Odgers: what changed
Two financial 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.
Odgers
Largest movements
- Receivables within one year +€224,028
up €224,028 (+49.1%), from €456,462 to €680,489
of which Trade receivables: +€205,668
- Cash +€125,159
up €125,159 (+87.5%), from €142,998 to €268,157
mainly Net result for the year (+€262,176) and Trade debts (+€207,822)
- Tangible fixed assets -€45,475
down €45,475 (-25.2%), from €180,286 to €134,810
of which Furniture and vehicles: -€27,166
- Intangible fixed assets -€19,295
down €19,295 (-33.3%), from €57,884 to €38,589
- Deferred charges and accrued income +€17,611
up €17,611 (+208%), from €8,468 to €26,079
- Profit (loss) carried forward +€244,676
up €244,676 (+2,141%), from €11,427 to €256,103
- Trade debts +€207,822
up €207,822 (+63.6%), from €326,587 to €534,410
- Accrued charges and deferred income -€150,376
down €150,376 (-59.1%), from €254,360 to €103,984
- Debts after one year -€43,355
down €43,355 (-92.1%), from €47,054 to €3,700
- Tax, wage and social debts +€35,894
up €35,894 (+85.1%), from €42,181 to €78,075
of which Remuneration and social security: +€26,869
- Gross operating margin +€280,302
up €280,302 (+40.3%), from €694,900 to €975,202
- Taxes +€92,582
up €92,582 (+1,842%), from €5,026 to €97,608
- Staff costs -€68,048
down €68,048 (-11.0%), from €617,965 to €549,916
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.
Derived cash bridge
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 | €852,431 | €1,166,459 | +€314,028 | +36.8% |
| Fixed assets | 21/28 | €244,503 | €191,733 | -€52,770 | -21.6% |
| Intangible fixed assets | 21 | €57,884 | €38,589 | -€19,295 | -33.3% |
| Tangible fixed assets | 22/27 | €180,286 | €134,810 | -€45,475 | -25.2% |
| Furniture and vehicles | 24 | €56,192 | €29,026 | -€27,166 | -48.3% |
| Other tangible fixed assets | 26 | €124,094 | €105,784 | -€18,310 | -14.8% |
| Financial fixed assets | 28 | €6,333 | €18,333 | +€12,000 | +189% |
| Current assets | 29/58 | €607,928 | €974,726 | +€366,798 | +60.3% |
| Amounts receivable within one year | 40/41 | €456,462 | €680,489 | +€224,028 | +49.1% |
| Trade receivables | 40 | €456,462 | €662,130 | +€205,668 | +45.1% |
| Other amounts receivable | 41 | - | €18,360 | +€18,360 | |
| Cash at bank and in hand | 54/58 | €142,998 | €268,157 | +€125,159 | +87.5% |
| Deferred charges and accrued income | 490/1 | €8,468 | €26,079 | +€17,611 | +208% |
| Total equity and liabilities | 10/49 | €852,431 | €1,166,459 | +€314,028 | +36.8% |
| Equity | 10/15 | €140,761 | €385,436 | +€244,676 | +174% |
| Contributions | 10/11 | €94,000 | €94,000 | = | 0.0% |
| Reserves | 13 | €35,334 | €35,334 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,334 | €35,334 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,427 | €256,103 | +€244,676 | +2,141% |
| Amounts payable | 17/49 | €711,670 | €781,022 | +€69,353 | +9.7% |
| Amounts payable after more than one year | 17 | €47,054 | €3,700 | -€43,355 | -92.1% |
| Financial debts | 170/4 | €47,054 | €3,700 | -€43,355 | -92.1% |
| Amounts payable within one year | 42/48 | €410,256 | €673,339 | +€263,083 | +64.1% |
| Current portion of amounts payable after more than one year | 42 | €41,487 | €43,355 | +€1,867 | +4.5% |
| Trade debts | 44 | €326,587 | €534,410 | +€207,822 | +63.6% |
| Suppliers | 440/4 | €326,587 | €534,410 | +€207,822 | +63.6% |
| Taxes, remuneration and social security | 45 | €42,181 | €78,075 | +€35,894 | +85.1% |
| Taxes | 450/3 | €8,609 | €17,633 | +€9,025 | +105% |
| Remuneration and social security | 454/9 | €33,572 | €60,441 | +€26,869 | +80.0% |
| Other amounts payable | 47/48 | - | €17,500 | +€17,500 | |
| Accrued charges and deferred income | 492/3 | €254,360 | €103,984 | -€150,376 | -59.1% |
| Remuneration, social security and pensions | 62 | €617,965 | €549,916 | -€68,048 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,580 | €64,770 | +€6,190 | +10.6% |
| Other operating charges | 640/8 | €782 | €998 | +€217 | +27.7% |
| Gross operating margin | 9900 | €694,900 | €975,202 | +€280,302 | +40.3% |
| Operating profit (loss) | 9901 | €17,574 | €359,518 | +€341,944 | +1,946% |
| Financial income | 75/76B | €1,577 | €5,448 | +€3,871 | +245% |
| Recurring financial income | 75 | €1,577 | €5,448 | +€3,871 | +245% |
| Financial charges | 65/66B | €10,332 | €5,182 | -€5,150 | -49.8% |
| Recurring financial charges | 65 | €10,332 | €5,182 | -€5,150 | -49.8% |
| Profit (loss) for the period before taxes | 9903 | €8,819 | €359,783 | +€350,964 | +3,980% |
| Income taxes | 67/77 | €5,026 | €97,608 | +€92,582 | +1,842% |
| Profit (loss) for the period | 9904 | €3,794 | €262,176 | +€258,382 | +6,811% |
| Profit (loss) for the period to be appropriated | 9905 | €3,794 | €262,176 | +€258,382 | +6,811% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.