OLIVIER HODY: 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.
OLIVIER HODY
Largest movements
- Current investments +€463,680
up €463,680 (+39.8%), from €1.2m to €1.6m
- Receivables within one year +€116,442
up €116,442 (+277%), from €41,999 to €158,441
- Cash -€63,327
down €63,327 (-16.0%), from €395,093 to €331,766
mainly Current investments (-€463,680) and Contributions, distributions and other (-€284,193)
- Reserves +€334,894
up €334,894 (+17.3%), from €1.9m to €2.3m
- Other debts +€224,054
up €224,054 (+488%), from €45,930 to €269,984
- Short-term financial debts -€49,233
down €49,233 (-7.5%), from €653,917 to €604,683
- Gross operating margin -€127,130
down €127,130 (-12.6%), from €1.0m to €880,593
- Financial income +€30,731
up €30,731 (+97.6%), from €31,472 to €62,203
- Taxes -€28,357
down €28,357 (-9.1%), from €311,665 to €283,307
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 | €2,728,109 | €3,235,944 | +€507,835 | +18.6% |
| Fixed assets | 21/28 | €68,187 | €68,846 | +€659 | +1.0% |
| Tangible fixed assets | 22/27 | €68,187 | €68,846 | +€659 | +1.0% |
| Plant, machinery and equipment | 23 | €10,647 | €8,935 | -€1,713 | -16.1% |
| Furniture and vehicles | 24 | €57,540 | €59,912 | +€2,372 | +4.1% |
| Current assets | 29/58 | €2,659,922 | €3,167,098 | +€507,176 | +19.1% |
| Amounts receivable after more than one year | 29 | €1,030,200 | €1,020,000 | -€10,200 | -1.0% |
| Other amounts receivable | 291 | €1,030,200 | €1,020,000 | -€10,200 | -1.0% |
| Amounts receivable within one year | 40/41 | €41,999 | €158,441 | +€116,442 | +277% |
| Other amounts receivable | 41 | €41,999 | €158,441 | +€116,442 | +277% |
| Current investments | 50/53 | €1,165,621 | €1,629,301 | +€463,680 | +39.8% |
| Cash at bank and in hand | 54/58 | €395,093 | €331,766 | -€63,327 | -16.0% |
| Deferred charges and accrued income | 490/1 | €27,009 | €27,589 | +€581 | +2.2% |
| Total equity and liabilities | 10/49 | €2,728,109 | €3,235,944 | +€507,835 | +18.6% |
| Equity | 10/15 | €1,964,950 | €2,299,844 | +€334,894 | +17.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €1,934,950 | €2,269,844 | +€334,894 | +17.3% |
| Distributable reserves | 133 | €1,934,950 | €2,269,844 | +€334,894 | +17.3% |
| Amounts payable | 17/49 | €763,160 | €936,100 | +€172,941 | +22.7% |
| Amounts payable within one year | 42/48 | €715,864 | €896,565 | +€180,700 | +25.2% |
| Financial debts | 43 | €653,917 | €604,683 | -€49,233 | -7.5% |
| Other loans | 439 | €653,917 | €604,683 | -€49,233 | -7.5% |
| Trade debts | 44 | €5,070 | €4,974 | -€97 | -1.9% |
| Suppliers | 440/4 | €5,070 | €4,974 | -€97 | -1.9% |
| Taxes, remuneration and social security | 45 | €10,948 | €16,924 | +€5,976 | +54.6% |
| Taxes | 450/3 | €10,948 | €16,924 | +€5,976 | +54.6% |
| Other amounts payable | 47/48 | €45,930 | €269,984 | +€224,054 | +488% |
| Accrued charges and deferred income | 492/3 | €47,295 | €39,536 | -€7,760 | -16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,300 | €2,252 | -€48 | -2.1% |
| Other operating charges | 640/8 | €343 | €375 | +€32 | +9.2% |
| Gross operating margin | 9900 | €1,007,723 | €880,593 | -€127,130 | -12.6% |
| Operating profit (loss) | 9901 | €1,005,080 | €877,966 | -€127,114 | -12.6% |
| Financial income | 75/76B | €31,472 | €62,203 | +€30,731 | +97.6% |
| Recurring financial income | 75 | €31,472 | €62,203 | +€30,731 | +97.6% |
| Financial charges | 65/66B | €45,547 | €37,775 | -€7,772 | -17.1% |
| Recurring financial charges | 65 | €45,547 | €37,775 | -€7,772 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €991,006 | €902,395 | -€88,611 | -8.9% |
| Income taxes | 67/77 | €311,665 | €283,307 | -€28,357 | -9.1% |
| Profit (loss) for the period | 9904 | €679,341 | €619,088 | -€60,254 | -8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €679,341 | €619,088 | -€60,254 | -8.9% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.