Okavango Delta: 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.
Okavango Delta
Largest movements
- Cash +€47,620
up €47,620 (+60.6%), from €78,571 to €126,192
mainly Net result for the year (+€94,327) and Tax, wage and social debts (+€29,547)
- Receivables within one year +€47,303
up €47,303 (+539%), from €8,782 to €56,085
of which Trade receivables: +€43,194
- Deferred charges and accrued income -€18,230
down €18,230 (-100%), from €18,230 to €0
- Tangible fixed assets -€14,952
down €14,952 (-17.1%), from €87,574 to €72,623
of which Plant, machinery and equipment: -€8,814
- Reserves +€46,440
up €46,440 (+18.4%), from €252,123 to €298,563
of which Distributable reserves: +€46,440
- Tax, wage and social debts +€29,547
up €29,547 (+240%), from €12,308 to €41,855
of which Taxes: +€29,547
- Current portion of long-term debt -€15,084
down €15,084 (-100%), from €15,084 to €0
- Gross operating margin +€27,100
up €27,100 (+22.4%), from €120,791 to €147,891
- Taxes +€15,693
up €15,693 (+67.9%), from €23,097 to €38,790
- Depreciation -€4,978
down €4,978 (-25.0%), from €19,929 to €14,952
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 | €295,105 | €356,846 | +€61,741 | +20.9% |
| Fixed assets | 21/28 | €87,574 | €72,623 | -€14,952 | -17.1% |
| Tangible fixed assets | 22/27 | €87,574 | €72,623 | -€14,952 | -17.1% |
| Land and buildings | 22 | €20,533 | €14,933 | -€5,600 | -27.3% |
| Plant, machinery and equipment | 23 | €66,503 | €57,689 | -€8,814 | -13.3% |
| Furniture and vehicles | 24 | €538 | €0 | -€538 | -100% |
| Current assets | 29/58 | €207,530 | €284,223 | +€76,693 | +37.0% |
| Amounts receivable within one year | 40/41 | €8,782 | €56,085 | +€47,303 | +539% |
| Trade receivables | 40 | €3,446 | €46,640 | +€43,194 | +1,253% |
| Other amounts receivable | 41 | €5,336 | €9,445 | +€4,108 | +77.0% |
| Current investments | 50/53 | €101,946 | €101,946 | -€0 | 0.0% |
| Cash at bank and in hand | 54/58 | €78,571 | €126,192 | +€47,620 | +60.6% |
| Deferred charges and accrued income | 490/1 | €18,230 | €0 | -€18,230 | -100% |
| Total equity and liabilities | 10/49 | €295,105 | €356,846 | +€61,741 | +20.9% |
| Equity | 10/15 | €264,523 | €310,963 | +€46,440 | +17.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €252,123 | €298,563 | +€46,440 | +18.4% |
| Tax-exempt reserves | 132 | €12,526 | €12,526 | = | 0.0% |
| Distributable reserves | 133 | €239,597 | €286,037 | +€46,440 | +19.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €30,581 | €45,882 | +€15,301 | +50.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €29,913 | €44,924 | +€15,011 | +50.2% |
| Current portion of amounts payable after more than one year | 42 | €15,084 | €0 | -€15,084 | -100% |
| Trade debts | 44 | €2,522 | €3,070 | +€548 | +21.7% |
| Suppliers | 440/4 | €2,522 | €3,070 | +€548 | +21.7% |
| Taxes, remuneration and social security | 45 | €12,308 | €41,855 | +€29,547 | +240% |
| Taxes | 450/3 | €12,308 | €41,855 | +€29,547 | +240% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €668 | €958 | +€290 | +43.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,929 | €14,952 | -€4,978 | -25.0% |
| Other operating charges | 640/8 | €569 | €585 | +€16 | +2.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €120,791 | €147,891 | +€27,100 | +22.4% |
| Operating profit (loss) | 9901 | €100,293 | €132,354 | +€32,062 | +32.0% |
| Financial income | 75/76B | €1,262 | €941 | -€321 | -25.4% |
| Recurring financial income | 75 | €1,262 | €941 | -€321 | -25.4% |
| Financial charges | 65/66B | €693 | €179 | -€515 | -74.2% |
| Recurring financial charges | 65 | €693 | €179 | -€515 | -74.2% |
| Profit (loss) for the period before taxes | 9903 | €100,861 | €133,117 | +€32,256 | +32.0% |
| Income taxes | 67/77 | €23,097 | €38,790 | +€15,693 | +67.9% |
| Profit (loss) for the period | 9904 | €77,764 | €94,327 | +€16,563 | +21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €77,764 | €94,327 | +€16,563 | +21.3% |
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 14 October 2026 via checked.be.