OLIVIA NUTAL: 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.
OLIVIA NUTAL
Largest movements
- Current investments +€50,005
up €50,005 (+9.1%), from €551,162 to €601,167
- Receivables after one year -€38,000
down €38,000 (-32.9%), from €115,573 to €77,573
- Tangible fixed assets -€33,850
down €33,850 (-12.9%), from €261,708 to €227,858
of which Land and buildings: -€58,174
- Receivables within one year +€20,198
up €20,198 (+36.4%), from €55,533 to €75,731
of which Trade receivables: +€13,370
- Cash +€18,959
up €18,959 (+20.6%), from €91,830 to €110,789
mainly Net result for the year (+€83,368) and Depreciation (+€62,435)
- Profit (loss) carried forward +€83,368
up €83,368 (+20.1%), from €415,389 to €498,757
- Reserves -€40,000
down €40,000 (-8.6%), from €463,693 to €423,693
of which Distributable reserves: -€40,000
- Debts after one year -€32,246
down €32,246 (-70.5%), from €45,747 to €13,501
- Trade debts +€31,788
up €31,788 (+29.5%), from €107,829 to €139,617
- Tax, wage and social debts -€19,143
down €19,143 (-34.8%), from €55,085 to €35,942
of which Remuneration and social security: -€11,591
- Taxes -€19,819
down €19,819 (-42.8%), from €46,316 to €26,497
- Gross operating margin -€11,883
down €11,883 (-3.2%), from €370,128 to €358,244
- Financial income -€9,419
down €9,419 (-36.7%), from €25,638 to €16,219
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,201,631 | €1,221,950 | +€20,319 | +1.7% |
| Fixed assets | 21/28 | €262,666 | €228,816 | -€33,850 | -12.9% |
| Intangible fixed assets | 21 | €958 | €958 | = | 0.0% |
| Tangible fixed assets | 22/27 | €261,708 | €227,858 | -€33,850 | -12.9% |
| Land and buildings | 22 | €255,057 | €196,883 | -€58,174 | -22.8% |
| Plant, machinery and equipment | 23 | €1,322 | €28,711 | +€27,389 | +2,071% |
| Furniture and vehicles | 24 | €5,329 | €2,264 | -€3,065 | -57.5% |
| Current assets | 29/58 | €938,964 | €993,134 | +€54,170 | +5.8% |
| Amounts receivable after more than one year | 29 | €115,573 | €77,573 | -€38,000 | -32.9% |
| Other amounts receivable | 291 | €115,573 | €77,573 | -€38,000 | -32.9% |
| Stocks and contracts in progress | 3 | €124,866 | €127,874 | +€3,007 | +2.4% |
| Stocks | 30/36 | €124,866 | €127,874 | +€3,007 | +2.4% |
| Amounts receivable within one year | 40/41 | €55,533 | €75,731 | +€20,198 | +36.4% |
| Trade receivables | 40 | €55,533 | €68,903 | +€13,370 | +24.1% |
| Other amounts receivable | 41 | - | €6,829 | +€6,829 | |
| Current investments | 50/53 | €551,162 | €601,167 | +€50,005 | +9.1% |
| Cash at bank and in hand | 54/58 | €91,830 | €110,789 | +€18,959 | +20.6% |
| Total equity and liabilities | 10/49 | €1,201,631 | €1,221,950 | +€20,319 | +1.7% |
| Equity | 10/15 | €961,445 | €1,000,645 | +€39,200 | +4.1% |
| Contributions | 10/11 | €65,692 | €65,692 | = | 0.0% |
| Capital | 10 | €65,692 | €65,692 | = | 0.0% |
| Issued capital | 100 | €65,692 | €65,692 | = | 0.0% |
| Reserves | 13 | €463,693 | €423,693 | -€40,000 | -8.6% |
| Non-distributable reserves | 130/1 | €6,569 | €6,569 | = | 0.0% |
| Legal reserve | 130 | €6,569 | €6,569 | = | 0.0% |
| Tax-exempt reserves | 132 | €127,250 | €127,250 | = | 0.0% |
| Distributable reserves | 133 | €329,874 | €289,874 | -€40,000 | -12.1% |
| Profit (loss) carried forward | 14 | €415,389 | €498,757 | +€83,368 | +20.1% |
| Investment grants | 15 | €16,671 | €12,503 | -€4,168 | -25.0% |
| Amounts payable | 17/49 | €240,186 | €221,305 | -€18,881 | -7.9% |
| Amounts payable after more than one year | 17 | €45,747 | €13,501 | -€32,246 | -70.5% |
| Financial debts | 170/4 | €45,747 | €13,501 | -€32,246 | -70.5% |
| Amounts payable within one year | 42/48 | €194,439 | €207,805 | +€13,365 | +6.9% |
| Current portion of amounts payable after more than one year | 42 | €31,525 | €32,246 | +€721 | +2.3% |
| Trade debts | 44 | €107,829 | €139,617 | +€31,788 | +29.5% |
| Suppliers | 440/4 | €107,829 | €139,617 | +€31,788 | +29.5% |
| Taxes, remuneration and social security | 45 | €55,085 | €35,942 | -€19,143 | -34.8% |
| Taxes | 450/3 | €15,788 | €8,235 | -€7,552 | -47.8% |
| Remuneration and social security | 454/9 | €39,298 | €27,707 | -€11,591 | -29.5% |
| Remuneration, social security and pensions | 62 | €183,811 | €182,431 | -€1,380 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,570 | €62,435 | +€866 | +1.4% |
| Other operating charges | 640/8 | €11,768 | €15,118 | +€3,350 | +28.5% |
| Gross operating margin | 9900 | €370,128 | €358,244 | -€11,883 | -3.2% |
| Operating profit (loss) | 9901 | €112,979 | €98,259 | -€14,719 | -13.0% |
| Financial income | 75/76B | €25,638 | €16,219 | -€9,419 | -36.7% |
| Recurring financial income | 75 | €25,638 | €16,219 | -€9,419 | -36.7% |
| Financial charges | 65/66B | €4,452 | €4,614 | +€162 | +3.6% |
| Recurring financial charges | 65 | €4,452 | €4,614 | +€162 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €134,165 | €109,865 | -€24,300 | -18.1% |
| Income taxes | 67/77 | €46,316 | €26,497 | -€19,819 | -42.8% |
| Profit (loss) for the period | 9904 | €87,849 | €83,368 | -€4,482 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €87,849 | €83,368 | -€4,482 | -5.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.