O&W.R: 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&W.R
Largest movements
- Receivables within one year +€174,798
up €174,798 (+4,157%), from €4,205 to €179,003
of which Trade receivables: +€150,867
- Cash -€9,506
down €9,506 (-3.4%), from €276,284 to €266,778
mainly Receivables within one year (-€174,798) and Investment in fixed assets (net) (-€18,895)
- Reserves +€119,472
up €119,472 (+59.6%), from €200,553 to €320,026
of which Tax-exempt reserves: +€65,255
- Other debts +€42,374
up €42,374 (+48.2%), from €87,896 to €130,270
- Tax, wage and social debts -€14,314
down €14,314 (-38.6%), from €37,107 to €22,793
- Trade debts +€13,096
up €13,096 (+58.6%), from €22,339 to €35,434
- Profit (loss) carried forward +€5,948
new in 2025: €5,948
- Gross operating margin +€35,030
up €35,030 (+22.2%), from €158,011 to €193,041
- Depreciation +€6,916
up €6,916 (+54.8%), from €12,620 to €19,535
- Taxes +€2,232
up €2,232 (+5.7%), from €39,258 to €41,490
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 | €359,935 | €525,821 | +€165,886 | +46.1% |
| Fixed assets | 21/28 | €78,129 | €77,488 | -€641 | -0.8% |
| Intangible fixed assets | 21 | €518 | - | -€518 | |
| Tangible fixed assets | 22/27 | €77,611 | €77,488 | -€123 | -0.2% |
| Plant, machinery and equipment | 23 | €26,049 | €22,065 | -€3,984 | -15.3% |
| Furniture and vehicles | 24 | €26,754 | €18,698 | -€8,055 | -30.1% |
| Other tangible fixed assets | 26 | €24,808 | €36,725 | +€11,917 | +48.0% |
| Current assets | 29/58 | €281,805 | €448,332 | +€166,527 | +59.1% |
| Amounts receivable within one year | 40/41 | €4,205 | €179,003 | +€174,798 | +4,157% |
| Trade receivables | 40 | €4,205 | €155,071 | +€150,867 | +3,588% |
| Other amounts receivable | 41 | - | €23,932 | +€23,932 | |
| Cash at bank and in hand | 54/58 | €276,284 | €266,778 | -€9,506 | -3.4% |
| Deferred charges and accrued income | 490/1 | €1,317 | €2,552 | +€1,235 | +93.8% |
| Total equity and liabilities | 10/49 | €359,935 | €525,821 | +€165,886 | +46.1% |
| Equity | 10/15 | €205,553 | €330,974 | +€125,420 | +61.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €200,553 | €320,026 | +€119,472 | +59.6% |
| Tax-exempt reserves | 132 | - | €65,255 | +€65,255 | |
| Distributable reserves | 133 | €200,553 | €254,771 | +€54,217 | +27.0% |
| Profit (loss) carried forward | 14 | - | €5,948 | +€5,948 | |
| Amounts payable | 17/49 | €154,381 | €194,847 | +€40,466 | +26.2% |
| Amounts payable within one year | 42/48 | €147,341 | €188,497 | +€41,156 | +27.9% |
| Trade debts | 44 | €22,339 | €35,434 | +€13,096 | +58.6% |
| Suppliers | 440/4 | €22,339 | €35,434 | +€13,096 | +58.6% |
| Taxes, remuneration and social security | 45 | €37,107 | €22,793 | -€14,314 | -38.6% |
| Taxes | 450/3 | €37,107 | €22,793 | -€14,314 | -38.6% |
| Other amounts payable | 47/48 | €87,896 | €130,270 | +€42,374 | +48.2% |
| Accrued charges and deferred income | 492/3 | €7,040 | €6,350 | -€690 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,620 | €19,535 | +€6,916 | +54.8% |
| Other operating charges | 640/8 | €1,591 | €251 | -€1,340 | -84.2% |
| Gross operating margin | 9900 | €158,011 | €193,041 | +€35,030 | +22.2% |
| Operating profit (loss) | 9901 | €143,800 | €173,254 | +€29,454 | +20.5% |
| Financial income | 75/76B | €69 | €141 | +€72 | +104% |
| Recurring financial income | 75 | €69 | €141 | +€72 | +104% |
| Financial charges | 65/66B | €6,920 | €6,484 | -€436 | -6.3% |
| Recurring financial charges | 65 | €6,920 | €6,484 | -€436 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €136,949 | €166,910 | +€29,961 | +21.9% |
| Income taxes | 67/77 | €39,258 | €41,490 | +€2,232 | +5.7% |
| Profit (loss) for the period | 9904 | €97,691 | €125,420 | +€27,729 | +28.4% |
| Transfer to tax-exempt reserves | 689 | - | €65,255 | +€65,255 | |
| Profit (loss) for the period to be appropriated | 9905 | €97,691 | €60,165 | -€37,526 | -38.4% |
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 21 October 2026 via checked.be.