o2o: 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.
What changed
o2o
NACE 47.632, Retail sale of bicycles
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€8.2m
2024 · €6.7m+€1.5m
Equity
€17.2m
2024 · €14.1m+€3.2m
Cash
€6.5m
2024 · €5.1m+€1.4m
Balance sheet total
€149.0m
2024 · €100.0m+€48.9m
Largest movements
Assets
- Tangible fixed assets +€33.9m
up €33.9m (+47.1%), from €72.1m to €106.0m
of which Leasing and similar rights: +€34.2m
- Receivables within one year +€8.2m
up €8.2m (+100.1%), from €8.2m to €16.4m
of which Trade receivables: +€6.2m
- Current investments +€4.5m
up €4.5m (+150.0%), from €3.0m to €7.5m
Equity and liabilities
- Debts after one year +€19.2m
up €19.2m (+52.7%), from €36.5m to €55.7m
- Current portion of long-term debt +€15.4m
up €15.4m (+49.8%), from €30.8m to €46.2m
- Other debts +€5.0m
new in 2025: €5.0m
- Accrued charges and deferred income +€4.7m
up €4.7m (+78.4%), from €6.0m to €10.7m
- Profit (loss) carried forward +€3.2m
up €3.2m (+30.5%), from €10.4m to €13.5m
Income statement
- Turnover +€52.2m
up €52.2m (+44.6%), from €117.1m to €169.3m
- Goods and materials +€30.5m
up €30.5m (+43.7%), from €69.8m to €100.3m
- Depreciation +€14.1m
up €14.1m (+49.7%), from €28.4m to €42.6m
- Services and other goods +€3.3m
up €3.3m (+82.6%), from €4.0m to €7.2m
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.
Result 2024
€6.7m
Turnover
+€52.2m
Other operating income
+€2,951
Goods and materials
-€30.5m
Services and other goods
-€3.3m
Staff costs
-€1.6m
Depreciation
-€14.1m
Write-downs
-€97,288
Provisions
-€199,632
Other operating charges
-€97,619
Other operating items
+€200,140
Financial income
+€115,408
Financial charges
-€999,314
Taxes
-€66,797
Result 2025
€8.2m
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.
From operations
+€54.2m
Investment
-€82.4m
Financing
+€29.6m
Cash 2024
€5.1m
From operations (derived)
+€54.2m
Net result for the year
+€8.2m
Depreciation
+€42.6m
Receivables after one year
-€262,751
Receivables within one year
-€8.2m
Deferred charges and accrued income
+€713,491
Provisions
+€1.5m
Trade debts
-€2.7m
Tax, wage and social debts
+€2.7m
Other debts
+€5.0m
Accrued charges and deferred income
+€4.7m
Investment (derived)
-€82.4m
Investment in fixed assets (net)
-€77.9m
Current investments
-€4.5m
Financing
+€29.6m
Debts after one year
+€19.2m
Current portion of long-term debt
+€15.4m
Short-term financial debts
+€4,230
Contributions, distributions and other
-€5.0m
Cash 2025
€6.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,019,011 | €148,963,803 | +€48.9m | +48.9% |
| Fixed assets | 21/28 | €80,288,925 | €115,586,905 | +€35.3m | +44.0% |
| Intangible fixed assets | 21 | €827,023 | €1,193,622 | +€366,599 | +44.3% |
| Tangible fixed assets | 22/27 | €72,086,241 | €106,032,172 | +€33.9m | +47.1% |
| Plant, machinery and equipment | 23 | €4,680,221 | €4,295,342 | -€384,879 | -8.2% |
| Furniture and vehicles | 24 | €272,342 | €451,357 | +€179,015 | +65.7% |
| Leasing and similar rights | 25 | €67,133,679 | €101,285,474 | +€34.2m | +50.9% |
| Financial fixed assets | 28 | €7,375,660 | €8,361,110 | +€985,450 | +13.4% |
| Affiliated companies | 280/1 | €7,202,000 | €8,202,000 | +€1.0m | +13.9% |
| Participating interests | 280 | €7,202,000 | €8,202,000 | +€1.0m | +13.9% |
| Other financial fixed assets | 284/8 | €173,660 | €159,110 | -€14,550 | -8.4% |
| Amounts receivable and cash guarantees | 285/8 | €173,660 | €159,110 | -€14,550 | -8.4% |
| Current assets | 29/58 | €19,730,087 | €33,376,898 | +€13.6m | +69.2% |
| Amounts receivable after more than one year | 29 | - | €262,751 | +€262,751 | |
| Trade receivables | 290 | - | €262,751 | +€262,751 | |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €8,190,129 | €16,384,957 | +€8.2m | +100.1% |
| Trade receivables | 40 | €7,711,947 | €13,957,607 | +€6.2m | +81.0% |
| Other amounts receivable | 41 | €478,183 | €2,427,350 | +€1.9m | +407.6% |
| Current investments | 50/53 | €3,000,000 | €7,500,250 | +€4.5m | +150.0% |
| Other investments | 51/53 | €3,000,000 | €7,500,250 | +€4.5m | +150.0% |
| Cash at bank and in hand | 54/58 | €5,080,841 | €6,483,315 | +€1.4m | +27.6% |
| Deferred charges and accrued income | 490/1 | €3,459,117 | €2,745,625 | -€713,491 | -20.6% |
| Total equity and liabilities | 10/49 | €100,019,011 | €148,963,803 | +€48.9m | +48.9% |
| Equity | 10/15 | €14,082,544 | €17,245,034 | +€3.2m | +22.5% |
| Contributions | 10/11 | €2,700,636 | €2,700,636 | = | 0.0% |
| Reserves | 13 | €997,770 | €997,770 | = | 0.0% |
| Tax-exempt reserves | 132 | €997,770 | €997,770 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,384,138 | €13,546,628 | +€3.2m | +30.5% |
| Provisions and deferred taxes | 16 | €3,243,580 | €4,702,590 | +€1.5m | +45.0% |
| Provisions for liabilities and charges | 160/5 | €3,243,580 | €4,702,590 | +€1.5m | +45.0% |
| Other liabilities and charges | 164/5 | €3,243,580 | €4,702,590 | +€1.5m | +45.0% |
| Amounts payable | 17/49 | €82,692,887 | €127,016,179 | +€44.3m | +53.6% |
| Amounts payable after more than one year | 17 | €36,504,866 | €55,736,887 | +€19.2m | +52.7% |
| Financial debts | 170/4 | €36,504,866 | €55,736,887 | +€19.2m | +52.7% |
| Leasing and similar obligations | 172 | €36,504,866 | €55,736,887 | +€19.2m | +52.7% |
| Amounts payable within one year | 42/48 | €40,186,554 | €60,570,032 | +€20.4m | +50.7% |
| Current portion of amounts payable after more than one year | 42 | €30,834,858 | €46,204,739 | +€15.4m | +49.8% |
| Financial debts | 43 | €687,848 | €692,077 | +€4,230 | +0.6% |
| Credit institutions | 430/8 | €687,848 | €692,077 | +€4,230 | +0.6% |
| Trade debts | 44 | €7,332,269 | €4,652,431 | -€2.7m | -36.5% |
| Suppliers | 440/4 | €7,332,269 | €4,652,431 | -€2.7m | -36.5% |
| Taxes, remuneration and social security | 45 | €1,331,579 | €4,020,784 | +€2.7m | +202.0% |
| Taxes | 450/3 | €366,366 | €2,660,178 | +€2.3m | +626.1% |
| Remuneration and social security | 454/9 | €965,213 | €1,360,606 | +€395,394 | +41.0% |
| Other amounts payable | 47/48 | - | €5,000,000 | +€5.0m | |
| Accrued charges and deferred income | 492/3 | €6,001,466 | €10,709,260 | +€4.7m | +78.4% |
| Operating income | 70/76A | €117,918,123 | €170,322,773 | +€52.4m | +44.4% |
| Turnover | 70 | €117,134,472 | €169,336,032 | +€52.2m | +44.6% |
| Own construction capitalised | 72 | €453,685 | €653,825 | +€200,140 | +44.1% |
| Other operating income | 74 | €329,966 | €332,917 | +€2,951 | +0.9% |
| Operating charges | 60/66A | €107,603,262 | €157,595,569 | +€50.0m | +46.5% |
| Goods for resale, raw materials and consumables | 60 | €69,801,794 | €100,339,401 | +€30.5m | +43.7% |
| Purchases | 600/8 | €69,801,794 | €100,339,401 | +€30.5m | +43.7% |
| Services and other goods | 61 | €3,955,521 | €7,223,585 | +€3.3m | +82.6% |
| Remuneration, social security and pensions | 62 | €4,085,909 | €5,732,084 | +€1.6m | +40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,438,456 | €42,584,377 | +€14.1m | +49.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €56,102 | €153,391 | +€97,288 | +173.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,259,378 | €1,459,010 | +€199,632 | +15.9% |
| Other operating charges | 640/8 | €6,102 | €103,721 | +€97,619 | +1599.8% |
| Operating profit (loss) | 9901 | €10,314,861 | €12,727,205 | +€2.4m | +23.4% |
| Financial income | 75/76B | €76,256 | €191,664 | +€115,408 | +151.3% |
| Recurring financial income | 75 | €76,256 | €191,664 | +€115,408 | +151.3% |
| Income from financial fixed assets | 750 | €0 | €42,997 | +€42,997 | |
| Income from current assets | 751 | €76,057 | €87,679 | +€11,622 | +15.3% |
| Other financial income | 752/9 | €200 | €60,988 | +€60,789 | +30436.9% |
| Financial charges | 65/66B | €3,080,642 | €4,079,956 | +€999,314 | +32.4% |
| Recurring financial charges | 65 | €3,080,642 | €4,079,956 | +€999,314 | +32.4% |
| Debt charges | 650 | €2,992,424 | €3,975,415 | +€982,991 | +32.8% |
| Other financial charges | 652/9 | €88,218 | €104,542 | +€16,324 | +18.5% |
| Profit (loss) for the period before taxes | 9903 | €7,310,476 | €8,838,913 | +€1.5m | +20.9% |
| Income taxes | 67/77 | €609,625 | €676,422 | +€66,797 | +11.0% |
| Taxes | 670/3 | €646,747 | €676,422 | +€29,676 | +4.6% |
| Tax adjustments and reversals of tax provisions | 77 | €37,122 | €0 | -€37,122 | -100.0% |
| Profit (loss) for the period | 9904 | €6,700,851 | €8,162,490 | +€1.5m | +21.8% |
| Transfer to tax-exempt reserves | 689 | €997,770 | €0 | -€997,770 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €5,703,081 | €8,162,490 | +€2.5m | +43.1% |
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 10 October 2026 via checked.be.