Delwa: what changed
Two fiscal 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.
What changed
Delwa
NACE 47.110, Non-specialised retail sale with food, beverages or tobacco predominating
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.0m
2024 · €1.4m-€369,085
Equity
€2.4m
2024 · €1.5m+€869,122
Cash
€2.5m
2024 · €747,036+€1.8m
Balance sheet total
€8.5m
2024 · €6.8m+€1.7m
Largest movements
Assets
- Cash +€1.8m
up €1.8m (+235.5%), from €747,036 to €2.5m
mainly Net result for the year (+€1.0m) and Trade debts (+€554,385)
- Current investments +€500,000
new in 2025: €500,000
- Receivables within one year -€420,177
down €420,177 (-60.9%), from €689,878 to €269,700
of which Trade receivables: -€555,415
- Tangible fixed assets -€120,608
down €120,608 (-2.9%), from €4.2m to €4.1m
of which Other tangible fixed assets: -€107,534
Equity and liabilities
- Reserves +€876,607
up €876,607 (+83.7%), from €1.0m to €1.9m
of which Distributable reserves: +€455,607
- Trade debts +€554,385
up €554,385 (+20.0%), from €2.8m to €3.3m
- Debts after one year -€244,854
down €244,854 (-13.4%), from €1.8m to €1.6m
- Tax, wage and social debts +€244,553
up €244,553 (+74.3%), from €329,070 to €573,623
of which Taxes: +€202,895
- Other debts +€229,928
up €229,928 (+241.1%), from €95,385 to €325,313
Income statement
- Turnover +€27.1m
new in 2025: €27.1m
- Goods and materials +€21.1m
new in 2025: €21.1m
of which Purchases: +€21.2m
- Gross operating margin -€3.7m
no longer reported in 2025 (was €3.7m)
- Services and other goods +€2.2m
new in 2025: €2.2m
- Staff costs +€288,752
up €288,752 (+16.0%), from €1.8m to €2.1m
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.
Result 2024
€1.4m
Turnover
+€27.1m
Other operating income
+€153,162
Goods and materials
-€21.1m
Services and other goods
-€2.2m
Staff costs
-€288,752
Depreciation
-€15,039
Other operating charges
+€226
Other operating items
-€3.7m
Financial income
+€7,067
Financial charges
+€17,469
Taxes
-€255,762
Result 2025
€1.0m
Cash bridge derived
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.
From operations
+€3.0m
Investment
-€809,115
Financing
-€400,925
Cash 2024
€747,036
From operations (derived)
+€3.0m
Net result for the year
+€1.0m
Depreciation
+€510,942
Receivables after one year
+€13,167
Stocks and contracts
-€72,531
Receivables within one year
+€420,177
Deferred charges and accrued income
+€17,017
Trade debts
+€554,385
Tax, wage and social debts
+€244,553
Advances received
-€5,730
Other debts
+€229,928
Accrued charges and deferred income
+€31,151
Investment (derived)
-€809,115
Investment in fixed assets (net)
-€309,115
Current investments
-€500,000
Financing
-€400,925
Debts after one year
-€244,854
Current portion of long-term debt
+€1,413
Contributions, distributions and other
-€157,484
Cash 2025
€2.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,838,739 | €8,518,707 | +€1.7m | +24.6% |
| Formation expenses | 20 | €95,522 | €61,803 | -€33,719 | -35.3% |
| Fixed assets | 21/28 | €4,289,984 | €4,121,877 | -€168,108 | -3.9% |
| Intangible fixed assets | 21 | €104,024 | €56,524 | -€47,500 | -45.7% |
| Tangible fixed assets | 22/27 | €4,179,610 | €4,059,002 | -€120,608 | -2.9% |
| Plant, machinery and equipment | 23 | €2,708,247 | €2,686,619 | -€21,628 | -0.8% |
| Furniture and vehicles | 24 | €99,083 | €107,638 | +€8,555 | +8.6% |
| Other tangible fixed assets | 26 | €1,372,280 | €1,264,745 | -€107,534 | -7.8% |
| Financial fixed assets | 28 | €6,350 | €6,350 | = | 0.0% |
| Other financial fixed assets | 284/8 | - | €6,350 | +€6,350 | |
| Amounts receivable and cash guarantees | 285/8 | - | €6,350 | +€6,350 | |
| Current assets | 29/58 | €2,453,233 | €4,335,028 | +€1.9m | +76.7% |
| Amounts receivable after more than one year | 29 | €13,167 | €0 | -€13,167 | -100.0% |
| Other amounts receivable | 291 | €13,167 | €0 | -€13,167 | -100.0% |
| Stocks and contracts in progress | 3 | €844,623 | €917,155 | +€72,531 | +8.6% |
| Stocks | 30/36 | €844,623 | €917,155 | +€72,531 | +8.6% |
| Goods purchased for resale | 34 | - | €917,155 | +€917,155 | |
| Amounts receivable within one year | 40/41 | €689,878 | €269,700 | -€420,177 | -60.9% |
| Trade receivables | 40 | €650,321 | €94,906 | -€555,415 | -85.4% |
| Other amounts receivable | 41 | €39,556 | €174,794 | +€135,238 | +341.9% |
| Current investments | 50/53 | - | €500,000 | +€500,000 | |
| Other investments | 51/53 | - | €500,000 | +€500,000 | |
| Cash at bank and in hand | 54/58 | €747,036 | €2,506,661 | +€1.8m | +235.5% |
| Deferred charges and accrued income | 490/1 | €158,529 | €141,512 | -€17,017 | -10.7% |
| Total equity and liabilities | 10/49 | €6,838,739 | €8,518,707 | +€1.7m | +24.6% |
| Equity | 10/15 | €1,546,579 | €2,415,701 | +€869,122 | +56.2% |
| Contributions | 10/11 | €400,000 | €400,000 | = | 0.0% |
| Reserves | 13 | €1,047,429 | €1,924,035 | +€876,607 | +83.7% |
| Tax-exempt reserves | 132 | - | €421,000 | +€421,000 | |
| Distributable reserves | 133 | €1,047,429 | €1,503,035 | +€455,607 | +43.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Investment grants | 15 | €99,150 | €91,666 | -€7,484 | -7.5% |
| Amounts payable | 17/49 | €5,292,160 | €6,103,006 | +€810,846 | +15.3% |
| Amounts payable after more than one year | 17 | €1,828,943 | €1,584,089 | -€244,854 | -13.4% |
| Financial debts | 170/4 | €1,828,943 | €1,584,089 | -€244,854 | -13.4% |
| Credit institutions | 173 | - | €1,584,089 | +€1.6m | |
| Other loans | 174 | - | €0 | = | |
| Amounts payable within one year | 42/48 | €3,452,284 | €4,476,833 | +€1.0m | +29.7% |
| Current portion of amounts payable after more than one year | 42 | €243,441 | €244,854 | +€1,413 | +0.6% |
| Trade debts | 44 | €2,778,368 | €3,332,753 | +€554,385 | +20.0% |
| Suppliers | 440/4 | €2,778,368 | €3,332,753 | +€554,385 | +20.0% |
| Advances received on contracts in progress | 46 | €6,020 | €290 | -€5,730 | -95.2% |
| Taxes, remuneration and social security | 45 | €329,070 | €573,623 | +€244,553 | +74.3% |
| Taxes | 450/3 | €44,680 | €247,575 | +€202,895 | +454.1% |
| Remuneration and social security | 454/9 | €284,390 | €326,048 | +€41,658 | +14.6% |
| Other amounts payable | 47/48 | €95,385 | €325,313 | +€229,928 | +241.1% |
| Accrued charges and deferred income | 492/3 | €10,933 | €42,084 | +€31,151 | +284.9% |
| Operating income | 70/76A | - | €27,223,723 | +€27.2m | |
| Turnover | 70 | - | €27,070,562 | +€27.1m | |
| Other operating income | 74 | - | €153,162 | +€153,162 | |
| Operating charges | 60/66A | - | €25,931,106 | +€25.9m | |
| Goods for resale, raw materials and consumables | 60 | - | €21,133,964 | +€21.1m | |
| Purchases | 600/8 | - | €21,206,495 | +€21.2m | |
| Change in stocks: decrease (increase) | 609 | - | -€72,531 | -€72,531 | |
| Services and other goods | 61 | - | €2,177,531 | +€2.2m | |
| Remuneration, social security and pensions | 62 | €1,806,480 | €2,095,232 | +€288,752 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €495,902 | €510,942 | +€15,039 | +3.0% |
| Other operating charges | 640/8 | €4,757 | €4,531 | -€226 | -4.8% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Non-recurring operating charges | 66A | €0 | €8,906 | +€8,906 | |
| Gross operating margin | 9900 | €3,737,616 | - | -€3.7m | |
| Operating profit (loss) | 9901 | €1,430,476 | €1,292,617 | -€137,859 | -9.6% |
| Financial income | 75/76B | €21,185 | €28,252 | +€7,067 | +33.4% |
| Recurring financial income | 75 | €21,185 | €28,252 | +€7,067 | +33.4% |
| Income from current assets | 751 | - | €15,154 | +€15,154 | |
| Other financial income | 752/9 | - | €13,098 | +€13,098 | |
| Financial charges | 65/66B | €55,631 | €38,162 | -€17,469 | -31.4% |
| Recurring financial charges | 65 | €55,631 | €38,162 | -€17,469 | -31.4% |
| Debt charges | 650 | - | €14,003 | +€14,003 | |
| Other financial charges | 652/9 | - | €24,159 | +€24,159 | |
| Profit (loss) for the period before taxes | 9903 | €1,396,030 | €1,282,707 | -€113,323 | -8.1% |
| Income taxes | 67/77 | €339 | €256,100 | +€255,762 | +75532.8% |
| Taxes | 670/3 | - | €256,100 | +€256,100 | |
| Profit (loss) for the period | 9904 | €1,395,691 | €1,026,607 | -€369,085 | -26.4% |
| Transfer to tax-exempt reserves | 689 | - | €421,000 | +€421,000 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,395,691 | €605,607 | -€790,085 | -56.6% |
Source: filed annual accounts (NBB), fiscal years ended 29 September 2024 and 29 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.