O & M: 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 & M
Largest movements
- Cash +€41,723
up €41,723 (+104%), from €40,064 to €81,787
mainly Short-term financial debts (+€50,000) and Receivables within one year (+€31,823)
- Receivables within one year -€31,823
down €31,823 (-24.4%), from €130,226 to €98,403
of which Trade receivables: -€28,101
- Deferred charges and accrued income +€28,324
new in 2025: €28,324
- Stocks and contracts -€25,581
down €25,581 (-15.4%), from €165,967 to €140,386
- Tangible fixed assets +€9,463
up €9,463 (+273%), from €3,470 to €12,933
of which Plant, machinery and equipment: +€9,987
- Other debts -€56,130
down €56,130 (-8.8%), from €637,371 to €581,240
- Short-term financial debts +€50,000
new in 2025: €50,000
- Profit (loss) carried forward +€17,077
up €17,077 (+4.0%), from -€428,736 to -€411,659
- Trade debts +€9,013
up €9,013 (+21.3%), from €42,395 to €51,408
- Gross operating margin +€113,018
up €113,018, from -€38,360 to €74,658
- Other operating charges -€59,142
down €59,142 (-88.5%), from €66,838 to €7,696
- Staff costs +€2,858
up €2,858 (+9.2%), from €31,178 to €34,036
- Financial charges +€2,153
up €2,153 (+18.3%), from €11,774 to €13,927
- Depreciation +€1,361
up €1,361 (+113%), from €1,201 to €2,562
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 | €342,977 | €365,854 | +€22,877 | +6.7% |
| Fixed assets | 21/28 | €6,720 | €16,954 | +€10,234 | +152% |
| Intangible fixed assets | 21 | - | €772 | +€772 | |
| Tangible fixed assets | 22/27 | €3,470 | €12,933 | +€9,463 | +273% |
| Plant, machinery and equipment | 23 | €2,120 | €12,107 | +€9,987 | +471% |
| Furniture and vehicles | 24 | €1,350 | €826 | -€524 | -38.8% |
| Financial fixed assets | 28 | €3,250 | €3,250 | = | 0.0% |
| Current assets | 29/58 | €336,257 | €348,900 | +€12,643 | +3.8% |
| Stocks and contracts in progress | 3 | €165,967 | €140,386 | -€25,581 | -15.4% |
| Stocks | 30/36 | €165,967 | €140,386 | -€25,581 | -15.4% |
| Amounts receivable within one year | 40/41 | €130,226 | €98,403 | -€31,823 | -24.4% |
| Trade receivables | 40 | €122,077 | €93,977 | -€28,101 | -23.0% |
| Other amounts receivable | 41 | €8,149 | €4,427 | -€3,722 | -45.7% |
| Cash at bank and in hand | 54/58 | €40,064 | €81,787 | +€41,723 | +104% |
| Deferred charges and accrued income | 490/1 | - | €28,324 | +€28,324 | |
| Total equity and liabilities | 10/49 | €342,977 | €365,854 | +€22,877 | +6.7% |
| Equity | 10/15 | -€368,736 | -€351,659 | +€17,077 | +4.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€428,736 | -€411,659 | +€17,077 | +4.0% |
| Amounts payable | 17/49 | €711,713 | €717,514 | +€5,800 | +0.8% |
| Amounts payable after more than one year | 17 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 170/4 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €681,713 | €686,940 | +€5,226 | +0.8% |
| Financial debts | 43 | - | €50,000 | +€50,000 | |
| Credit institutions | 430/8 | - | €50,000 | +€50,000 | |
| Trade debts | 44 | €42,395 | €51,408 | +€9,013 | +21.3% |
| Suppliers | 440/4 | €42,395 | €51,408 | +€9,013 | +21.3% |
| Taxes, remuneration and social security | 45 | €1,948 | €4,292 | +€2,344 | +120% |
| Taxes | 450/3 | €1,948 | €1,058 | -€890 | -45.7% |
| Remuneration and social security | 454/9 | - | €3,233 | +€3,233 | |
| Other amounts payable | 47/48 | €637,371 | €581,240 | -€56,130 | -8.8% |
| Accrued charges and deferred income | 492/3 | - | €574 | +€574 | |
| Non-recurring operating income | 76A | €1,111 | - | -€1,111 | |
| Remuneration, social security and pensions | 62 | €31,178 | €34,036 | +€2,858 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,201 | €2,562 | +€1,361 | +113% |
| Other operating charges | 640/8 | €66,838 | €7,696 | -€59,142 | -88.5% |
| Operating charges capitalised as restructuring costs | 649 | - | €0 | = | |
| Gross operating margin | 9900 | -€38,360 | €74,658 | +€113,018 | |
| Operating profit (loss) | 9901 | -€137,577 | €30,364 | +€167,941 | |
| Financial income | 75/76B | €42 | €640 | +€598 | +1,424% |
| Recurring financial income | 75 | €42 | €640 | +€598 | +1,424% |
| Financial charges | 65/66B | €11,774 | €13,927 | +€2,153 | +18.3% |
| Recurring financial charges | 65 | €11,774 | €13,927 | +€2,153 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | -€149,309 | €17,077 | +€166,386 | |
| Profit (loss) for the period | 9904 | -€149,309 | €17,077 | +€166,386 | |
| Profit (loss) for the period to be appropriated | 9905 | -€149,309 | €17,077 | +€166,386 |
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 18 October 2026 via checked.be.