-66.1%), from €14,795 to €5,018
- Gross operating margin -€22,310
down €22,310 (-9.5%), from €234,429 to €212,119
- Taxes -€14,521
down €14,521 (-24.1%), from €60,184 to €45,664
- Depreciation +€13,232
up €13,232 (+187%), from €7,073 to €20,305
- Financial charges +€8,080
up €8,080 (+269%), from €3,008 to €11,088
- Financial income -€3,195
down €3,195 (-21.3%), from €14,981 to €11,786
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €708,772 | €696,496 | -€12,276 | -1.7% |
| Fixed assets | 21/28 | €99,089 | €78,784 | -€20,305 | -20.5% |
| Tangible fixed assets | 22/27 | €99,089 | €78,784 | -€20,305 | -20.5% |
| Furniture and vehicles | 24 | €9,259 | €7,325 | -€1,934 | -20.9% |
| Leasing and similar rights | 25 | €81,620 | €64,569 | -€17,051 | -20.9% |
| Other tangible fixed assets | 26 | €8,209 | €6,889 | -€1,320 | -16.1% |
| Current assets | 29/58 | €609,683 | €617,712 | +€8,029 | +1.3% |
| Amounts receivable within one year | 40/41 | €12,355 | €40,290 | +€27,936 | +226% |
| Trade receivables | 40 | €12,355 | €2,290 | -€10,064 | -81.5% |
| Other amounts receivable | 41 | - | €38,000 | +€38,000 | |
| Current investments | 50/53 | €435,600 | €435,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €134,662 | €101,788 | -€32,875 | -24.4% |
| Deferred charges and accrued income | 490/1 | €27,066 | €40,034 | +€12,968 | +47.9% |
| Total equity and liabilities | 10/49 | €708,772 | €696,496 | -€12,276 | -1.7% |
| Equity | 10/15 | €125,827 | €12,504 | -€113,323 | -90.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €1,860 | - | -€1,860 | |
| Profit (loss) carried forward | 14 | €105,367 | -€6,096 | -€111,463 | |
| Amounts payable | 17/49 | €582,945 | €683,992 | +€101,047 | +17.3% |
| Amounts payable after more than one year | 17 | €51,917 | €35,061 | -€16,856 | -32.5% |
| Financial debts | 170/4 | €51,917 | €35,061 | -€16,856 | -32.5% |
| Amounts payable within one year | 42/48 | €531,028 | €648,931 | +€117,903 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €17,893 | €16,856 | -€1,037 | -5.8% |
| Trade debts | 44 | €14,795 | €5,018 | -€9,777 | -66.1% |
| Suppliers | 440/4 | €14,795 | €5,018 | -€9,777 | -66.1% |
| Taxes, remuneration and social security | 45 | €74,800 | €40,412 | -€34,388 | -46.0% |
| Taxes | 450/3 | €74,800 | €40,412 | -€34,388 | -46.0% |
| Other amounts payable | 47/48 | €423,540 | €586,644 | +€163,104 | +38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,073 | €20,305 | +€13,232 | +187% |
| Other operating charges | 640/8 | €1,177 | €2,402 | +€1,224 | +104% |
| Non-recurring operating charges | 66A | €1,386 | €543 | -€842 | -60.8% |
| Gross operating margin | 9900 | €234,429 | €212,119 | -€22,310 | -9.5% |
| Operating profit (loss) | 9901 | €224,793 | €188,869 | -€35,924 | -16.0% |
| Financial income | 75/76B | €14,981 | €11,786 | -€3,195 | -21.3% |
| Recurring financial income | 75 | €14,981 | €11,786 | -€3,195 | -21.3% |
| Financial charges | 65/66B | €3,008 | €11,088 | +€8,080 | +269% |
| Recurring financial charges | 65 | €3,008 | €11,088 | +€8,080 | +269% |
| Profit (loss) for the period before taxes | 9903 | €236,766 | €189,568 | -€47,198 | -19.9% |
| Income taxes | 67/77 | €60,184 | €45,664 | -€14,521 | -24.1% |
| Profit (loss) for the period | 9904 | €176,581 | €143,904 | -€32,677 | -18.5% |
| Profit (loss) for the period to be appropriated | 9905 | €176,581 | €143,904 | -€32,677 | -18.5% |
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 24 October 2026 via checked.be.