RICHARD DELORGE: 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.
RICHARD DELORGE
Largest movements
- Current investments +€150,000
up €150,000 (+21.8%), from €689,401 to €839,401
- Cash -€120,287
down €120,287 (-52.4%), from €229,488 to €109,202
mainly Current investments (-€150,000) and Other debts (-€125,747)
- Other debts -€125,747
down €125,747 (-66.4%), from €189,451 to €63,704
- Reserves +€80,794
up €80,794 (+18.4%), from €438,850 to €519,644
of which Distributable reserves: +€80,794
- Debts after one year +€47,473
up €47,473 (+28.1%), from €168,942 to €216,416
of which Other amounts payable: +€97,465
- Taxes -€25,049
down €25,049 (-41.5%), from €60,289 to €35,240
- Other operating charges +€17,259
up €17,259 (+34.4%), from €50,195 to €67,454
- Depreciation -€13,889
down €13,889 (-87.4%), from €15,886 to €1,997
- Gross operating margin +€5,893
up €5,893 (+3.2%), from €186,974 to €192,868
- Financial income +€5,892
up €5,892 (+235%), from €2,508 to €8,400
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 | €2,041,108 | €2,062,840 | +€21,732 | +1.1% |
| Fixed assets | 21/28 | €1,105,832 | €1,103,834 | -€1,997 | -0.2% |
| Tangible fixed assets | 22/27 | €1,105,832 | €1,103,834 | -€1,997 | -0.2% |
| Land and buildings | 22 | €993,251 | €993,251 | = | 0.0% |
| Other tangible fixed assets | 26 | €112,581 | €110,584 | -€1,997 | -1.8% |
| Current assets | 29/58 | €935,277 | €959,005 | +€23,729 | +2.5% |
| Amounts receivable within one year | 40/41 | €16,388 | €10,403 | -€5,985 | -36.5% |
| Trade receivables | 40 | €0 | €9,003 | +€9,003 | |
| Other amounts receivable | 41 | €16,388 | €1,400 | -€14,988 | -91.5% |
| Current investments | 50/53 | €689,401 | €839,401 | +€150,000 | +21.8% |
| Cash at bank and in hand | 54/58 | €229,488 | €109,202 | -€120,287 | -52.4% |
| Total equity and liabilities | 10/49 | €2,041,108 | €2,062,840 | +€21,732 | +1.1% |
| Equity | 10/15 | €1,629,325 | €1,710,119 | +€80,794 | +5.0% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €438,850 | €519,644 | +€80,794 | +18.4% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,805 | €21,805 | = | 0.0% |
| Distributable reserves | 133 | €367,045 | €447,839 | +€80,794 | +22.0% |
| Profit (loss) carried forward | 14 | €690,474 | €690,474 | = | 0.0% |
| Amounts payable | 17/49 | €411,784 | €352,721 | -€59,063 | -14.3% |
| Amounts payable after more than one year | 17 | €168,942 | €216,416 | +€47,473 | +28.1% |
| Financial debts | 170/4 | €149,976 | €99,984 | -€49,992 | -33.3% |
| Other amounts payable | 178/9 | €18,966 | €116,432 | +€97,465 | +514% |
| Amounts payable within one year | 42/48 | €242,841 | €130,948 | -€111,893 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €49,992 | €49,992 | = | 0.0% |
| Trade debts | 44 | €1,899 | €12,153 | +€10,254 | +540% |
| Suppliers | 440/4 | €1,899 | €12,153 | +€10,254 | +540% |
| Taxes, remuneration and social security | 45 | €1,500 | €5,100 | +€3,600 | +240% |
| Taxes | 450/3 | €300 | €5,100 | +€4,800 | +1,600% |
| Remuneration and social security | 454/9 | €1,200 | €0 | -€1,200 | -100% |
| Other amounts payable | 47/48 | €189,451 | €63,704 | -€125,747 | -66.4% |
| Accrued charges and deferred income | 492/3 | €0 | €5,357 | +€5,357 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,886 | €1,997 | -€13,889 | -87.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €50,195 | €67,454 | +€17,259 | +34.4% |
| Gross operating margin | 9900 | €186,974 | €192,868 | +€5,893 | +3.2% |
| Operating profit (loss) | 9901 | €120,893 | €123,416 | +€2,523 | +2.1% |
| Financial income | 75/76B | €2,508 | €8,400 | +€5,892 | +235% |
| Recurring financial income | 75 | €2,508 | €8,400 | +€5,892 | +235% |
| Financial charges | 65/66B | €17,078 | €15,782 | -€1,296 | -7.6% |
| Recurring financial charges | 65 | €17,078 | €15,782 | -€1,296 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €106,322 | €116,034 | +€9,712 | +9.1% |
| Income taxes | 67/77 | €60,289 | €35,240 | -€25,049 | -41.5% |
| Profit (loss) for the period | 9904 | €46,033 | €80,794 | +€34,761 | +75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €46,033 | €80,794 | +€34,761 | +75.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.