ODS Belgium: what changed
ODS Belgium
Largest movements
- Receivables within one year +€950,606
up €950,606 (+61.3%), from €1.6m to €2.5m
of which Trade receivables: +€886,081
- Tangible fixed assets +€301,021
up €301,021 (+1,839%), from €16,373 to €317,394
of which Assets under construction and advance payments: +€289,148
- Cash -€107,209
down €107,209 (-19.1%), from €560,847 to €453,638
mainly Receivables within one year (-€950,606) and Investment in fixed assets (net) (-€526,481)
- Trade debts +€514,660
up €514,660 (+129%), from €399,011 to €913,671
- Other debts +€500,000
up €500,000 (+100%), from €500,000 to €1.0m
- Reserves +€470,811
up €470,811 (+53.8%), from €875,833 to €1.3m
- Short-term financial debts -€330,489
down €330,489 (-66.1%), from €500,000 to €169,511
- Gross operating margin +€784,350
up €784,350 (+36.0%), from €2.2m to €3.0m
- Staff costs +€239,687
up €239,687 (+14.1%), from €1.7m to €1.9m
- Financial charges +€104,784
up €104,784 (+155%), from €67,767 to €172,551
- Taxes +€99,025
up €99,025 (+132%), from €75,000 to €174,025
- Depreciation +€47,620
up €47,620 (+30.5%), from €156,262 to €203,882
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 | €2,613,992 | €3,792,005 | +€1.2m | +45.1% |
| Fixed assets | 21/28 | €444,521 | €767,120 | +€322,599 | +72.6% |
| Intangible fixed assets | 21 | €427,578 | €449,156 | +€21,579 | +5.0% |
| Tangible fixed assets | 22/27 | €16,373 | €317,394 | +€301,021 | +1,839% |
| Plant, machinery and equipment | 23 | €5,972 | €20,882 | +€14,910 | +250% |
| Furniture and vehicles | 24 | - | €4 | +€4 | |
| Other tangible fixed assets | 26 | €9,324 | €6,283 | -€3,041 | -32.6% |
| Assets under construction and advance payments | 27 | €1,077 | €290,224 | +€289,148 | +26,856% |
| Financial fixed assets | 28 | €570 | €570 | = | 0.0% |
| Current assets | 29/58 | €2,169,471 | €3,024,885 | +€855,414 | +39.4% |
| Amounts receivable after more than one year | 29 | €2,985 | €2,985 | = | 0.0% |
| Other amounts receivable | 291 | €2,985 | €2,985 | = | 0.0% |
| Stocks and contracts in progress | 3 | €41,452 | €66,327 | +€24,875 | +60.0% |
| Stocks | 30/36 | €41,452 | €66,327 | +€24,875 | +60.0% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €1,551,329 | €2,501,935 | +€950,606 | +61.3% |
| Trade receivables | 40 | €1,415,865 | €2,301,946 | +€886,081 | +62.6% |
| Other amounts receivable | 41 | €135,465 | €199,990 | +€64,525 | +47.6% |
| Cash at bank and in hand | 54/58 | €560,847 | €453,638 | -€107,209 | -19.1% |
| Deferred charges and accrued income | 490/1 | €12,858 | €0 | -€12,858 | -100% |
| Total equity and liabilities | 10/49 | €2,613,992 | €3,792,005 | +€1.2m | +45.1% |
| Equity | 10/15 | €882,033 | €1,352,844 | +€470,811 | +53.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €875,833 | €1,346,644 | +€470,811 | +53.8% |
| Distributable reserves | 133 | €875,833 | €1,346,644 | +€470,811 | +53.8% |
| Amounts payable | 17/49 | €1,731,959 | €2,439,161 | +€707,202 | +40.8% |
| Amounts payable within one year | 42/48 | €1,692,959 | €2,400,161 | +€707,202 | +41.8% |
| Financial debts | 43 | €500,000 | €169,511 | -€330,489 | -66.1% |
| Credit institutions | 430/8 | €500,000 | €169,511 | -€330,489 | -66.1% |
| Trade debts | 44 | €399,011 | €913,671 | +€514,660 | +129% |
| Suppliers | 440/4 | €399,011 | €913,671 | +€514,660 | +129% |
| Taxes, remuneration and social security | 45 | €293,948 | €316,978 | +€23,030 | +7.8% |
| Taxes | 450/3 | €35,000 | €0 | -€35,000 | -100% |
| Remuneration and social security | 454/9 | €258,948 | €316,978 | +€58,030 | +22.4% |
| Other amounts payable | 47/48 | €500,000 | €1,000,000 | +€500,000 | +100% |
| Accrued charges and deferred income | 492/3 | €39,000 | €39,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,701,175 | €1,940,863 | +€239,687 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €156,262 | €203,882 | +€47,620 | +30.5% |
| Other operating charges | 640/8 | €5,680 | €5,781 | +€100 | +1.8% |
| Gross operating margin | 9900 | €2,176,563 | €2,960,913 | +€784,350 | +36.0% |
| Operating profit (loss) | 9901 | €313,446 | €810,389 | +€496,943 | +159% |
| Financial income | 75/76B | €1,580 | €6,998 | +€5,418 | +343% |
| Recurring financial income | 75 | €1,580 | €6,998 | +€5,418 | +343% |
| Financial charges | 65/66B | €67,767 | €172,551 | +€104,784 | +155% |
| Recurring financial charges | 65 | €67,767 | €172,551 | +€104,784 | +155% |
| Profit (loss) for the period before taxes | 9903 | €247,259 | €644,836 | +€397,577 | +161% |
| Income taxes | 67/77 | €75,000 | €174,025 | +€99,025 | +132% |
| Profit (loss) for the period | 9904 | €172,259 | €470,811 | +€298,553 | +173% |
| Profit (loss) for the period to be appropriated | 9905 | €172,259 | €470,811 | +€298,553 | +173% |
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 4 November 2026 via checked.be.