O-TREES: what changed
Two fiscal 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-TREES
Largest movements
- Cash +€67,481
up €67,481 (+277.4%), from €24,327 to €91,807
mainly Depreciation (+€128,830) and Net result for the year (+€68,360)
- Tangible fixed assets -€49,629
down €49,629 (-6.4%), from €773,373 to €723,745
of which Land and buildings: -€31,493
- Stocks and contracts +€38,470
up €38,470 (+6.5%), from €596,000 to €634,470
- Receivables within one year -€15,731
down €15,731 (-16.4%), from €95,799 to €80,069
of which Trade receivables: -€10,283
- Reserves +€68,360
up €68,360 (+16.2%), from €421,607 to €489,966
- Debts after one year -€39,749
down €39,749 (-7.9%), from €502,370 to €462,620
- Accrued charges and deferred income +€28,028
up €28,028 (+4004.0%), from €700 to €28,728
- Tax, wage and social debts -€25,090
down €25,090 (-52.4%), from €47,870 to €22,780
of which Taxes: -€16,199
- Gross operating margin +€56,227
up €56,227 (+13.6%), from €414,497 to €470,724
- Depreciation -€41,937
down €41,937 (-24.6%), from €170,768 to €128,830
- Financial income -€40,368
down €40,368 (-99.9%), from €40,407 to €38
- Financial charges +€24,182
up €24,182 (+152.8%), from €15,821 to €40,003
- Taxes +€12,184
up €12,184 (+95.7%), from €12,725 to €24,909
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,504,747 | €1,544,326 | +€39,578 | +2.6% |
| Fixed assets | 21/28 | €781,677 | €730,380 | -€51,297 | -6.6% |
| Intangible fixed assets | 21 | €8,304 | €6,636 | -€1,668 | -20.1% |
| Tangible fixed assets | 22/27 | €773,373 | €723,745 | -€49,629 | -6.4% |
| Land and buildings | 22 | €529,659 | €498,166 | -€31,493 | -5.9% |
| Plant, machinery and equipment | 23 | €171,816 | €156,405 | -€15,411 | -9.0% |
| Furniture and vehicles | 24 | €4,137 | €365 | -€3,771 | -91.2% |
| Leasing and similar rights | 25 | €67,761 | €68,808 | +€1,047 | +1.5% |
| Current assets | 29/58 | €723,070 | €813,946 | +€90,875 | +12.6% |
| Stocks and contracts in progress | 3 | €596,000 | €634,470 | +€38,470 | +6.5% |
| Stocks | 30/36 | €596,000 | €634,470 | +€38,470 | +6.5% |
| Amounts receivable within one year | 40/41 | €95,799 | €80,069 | -€15,731 | -16.4% |
| Trade receivables | 40 | €88,274 | €77,991 | -€10,283 | -11.6% |
| Other amounts receivable | 41 | €7,525 | €2,078 | -€5,447 | -72.4% |
| Cash at bank and in hand | 54/58 | €24,327 | €91,807 | +€67,481 | +277.4% |
| Deferred charges and accrued income | 490/1 | €6,945 | €7,600 | +€655 | +9.4% |
| Total equity and liabilities | 10/49 | €1,504,747 | €1,544,326 | +€39,578 | +2.6% |
| Equity | 10/15 | €441,607 | €509,966 | +€68,360 | +15.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €421,607 | €489,966 | +€68,360 | +16.2% |
| Distributable reserves | 133 | €421,607 | €489,966 | +€68,360 | +16.2% |
| Amounts payable | 17/49 | €1,063,141 | €1,034,359 | -€28,781 | -2.7% |
| Amounts payable after more than one year | 17 | €502,370 | €462,620 | -€39,749 | -7.9% |
| Financial debts | 170/4 | €502,370 | €462,620 | -€39,749 | -7.9% |
| Amounts payable within one year | 42/48 | €560,071 | €543,011 | -€17,060 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €84,176 | €81,825 | -€2,351 | -2.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €20,504 | €29,295 | +€8,792 | +42.9% |
| Suppliers | 440/4 | €20,504 | €29,295 | +€8,792 | +42.9% |
| Taxes, remuneration and social security | 45 | €47,870 | €22,780 | -€25,090 | -52.4% |
| Taxes | 450/3 | €23,035 | €6,836 | -€16,199 | -70.3% |
| Remuneration and social security | 454/9 | €24,835 | €15,944 | -€8,892 | -35.8% |
| Other amounts payable | 47/48 | €407,522 | €409,111 | +€1,590 | +0.4% |
| Accrued charges and deferred income | 492/3 | €700 | €28,728 | +€28,028 | +4004.0% |
| Remuneration, social security and pensions | 62 | €197,146 | €203,891 | +€6,745 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €170,768 | €128,830 | -€41,937 | -24.6% |
| Other operating charges | 640/8 | €6,722 | €4,770 | -€1,952 | -29.0% |
| Gross operating margin | 9900 | €414,497 | €470,724 | +€56,227 | +13.6% |
| Operating profit (loss) | 9901 | €39,862 | €133,233 | +€93,371 | +234.2% |
| Financial income | 75/76B | €40,407 | €38 | -€40,368 | -99.9% |
| Recurring financial income | 75 | €40,407 | €38 | -€40,368 | -99.9% |
| Financial charges | 65/66B | €15,821 | €40,003 | +€24,182 | +152.8% |
| Recurring financial charges | 65 | €15,821 | €40,003 | +€24,182 | +152.8% |
| Profit (loss) for the period before taxes | 9903 | €64,447 | €93,269 | +€28,821 | +44.7% |
| Income taxes | 67/77 | €12,725 | €24,909 | +€12,184 | +95.7% |
| Profit (loss) for the period | 9904 | €51,722 | €68,360 | +€16,637 | +32.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,722 | €68,360 | +€16,637 | +32.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.