OGECO: 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.
OGECO
Largest movements
- Cash -€1.5m
down €1.5m (-72.0%), from €2.1m to €590,291
mainly Trade debts (-€1.6m) and Current investments (-€1.1m)
- Current investments +€1.1m
new in 2025: €1.1m
- Receivables within one year -€770,311
down €770,311 (-27.6%), from €2.8m to €2.0m
of which Trade receivables: -€572,840
- Tangible fixed assets -€66,663
down €66,663 (-40.0%), from €166,713 to €100,050
of which Plant, machinery and equipment: -€56,033
- Trade debts -€1.6m
down €1.6m (-75.4%), from €2.2m to €533,673
- Advances received +€1.5m
up €1.5m (+150.5%), from €976,921 to €2.4m
- Other debts -€759,942
down €759,942 (-90.5%), from €840,079 to €80,137
- Short-term financial debts -€299,973
down €299,973 (-100.0%), from €300,000 to €27
- Gross operating margin -€930,682
down €930,682 (-66.9%), from €1.4m to €461,462
- Financial income -€331,473
down €331,473 (-88.8%), from €373,243 to €41,770
- Taxes -€288,116
down €288,116 (-90.6%), from €318,092 to €29,976
- Financial charges -€131,980
down €131,980 (-51.2%), from €257,601 to €125,621
- Depreciation +€21,667
up €21,667 (+48.2%), from €44,996 to €66,663
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 | €5,497,041 | €4,256,021 | -€1.2m | -22.6% |
| Fixed assets | 21/28 | €242,783 | €183,263 | -€59,520 | -24.5% |
| Tangible fixed assets | 22/27 | €166,713 | €100,050 | -€66,663 | -40.0% |
| Plant, machinery and equipment | 23 | €134,096 | €78,063 | -€56,033 | -41.8% |
| Furniture and vehicles | 24 | €32,617 | €21,987 | -€10,630 | -32.6% |
| Financial fixed assets | 28 | €76,070 | €83,213 | +€7,143 | +9.4% |
| Current assets | 29/58 | €5,254,258 | €4,072,758 | -€1.2m | -22.5% |
| Stocks and contracts in progress | 3 | €320,838 | €320,838 | = | 0.0% |
| Stocks | 30/36 | €320,838 | €320,838 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €2,795,841 | €2,025,530 | -€770,311 | -27.6% |
| Trade receivables | 40 | €2,006,619 | €1,433,779 | -€572,840 | -28.5% |
| Other amounts receivable | 41 | €789,222 | €591,751 | -€197,471 | -25.0% |
| Current investments | 50/53 | - | €1,100,000 | +€1.1m | |
| Cash at bank and in hand | 54/58 | €2,110,318 | €590,291 | -€1.5m | -72.0% |
| Deferred charges and accrued income | 490/1 | €27,261 | €36,099 | +€8,838 | +32.4% |
| Total equity and liabilities | 10/49 | €5,497,041 | €4,256,021 | -€1.2m | -22.6% |
| Equity | 10/15 | €1,146,244 | €1,151,123 | +€4,879 | +0.4% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €314,700 | €314,700 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Legal reserve | 130 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €294,700 | €294,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €631,544 | €636,423 | +€4,879 | +0.8% |
| Amounts payable | 17/49 | €4,350,797 | €3,104,898 | -€1.2m | -28.6% |
| Amounts payable after more than one year | 17 | €25,122 | €14,211 | -€10,911 | -43.4% |
| Financial debts | 170/4 | €25,122 | €14,211 | -€10,911 | -43.4% |
| Amounts payable within one year | 42/48 | €4,325,160 | €3,090,687 | -€1.2m | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €10,519 | €10,911 | +€392 | +3.7% |
| Financial debts | 43 | €300,000 | €27 | -€299,973 | -100.0% |
| Credit institutions | 430/8 | €300,000 | €27 | -€299,973 | -100.0% |
| Trade debts | 44 | €2,169,624 | €533,673 | -€1.6m | -75.4% |
| Suppliers | 440/4 | €2,169,624 | €533,673 | -€1.6m | -75.4% |
| Advances received on contracts in progress | 46 | €976,921 | €2,447,465 | +€1.5m | +150.5% |
| Taxes, remuneration and social security | 45 | €28,017 | €18,474 | -€9,543 | -34.1% |
| Taxes | 450/3 | €10,181 | - | -€10,181 | |
| Remuneration and social security | 454/9 | €17,836 | €18,474 | +€638 | +3.6% |
| Other amounts payable | 47/48 | €840,079 | €80,137 | -€759,942 | -90.5% |
| Accrued charges and deferred income | 492/3 | €515 | - | -€515 | |
| Remuneration, social security and pensions | 62 | €156,340 | €158,880 | +€2,540 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,996 | €66,663 | +€21,667 | +48.2% |
| Other operating charges | 640/8 | €30,162 | €37,213 | +€7,051 | +23.4% |
| Gross operating margin | 9900 | €1,392,144 | €461,462 | -€930,682 | -66.9% |
| Operating profit (loss) | 9901 | €1,160,646 | €198,706 | -€961,940 | -82.9% |
| Financial income | 75/76B | €373,243 | €41,770 | -€331,473 | -88.8% |
| Recurring financial income | 75 | €373,243 | €41,770 | -€331,473 | -88.8% |
| Financial charges | 65/66B | €257,601 | €125,621 | -€131,980 | -51.2% |
| Recurring financial charges | 65 | €257,601 | €125,621 | -€131,980 | -51.2% |
| Profit (loss) for the period before taxes | 9903 | €1,276,288 | €114,855 | -€1.2m | -91.0% |
| Income taxes | 67/77 | €318,092 | €29,976 | -€288,116 | -90.6% |
| Profit (loss) for the period | 9904 | €958,196 | €84,879 | -€873,317 | -91.1% |
| Transfer to tax-exempt reserves | 689 | €294,700 | - | -€294,700 | |
| Profit (loss) for the period to be appropriated | 9905 | €663,496 | €84,879 | -€578,617 | -87.2% |
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 4 October 2026 via checked.be.