DELMAT: 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.
DELMAT
Largest movements
- Tangible fixed assets +€711,515
up €711,515 (+117%), from €610,342 to €1.3m
- Receivables within one year +€147,030
up €147,030 (+189%), from €77,970 to €225,000
- Cash -€68,982
down €68,982 (-59.2%), from €116,431 to €47,449
mainly Investment in fixed assets (net) (-€850,512) and Receivables within one year (-€147,030)
- Debts after one year +€581,840
up €581,840 (+116%), from €501,983 to €1.1m
- Other debts +€136,100
up €136,100 (+9,083%), from €1,498 to €137,599
- Reserves +€41,759
up €41,759 (+28.5%), from €146,625 to €188,384
- Current portion of long-term debt +€36,543
up €36,543 (+81.5%), from €44,854 to €81,397
- Depreciation +€113,997
up €113,997 (+456%), from €25,000 to €138,997
- Gross operating margin +€57,527
up €57,527 (+35.9%), from €160,385 to €217,912
- Financial charges +€13,901
up €13,901 (+215%), from €6,468 to €20,369
- Taxes -€10,407
down €10,407 (-39.3%), from €26,512 to €16,105
- Other operating charges -€2,186
down €2,186 (-76.2%), from €2,867 to €682
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 | €804,928 | €1,594,307 | +€789,379 | +98.1% |
| Fixed assets | 21/28 | €610,342 | €1,321,858 | +€711,515 | +117% |
| Tangible fixed assets | 22/27 | €610,342 | €1,321,858 | +€711,515 | +117% |
| Land and buildings | 22 | €610,342 | €1,321,858 | +€711,515 | +117% |
| Current assets | 29/58 | €194,586 | €272,449 | +€77,864 | +40.0% |
| Amounts receivable within one year | 40/41 | €77,970 | €225,000 | +€147,030 | +189% |
| Trade receivables | 40 | €77,970 | €225,000 | +€147,030 | +189% |
| Cash at bank and in hand | 54/58 | €116,431 | €47,449 | -€68,982 | -59.2% |
| Deferred charges and accrued income | 490/1 | €185 | €0 | -€185 | -100% |
| Total equity and liabilities | 10/49 | €804,928 | €1,594,307 | +€789,379 | +98.1% |
| Equity | 10/15 | €226,625 | €268,384 | +€41,759 | +18.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €146,625 | €188,384 | +€41,759 | +28.5% |
| Distributable reserves | 133 | €146,625 | €188,384 | +€41,759 | +28.5% |
| Amounts payable | 17/49 | €578,303 | €1,325,923 | +€747,620 | +129% |
| Amounts payable after more than one year | 17 | €501,983 | €1,083,823 | +€581,840 | +116% |
| Financial debts | 170/4 | €501,983 | €1,083,823 | +€581,840 | +116% |
| Amounts payable within one year | 42/48 | €76,320 | €237,567 | +€161,247 | +211% |
| Current portion of amounts payable after more than one year | 42 | €44,854 | €81,397 | +€36,543 | +81.5% |
| Trade debts | 44 | €7,457 | €1,739 | -€5,718 | -76.7% |
| Suppliers | 440/4 | €7,457 | €1,739 | -€5,718 | -76.7% |
| Taxes, remuneration and social security | 45 | €22,510 | €16,831 | -€5,678 | -25.2% |
| Taxes | 450/3 | €22,510 | €16,831 | -€5,678 | -25.2% |
| Other amounts payable | 47/48 | €1,498 | €137,599 | +€136,100 | +9,083% |
| Accrued charges and deferred income | 492/3 | - | €4,533 | +€4,533 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,000 | €138,997 | +€113,997 | +456% |
| Other operating charges | 640/8 | €2,867 | €682 | -€2,186 | -76.2% |
| Gross operating margin | 9900 | €160,385 | €217,912 | +€57,527 | +35.9% |
| Operating profit (loss) | 9901 | €132,518 | €78,233 | -€54,285 | -41.0% |
| Financial charges | 65/66B | €6,468 | €20,369 | +€13,901 | +215% |
| Recurring financial charges | 65 | €6,468 | €20,369 | +€13,901 | +215% |
| Profit (loss) for the period before taxes | 9903 | €126,049 | €57,864 | -€68,185 | -54.1% |
| Income taxes | 67/77 | €26,512 | €16,105 | -€10,407 | -39.3% |
| Profit (loss) for the period | 9904 | €99,537 | €41,759 | -€57,778 | -58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €99,537 | €41,759 | -€57,778 | -58.0% |
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 22 October 2026 via checked.be.