OBECO: 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.
OBECO
Largest movements
- Financial fixed assets -€44,455
down €44,455 (-14.2%), from €314,149 to €269,694
- Receivables within one year +€32,433
up €32,433 (+77.2%), from €41,990 to €74,423
of which Trade receivables: +€33,004
- Cash +€29,898
up €29,898 (+274.6%), from €10,886 to €40,784
mainly Tax, wage and social debts (+€34,556) and Investment in fixed assets (net) (+€31,732)
- Debts after one year -€43,359
down €43,359 (-5.4%), from €810,225 to €766,866
- Tax, wage and social debts +€34,556
up €34,556 (+59.8%), from €57,748 to €92,303
of which Taxes: +€32,731
- Other debts -€22,053
down €22,053 (-39.5%), from €55,807 to €33,754
- Reserves +€14,801
up €14,801 (+14.7%), from €100,572 to €115,373
- Financial charges +€80,722
up €80,722 (+400.0%), from €20,178 to €100,900
of which Non-recurring financial charges: +€77,378
- Financial income -€20,418
down €20,418 (-97.2%), from €21,004 to €587
of which Non-recurring financial income: -€20,799
- Gross operating margin +€13,534
up €13,534 (+8.2%), from €166,044 to €179,578
- Taxes -€4,760
down €4,760 (-11.1%), from €42,742 to €37,982
- Depreciation +€2,412
up €2,412 (+14.4%), from €16,755 to €19,167
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 | €1,143,937 | €1,151,297 | +€7,361 | +0.6% |
| Fixed assets | 21/28 | €1,079,940 | €1,029,040 | -€50,899 | -4.7% |
| Tangible fixed assets | 22/27 | €765,790 | €759,346 | -€6,444 | -0.8% |
| Land and buildings | 22 | €755,416 | €740,836 | -€14,580 | -1.9% |
| Plant, machinery and equipment | 23 | €7,171 | €11,388 | +€4,217 | +58.8% |
| Furniture and vehicles | 24 | €3,203 | €7,123 | +€3,920 | +122.4% |
| Financial fixed assets | 28 | €314,149 | €269,694 | -€44,455 | -14.2% |
| Current assets | 29/58 | €63,997 | €122,257 | +€58,260 | +91.0% |
| Amounts receivable within one year | 40/41 | €41,990 | €74,423 | +€32,433 | +77.2% |
| Trade receivables | 40 | €20,419 | €53,423 | +€33,004 | +161.6% |
| Other amounts receivable | 41 | €21,571 | €21,000 | -€571 | -2.6% |
| Cash at bank and in hand | 54/58 | €10,886 | €40,784 | +€29,898 | +274.6% |
| Deferred charges and accrued income | 490/1 | €11,120 | €7,050 | -€4,070 | -36.6% |
| Total equity and liabilities | 10/49 | €1,143,937 | €1,151,297 | +€7,361 | +0.6% |
| Equity | 10/15 | €141,368 | €156,168 | +€14,801 | +10.5% |
| Contributions | 10/11 | €31,600 | €31,600 | = | 0.0% |
| Reserves | 13 | €100,572 | €115,373 | +€14,801 | +14.7% |
| Distributable reserves | 133 | €100,572 | €115,373 | +€14,801 | +14.7% |
| Profit (loss) carried forward | 14 | €9,195 | €9,195 | = | 0.0% |
| Amounts payable | 17/49 | €1,002,569 | €995,129 | -€7,440 | -0.7% |
| Amounts payable after more than one year | 17 | €810,225 | €766,866 | -€43,359 | -5.4% |
| Financial debts | 170/4 | €810,225 | €766,866 | -€43,359 | -5.4% |
| Amounts payable within one year | 42/48 | €192,343 | €225,092 | +€32,749 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €75,394 | €84,618 | +€9,224 | +12.2% |
| Trade debts | 44 | €3,394 | €14,417 | +€11,022 | +324.7% |
| Suppliers | 440/4 | €3,394 | €14,417 | +€11,022 | +324.7% |
| Taxes, remuneration and social security | 45 | €57,748 | €92,303 | +€34,556 | +59.8% |
| Taxes | 450/3 | €57,748 | €90,478 | +€32,731 | +56.7% |
| Remuneration and social security | 454/9 | - | €1,825 | +€1,825 | |
| Other amounts payable | 47/48 | €55,807 | €33,754 | -€22,053 | -39.5% |
| Accrued charges and deferred income | 492/3 | - | €3,170 | +€3,170 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,755 | €19,167 | +€2,412 | +14.4% |
| Other operating charges | 640/8 | €6,800 | €7,315 | +€515 | +7.6% |
| Gross operating margin | 9900 | €166,044 | €179,578 | +€13,534 | +8.2% |
| Operating profit (loss) | 9901 | €142,488 | €153,096 | +€10,607 | +7.4% |
| Financial income | 75/76B | €21,004 | €587 | -€20,418 | -97.2% |
| Recurring financial income | 75 | €206 | €587 | +€381 | +185.0% |
| Non-recurring financial income | 76B | €20,799 | €0 | -€20,799 | -100.0% |
| Financial charges | 65/66B | €20,178 | €100,900 | +€80,722 | +400.0% |
| Recurring financial charges | 65 | €20,178 | €23,521 | +€3,343 | +16.6% |
| Non-recurring financial charges | 66B | - | €77,378 | +€77,378 | |
| Profit (loss) for the period before taxes | 9903 | €143,315 | €52,782 | -€90,532 | -63.2% |
| Income taxes | 67/77 | €42,742 | €37,982 | -€4,760 | -11.1% |
| Profit (loss) for the period | 9904 | €100,572 | €14,801 | -€85,772 | -85.3% |
| Profit (loss) for the period to be appropriated | 9905 | €100,572 | €14,801 | -€85,772 | -85.3% |
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 2 October 2026 via checked.be.