OLIVIER BIETS: what changed
OLIVIER BIETS
Largest movements
- Receivables within one year -€77,165
down €77,165 (-48.1%), from €160,378 to €83,212
of which Trade receivables: -€56,668
- Stocks and contracts -€55,905
down €55,905 (-76.5%), from €73,092 to €17,187
- Tangible fixed assets -€22,508
down €22,508 (-4.1%), from €544,885 to €522,377
of which Land and buildings: -€15,215
- Other debts -€159,223
down €159,223 (-96.3%), from €165,423 to €6,200
- Debts after one year +€119,567
up €119,567 (+30.3%), from €394,487 to €514,054
of which Other amounts payable: +€140,000
- Advances received -€71,889
down €71,889 (-61.8%), from €116,337 to €44,448
- Trade debts -€31,934
down €31,934 (-42.4%), from €75,320 to €43,386
- Tax, wage and social debts -€17,705
down €17,705 (-58.3%), from €30,383 to €12,679
of which Remuneration and social security: -€14,062
- Gross operating margin -€68,673
down €68,673 (-34.6%), from €198,669 to €129,996
- Staff costs -€47,799
down €47,799 (-39.2%), from €121,948 to €74,150
- Taxes -€9,520
down €9,520 (-90.9%), from €10,468 to €948
- Depreciation +€6,152
up €6,152 (+34.1%), from €18,068 to €24,220
- Financial charges +€3,970
up €3,970 (+23.2%), from €17,141 to €21,110
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 | €845,232 | €685,189 | -€160,043 | -18.9% |
| Fixed assets | 21/28 | €545,167 | €522,659 | -€22,508 | -4.1% |
| Tangible fixed assets | 22/27 | €544,885 | €522,377 | -€22,508 | -4.1% |
| Land and buildings | 22 | €504,349 | €489,134 | -€15,215 | -3.0% |
| Plant, machinery and equipment | 23 | €1,875 | €2,794 | +€919 | +49.0% |
| Furniture and vehicles | 24 | €38,662 | €30,449 | -€8,212 | -21.2% |
| Financial fixed assets | 28 | €282 | €282 | = | 0.0% |
| Current assets | 29/58 | €300,065 | €162,530 | -€137,535 | -45.8% |
| Stocks and contracts in progress | 3 | €73,092 | €17,187 | -€55,905 | -76.5% |
| Stocks | 30/36 | €73,092 | €17,187 | -€55,905 | -76.5% |
| Amounts receivable within one year | 40/41 | €160,378 | €83,212 | -€77,165 | -48.1% |
| Trade receivables | 40 | €135,551 | €78,882 | -€56,668 | -41.8% |
| Other amounts receivable | 41 | €24,827 | €4,330 | -€20,497 | -82.6% |
| Cash at bank and in hand | 54/58 | €58,926 | €54,657 | -€4,270 | -7.2% |
| Deferred charges and accrued income | 490/1 | €7,669 | €7,473 | -€195 | -2.5% |
| Total equity and liabilities | 10/49 | €845,232 | €685,189 | -€160,043 | -18.9% |
| Equity | 10/15 | €42,374 | €42,593 | +€219 | +0.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €39,874 | €40,093 | +€219 | +0.5% |
| Distributable reserves | 133 | €39,874 | €40,093 | +€219 | +0.5% |
| Amounts payable | 17/49 | €802,857 | €642,595 | -€160,262 | -20.0% |
| Amounts payable after more than one year | 17 | €394,487 | €514,054 | +€119,567 | +30.3% |
| Financial debts | 170/4 | €394,487 | €374,054 | -€20,433 | -5.2% |
| Other amounts payable | 178/9 | - | €140,000 | +€140,000 | |
| Amounts payable within one year | 42/48 | €408,083 | €128,274 | -€279,809 | -68.6% |
| Current portion of amounts payable after more than one year | 42 | €20,620 | €21,562 | +€942 | +4.6% |
| Trade debts | 44 | €75,320 | €43,386 | -€31,934 | -42.4% |
| Suppliers | 440/4 | €75,320 | €43,386 | -€31,934 | -42.4% |
| Advances received on contracts in progress | 46 | €116,337 | €44,448 | -€71,889 | -61.8% |
| Taxes, remuneration and social security | 45 | €30,383 | €12,679 | -€17,705 | -58.3% |
| Taxes | 450/3 | €6,247 | €2,605 | -€3,642 | -58.3% |
| Remuneration and social security | 454/9 | €24,136 | €10,074 | -€14,062 | -58.3% |
| Other amounts payable | 47/48 | €165,423 | €6,200 | -€159,223 | -96.3% |
| Accrued charges and deferred income | 492/3 | €287 | €267 | -€20 | -6.9% |
| Remuneration, social security and pensions | 62 | €121,948 | €74,150 | -€47,799 | -39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,068 | €24,220 | +€6,152 | +34.1% |
| Other operating charges | 640/8 | €3,207 | €4,466 | +€1,259 | +39.3% |
| Non-recurring operating charges | 66A | - | €5,208 | +€5,208 | |
| Gross operating margin | 9900 | €198,669 | €129,996 | -€68,673 | -34.6% |
| Operating profit (loss) | 9901 | €55,446 | €21,951 | -€33,494 | -60.4% |
| Financial income | 75/76B | €547 | €326 | -€222 | -40.5% |
| Recurring financial income | 75 | €547 | €326 | -€222 | -40.5% |
| Financial charges | 65/66B | €17,141 | €21,110 | +€3,970 | +23.2% |
| Recurring financial charges | 65 | €17,141 | €21,110 | +€3,970 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €38,852 | €1,167 | -€37,685 | -97.0% |
| Income taxes | 67/77 | €10,468 | €948 | -€9,520 | -90.9% |
| Profit (loss) for the period | 9904 | €28,384 | €219 | -€28,165 | -99.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,384 | €219 | -€28,165 | -99.2% |
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 3 November 2026 via checked.be.