FIRST OPERA: 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.
FIRST OPERA
Largest movements
- Receivables within one year +€142,626
up €142,626 (+10.3%), from €1.4m to €1.5m
of which Other amounts receivable: +€145,192
- Stocks and contracts +€94,063
up €94,063 (+36.4%), from €258,287 to €352,350
- Current investments -€44,469
down €44,469 (-4.4%), from €1.0m to €960,052
- Cash -€42,894
down €42,894 (-28.3%), from €151,769 to €108,874
mainly Receivables within one year (-€142,626) and Stocks and contracts (-€94,063)
- Reserves +€170,000
up €170,000 (+6.6%), from €2.6m to €2.8m
of which Distributable reserves: +€170,000
- Trade debts -€39,300
down €39,300 (-39.9%), from €98,603 to €59,304
- Other debts -€33,521
down €33,521 (-100.0%), from €33,521 to €0
- Tax, wage and social debts +€32,036
up €32,036 (+33.3%), from €96,111 to €128,147
of which Taxes: +€18,535
- Financial income +€47,600
up €47,600 (+78612.0%), from €61 to €47,660
- Gross operating margin -€38,886
down €38,886 (-3.8%), from €1.0m to €984,750
- Other operating charges -€33,329
down €33,329 (-88.7%), from €37,563 to €4,233
- Staff costs -€18,157
down €18,157 (-2.3%), from €794,582 to €776,426
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,954,909 | €3,077,903 | +€122,994 | +4.2% |
| Fixed assets | 21/28 | €147,685 | €117,838 | -€29,847 | -20.2% |
| Tangible fixed assets | 22/27 | €146,240 | €116,393 | -€29,847 | -20.4% |
| Land and buildings | 22 | €134,865 | €104,976 | -€29,889 | -22.2% |
| Plant, machinery and equipment | 23 | €9,548 | €4,090 | -€5,458 | -57.2% |
| Furniture and vehicles | 24 | €1,828 | €7,326 | +€5,499 | +300.9% |
| Financial fixed assets | 28 | €1,445 | €1,445 | = | 0.0% |
| Current assets | 29/58 | €2,807,224 | €2,960,065 | +€152,841 | +5.4% |
| Stocks and contracts in progress | 3 | €258,287 | €352,350 | +€94,063 | +36.4% |
| Stocks | 30/36 | €258,287 | €352,350 | +€94,063 | +36.4% |
| Amounts receivable within one year | 40/41 | €1,389,012 | €1,531,638 | +€142,626 | +10.3% |
| Trade receivables | 40 | €26,423 | €23,857 | -€2,566 | -9.7% |
| Other amounts receivable | 41 | €1,362,590 | €1,507,781 | +€145,192 | +10.7% |
| Current investments | 50/53 | €1,004,521 | €960,052 | -€44,469 | -4.4% |
| Cash at bank and in hand | 54/58 | €151,769 | €108,874 | -€42,894 | -28.3% |
| Deferred charges and accrued income | 490/1 | €3,635 | €7,150 | +€3,515 | +96.7% |
| Total equity and liabilities | 10/49 | €2,954,909 | €3,077,903 | +€122,994 | +4.2% |
| Equity | 10/15 | €2,722,174 | €2,885,952 | +€163,778 | +6.0% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Outside capital | 11 | €124,000 | €124,000 | = | 0.0% |
| Other | 1109/19 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €2,589,900 | €2,759,900 | +€170,000 | +6.6% |
| Non-distributable reserves | 130/1 | €49,900 | €49,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,900 | €49,900 | = | 0.0% |
| Distributable reserves | 133 | €2,540,000 | €2,710,000 | +€170,000 | +6.7% |
| Profit (loss) carried forward | 14 | €8,274 | €2,052 | -€6,222 | -75.2% |
| Amounts payable | 17/49 | €232,735 | €191,951 | -€40,785 | -17.5% |
| Amounts payable after more than one year | 17 | €4,500 | €4,500 | = | 0.0% |
| Other amounts payable | 178/9 | €4,500 | €4,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €228,235 | €187,451 | -€40,785 | -17.9% |
| Trade debts | 44 | €98,603 | €59,304 | -€39,300 | -39.9% |
| Suppliers | 440/4 | €98,603 | €59,304 | -€39,300 | -39.9% |
| Taxes, remuneration and social security | 45 | €96,111 | €128,147 | +€32,036 | +33.3% |
| Taxes | 450/3 | €24,262 | €42,797 | +€18,535 | +76.4% |
| Remuneration and social security | 454/9 | €71,849 | €85,350 | +€13,501 | +18.8% |
| Other amounts payable | 47/48 | €33,521 | €0 | -€33,521 | -100.0% |
| Remuneration, social security and pensions | 62 | €794,582 | €776,426 | -€18,157 | -2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,269 | €45,814 | +€4,545 | +11.0% |
| Other operating charges | 640/8 | €37,563 | €4,233 | -€33,329 | -88.7% |
| Gross operating margin | 9900 | €1,023,636 | €984,750 | -€38,886 | -3.8% |
| Operating profit (loss) | 9901 | €150,222 | €158,277 | +€8,055 | +5.4% |
| Financial income | 75/76B | €61 | €47,660 | +€47,600 | +78612.0% |
| Recurring financial income | 75 | €61 | €47,660 | +€47,600 | +78612.0% |
| Financial charges | 65/66B | €5,322 | €5,162 | -€160 | -3.0% |
| Recurring financial charges | 65 | €5,322 | €5,162 | -€160 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €144,960 | €200,775 | +€55,815 | +38.5% |
| Income taxes | 67/77 | €38,435 | €36,997 | -€1,438 | -3.7% |
| Profit (loss) for the period | 9904 | €106,525 | €163,778 | +€57,253 | +53.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,525 | €163,778 | +€57,253 | +53.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.