OBRIGADO: 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.
OBRIGADO
Largest movements
- Financial fixed assets -€3.0m
down €3.0m (-66.7%), from €4.5m to €1.5m
- Cash -€347,799
down €347,799 (-78.3%), from €444,420 to €96,621
mainly Debts after one year (-€2.9m) and Current investments (-€269,830)
- Current investments +€269,830
up €269,830 (+16.1%), from €1.7m to €1.9m
- Tangible fixed assets +€109,136
up €109,136 (+1322.5%), from €8,252 to €117,388
of which Furniture and vehicles: +€68,554
- Debts after one year -€2.9m
down €2.9m (-44.6%), from €6.5m to €3.6m
- Financial income -€1.5m
down €1.5m (-97.0%), from €1.5m to €46,247
- Other operating charges +€29,596
up €29,596 (+2583.0%), from €1,146 to €30,742
- Taxes -€10,642
down €10,642 (-95.5%), from €11,138 to €496
- Depreciation +€6,370
up €6,370 (+263.8%), from €2,414 to €8,784
- Gross operating margin -€5,376
down €5,376 (-630.5%), from -€853 to -€6,229
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 | €8,212,850 | €5,315,362 | -€2.9m | -35.3% |
| Fixed assets | 21/28 | €4,508,252 | €1,617,388 | -€2.9m | -64.1% |
| Tangible fixed assets | 22/27 | €8,252 | €117,388 | +€109,136 | +1322.5% |
| Plant, machinery and equipment | 23 | €1,342 | €3,339 | +€1,997 | +148.8% |
| Furniture and vehicles | 24 | €6,910 | €75,464 | +€68,554 | +992.1% |
| Other tangible fixed assets | 26 | - | €38,585 | +€38,585 | |
| Financial fixed assets | 28 | €4,500,000 | €1,500,000 | -€3.0m | -66.7% |
| Current assets | 29/58 | €3,704,598 | €3,697,973 | -€6,624 | -0.2% |
| Amounts receivable after more than one year | 29 | €1,500,000 | €1,500,000 | = | 0.0% |
| Other amounts receivable | 291 | €1,500,000 | €1,500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €86,746 | €157,714 | +€70,968 | +81.8% |
| Trade receivables | 40 | €22,314 | €71,808 | +€49,494 | +221.8% |
| Other amounts receivable | 41 | €64,432 | €85,906 | +€21,474 | +33.3% |
| Current investments | 50/53 | €1,672,072 | €1,941,902 | +€269,830 | +16.1% |
| Cash at bank and in hand | 54/58 | €444,420 | €96,621 | -€347,799 | -78.3% |
| Deferred charges and accrued income | 490/1 | €1,360 | €1,737 | +€377 | +27.7% |
| Total equity and liabilities | 10/49 | €8,212,850 | €5,315,362 | -€2.9m | -35.3% |
| Equity | 10/15 | €1,712,738 | €1,705,683 | -€7,055 | -0.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €0 | -€500 | -100.0% |
| Reserves not available under the articles | 1311 | €500 | €0 | -€500 | -100.0% |
| Distributable reserves | 133 | - | €500 | +€500 | |
| Profit (loss) carried forward | 14 | €1,707,238 | €1,700,183 | -€7,055 | -0.4% |
| Amounts payable | 17/49 | €6,500,112 | €3,609,679 | -€2.9m | -44.5% |
| Amounts payable after more than one year | 17 | €6,475,750 | €3,585,423 | -€2.9m | -44.6% |
| Financial debts | 170/4 | €6,475,750 | €3,585,423 | -€2.9m | -44.6% |
| Amounts payable within one year | 42/48 | €24,362 | €24,256 | -€106 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | - | €9,387 | +€9,387 | |
| Financial debts | 43 | - | €9,875 | +€9,875 | |
| Credit institutions | 430/8 | - | €9,875 | +€9,875 | |
| Trade debts | 44 | €1,132 | €3,038 | +€1,906 | +168.5% |
| Suppliers | 440/4 | €1,132 | €3,038 | +€1,906 | +168.5% |
| Taxes, remuneration and social security | 45 | €13,368 | €1,956 | -€11,412 | -85.4% |
| Taxes | 450/3 | €13,368 | €1,956 | -€11,412 | -85.4% |
| Other amounts payable | 47/48 | €9,863 | €0 | -€9,863 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,414 | €8,784 | +€6,370 | +263.8% |
| Other operating charges | 640/8 | €1,146 | €30,742 | +€29,596 | +2583.0% |
| Gross operating margin | 9900 | -€853 | -€6,229 | -€5,376 | -630.5% |
| Operating profit (loss) | 9901 | -€4,413 | -€45,755 | -€41,342 | -936.9% |
| Financial income | 75/76B | €1,543,011 | €46,247 | -€1.5m | -97.0% |
| Recurring financial income | 75 | €1,543,011 | €46,247 | -€1.5m | -97.0% |
| Financial charges | 65/66B | €3,722 | €7,051 | +€3,328 | +89.4% |
| Recurring financial charges | 65 | €3,722 | €7,051 | +€3,328 | +89.4% |
| Profit (loss) for the period before taxes | 9903 | €1,534,876 | -€6,559 | -€1.5m | |
| Income taxes | 67/77 | €11,138 | €496 | -€10,642 | -95.5% |
| Profit (loss) for the period | 9904 | €1,523,738 | -€7,055 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,523,738 | -€7,055 | -€1.5m |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.