LUC DELVAUX: what changed
LUC DELVAUX
Largest movements
- Cash -€45,863
down €45,863 (-21.9%), from €209,417 to €163,554
mainly Tax, wage and social debts (-€42,145) and Contributions, distributions and other (-€33,600)
- Receivables within one year -€32,381
down €32,381 (-77.6%), from €41,747 to €9,366
of which Other amounts receivable: -€22,050
- Tangible fixed assets -€5,785
down €5,785 (-29.1%), from €19,853 to €14,068
- Tax, wage and social debts -€42,145
down €42,145 (-51.5%), from €81,853 to €39,708
of which Taxes: -€42,984
- Other debts -€18,624
down €18,624 (-40.9%), from €45,500 to €26,876
- Trade debts -€15,531
down €15,531 (-88.2%), from €17,603 to €2,072
- Current portion of long-term debt -€5,112
down €5,112 (-61.3%), from €8,344 to €3,232
- Debts after one year -€3,232
down €3,232 (-26.0%), from €12,442 to €9,211
- Gross operating margin -€58,173
down €58,173 (-39.2%), from €148,439 to €90,266
- Taxes -€26,854
down €26,854 (-65.4%), from €41,075 to €14,221
- Financial income -€22,865
down €22,865 (-94.9%), from €24,087 to €1,222
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €278,457 | €193,813 | -€84,644 | -30.4% |
| Fixed assets | 21/28 | €20,103 | €14,318 | -€5,785 | -28.8% |
| Tangible fixed assets | 22/27 | €19,853 | €14,068 | -€5,785 | -29.1% |
| Furniture and vehicles | 24 | €19,853 | €14,068 | -€5,785 | -29.1% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €258,354 | €179,495 | -€78,859 | -30.5% |
| Amounts receivable within one year | 40/41 | €41,747 | €9,366 | -€32,381 | -77.6% |
| Trade receivables | 40 | €19,697 | €9,366 | -€10,331 | -52.5% |
| Other amounts receivable | 41 | €22,050 | - | -€22,050 | |
| Current investments | 50/53 | €260 | €260 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €209,417 | €163,554 | -€45,863 | -21.9% |
| Deferred charges and accrued income | 490/1 | €6,930 | €6,315 | -€615 | -8.9% |
| Total equity and liabilities | 10/49 | €278,457 | €193,813 | -€84,644 | -30.4% |
| Equity | 10/15 | €112,484 | €112,579 | +€95 | +0.1% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €73,670 | €73,670 | = | 0.0% |
| Distributable reserves | 133 | €73,670 | €73,670 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,754 | €30,849 | +€95 | +0.3% |
| Amounts payable | 17/49 | €165,973 | €81,235 | -€84,739 | -51.1% |
| Amounts payable after more than one year | 17 | €12,442 | €9,211 | -€3,232 | -26.0% |
| Financial debts | 170/4 | €12,442 | €9,211 | -€3,232 | -26.0% |
| Amounts payable within one year | 42/48 | €153,531 | €72,024 | -€81,507 | -53.1% |
| Current portion of amounts payable after more than one year | 42 | €8,344 | €3,232 | -€5,112 | -61.3% |
| Financial debts | 43 | €230 | €136 | -€94 | -40.9% |
| Credit institutions | 430/8 | €230 | €136 | -€94 | -40.9% |
| Trade debts | 44 | €17,603 | €2,072 | -€15,531 | -88.2% |
| Suppliers | 440/4 | €17,603 | €2,072 | -€15,531 | -88.2% |
| Taxes, remuneration and social security | 45 | €81,853 | €39,708 | -€42,145 | -51.5% |
| Taxes | 450/3 | €77,087 | €34,103 | -€42,984 | -55.8% |
| Remuneration and social security | 454/9 | €4,766 | €5,605 | +€839 | +17.6% |
| Other amounts payable | 47/48 | €45,500 | €26,876 | -€18,624 | -40.9% |
| Non-recurring operating income | 76A | €331 | - | -€331 | |
| Remuneration, social security and pensions | 62 | €30,031 | €30,006 | -€25 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,706 | €5,785 | +€80 | +1.4% |
| Other operating charges | 640/8 | €890 | €1,281 | +€391 | +43.9% |
| Non-recurring operating charges | 66A | - | €5,150 | +€5,150 | |
| Gross operating margin | 9900 | €148,439 | €90,266 | -€58,173 | -39.2% |
| Operating profit (loss) | 9901 | €111,812 | €48,043 | -€63,769 | -57.0% |
| Financial income | 75/76B | €24,087 | €1,222 | -€22,865 | -94.9% |
| Recurring financial income | 75 | €24,087 | €1,222 | -€22,865 | -94.9% |
| Financial charges | 65/66B | €1,340 | €1,349 | +€9 | +0.7% |
| Recurring financial charges | 65 | €1,340 | €1,349 | +€9 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €134,560 | €47,916 | -€86,644 | -64.4% |
| Income taxes | 67/77 | €41,075 | €14,221 | -€26,854 | -65.4% |
| Profit (loss) for the period | 9904 | €93,485 | €33,695 | -€59,790 | -64.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,485 | €33,695 | -€59,790 | -64.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.