ODH Projects: 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.
What changed
ODH Projects
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€20,553
2024 · €103,314-€123,867
Equity
€1.8m
2024 · €1.7m+€54,153
Cash
€70,175
2024 · €74,717-€4,543
Balance sheet total
€3.8m
2024 · €3.2m+€593,897
Largest movements
Assets
- Tangible fixed assets +€809,327
up €809,327 (+33.7%), from €2.4m to €3.2m
of which Other tangible fixed assets: +€810,796
- Receivables within one year -€208,666
down €208,666 (-32.4%), from €644,515 to €435,850
of which Other amounts receivable: -€196,276
Equity and liabilities
- Provisions +€523,174
new in 2025: €523,174
- Investment grants +€74,706
up €74,706 (+5.0%), from €1.5m to €1.6m
- Trade debts -€47,244
down €47,244 (-7.1%), from €661,424 to €614,181
Income statement
- Depreciation +€192,493
up €192,493 (+81.7%), from €235,614 to €428,107
- Gross operating margin -€137,588
down €137,588 (-24.0%), from €574,193 to €436,605
- Staff costs -€81,933
down €81,933 (-23.7%), from €345,926 to €263,993
- Financial income +€58,153
up €58,153 (+41.7%), from €139,321 to €197,474
- Write-downs +€6,266
new in 2025: €6,266
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
€103,314
Gross operating margin
-€137,588
Staff costs
+€81,933
Depreciation
-€192,493
Write-downs
-€6,266
Other operating charges
+€1,469
Financial income
+€58,153
Financial charges
-€1,080
Taxes
+€4,055
Deferred taxes and other
+€67,951
Result 2025
-€20,553
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.1m
Investment
-€1.2m
Financing
+€106,695
Cash 2024
€74,717
From operations (derived)
+€1.1m
Net result for the year
-€20,553
Depreciation
+€428,107
Receivables after one year
+€4,581
Stocks and contracts
-€4,084
Receivables within one year
+€208,666
Deferred charges and accrued income
-€10,688
Provisions
+€523,174
Trade debts
-€47,244
Tax, wage and social debts
+€3,570
Other debts
-€3,859
Accrued charges and deferred income
+€32,113
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Financing
+€106,695
Debts after one year
+€29,649
Current portion of long-term debt
+€2,340
Contributions, distributions and other
+€74,706
Cash 2025
€70,175
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,183,297 | €3,777,194 | +€593,897 | +18.7% |
| Fixed assets | 21/28 | €2,421,682 | €3,218,597 | +€796,915 | +32.9% |
| Intangible fixed assets | 21 | €20,315 | €7,889 | -€12,425 | -61.2% |
| Tangible fixed assets | 22/27 | €2,398,348 | €3,207,675 | +€809,327 | +33.7% |
| Plant, machinery and equipment | 23 | €22,980 | €17,948 | -€5,032 | -21.9% |
| Furniture and vehicles | 24 | €1,657 | €5,220 | +€3,563 | +215% |
| Other tangible fixed assets | 26 | €2,373,711 | €3,184,507 | +€810,796 | +34.2% |
| Financial fixed assets | 28 | €3,020 | €3,032 | +€13 | +0.4% |
| Current assets | 29/58 | €761,615 | €558,598 | -€203,018 | -26.7% |
| Amounts receivable after more than one year | 29 | €15,335 | €10,754 | -€4,581 | -29.9% |
| Trade receivables | 290 | €15,335 | €10,754 | -€4,581 | -29.9% |
| Stocks and contracts in progress | 3 | €24,738 | €28,822 | +€4,084 | +16.5% |
| Stocks | 30/36 | €24,738 | €28,822 | +€4,084 | +16.5% |
| Amounts receivable within one year | 40/41 | €644,515 | €435,850 | -€208,666 | -32.4% |
| Trade receivables | 40 | €199,768 | €187,379 | -€12,389 | -6.2% |
| Other amounts receivable | 41 | €444,747 | €248,471 | -€196,276 | -44.1% |
| Cash at bank and in hand | 54/58 | €74,717 | €70,175 | -€4,543 | -6.1% |
| Deferred charges and accrued income | 490/1 | €2,309 | €12,997 | +€10,688 | +463% |
| Total equity and liabilities | 10/49 | €3,183,297 | €3,777,194 | +€593,897 | +18.7% |
| Equity | 10/15 | €1,705,780 | €1,759,933 | +€54,153 | +3.2% |
| Contributions | 10/11 | €180,000 | €180,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €30,962 | €10,410 | -€20,553 | -66.4% |
| Investment grants | 15 | €1,494,817 | €1,569,523 | +€74,706 | +5.0% |
| Provisions and deferred taxes | 16 | - | €523,174 | +€523,174 | |
| Deferred taxes | 168 | - | €523,174 | +€523,174 | |
| Amounts payable | 17/49 | €1,477,518 | €1,494,087 | +€16,569 | +1.1% |
| Amounts payable after more than one year | 17 | €584,582 | €614,231 | +€29,649 | +5.1% |
| Financial debts | 170/4 | €584,582 | €614,231 | +€29,649 | +5.1% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €848,611 | €803,419 | -€45,192 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €118,011 | €120,351 | +€2,340 | +2.0% |
| Trade debts | 44 | €661,424 | €614,181 | -€47,244 | -7.1% |
| Suppliers | 440/4 | €661,424 | €614,181 | -€47,244 | -7.1% |
| Taxes, remuneration and social security | 45 | €60,797 | €64,366 | +€3,570 | +5.9% |
| Taxes | 450/3 | €40,876 | €53,435 | +€12,559 | +30.7% |
| Remuneration and social security | 454/9 | €19,921 | €10,932 | -€8,989 | -45.1% |
| Other amounts payable | 47/48 | €8,380 | €4,521 | -€3,859 | -46.0% |
| Accrued charges and deferred income | 492/3 | €44,324 | €76,437 | +€32,113 | +72.4% |
| Non-recurring operating income | 76A | - | €16,085 | +€16,085 | |
| Remuneration, social security and pensions | 62 | €345,926 | €263,993 | -€81,933 | -23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €235,614 | €428,107 | +€192,493 | +81.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,266 | +€6,266 | |
| Other operating charges | 640/8 | €2,593 | €1,123 | -€1,469 | -56.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €574,193 | €436,605 | -€137,588 | -24.0% |
| Operating profit (loss) | 9901 | -€9,939 | -€262,884 | -€252,945 | -2,545% |
| Financial income | 75/76B | €139,321 | €197,474 | +€58,153 | +41.7% |
| Recurring financial income | 75 | €139,321 | €197,474 | +€58,153 | +41.7% |
| Financial charges | 65/66B | €22,115 | €23,196 | +€1,080 | +4.9% |
| Recurring financial charges | 65 | €22,115 | €23,196 | +€1,080 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €107,266 | -€88,607 | -€195,873 | |
| Transfer from deferred taxes | 780 | - | €67,951 | +€67,951 | |
| Income taxes | 67/77 | €3,953 | -€102 | -€4,055 | |
| Profit (loss) for the period | 9904 | €103,314 | -€20,553 | -€123,867 | |
| Profit (loss) for the period to be appropriated | 9905 | €103,314 | -€20,553 | -€123,867 |
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 20 October 2026 via checked.be.