M. DELHEZ: 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.
M. DELHEZ
Largest movements
- Tangible fixed assets +€125,800
up €125,800 (+20.5%), from €614,683 to €740,483
of which Plant, machinery and equipment: +€164,795
- Receivables within one year +€35,021
up €35,021 (+100%), from €35,001 to €70,022
of which Trade receivables: +€18,987
- Other debts +€220,000
new in 2025: €220,000
- Profit (loss) carried forward -€144,475
down €144,475 (-82.9%), from €174,180 to €29,705
- Debts after one year +€48,180
up €48,180 (+9.9%), from €487,071 to €535,251
of which Financial debts: +€53,810
- Current portion of long-term debt +€27,396
up €27,396 (+57.0%), from €48,036 to €75,432
- Gross operating margin +€76,745
up €76,745 (+49.1%), from €156,193 to €232,938
- Depreciation -€27,350
down €27,350 (-29.0%), from €94,370 to €67,020
- Taxes +€18,523
up €18,523 (+551%), from €3,361 to €21,884
- Staff costs +€7,744
up €7,744 (+22.4%), from €34,498 to €42,242
- Financial charges +€7,612
up €7,612 (+114%), from €6,682 to €14,294
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 | €772,111 | €931,686 | +€159,575 | +20.7% |
| Fixed assets | 21/28 | €616,418 | €742,218 | +€125,800 | +20.4% |
| Tangible fixed assets | 22/27 | €614,683 | €740,483 | +€125,800 | +20.5% |
| Land and buildings | 22 | €482,214 | €482,546 | +€332 | +0.1% |
| Plant, machinery and equipment | 23 | €16,710 | €181,505 | +€164,795 | +986% |
| Furniture and vehicles | 24 | €115,759 | €76,432 | -€39,327 | -34.0% |
| Financial fixed assets | 28 | €1,735 | €1,735 | = | 0.0% |
| Current assets | 29/58 | €155,693 | €189,468 | +€33,775 | +21.7% |
| Amounts receivable within one year | 40/41 | €35,001 | €70,022 | +€35,021 | +100% |
| Trade receivables | 40 | €35,001 | €53,988 | +€18,987 | +54.2% |
| Other amounts receivable | 41 | - | €16,034 | +€16,034 | |
| Cash at bank and in hand | 54/58 | €109,586 | €113,526 | +€3,940 | +3.6% |
| Deferred charges and accrued income | 490/1 | €11,106 | €5,920 | -€5,186 | -46.7% |
| Total equity and liabilities | 10/49 | €772,111 | €931,686 | +€159,575 | +20.7% |
| Equity | 10/15 | €207,180 | €62,705 | -€144,475 | -69.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €3,000 | €3,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €174,180 | €29,705 | -€144,475 | -82.9% |
| Amounts payable | 17/49 | €564,931 | €868,981 | +€304,050 | +53.8% |
| Amounts payable after more than one year | 17 | €487,071 | €535,251 | +€48,180 | +9.9% |
| Financial debts | 170/4 | €397,006 | €450,816 | +€53,810 | +13.6% |
| Other amounts payable | 178/9 | €90,065 | €84,435 | -€5,630 | -6.3% |
| Amounts payable within one year | 42/48 | €76,209 | €333,730 | +€257,521 | +338% |
| Current portion of amounts payable after more than one year | 42 | €48,036 | €75,432 | +€27,396 | +57.0% |
| Trade debts | 44 | €10,260 | €13,276 | +€3,016 | +29.4% |
| Suppliers | 440/4 | €10,260 | €13,276 | +€3,016 | +29.4% |
| Taxes, remuneration and social security | 45 | €17,913 | €25,022 | +€7,109 | +39.7% |
| Taxes | 450/3 | €11,981 | €21,884 | +€9,903 | +82.7% |
| Remuneration and social security | 454/9 | €5,932 | €3,138 | -€2,794 | -47.1% |
| Other amounts payable | 47/48 | - | €220,000 | +€220,000 | |
| Accrued charges and deferred income | 492/3 | €1,651 | - | -€1,651 | |
| Remuneration, social security and pensions | 62 | €34,498 | €42,242 | +€7,744 | +22.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,370 | €67,020 | -€27,350 | -29.0% |
| Other operating charges | 640/8 | €5,809 | €12,006 | +€6,197 | +107% |
| Gross operating margin | 9900 | €156,193 | €232,938 | +€76,745 | +49.1% |
| Operating profit (loss) | 9901 | €21,516 | €111,670 | +€90,154 | +419% |
| Financial income | 75/76B | €70 | €33 | -€37 | -52.9% |
| Recurring financial income | 75 | €70 | €33 | -€37 | -52.9% |
| Financial charges | 65/66B | €6,682 | €14,294 | +€7,612 | +114% |
| Recurring financial charges | 65 | €6,682 | €14,294 | +€7,612 | +114% |
| Profit (loss) for the period before taxes | 9903 | €14,904 | €97,409 | +€82,505 | +554% |
| Income taxes | 67/77 | €3,361 | €21,884 | +€18,523 | +551% |
| Profit (loss) for the period | 9904 | €11,543 | €75,525 | +€63,982 | +554% |
| Profit (loss) for the period to be appropriated | 9905 | €11,543 | €75,525 | +€63,982 | +554% |
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 29 October 2026 via checked.be.