Odette: 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.
What changed
Odette
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€122,897
2024 · €133,939-€11,042
Equity
€549,720
2024 · €516,824+€32,897
Cash
€45,690
2024 · €40,730+€4,961
Balance sheet total
€1.7m
2024 · €1.8m-€29,766
Largest movements
Assets
- Tangible fixed assets -€34,591
down €34,591 (-2.0%), from €1.7m to €1.7m
Equity and liabilities
- Debts after one year -€71,107
down €71,107 (-7.6%), from €940,572 to €869,465
- Reserves +€32,897
up €32,897 (+6.6%), from €498,232 to €531,128
of which Distributable reserves: +€45,184
Income statement
- Taxes +€10,876
up €10,876 (+31.8%), from €34,185 to €45,061
- Depreciation +€2,403
up €2,403 (+5.5%), from €43,486 to €45,889
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
€133,939
Gross operating margin
+€1,331
Depreciation
-€2,403
Financial charges
+€906
Taxes
-€10,876
Result 2025
€122,897
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
+€169,419
Investment
-€11,298
Financing
-€153,160
Cash 2024
€40,730
From operations (derived)
+€169,419
Net result for the year
+€122,897
Depreciation
+€45,889
Receivables within one year
+€562
Deferred charges and accrued income
-€426
Provisions
-€4,096
Trade debts
-€1,135
Tax, wage and social debts
+€4,759
Other debts
+€968
Investment (derived)
-€11,298
Investment in fixed assets (net)
-€11,298
Financing
-€153,160
Debts after one year
-€71,107
Current portion of long-term debt
+€1,242
Short-term financial debts
+€6,705
Contributions, distributions and other
-€90,000
Cash 2025
€45,690
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,750,937 | €1,721,170 | -€29,766 | -1.7% |
| Fixed assets | 21/28 | €1,708,375 | €1,673,785 | -€34,591 | -2.0% |
| Tangible fixed assets | 22/27 | €1,708,309 | €1,673,718 | -€34,591 | -2.0% |
| Land and buildings | 22 | €1,708,309 | €1,673,718 | -€34,591 | -2.0% |
| Financial fixed assets | 28 | €67 | €67 | = | 0.0% |
| Current assets | 29/58 | €42,561 | €47,386 | +€4,825 | +11.3% |
| Amounts receivable within one year | 40/41 | €794 | €232 | -€562 | -70.8% |
| Trade receivables | 40 | €794 | €213 | -€581 | -73.2% |
| Other amounts receivable | 41 | - | €19 | +€19 | |
| Cash at bank and in hand | 54/58 | €40,730 | €45,690 | +€4,961 | +12.2% |
| Deferred charges and accrued income | 490/1 | €1,038 | €1,464 | +€426 | +41.0% |
| Total equity and liabilities | 10/49 | €1,750,937 | €1,721,170 | -€29,766 | -1.7% |
| Equity | 10/15 | €516,824 | €549,720 | +€32,897 | +6.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €498,232 | €531,128 | +€32,897 | +6.6% |
| Tax-exempt reserves | 132 | €368,608 | €356,321 | -€12,287 | -3.3% |
| Distributable reserves | 133 | €129,624 | €174,808 | +€45,184 | +34.9% |
| Provisions and deferred taxes | 16 | €122,869 | €118,774 | -€4,096 | -3.3% |
| Deferred taxes | 168 | €122,869 | €118,774 | -€4,096 | -3.3% |
| Amounts payable | 17/49 | €1,111,244 | €1,052,676 | -€58,567 | -5.3% |
| Amounts payable after more than one year | 17 | €940,572 | €869,465 | -€71,107 | -7.6% |
| Financial debts | 170/4 | €940,572 | €869,465 | -€71,107 | -7.6% |
| Amounts payable within one year | 42/48 | €170,672 | €183,211 | +€12,539 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €69,865 | €71,107 | +€1,242 | +1.8% |
| Financial debts | 43 | €6,629 | €13,333 | +€6,705 | +101.2% |
| Credit institutions | 430/8 | €6,629 | €13,333 | +€6,705 | +101.2% |
| Trade debts | 44 | €1,239 | €105 | -€1,135 | -91.6% |
| Suppliers | 440/4 | €1,239 | €105 | -€1,135 | -91.6% |
| Taxes, remuneration and social security | 45 | €487 | €5,247 | +€4,759 | +976.8% |
| Taxes | 450/3 | €487 | €5,247 | +€4,759 | +976.8% |
| Other amounts payable | 47/48 | €92,452 | €93,420 | +€968 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,486 | €45,889 | +€2,403 | +5.5% |
| Gross operating margin | 9900 | €221,794 | €223,125 | +€1,331 | +0.6% |
| Operating profit (loss) | 9901 | €178,308 | €177,236 | -€1,072 | -0.6% |
| Financial charges | 65/66B | €14,279 | €13,373 | -€906 | -6.3% |
| Recurring financial charges | 65 | €14,279 | €13,373 | -€906 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €164,029 | €163,862 | -€167 | -0.1% |
| Transfer from deferred taxes | 780 | €4,096 | €4,096 | = | 0.0% |
| Income taxes | 67/77 | €34,185 | €45,061 | +€10,876 | +31.8% |
| Profit (loss) for the period | 9904 | €133,939 | €122,897 | -€11,042 | -8.2% |
| Transfer from tax-exempt reserves | 789 | €12,287 | €12,287 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €146,226 | €135,184 | -€11,042 | -7.6% |
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 3 October 2026 via checked.be.