OGEPAR: 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.
OGEPAR
Largest movements
- Financial fixed assets +€1.0m
new in 2025: €1.0m
- Cash +€53,683
up €53,683 (+58.3%), from €92,037 to €145,720
mainly Debts after one year (+€626,104) and Other debts (+€331,604)
- Debts after one year +€626,104
up €626,104 (+645.4%), from €97,012 to €723,116
- Other debts +€331,604
up €331,604 (+816.0%), from €40,640 to €372,244
- Reserves +€50,378
up €50,378 (+37.2%), from €135,540 to €185,918
- Current portion of long-term debt +€36,955
up €36,955 (+191.0%), from €19,346 to €56,300
- Financial charges +€17,063
up €17,063 (+339.9%), from €5,021 to €22,084
- Taxes +€9,497
up €9,497 (+202.4%), from €4,692 to €14,189
- Gross operating margin +€7,100
up €7,100 (+7.8%), from €91,607 to €98,707
- Depreciation -€2,153
down €2,153 (-17.3%), from €12,435 to €10,282
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 | €309,103 | €1,359,887 | +€1.1m | +339.9% |
| Fixed assets | 21/28 | €191,705 | €1,187,652 | +€995,947 | +519.5% |
| Tangible fixed assets | 22/27 | €191,705 | €187,652 | -€4,053 | -2.1% |
| Land and buildings | 22 | €186,795 | €181,273 | -€5,522 | -3.0% |
| Furniture and vehicles | 24 | €4,414 | €5,882 | +€1,469 | +33.3% |
| Other tangible fixed assets | 26 | €496 | €496 | = | 0.0% |
| Financial fixed assets | 28 | - | €1,000,000 | +€1.0m | |
| Current assets | 29/58 | €117,399 | €172,236 | +€54,837 | +46.7% |
| Amounts receivable within one year | 40/41 | €25,202 | €26,348 | +€1,147 | +4.6% |
| Trade receivables | 40 | €19,112 | €16,536 | -€2,576 | -13.5% |
| Other amounts receivable | 41 | €6,089 | €9,812 | +€3,723 | +61.1% |
| Cash at bank and in hand | 54/58 | €92,037 | €145,720 | +€53,683 | +58.3% |
| Deferred charges and accrued income | 490/1 | €161 | €168 | +€7 | +4.5% |
| Total equity and liabilities | 10/49 | €309,103 | €1,359,887 | +€1.1m | +339.9% |
| Equity | 10/15 | €140,557 | €190,935 | +€50,378 | +35.8% |
| Contributions | 10/11 | €5,017 | €5,017 | = | 0.0% |
| Reserves | 13 | €135,540 | €185,918 | +€50,378 | +37.2% |
| Distributable reserves | 133 | €135,540 | €185,918 | +€50,378 | +37.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €168,546 | €1,168,952 | +€1.0m | +593.6% |
| Amounts payable after more than one year | 17 | €97,012 | €723,116 | +€626,104 | +645.4% |
| Financial debts | 170/4 | €97,012 | €723,116 | +€626,104 | +645.4% |
| Amounts payable within one year | 42/48 | €71,534 | €445,835 | +€374,302 | +523.3% |
| Current portion of amounts payable after more than one year | 42 | €19,346 | €56,300 | +€36,955 | +191.0% |
| Trade debts | 44 | €1,519 | €5,150 | +€3,631 | +239.1% |
| Suppliers | 440/4 | €1,519 | €5,150 | +€3,631 | +239.1% |
| Taxes, remuneration and social security | 45 | €10,030 | €12,141 | +€2,111 | +21.0% |
| Taxes | 450/3 | €10,030 | €12,141 | +€2,111 | +21.0% |
| Other amounts payable | 47/48 | €40,640 | €372,244 | +€331,604 | +816.0% |
| Non-recurring operating income | 76A | €124 | €0 | -€124 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,435 | €10,282 | -€2,153 | -17.3% |
| Other operating charges | 640/8 | €1,726 | €1,774 | +€48 | +2.8% |
| Non-recurring operating charges | 66A | €3,338 | €0 | -€3,338 | -100.0% |
| Gross operating margin | 9900 | €91,607 | €98,707 | +€7,100 | +7.8% |
| Operating profit (loss) | 9901 | €74,108 | €86,651 | +€12,543 | +16.9% |
| Financial income | 75/76B | €11 | €0 | -€11 | -99.8% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -99.8% |
| Financial charges | 65/66B | €5,021 | €22,084 | +€17,063 | +339.9% |
| Recurring financial charges | 65 | €5,021 | €22,084 | +€17,063 | +339.9% |
| Profit (loss) for the period before taxes | 9903 | €69,098 | €64,567 | -€4,531 | -6.6% |
| Income taxes | 67/77 | €4,692 | €14,189 | +€9,497 | +202.4% |
| Profit (loss) for the period | 9904 | €64,406 | €50,378 | -€14,028 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €64,406 | €50,378 | -€14,028 | -21.8% |
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.