O & J: 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.
What changed
O & J
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€46,011
2024 · €51,098-€5,087
Equity
€162,727
2024 · €116,716+€46,011
Cash
€32,617
2024 · €35,074-€2,457
Balance sheet total
€5.5m
2024 · €5.9m-€350,710
Largest movements
Assets
- Tangible fixed assets -€349,740
down €349,740 (-6.0%), from €5.8m to €5.5m
of which Land and buildings: -€224,941
Equity and liabilities
- Debts after one year -€371,433
down €371,433 (-9.3%), from €4.0m to €3.6m
Income statement
- Depreciation +€14,343
up €14,343 (+3.6%), from €399,358 to €413,702
- Gross operating margin +€8,671
up €8,671 (+1.8%), from €481,011 to €489,682
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.
Result 2024
€51,098
Gross operating margin
+€8,671
Depreciation
-€14,343
Other operating charges
-€450
Financial income
+€0
Financial charges
+€2,383
Taxes
-€1,348
Result 2025
€46,011
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
+€430,539
Investment
-€63,962
Financing
-€369,035
Cash 2024
€35,074
From operations (derived)
+€430,539
Net result for the year
+€46,011
Depreciation
+€413,702
Deferred charges and accrued income
-€1,488
Trade debts
-€46,407
Tax, wage and social debts
+€2,671
Other debts
+€16,050
Investment (derived)
-€63,962
Investment in fixed assets (net)
-€63,962
Financing
-€369,035
Debts after one year
-€371,433
Current portion of long-term debt
+€2,398
Cash 2025
€32,617
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,884,321 | €5,533,612 | -€350,710 | -6.0% |
| Fixed assets | 21/28 | €5,847,316 | €5,497,577 | -€349,740 | -6.0% |
| Tangible fixed assets | 22/27 | €5,847,316 | €5,497,577 | -€349,740 | -6.0% |
| Land and buildings | 22 | €4,383,452 | €4,158,511 | -€224,941 | -5.1% |
| Plant, machinery and equipment | 23 | €194,804 | €164,068 | -€30,735 | -15.8% |
| Furniture and vehicles | 24 | - | €994 | +€994 | |
| Other tangible fixed assets | 26 | €1,269,061 | €1,174,004 | -€95,057 | -7.5% |
| Current assets | 29/58 | €37,005 | €36,035 | -€970 | -2.6% |
| Cash at bank and in hand | 54/58 | €35,074 | €32,617 | -€2,457 | -7.0% |
| Deferred charges and accrued income | 490/1 | €1,931 | €3,418 | +€1,488 | +77.0% |
| Total equity and liabilities | 10/49 | €5,884,321 | €5,533,612 | -€350,710 | -6.0% |
| Equity | 10/15 | €116,716 | €162,727 | +€46,011 | +39.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,716 | €157,727 | +€46,011 | +41.2% |
| Amounts payable | 17/49 | €5,767,605 | €5,370,884 | -€396,721 | -6.9% |
| Amounts payable after more than one year | 17 | €3,989,648 | €3,618,215 | -€371,433 | -9.3% |
| Financial debts | 170/4 | €3,989,648 | €3,618,215 | -€371,433 | -9.3% |
| Amounts payable within one year | 42/48 | €1,777,957 | €1,752,669 | -€25,288 | -1.4% |
| Current portion of amounts payable after more than one year | 42 | €369,035 | €371,433 | +€2,398 | +0.6% |
| Trade debts | 44 | €52,221 | €5,814 | -€46,407 | -88.9% |
| Suppliers | 440/4 | €52,221 | €5,814 | -€46,407 | -88.9% |
| Taxes, remuneration and social security | 45 | €25,036 | €27,707 | +€2,671 | +10.7% |
| Taxes | 450/3 | €25,036 | €27,707 | +€2,671 | +10.7% |
| Other amounts payable | 47/48 | €1,331,667 | €1,347,716 | +€16,050 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €399,358 | €413,702 | +€14,343 | +3.6% |
| Other operating charges | 640/8 | €968 | €1,417 | +€450 | +46.5% |
| Gross operating margin | 9900 | €481,011 | €489,682 | +€8,671 | +1.8% |
| Operating profit (loss) | 9901 | €80,685 | €74,563 | -€6,122 | -7.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €29,587 | €27,204 | -€2,383 | -8.1% |
| Recurring financial charges | 65 | €29,587 | €27,204 | -€2,383 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €51,098 | €47,359 | -€3,739 | -7.3% |
| Income taxes | 67/77 | - | €1,348 | +€1,348 | |
| Profit (loss) for the period | 9904 | €51,098 | €46,011 | -€5,087 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,098 | €46,011 | -€5,087 | -10.0% |
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 10 October 2026 via checked.be.