S. VAN DELM: 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.
S. VAN DELM
Largest movements
- Cash +€15,082
up €15,082 (+62.9%), from €23,968 to €39,050
mainly Net result for the year (+€16,423) and Depreciation (+€10,249)
- Tangible fixed assets -€10,249
down €10,249 (-31.6%), from €32,470 to €22,221
- Receivables within one year +€6,323
up €6,323 (+23.3%), from €27,160 to €33,483
of which Other amounts receivable: +€8,672
- Reserves +€16,423
up €16,423 (+32.9%), from €49,935 to €66,358
- Debts after one year -€10,819
down €10,819 (-85.4%), from €12,670 to €1,851
- Tax, wage and social debts +€4,295
up €4,295 (+53.8%), from €7,980 to €12,274
- Gross operating margin -€2,755
down €2,755 (-7.5%), from €36,623 to €33,868
- Financial charges -€466
down €466 (-31.8%), from €1,468 to €1,002
- Taxes -€385
down €385 (-7.0%), from €5,461 to €5,076
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 | €83,849 | €94,755 | +€10,906 | +13.0% |
| Fixed assets | 21/28 | €32,720 | €22,221 | -€10,499 | -32.1% |
| Tangible fixed assets | 22/27 | €32,470 | €22,221 | -€10,249 | -31.6% |
| Furniture and vehicles | 24 | €32,470 | €22,221 | -€10,249 | -31.6% |
| Financial fixed assets | 28 | €250 | €0 | -€250 | -100% |
| Current assets | 29/58 | €51,129 | €72,534 | +€21,405 | +41.9% |
| Amounts receivable within one year | 40/41 | €27,160 | €33,483 | +€6,323 | +23.3% |
| Trade receivables | 40 | €26,990 | €24,641 | -€2,349 | -8.7% |
| Other amounts receivable | 41 | €170 | €8,842 | +€8,672 | +5,089% |
| Cash at bank and in hand | 54/58 | €23,968 | €39,050 | +€15,082 | +62.9% |
| Total equity and liabilities | 10/49 | €83,849 | €94,755 | +€10,906 | +13.0% |
| Equity | 10/15 | €52,435 | €68,858 | +€16,423 | +31.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €49,935 | €66,358 | +€16,423 | +32.9% |
| Distributable reserves | 133 | €49,935 | €66,358 | +€16,423 | +32.9% |
| Amounts payable | 17/49 | €31,415 | €25,897 | -€5,517 | -17.6% |
| Amounts payable after more than one year | 17 | €12,670 | €1,851 | -€10,819 | -85.4% |
| Financial debts | 170/4 | €12,670 | €1,851 | -€10,819 | -85.4% |
| Amounts payable within one year | 42/48 | €18,744 | €24,046 | +€5,302 | +28.3% |
| Current portion of amounts payable after more than one year | 42 | €10,341 | €10,819 | +€479 | +4.6% |
| Trade debts | 44 | €424 | €952 | +€529 | +125% |
| Suppliers | 440/4 | €424 | €952 | +€529 | +125% |
| Taxes, remuneration and social security | 45 | €7,980 | €12,274 | +€4,295 | +53.8% |
| Taxes | 450/3 | €7,980 | €12,274 | +€4,295 | +53.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,249 | €10,249 | = | 0.0% |
| Other operating charges | 640/8 | €788 | €1,131 | +€343 | +43.5% |
| Gross operating margin | 9900 | €36,623 | €33,868 | -€2,755 | -7.5% |
| Operating profit (loss) | 9901 | €25,585 | €22,487 | -€3,099 | -12.1% |
| Financial income | 75/76B | €66 | €15 | -€51 | -78.0% |
| Recurring financial income | 75 | €66 | €15 | -€51 | -78.0% |
| Financial charges | 65/66B | €1,468 | €1,002 | -€466 | -31.8% |
| Recurring financial charges | 65 | €1,468 | €1,002 | -€466 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €24,183 | €21,500 | -€2,684 | -11.1% |
| Income taxes | 67/77 | €5,461 | €5,076 | -€385 | -7.0% |
| Profit (loss) for the period | 9904 | €18,722 | €16,423 | -€2,299 | -12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,722 | €16,423 | -€2,299 | -12.3% |
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 13 October 2026 via checked.be.