O2: 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.
O2
Largest movements
- Tangible fixed assets -€43,156
down €43,156 (-18.1%), from €238,549 to €195,393
of which Furniture and vehicles: -€28,401
- Cash +€8,204
up €8,204 (+23.6%), from €34,703 to €42,907
mainly Net result for the year (+€47,787) and Depreciation (+€43,156)
- Debts after one year -€32,223
down €32,223 (-23.4%), from €137,785 to €105,562
- Reserves +€25,000
up €25,000 (+22.8%), from €109,740 to €134,740
of which Distributable reserves: +€25,000
- Other debts -€14,000
down €14,000 (-38.2%), from €36,640 to €22,640
- Current portion of long-term debt -€9,632
down €9,632 (-17.0%), from €56,499 to €46,867
- Trade debts +€8,794
up €8,794 (+166.4%), from €5,286 to €14,079
- Gross operating margin -€4,249
down €4,249 (-3.3%), from €130,222 to €125,973
- Other operating charges +€3,709
up €3,709 (+76.9%), from €4,823 to €8,532
- Taxes +€1,833
up €1,833 (+7.2%), from €25,471 to €27,304
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 | €585,539 | €557,702 | -€27,836 | -4.8% |
| Fixed assets | 21/28 | €347,717 | €304,561 | -€43,156 | -12.4% |
| Tangible fixed assets | 22/27 | €238,549 | €195,393 | -€43,156 | -18.1% |
| Land and buildings | 22 | €154,533 | €143,417 | -€11,117 | -7.2% |
| Furniture and vehicles | 24 | €69,963 | €41,562 | -€28,401 | -40.6% |
| Other tangible fixed assets | 26 | €14,052 | €10,414 | -€3,639 | -25.9% |
| Financial fixed assets | 28 | €109,169 | €109,169 | = | 0.0% |
| Current assets | 29/58 | €237,821 | €253,141 | +€15,320 | +6.4% |
| Amounts receivable after more than one year | 29 | €124,184 | €127,205 | +€3,021 | +2.4% |
| Trade receivables | 290 | €124,184 | €127,205 | +€3,021 | +2.4% |
| Amounts receivable within one year | 40/41 | €78,934 | €83,030 | +€4,095 | +5.2% |
| Trade receivables | 40 | €51,159 | €20,710 | -€30,449 | -59.5% |
| Other amounts receivable | 41 | €27,776 | €62,320 | +€34,544 | +124.4% |
| Cash at bank and in hand | 54/58 | €34,703 | €42,907 | +€8,204 | +23.6% |
| Total equity and liabilities | 10/49 | €585,539 | €557,702 | -€27,836 | -4.8% |
| Equity | 10/15 | €325,016 | €352,804 | +€27,787 | +8.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €109,740 | €134,740 | +€25,000 | +22.8% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,500 | €3,500 | = | 0.0% |
| Distributable reserves | 133 | €105,000 | €130,000 | +€25,000 | +23.8% |
| Profit (loss) carried forward | 14 | €209,077 | €211,864 | +€2,787 | +1.3% |
| Amounts payable | 17/49 | €260,522 | €204,899 | -€55,623 | -21.4% |
| Amounts payable after more than one year | 17 | €137,785 | €105,562 | -€32,223 | -23.4% |
| Financial debts | 170/4 | €137,785 | €105,562 | -€32,223 | -23.4% |
| Amounts payable within one year | 42/48 | €122,737 | €99,337 | -€23,401 | -19.1% |
| Current portion of amounts payable after more than one year | 42 | €56,499 | €46,867 | -€9,632 | -17.0% |
| Trade debts | 44 | €5,286 | €14,079 | +€8,794 | +166.4% |
| Suppliers | 440/4 | €5,286 | €14,079 | +€8,794 | +166.4% |
| Taxes, remuneration and social security | 45 | €24,313 | €15,751 | -€8,562 | -35.2% |
| Taxes | 450/3 | €24,313 | €15,751 | -€8,562 | -35.2% |
| Other amounts payable | 47/48 | €36,640 | €22,640 | -€14,000 | -38.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,559 | €43,156 | -€403 | -0.9% |
| Other operating charges | 640/8 | €4,823 | €8,532 | +€3,709 | +76.9% |
| Gross operating margin | 9900 | €130,222 | €125,973 | -€4,249 | -3.3% |
| Operating profit (loss) | 9901 | €81,840 | €74,284 | -€7,555 | -9.2% |
| Financial income | 75/76B | €5,130 | €5,449 | +€319 | +6.2% |
| Recurring financial income | 75 | €5,130 | €5,449 | +€319 | +6.2% |
| Financial charges | 65/66B | €5,427 | €4,642 | -€785 | -14.5% |
| Recurring financial charges | 65 | €5,427 | €4,642 | -€785 | -14.5% |
| Profit (loss) for the period before taxes | 9903 | €81,543 | €75,092 | -€6,451 | -7.9% |
| Income taxes | 67/77 | €25,471 | €27,304 | +€1,833 | +7.2% |
| Profit (loss) for the period | 9904 | €56,071 | €47,787 | -€8,284 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €56,071 | €47,787 | -€8,284 | -14.8% |
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 28 September 2026 via checked.be.