O&S: 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&S
Largest movements
- Cash +€60,878
up €60,878 (+24.8%), from €245,536 to €306,414
mainly Depreciation (+€46,076) and Net result for the year (+€23,669)
- Reserves +€23,669
up €23,669 (+4.8%), from €497,574 to €521,243
of which Distributable reserves: +€23,669
- Debts after one year +€19,665
up €19,665 (+4.5%), from €434,965 to €454,630
- Trade debts +€13,476
up €13,476 (+115%), from €11,744 to €25,220
- Financial income -€9,917
down €9,917 (-18.8%), from €52,876 to €42,959
- Gross operating margin +€5,118
up €5,118 (+6.1%), from €84,305 to €89,423
- Other operating charges +€3,472
up €3,472 (+13.8%), from €25,160 to €28,632
- Depreciation +€2,465
up €2,465 (+5.7%), from €43,611 to €46,076
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 | €1,074,847 | €1,144,844 | +€69,997 | +6.5% |
| Fixed assets | 21/28 | €808,786 | €808,117 | -€669 | -0.1% |
| Tangible fixed assets | 22/27 | €789,095 | €788,426 | -€669 | -0.1% |
| Land and buildings | 22 | €769,293 | €775,407 | +€6,114 | +0.8% |
| Plant, machinery and equipment | 23 | €3,834 | €2,204 | -€1,630 | -42.5% |
| Furniture and vehicles | 24 | €15,968 | €10,815 | -€5,153 | -32.3% |
| Financial fixed assets | 28 | €19,691 | €19,691 | = | 0.0% |
| Current assets | 29/58 | €266,061 | €336,727 | +€70,666 | +26.6% |
| Amounts receivable within one year | 40/41 | €16,519 | €26,251 | +€9,732 | +58.9% |
| Trade receivables | 40 | €1,900 | €25,828 | +€23,928 | +1,259% |
| Other amounts receivable | 41 | €14,619 | €423 | -€14,196 | -97.1% |
| Cash at bank and in hand | 54/58 | €245,536 | €306,414 | +€60,878 | +24.8% |
| Deferred charges and accrued income | 490/1 | €4,006 | €4,062 | +€56 | +1.4% |
| Total equity and liabilities | 10/49 | €1,074,847 | €1,144,844 | +€69,997 | +6.5% |
| Equity | 10/15 | €503,774 | €527,443 | +€23,669 | +4.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €497,574 | €521,243 | +€23,669 | +4.8% |
| Tax-exempt reserves | 132 | €31,000 | €31,000 | = | 0.0% |
| Distributable reserves | 133 | €466,574 | €490,243 | +€23,669 | +5.1% |
| Provisions and deferred taxes | 16 | €35,571 | €35,571 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €35,571 | €35,571 | = | 0.0% |
| Other liabilities and charges | 164/5 | €35,571 | €35,571 | = | 0.0% |
| Amounts payable | 17/49 | €535,502 | €581,830 | +€46,328 | +8.7% |
| Amounts payable after more than one year | 17 | €434,965 | €454,630 | +€19,665 | +4.5% |
| Financial debts | 170/4 | €434,965 | €454,630 | +€19,665 | +4.5% |
| Amounts payable within one year | 42/48 | €100,537 | €127,200 | +€26,663 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | €73,700 | €82,525 | +€8,825 | +12.0% |
| Trade debts | 44 | €11,744 | €25,220 | +€13,476 | +115% |
| Suppliers | 440/4 | €11,744 | €25,220 | +€13,476 | +115% |
| Taxes, remuneration and social security | 45 | €15,093 | €10,297 | -€4,796 | -31.8% |
| Taxes | 450/3 | €12,186 | €4,463 | -€7,723 | -63.4% |
| Remuneration and social security | 454/9 | €2,907 | €5,834 | +€2,927 | +101% |
| Other amounts payable | 47/48 | - | €9,158 | +€9,158 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,611 | €46,076 | +€2,465 | +5.7% |
| Other operating charges | 640/8 | €25,160 | €28,632 | +€3,472 | +13.8% |
| Gross operating margin | 9900 | €84,305 | €89,423 | +€5,118 | +6.1% |
| Operating profit (loss) | 9901 | €15,534 | €14,715 | -€819 | -5.3% |
| Financial income | 75/76B | €52,876 | €42,959 | -€9,917 | -18.8% |
| Recurring financial income | 75 | €52,876 | €42,959 | -€9,917 | -18.8% |
| Financial charges | 65/66B | €16,212 | €16,452 | +€240 | +1.5% |
| Recurring financial charges | 65 | €16,212 | €16,452 | +€240 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €52,198 | €41,222 | -€10,976 | -21.0% |
| Income taxes | 67/77 | €17,941 | €17,553 | -€388 | -2.2% |
| Profit (loss) for the period | 9904 | €34,257 | €23,669 | -€10,588 | -30.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,257 | €23,669 | -€10,588 | -30.9% |
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 16 October 2026 via checked.be.