Pierre DELBEKE: 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.
Pierre DELBEKE
Largest movements
- Cash +€63,356
up €63,356 (+762%), from €8,316 to €71,672
mainly Net result for the year (+€47,029) and Depreciation (+€37,092)
- Tangible fixed assets -€35,022
down €35,022 (-2.9%), from €1.2m to €1.2m
of which Land and buildings: -€34,808
- Reserves +€47,000
up €47,000 (+1.8%), from €2.6m to €2.7m
of which Distributable reserves: +€47,000
- Financial income -€663,262
down €663,262 (-96.6%), from €686,666 to €23,404
- Gross operating margin +€33,670
up €33,670 (+64.6%), from €52,152 to €85,822
- Taxes +€13,496
up €13,496 (+1,154%), from €1,169 to €14,665
- Write-downs -€10,836
no longer reported in 2025 (was €10,836)
- Depreciation +€6,574
up €6,574 (+21.5%), from €30,519 to €37,092
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 | €2,695,928 | €2,726,519 | +€30,591 | +1.1% |
| Fixed assets | 21/28 | €2,368,034 | €2,333,012 | -€35,022 | -1.5% |
| Tangible fixed assets | 22/27 | €1,220,284 | €1,185,262 | -€35,022 | -2.9% |
| Land and buildings | 22 | €1,086,354 | €1,051,547 | -€34,808 | -3.2% |
| Plant, machinery and equipment | 23 | €2,958 | €2,332 | -€626 | -21.2% |
| Furniture and vehicles | 24 | €2,561 | €2,149 | -€411 | -16.1% |
| Other tangible fixed assets | 26 | €128,412 | €129,235 | +€823 | +0.6% |
| Financial fixed assets | 28 | €1,147,750 | €1,147,750 | = | 0.0% |
| Current assets | 29/58 | €327,894 | €393,507 | +€65,613 | +20.0% |
| Amounts receivable within one year | 40/41 | €85,647 | €76,197 | -€9,449 | -11.0% |
| Trade receivables | 40 | €6,050 | €9,404 | +€3,354 | +55.4% |
| Other amounts receivable | 41 | €79,597 | €66,793 | -€12,803 | -16.1% |
| Current investments | 50/53 | €233,931 | €245,638 | +€11,707 | +5.0% |
| Cash at bank and in hand | 54/58 | €8,316 | €71,672 | +€63,356 | +762% |
| Total equity and liabilities | 10/49 | €2,695,928 | €2,726,519 | +€30,591 | +1.1% |
| Equity | 10/15 | €2,639,326 | €2,686,356 | +€47,029 | +1.8% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €2,618,856 | €2,665,856 | +€47,000 | +1.8% |
| Tax-exempt reserves | 132 | €356 | €356 | = | 0.0% |
| Distributable reserves | 133 | €2,618,500 | €2,665,500 | +€47,000 | +1.8% |
| Profit (loss) carried forward | 14 | €11 | €40 | +€29 | +278% |
| Amounts payable | 17/49 | €56,602 | €40,164 | -€16,438 | -29.0% |
| Amounts payable within one year | 42/48 | €51,602 | €35,039 | -€16,563 | -32.1% |
| Trade debts | 44 | €2,040 | €3,140 | +€1,099 | +53.9% |
| Suppliers | 440/4 | €2,040 | €3,140 | +€1,099 | +53.9% |
| Taxes, remuneration and social security | 45 | - | €4,140 | +€4,140 | |
| Taxes | 450/3 | - | €4,140 | +€4,140 | |
| Other amounts payable | 47/48 | €49,561 | €27,759 | -€21,802 | -44.0% |
| Accrued charges and deferred income | 492/3 | €5,000 | €5,125 | +€125 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,519 | €37,092 | +€6,574 | +21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,836 | - | -€10,836 | |
| Other operating charges | 640/8 | €3,759 | €7,933 | +€4,174 | +111% |
| Gross operating margin | 9900 | €52,152 | €85,822 | +€33,670 | +64.6% |
| Operating profit (loss) | 9901 | €7,039 | €40,797 | +€33,758 | +480% |
| Financial income | 75/76B | €686,666 | €23,404 | -€663,262 | -96.6% |
| Recurring financial income | 75 | €686,666 | €23,404 | -€663,262 | -96.6% |
| Financial charges | 65/66B | €2,352 | €2,507 | +€154 | +6.6% |
| Recurring financial charges | 65 | €2,352 | €2,507 | +€154 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | €691,352 | €61,694 | -€629,658 | -91.1% |
| Income taxes | 67/77 | €1,169 | €14,665 | +€13,496 | +1,154% |
| Profit (loss) for the period | 9904 | €690,183 | €47,029 | -€643,154 | -93.2% |
| Profit (loss) for the period to be appropriated | 9905 | €690,183 | €47,029 | -€643,154 | -93.2% |
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.