V. DELHEZ: what changed
V. DELHEZ
Largest movements
- Cash -€259,367
down €259,367 (-58.6%), from €442,259 to €182,892
mainly Contributions, distributions and other (-€267,116) and Receivables within one year (-€121,296)
- Receivables within one year +€121,296
up €121,296 (+49.4%), from €245,336 to €366,632
of which Trade receivables: +€116,673
- Tangible fixed assets -€81,566
down €81,566 (-34.4%), from €237,059 to €155,493
of which Furniture and vehicles: -€83,164
- Stocks and contracts -€30,467
down €30,467 (-14.1%), from €215,949 to €185,482
- Debts after one year -€96,103
down €96,103 (-75.0%), from €128,101 to €31,998
of which Financial debts: -€81,245
- Other debts -€87,000
down €87,000 (-24.6%), from €354,000 to €267,000
- Trade debts -€31,317
down €31,317 (-32.8%), from €95,567 to €64,249
- Current portion of long-term debt -€25,393
down €25,393 (-23.8%), from €106,639 to €81,245
- Staff costs +€90,542
up €90,542 (+31.7%), from €285,676 to €376,218
- Gross operating margin +€52,028
up €52,028 (+6.9%), from €751,171 to €803,199
- Depreciation +€35,097
up €35,097 (+40.4%), from €86,862 to €121,959
- Other operating charges +€24,489
up €24,489 (+116%), from €21,034 to €45,522
- Financial income +€9,191
up €9,191 (+1,941%), from €474 to €9,664
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,154,711 | €913,310 | -€241,402 | -20.9% |
| Fixed assets | 21/28 | €237,194 | €160,237 | -€76,957 | -32.4% |
| Intangible fixed assets | 21 | - | €4,609 | +€4,609 | |
| Tangible fixed assets | 22/27 | €237,059 | €155,493 | -€81,566 | -34.4% |
| Plant, machinery and equipment | 23 | €8,186 | €9,784 | +€1,598 | +19.5% |
| Furniture and vehicles | 24 | €228,873 | €145,708 | -€83,164 | -36.3% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €917,518 | €753,073 | -€164,445 | -17.9% |
| Stocks and contracts in progress | 3 | €215,949 | €185,482 | -€30,467 | -14.1% |
| Stocks | 30/36 | €215,949 | €185,482 | -€30,467 | -14.1% |
| Amounts receivable within one year | 40/41 | €245,336 | €366,632 | +€121,296 | +49.4% |
| Trade receivables | 40 | €225,393 | €342,066 | +€116,673 | +51.8% |
| Other amounts receivable | 41 | €19,943 | €24,566 | +€4,623 | +23.2% |
| Cash at bank and in hand | 54/58 | €442,259 | €182,892 | -€259,367 | -58.6% |
| Deferred charges and accrued income | 490/1 | €13,973 | €18,067 | +€4,094 | +29.3% |
| Total equity and liabilities | 10/49 | €1,154,711 | €913,310 | -€241,402 | -20.9% |
| Equity | 10/15 | €459,692 | €458,016 | -€1,675 | -0.4% |
| Contributions | 10/11 | €13,970 | €13,970 | = | 0.0% |
| Reserves | 13 | €445,461 | €443,901 | -€1,559 | -0.4% |
| Tax-exempt reserves | 132 | €8,324 | €6,012 | -€2,312 | -27.8% |
| Distributable reserves | 133 | €437,136 | €437,889 | +€753 | +0.2% |
| Investment grants | 15 | €261 | €145 | -€116 | -44.4% |
| Provisions and deferred taxes | 16 | €2,775 | €2,004 | -€771 | -27.8% |
| Deferred taxes | 168 | €2,775 | €2,004 | -€771 | -27.8% |
| Amounts payable | 17/49 | €692,245 | €453,289 | -€238,956 | -34.5% |
| Amounts payable after more than one year | 17 | €128,101 | €31,998 | -€96,103 | -75.0% |
| Financial debts | 170/4 | €113,243 | €31,998 | -€81,245 | -71.7% |
| Other amounts payable | 178/9 | €14,857 | - | -€14,857 | |
| Amounts payable within one year | 42/48 | €556,205 | €413,854 | -€142,351 | -25.6% |
| Current portion of amounts payable after more than one year | 42 | €106,639 | €81,245 | -€25,393 | -23.8% |
| Financial debts | 43 | - | €1,359 | +€1,359 | |
| Other loans | 439 | - | €1,359 | +€1,359 | |
| Trade debts | 44 | €95,567 | €64,249 | -€31,317 | -32.8% |
| Suppliers | 440/4 | €95,567 | €64,249 | -€31,317 | -32.8% |
| Other amounts payable | 47/48 | €354,000 | €267,000 | -€87,000 | -24.6% |
| Accrued charges and deferred income | 492/3 | €7,939 | €7,438 | -€501 | -6.3% |
| Non-recurring operating income | 76A | €81,790 | €415 | -€81,375 | -99.5% |
| Remuneration, social security and pensions | 62 | €285,676 | €376,218 | +€90,542 | +31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,862 | €121,959 | +€35,097 | +40.4% |
| Other operating charges | 640/8 | €21,034 | €45,522 | +€24,489 | +116% |
| Gross operating margin | 9900 | €751,171 | €803,199 | +€52,028 | +6.9% |
| Operating profit (loss) | 9901 | €357,599 | €259,500 | -€98,099 | -27.4% |
| Financial income | 75/76B | €474 | €9,664 | +€9,191 | +1,941% |
| Recurring financial income | 75 | €474 | €9,664 | +€9,191 | +1,941% |
| Financial charges | 65/66B | €5,610 | €4,495 | -€1,116 | -19.9% |
| Recurring financial charges | 65 | €5,610 | €4,495 | -€1,116 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €352,463 | €264,670 | -€87,793 | -24.9% |
| Transfer from deferred taxes | 780 | €578 | €771 | +€193 | +33.3% |
| Profit (loss) for the period | 9904 | €353,041 | €265,441 | -€87,600 | -24.8% |
| Transfer from tax-exempt reserves | 789 | €1,734 | €2,312 | +€578 | +33.3% |
| Profit (loss) for the period to be appropriated | 9905 | €354,775 | €267,753 | -€87,022 | -24.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.