OBRA-BEL: what changed
OBRA-BEL
Largest movements
- Receivables within one year -€24,771
no longer reported in 2025 (was €24,771)
- Cash +€15,725
up €15,725 (+35.5%), from €44,246 to €59,971
mainly Receivables within one year (+€24,771) and Net result for the year (+€11,866)
- Tangible fixed assets -€7,667
down €7,667 (-1.9%), from €414,017 to €406,349
of which Land and buildings: -€5,483
- Other debts -€17,990
down €17,990 (-35.2%), from €51,090 to €33,100
- Reserves +€11,866
up €11,866 (+11.7%), from €101,744 to €113,610
- Debts after one year -€10,791
down €10,791 (-3.9%), from €279,308 to €268,516
- Tax, wage and social debts -€5,650
down €5,650 (-35.9%), from €15,726 to €10,076
- Trade debts +€5,426
new in 2025: €5,426
- Gross operating margin -€40,541
down €40,541 (-48.5%), from €83,674 to €43,133
- Taxes -€10,046
down €10,046 (-63.2%), from €15,905 to €5,859
- Financial charges -€3,685
down €3,685 (-24.0%), from €15,347 to €11,662
- Depreciation +€1,364
up €1,364 (+13.1%), from €10,415 to €11,779
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €483,034 | €466,320 | -€16,714 | -3.5% |
| Fixed assets | 21/28 | €414,017 | €406,349 | -€7,667 | -1.9% |
| Tangible fixed assets | 22/27 | €414,017 | €406,349 | -€7,667 | -1.9% |
| Land and buildings | 22 | €410,988 | €405,505 | -€5,483 | -1.3% |
| Plant, machinery and equipment | 23 | €1,131 | €421 | -€710 | -62.8% |
| Furniture and vehicles | 24 | €1,898 | €424 | -€1,474 | -77.7% |
| Current assets | 29/58 | €69,017 | €59,971 | -€9,046 | -13.1% |
| Amounts receivable within one year | 40/41 | €24,771 | - | -€24,771 | |
| Trade receivables | 40 | €24,771 | - | -€24,771 | |
| Cash at bank and in hand | 54/58 | €44,246 | €59,971 | +€15,725 | +35.5% |
| Total equity and liabilities | 10/49 | €483,034 | €466,320 | -€16,714 | -3.5% |
| Equity | 10/15 | €126,544 | €138,410 | +€11,866 | +9.4% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €101,744 | €113,610 | +€11,866 | +11.7% |
| Distributable reserves | 133 | €101,744 | €113,610 | +€11,866 | +11.7% |
| Amounts payable | 17/49 | €356,490 | €327,910 | -€28,580 | -8.0% |
| Amounts payable after more than one year | 17 | €279,308 | €268,516 | -€10,791 | -3.9% |
| Financial debts | 170/4 | €279,308 | €268,516 | -€10,791 | -3.9% |
| Amounts payable within one year | 42/48 | €77,182 | €59,393 | -€17,789 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €10,366 | €10,791 | +€425 | +4.1% |
| Trade debts | 44 | - | €5,426 | +€5,426 | |
| Suppliers | 440/4 | - | €5,426 | +€5,426 | |
| Taxes, remuneration and social security | 45 | €15,726 | €10,076 | -€5,650 | -35.9% |
| Taxes | 450/3 | €15,726 | €10,076 | -€5,650 | -35.9% |
| Other amounts payable | 47/48 | €51,090 | €33,100 | -€17,990 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,415 | €11,779 | +€1,364 | +13.1% |
| Other operating charges | 640/8 | €2,096 | €1,979 | -€117 | -5.6% |
| Gross operating margin | 9900 | €83,674 | €43,133 | -€40,541 | -48.5% |
| Operating profit (loss) | 9901 | €71,164 | €29,375 | -€41,789 | -58.7% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €15,347 | €11,662 | -€3,685 | -24.0% |
| Recurring financial charges | 65 | €15,347 | €11,662 | -€3,685 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | €55,817 | €17,726 | -€38,091 | -68.2% |
| Income taxes | 67/77 | €15,905 | €5,859 | -€10,046 | -63.2% |
| Profit (loss) for the period | 9904 | €39,912 | €11,866 | -€28,045 | -70.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,912 | €11,866 | -€28,045 | -70.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.