O-Belle: 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.
O-Belle
Largest movements
- Cash +€13,387
up €13,387 (+21.7%), from €61,705 to €75,092
mainly Net result for the year (+€15,079) and Depreciation (+€11,574)
- Tangible fixed assets -€11,574
down €11,574 (-4.6%), from €253,041 to €241,467
of which Land and buildings: -€8,245
- Debts after one year -€17,711
down €17,711 (-11.0%), from €161,288 to €143,577
- Reserves +€15,079
up €15,079 (+16.6%), from €90,632 to €105,711
- Other debts +€3,900
up €3,900 (+25.4%), from €15,363 to €19,263
- Staff costs -€6,353
down €6,353 (-27.9%), from €22,737 to €16,384
- Gross operating margin -€2,666
down €2,666 (-4.3%), from €61,334 to €58,668
- Financial charges +€1,224
up €1,224 (+25.6%), from €4,780 to €6,004
- Other operating charges +€763
up €763 (+44.6%), from €1,710 to €2,473
- Taxes +€720
up €720 (+10.6%), from €6,788 to €7,508
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 | €321,587 | €322,045 | +€458 | +0.1% |
| Fixed assets | 21/28 | €253,125 | €241,551 | -€11,574 | -4.6% |
| Tangible fixed assets | 22/27 | €253,041 | €241,467 | -€11,574 | -4.6% |
| Land and buildings | 22 | €243,139 | €234,893 | -€8,245 | -3.4% |
| Plant, machinery and equipment | 23 | €9,902 | €6,573 | -€3,329 | -33.6% |
| Financial fixed assets | 28 | €84 | €84 | = | 0.0% |
| Current assets | 29/58 | €68,462 | €80,494 | +€12,032 | +17.6% |
| Stocks and contracts in progress | 3 | €3,372 | €3,189 | -€183 | -5.4% |
| Stocks | 30/36 | €3,372 | €3,189 | -€183 | -5.4% |
| Amounts receivable within one year | 40/41 | €3,120 | €2,213 | -€907 | -29.1% |
| Trade receivables | 40 | €3,120 | €1,692 | -€1,428 | -45.8% |
| Other amounts receivable | 41 | - | €521 | +€521 | |
| Cash at bank and in hand | 54/58 | €61,705 | €75,092 | +€13,387 | +21.7% |
| Deferred charges and accrued income | 490/1 | €265 | - | -€265 | |
| Total equity and liabilities | 10/49 | €321,587 | €322,045 | +€458 | +0.1% |
| Equity | 10/15 | €115,632 | €130,711 | +€15,079 | +13.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €90,632 | €105,711 | +€15,079 | +16.6% |
| Distributable reserves | 133 | €90,632 | €105,711 | +€15,079 | +16.6% |
| Amounts payable | 17/49 | €205,956 | €191,334 | -€14,621 | -7.1% |
| Amounts payable after more than one year | 17 | €161,288 | €143,577 | -€17,711 | -11.0% |
| Financial debts | 170/4 | €161,288 | €143,577 | -€17,711 | -11.0% |
| Amounts payable within one year | 42/48 | €41,567 | €44,131 | +€2,564 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €17,409 | €17,711 | +€302 | +1.7% |
| Trade debts | 44 | €485 | €786 | +€302 | +62.2% |
| Suppliers | 440/4 | €485 | €786 | +€302 | +62.2% |
| Taxes, remuneration and social security | 45 | €8,311 | €6,371 | -€1,940 | -23.3% |
| Taxes | 450/3 | €4,155 | €2,968 | -€1,187 | -28.6% |
| Remuneration and social security | 454/9 | €4,156 | €3,403 | -€752 | -18.1% |
| Other amounts payable | 47/48 | €15,363 | €19,263 | +€3,900 | +25.4% |
| Accrued charges and deferred income | 492/3 | €3,100 | €3,626 | +€526 | +17.0% |
| Non-recurring operating income | 76A | €800 | - | -€800 | |
| Remuneration, social security and pensions | 62 | €22,737 | €16,384 | -€6,353 | -27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,955 | €11,574 | -€381 | -3.2% |
| Other operating charges | 640/8 | €1,710 | €2,473 | +€763 | +44.6% |
| Gross operating margin | 9900 | €61,334 | €58,668 | -€2,666 | -4.3% |
| Operating profit (loss) | 9901 | €24,932 | €28,238 | +€3,305 | +13.3% |
| Financial income | 75/76B | €72 | €354 | +€282 | +391% |
| Recurring financial income | 75 | €72 | €354 | +€282 | +391% |
| Financial charges | 65/66B | €4,780 | €6,004 | +€1,224 | +25.6% |
| Recurring financial charges | 65 | €4,780 | €6,004 | +€1,224 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €20,224 | €22,587 | +€2,363 | +11.7% |
| Income taxes | 67/77 | €6,788 | €7,508 | +€720 | +10.6% |
| Profit (loss) for the period | 9904 | €13,436 | €15,079 | +€1,643 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,436 | €15,079 | +€1,643 | +12.2% |
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 19 October 2026 via checked.be.