THEO DELBECQUE: 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.
THEO DELBECQUE
Largest movements
- Tangible fixed assets +€235,390
up €235,390 (+356%), from €66,045 to €301,436
of which Plant, machinery and equipment: +€174,466
- Receivables within one year -€21,738
no longer reported in 2025 (was €21,738)
- Cash -€7,243
down €7,243 (-6.4%), from €112,351 to €105,108
mainly Investment in fixed assets (net) (-€275,309) and Other debts (-€46,794)
- Reserves +€266,668
up €266,668 (+279%), from €95,480 to €362,148
- Other debts -€46,794
down €46,794 (-96.3%), from €48,605 to €1,811
- Trade debts -€22,082
down €22,082 (-71.4%), from €30,932 to €8,850
- Tax, wage and social debts +€8,619
up €8,619 (+37.3%), from €23,116 to €31,734
of which Taxes: +€8,619
- Gross operating margin +€276,006
up €276,006 (+196%), from €140,723 to €416,729
- Taxes +€70,703
up €70,703 (+186%), from €37,916 to €108,619
- Depreciation +€32,627
up €32,627 (+447%), from €7,291 to €39,919
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 | €200,134 | €406,543 | +€206,410 | +103% |
| Fixed assets | 21/28 | €66,045 | €301,436 | +€235,390 | +356% |
| Tangible fixed assets | 22/27 | €66,045 | €301,436 | +€235,390 | +356% |
| Land and buildings | 22 | €28,013 | - | -€28,013 | |
| Plant, machinery and equipment | 23 | - | €174,466 | +€174,466 | |
| Furniture and vehicles | 24 | €38,032 | €40,997 | +€2,965 | +7.8% |
| Other tangible fixed assets | 26 | - | €85,973 | +€85,973 | |
| Current assets | 29/58 | €134,088 | €105,108 | -€28,981 | -21.6% |
| Amounts receivable within one year | 40/41 | €21,738 | - | -€21,738 | |
| Trade receivables | 40 | €21,738 | - | -€21,738 | |
| Cash at bank and in hand | 54/58 | €112,351 | €105,108 | -€7,243 | -6.4% |
| Total equity and liabilities | 10/49 | €200,134 | €406,543 | +€206,410 | +103% |
| Equity | 10/15 | €97,480 | €364,148 | +€266,668 | +274% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €95,480 | €362,148 | +€266,668 | +279% |
| Distributable reserves | 133 | €95,480 | €362,148 | +€266,668 | +279% |
| Amounts payable | 17/49 | €102,653 | €42,395 | -€60,258 | -58.7% |
| Amounts payable within one year | 42/48 | €102,653 | €42,395 | -€60,258 | -58.7% |
| Trade debts | 44 | €30,932 | €8,850 | -€22,082 | -71.4% |
| Suppliers | 440/4 | €30,932 | €8,850 | -€22,082 | -71.4% |
| Taxes, remuneration and social security | 45 | €23,116 | €31,734 | +€8,619 | +37.3% |
| Taxes | 450/3 | €21,916 | €30,534 | +€8,619 | +39.3% |
| Remuneration and social security | 454/9 | €1,200 | €1,200 | = | 0.0% |
| Other amounts payable | 47/48 | €48,605 | €1,811 | -€46,794 | -96.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,291 | €39,919 | +€32,627 | +447% |
| Other operating charges | 640/8 | €30 | €1,759 | +€1,729 | +5,763% |
| Gross operating margin | 9900 | €140,723 | €416,729 | +€276,006 | +196% |
| Operating profit (loss) | 9901 | €133,402 | €375,052 | +€241,650 | +181% |
| Financial income | 75/76B | €36 | €464 | +€428 | +1,200% |
| Recurring financial income | 75 | €36 | €464 | +€428 | +1,200% |
| Financial charges | 65/66B | €41 | €229 | +€188 | +455% |
| Recurring financial charges | 65 | €41 | €229 | +€188 | +455% |
| Profit (loss) for the period before taxes | 9903 | €133,396 | €375,287 | +€241,891 | +181% |
| Income taxes | 67/77 | €37,916 | €108,619 | +€70,703 | +186% |
| Profit (loss) for the period | 9904 | €95,480 | €266,668 | +€171,187 | +179% |
| Profit (loss) for the period to be appropriated | 9905 | €95,480 | €266,668 | +€171,187 | +179% |
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 28 October 2026 via checked.be.