OBEX: 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.
OBEX
Largest movements
- Tangible fixed assets -€16,092
down €16,092 (-6.1%), from €263,694 to €247,602
- Deferred charges and accrued income -€4,021
down €4,021 (-30.4%), from €13,241 to €9,221
- Cash -€3,639
down €3,639 (-7.8%), from €46,547 to €42,909
mainly Contributions, distributions and other (-€109,965) and Debts after one year (-€17,437)
- Reserves -€41,768
down €41,768 (-42.5%), from €98,213 to €56,445
- Other debts +€20,446
up €20,446 (+16.8%), from €121,764 to €142,210
- Debts after one year -€17,437
down €17,437 (-16.9%), from €103,174 to €85,736
- Tax, wage and social debts +€9,557
up €9,557 (+288.4%), from €3,314 to €12,871
of which Taxes: +€9,557
- Trade debts +€6,193
up €6,193 (+320.7%), from €1,931 to €8,125
- Gross operating margin +€13,629
up €13,629 (+13.6%), from €100,442 to €114,071
- Taxes +€3,134
up €3,134 (+18.5%), from €16,918 to €20,052
- Depreciation +€1,487
up €1,487 (+7.7%), from €19,220 to €20,706
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 | €350,934 | €329,142 | -€21,792 | -6.2% |
| Fixed assets | 21/28 | €263,694 | €247,602 | -€16,092 | -6.1% |
| Tangible fixed assets | 22/27 | €263,694 | €247,602 | -€16,092 | -6.1% |
| Land and buildings | 22 | €199,112 | €194,573 | -€4,539 | -2.3% |
| Plant, machinery and equipment | 23 | €47,248 | €41,144 | -€6,104 | -12.9% |
| Furniture and vehicles | 24 | €17,335 | €11,886 | -€5,449 | -31.4% |
| Current assets | 29/58 | €87,240 | €81,540 | -€5,700 | -6.5% |
| Amounts receivable within one year | 40/41 | €27,451 | €29,411 | +€1,960 | +7.1% |
| Trade receivables | 40 | €24,010 | €25,001 | +€991 | +4.1% |
| Other amounts receivable | 41 | €3,441 | €4,410 | +€969 | +28.2% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €46,547 | €42,909 | -€3,639 | -7.8% |
| Deferred charges and accrued income | 490/1 | €13,241 | €9,221 | -€4,021 | -30.4% |
| Total equity and liabilities | 10/49 | €350,934 | €329,142 | -€21,792 | -6.2% |
| Equity | 10/15 | €103,213 | €61,445 | -€41,768 | -40.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €98,213 | €56,445 | -€41,768 | -42.5% |
| Distributable reserves | 133 | €98,213 | €56,445 | -€41,768 | -42.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €247,721 | €267,697 | +€19,976 | +8.1% |
| Amounts payable after more than one year | 17 | €103,174 | €85,736 | -€17,437 | -16.9% |
| Financial debts | 170/4 | €103,174 | €85,736 | -€17,437 | -16.9% |
| Amounts payable within one year | 42/48 | €144,511 | €181,939 | +€37,429 | +25.9% |
| Current portion of amounts payable after more than one year | 42 | €17,230 | €17,437 | +€207 | +1.2% |
| Financial debts | 43 | €271 | €591 | +€320 | +117.7% |
| Credit institutions | 430/8 | €271 | €591 | +€320 | +117.7% |
| Trade debts | 44 | €1,931 | €8,125 | +€6,193 | +320.7% |
| Suppliers | 440/4 | €1,931 | €8,125 | +€6,193 | +320.7% |
| Advances received on contracts in progress | 46 | - | €705 | +€705 | |
| Taxes, remuneration and social security | 45 | €3,314 | €12,871 | +€9,557 | +288.4% |
| Taxes | 450/3 | €3,314 | €12,871 | +€9,557 | +288.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €121,764 | €142,210 | +€20,446 | +16.8% |
| Accrued charges and deferred income | 492/3 | €37 | €21 | -€15 | -41.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,220 | €20,706 | +€1,487 | +7.7% |
| Other operating charges | 640/8 | €3,131 | €2,905 | -€226 | -7.2% |
| Non-recurring operating charges | 66A | €488 | €0 | -€488 | -100.0% |
| Gross operating margin | 9900 | €100,442 | €114,071 | +€13,629 | +13.6% |
| Operating profit (loss) | 9901 | €77,603 | €90,459 | +€12,856 | +16.6% |
| Financial income | 75/76B | €44 | €68 | +€24 | +53.3% |
| Recurring financial income | 75 | €44 | €68 | +€24 | +53.3% |
| Financial charges | 65/66B | €2,770 | €2,278 | -€492 | -17.8% |
| Recurring financial charges | 65 | €2,770 | €2,278 | -€492 | -17.8% |
| Profit (loss) for the period before taxes | 9903 | €74,877 | €88,250 | +€13,373 | +17.9% |
| Income taxes | 67/77 | €16,918 | €20,052 | +€3,134 | +18.5% |
| Profit (loss) for the period | 9904 | €57,959 | €68,197 | +€10,238 | +17.7% |
| Profit (loss) for the period to be appropriated | 9905 | €57,959 | €68,197 | +€10,238 | +17.7% |
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.