STEPHANE DELAUNAY: 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.
STEPHANE DELAUNAY
Largest movements
- Receivables within one year +€31,767
up €31,767 (+235%), from €13,505 to €45,272
of which Trade receivables: +€36,465
- Cash -€6,506
no longer reported in 2025 (was €6,506)
mainly Receivables within one year (-€31,767) and Short-term financial debts (-€29,150)
- Deferred charges and accrued income +€5,155
new in 2025: €5,155
- Profit (loss) carried forward +€54,284
up €54,284 (+95.5%), from -€56,852 to -€2,568
- Short-term financial debts -€29,150
no longer reported in 2025 (was €29,150)
- Other debts +€8,585
up €8,585 (+271%), from €3,164 to €11,749
- Trade debts -€3,212
no longer reported in 2025 (was €3,212)
- Gross operating margin +€54,139
up €54,139, from -€53,737 to €402
- Financial charges -€2,084
no longer reported in 2025 (was €2,084)
- Taxes +€861
new in 2025: €861
- Other operating charges -€638
down €638 (-61.5%), from €1,038 to €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 | €20,011 | €50,427 | +€30,416 | +152% |
| Current assets | 29/58 | €20,011 | €50,427 | +€30,416 | +152% |
| Amounts receivable within one year | 40/41 | €13,505 | €45,272 | +€31,767 | +235% |
| Trade receivables | 40 | €8,807 | €45,272 | +€36,465 | +414% |
| Other amounts receivable | 41 | €4,698 | - | -€4,698 | |
| Cash at bank and in hand | 54/58 | €6,506 | - | -€6,506 | |
| Deferred charges and accrued income | 490/1 | - | €5,155 | +€5,155 | |
| Total equity and liabilities | 10/49 | €20,011 | €50,427 | +€30,416 | +152% |
| Equity | 10/15 | -€19,452 | €34,832 | +€54,284 | |
| Contributions | 10/11 | €37,400 | €37,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,852 | -€2,568 | +€54,284 | +95.5% |
| Amounts payable | 17/49 | €39,463 | €15,595 | -€23,868 | -60.5% |
| Amounts payable within one year | 42/48 | €39,463 | €15,595 | -€23,868 | -60.5% |
| Financial debts | 43 | €29,150 | - | -€29,150 | |
| Other loans | 439 | €29,150 | - | -€29,150 | |
| Trade debts | 44 | €3,212 | - | -€3,212 | |
| Suppliers | 440/4 | €3,212 | - | -€3,212 | |
| Taxes, remuneration and social security | 45 | €3,937 | €3,846 | -€91 | -2.3% |
| Taxes | 450/3 | €3,937 | €3,846 | -€91 | -2.3% |
| Other amounts payable | 47/48 | €3,164 | €11,749 | +€8,585 | +271% |
| Other operating charges | 640/8 | €1,038 | €400 | -€638 | -61.5% |
| Gross operating margin | 9900 | -€53,737 | €402 | +€54,139 | |
| Operating profit (loss) | 9901 | -€54,775 | €2 | +€54,777 | |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €2,084 | - | -€2,084 | |
| Recurring financial charges | 65 | €2,084 | - | -€2,084 | |
| Profit (loss) for the period before taxes | 9903 | -€56,852 | €2 | +€56,854 | |
| Income taxes | 67/77 | - | €861 | +€861 | |
| Profit (loss) for the period | 9904 | -€56,852 | -€859 | +€55,993 | +98.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€56,852 | -€859 | +€55,993 | +98.5% |
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 21 October 2026 via checked.be.