L'OPERA: 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.
L'OPERA
Largest movements
- Tangible fixed assets -€11,492
down €11,492 (-27.8%), from €41,341 to €29,849
of which Furniture and vehicles: -€9,791
- Stocks and contracts -€5,025
down €5,025 (-10.3%), from €48,834 to €43,809
- Cash +€1,598
up €1,598 (+10.4%), from €15,300 to €16,898
mainly Other debts (+€23,981) and Depreciation (+€11,492)
- Receivables within one year -€1,569
down €1,569 (-82.3%), from €1,906 to €338
of which Other amounts receivable: -€997
- Current portion of long-term debt -€28,800
no longer reported in 2025 (was €28,800)
- Other debts +€23,981
new in 2025: €23,981
- Profit (loss) carried forward -€7,777
down €7,777 (-114%), from -€6,820 to -€14,597
- Trade debts -€6,492
down €6,492 (-16.9%), from €38,393 to €31,901
- Tax, wage and social debts +€2,630
up €2,630 (+28.1%), from €9,374 to €12,004
- Gross operating margin -€12,352
down €12,352 (-67.1%), from €18,417 to €6,065
- Financial income -€384
no longer reported in 2025 (was €384)
- Financial charges -€268
down €268 (-34.9%), from €767 to €499
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 | €111,281 | €94,823 | -€16,458 | -14.8% |
| Fixed assets | 21/28 | €43,876 | €32,384 | -€11,492 | -26.2% |
| Tangible fixed assets | 22/27 | €41,341 | €29,849 | -€11,492 | -27.8% |
| Furniture and vehicles | 24 | €35,449 | €25,658 | -€9,791 | -27.6% |
| Other tangible fixed assets | 26 | €5,893 | €4,191 | -€1,702 | -28.9% |
| Financial fixed assets | 28 | €2,535 | €2,535 | = | 0.0% |
| Current assets | 29/58 | €67,405 | €62,439 | -€4,966 | -7.4% |
| Stocks and contracts in progress | 3 | €48,834 | €43,809 | -€5,025 | -10.3% |
| Stocks | 30/36 | €48,834 | €43,809 | -€5,025 | -10.3% |
| Amounts receivable within one year | 40/41 | €1,906 | €338 | -€1,569 | -82.3% |
| Trade receivables | 40 | €909 | €338 | -€571 | -62.8% |
| Other amounts receivable | 41 | €997 | - | -€997 | |
| Cash at bank and in hand | 54/58 | €15,300 | €16,898 | +€1,598 | +10.4% |
| Deferred charges and accrued income | 490/1 | €1,364 | €1,394 | +€30 | +2.2% |
| Total equity and liabilities | 10/49 | €111,281 | €94,823 | -€16,458 | -14.8% |
| Equity | 10/15 | €34,715 | €26,937 | -€7,777 | -22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €29,135 | €29,135 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €45 | €45 | = | 0.0% |
| Distributable reserves | 133 | €27,229 | €27,229 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,820 | -€14,597 | -€7,777 | -114% |
| Amounts payable | 17/49 | €76,566 | €67,886 | -€8,680 | -11.3% |
| Amounts payable within one year | 42/48 | €76,566 | €67,886 | -€8,680 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €28,800 | - | -€28,800 | |
| Trade debts | 44 | €38,393 | €31,901 | -€6,492 | -16.9% |
| Suppliers | 440/4 | €38,393 | €31,901 | -€6,492 | -16.9% |
| Taxes, remuneration and social security | 45 | €9,374 | €12,004 | +€2,630 | +28.1% |
| Taxes | 450/3 | €9,374 | €12,004 | +€2,630 | +28.1% |
| Other amounts payable | 47/48 | - | €23,981 | +€23,981 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,452 | €11,492 | +€40 | +0.4% |
| Other operating charges | 640/8 | €1,651 | €1,681 | +€29 | +1.8% |
| Gross operating margin | 9900 | €18,417 | €6,065 | -€12,352 | -67.1% |
| Operating profit (loss) | 9901 | €5,314 | -€7,108 | -€12,422 | |
| Financial income | 75/76B | €384 | - | -€384 | |
| Recurring financial income | 75 | €384 | - | -€384 | |
| Financial charges | 65/66B | €767 | €499 | -€268 | -34.9% |
| Recurring financial charges | 65 | €767 | €499 | -€268 | -34.9% |
| Profit (loss) for the period before taxes | 9903 | €4,931 | -€7,607 | -€12,538 | |
| Income taxes | 67/77 | €243 | €170 | -€72 | -29.8% |
| Profit (loss) for the period | 9904 | €4,688 | -€7,777 | -€12,466 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,688 | -€7,777 | -€12,466 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.