DELTA PROJECT: 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.
DELTA PROJECT
Largest movements
- Current investments -€201,381
down €201,381 (-51.9%), from €387,906 to €186,526
- Tangible fixed assets +€194,335
up €194,335 (+23.5%), from €827,834 to €1.0m
of which Land and buildings: +€200,475
- Cash +€30,290
up €30,290 (+68.3%), from €44,325 to €74,615
mainly Current investments (+€201,381) and Depreciation (+€63,438)
- Reserves +€39,424
up €39,424 (+5.0%), from €782,991 to €822,416
of which Distributable reserves: +€45,930
- Tax, wage and social debts +€17,319
up €17,319 (+306%), from €5,665 to €22,984
of which Taxes: +€17,319
- Depreciation +€34,181
up €34,181 (+117%), from €29,257 to €63,438
- Financial income +€10,319
up €10,319 (+133%), from €7,746 to €18,064
- Gross operating margin +€7,033
up €7,033 (+6.8%), from €103,701 to €110,735
- Financial charges -€4,117
down €4,117 (-75.4%), from €5,458 to €1,342
- Other operating charges -€1,893
down €1,893 (-23.2%), from €8,165 to €6,272
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 | €1,292,321 | €1,324,860 | +€32,539 | +2.5% |
| Fixed assets | 21/28 | €827,834 | €1,022,169 | +€194,335 | +23.5% |
| Tangible fixed assets | 22/27 | €827,834 | €1,022,169 | +€194,335 | +23.5% |
| Land and buildings | 22 | €783,826 | €984,302 | +€200,475 | +25.6% |
| Plant, machinery and equipment | 23 | €92 | €3,019 | +€2,927 | +3,187% |
| Furniture and vehicles | 24 | €43,915 | €34,848 | -€9,068 | -20.6% |
| Current assets | 29/58 | €464,487 | €302,691 | -€161,796 | -34.8% |
| Amounts receivable within one year | 40/41 | €29,845 | €36,634 | +€6,789 | +22.7% |
| Trade receivables | 40 | €22,117 | €36,566 | +€14,449 | +65.3% |
| Other amounts receivable | 41 | €7,727 | €68 | -€7,659 | -99.1% |
| Current investments | 50/53 | €387,906 | €186,526 | -€201,381 | -51.9% |
| Cash at bank and in hand | 54/58 | €44,325 | €74,615 | +€30,290 | +68.3% |
| Deferred charges and accrued income | 490/1 | €2,412 | €4,916 | +€2,505 | +104% |
| Total equity and liabilities | 10/49 | €1,292,321 | €1,324,860 | +€32,539 | +2.5% |
| Equity | 10/15 | €1,011,162 | €1,050,587 | +€39,424 | +3.9% |
| Contributions | 10/11 | €120,228 | €120,228 | = | 0.0% |
| Capital | 10 | €120,228 | €120,228 | = | 0.0% |
| Issued capital | 100 | €120,228 | €120,228 | = | 0.0% |
| Reserves | 13 | €782,991 | €822,416 | +€39,424 | +5.0% |
| Non-distributable reserves | 130/1 | €12,023 | €12,023 | = | 0.0% |
| Legal reserve | 130 | €12,023 | €12,023 | = | 0.0% |
| Tax-exempt reserves | 132 | €171,308 | €164,802 | -€6,505 | -3.8% |
| Distributable reserves | 133 | €599,661 | €645,590 | +€45,930 | +7.7% |
| Profit (loss) carried forward | 14 | €107,943 | €107,943 | = | 0.0% |
| Provisions and deferred taxes | 16 | €88,210 | €84,860 | -€3,350 | -3.8% |
| Deferred taxes | 168 | €88,210 | €84,860 | -€3,350 | -3.8% |
| Amounts payable | 17/49 | €192,948 | €189,413 | -€3,536 | -1.8% |
| Amounts payable after more than one year | 17 | €26,663 | €18,056 | -€8,607 | -32.3% |
| Financial debts | 170/4 | €26,663 | €18,056 | -€8,607 | -32.3% |
| Amounts payable within one year | 42/48 | €124,594 | €139,989 | +€15,395 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €7,653 | €8,607 | +€954 | +12.5% |
| Trade debts | 44 | €1,294 | €2,312 | +€1,018 | +78.6% |
| Suppliers | 440/4 | €1,294 | €2,312 | +€1,018 | +78.6% |
| Taxes, remuneration and social security | 45 | €5,665 | €22,984 | +€17,319 | +306% |
| Taxes | 450/3 | €5,665 | €22,984 | +€17,319 | +306% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €109,983 | €106,087 | -€3,896 | -3.5% |
| Accrued charges and deferred income | 492/3 | €41,691 | €31,367 | -€10,324 | -24.8% |
| Non-recurring operating income | 76A | €10,000 | €0 | -€10,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,257 | €63,438 | +€34,181 | +117% |
| Other operating charges | 640/8 | €8,165 | €6,272 | -€1,893 | -23.2% |
| Gross operating margin | 9900 | €103,701 | €110,735 | +€7,033 | +6.8% |
| Operating profit (loss) | 9901 | €66,280 | €41,025 | -€25,255 | -38.1% |
| Financial income | 75/76B | €7,746 | €18,064 | +€10,319 | +133% |
| Recurring financial income | 75 | €7,746 | €18,064 | +€10,319 | +133% |
| Financial charges | 65/66B | €5,458 | €1,342 | -€4,117 | -75.4% |
| Recurring financial charges | 65 | €5,458 | €1,342 | -€4,117 | -75.4% |
| Profit (loss) for the period before taxes | 9903 | €68,567 | €57,748 | -€10,819 | -15.8% |
| Transfer from deferred taxes | 780 | €3,350 | €3,350 | = | 0.0% |
| Income taxes | 67/77 | €21,931 | €21,673 | -€257 | -1.2% |
| Profit (loss) for the period | 9904 | €49,986 | €39,424 | -€10,562 | -21.1% |
| Transfer from tax-exempt reserves | 789 | €6,505 | €6,505 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €56,492 | €45,930 | -€10,562 | -18.7% |
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.