Olivier HONORÉ: 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 HONORÉ
Largest movements
- Receivables within one year -€8,538
down €8,538 (-2.9%), from €298,840 to €290,303
of which Other amounts receivable: -€15,853
- Cash +€4,689
up €4,689 (+230%), from €2,035 to €6,725
mainly Other debts (+€57,587) and Receivables within one year (+€8,538)
- Tax, wage and social debts -€69,394
down €69,394 (-69.4%), from €100,043 to €30,649
- Other debts +€57,587
up €57,587 (+33,147%), from €174 to €57,760
- Reserves +€7,120
up €7,120 (+4.3%), from €165,602 to €172,722
of which Distributable reserves: +€7,120
- Gross operating margin -€174,866
down €174,866 (-95.5%), from €183,189 to €8,322
- Taxes -€12,346
down €12,346, from €5,157 to -€7,189
- Other operating charges -€4,063
down €4,063 (-63.4%), from €6,409 to €2,346
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 | €309,107 | €305,756 | -€3,352 | -1.1% |
| Fixed assets | 21/28 | €7,936 | €7,892 | -€44 | -0.6% |
| Tangible fixed assets | 22/27 | €436 | €392 | -€44 | -10.1% |
| Furniture and vehicles | 24 | €436 | €392 | -€44 | -10.1% |
| Financial fixed assets | 28 | €7,500 | €7,500 | = | 0.0% |
| Current assets | 29/58 | €301,171 | €297,864 | -€3,308 | -1.1% |
| Stocks and contracts in progress | 3 | €152 | €152 | = | 0.0% |
| Stocks | 30/36 | €152 | €152 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €298,840 | €290,303 | -€8,538 | -2.9% |
| Trade receivables | 40 | €149,651 | €156,966 | +€7,315 | +4.9% |
| Other amounts receivable | 41 | €149,190 | €133,336 | -€15,853 | -10.6% |
| Cash at bank and in hand | 54/58 | €2,035 | €6,725 | +€4,689 | +230% |
| Deferred charges and accrued income | 490/1 | €144 | €685 | +€541 | +376% |
| Total equity and liabilities | 10/49 | €309,107 | €305,756 | -€3,352 | -1.1% |
| Equity | 10/15 | €178,002 | €185,122 | +€7,120 | +4.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €165,602 | €172,722 | +€7,120 | +4.3% |
| Tax-exempt reserves | 132 | €123,493 | €123,493 | = | 0.0% |
| Distributable reserves | 133 | €42,109 | €49,229 | +€7,120 | +16.9% |
| Provisions and deferred taxes | 16 | €30,873 | €30,873 | = | 0.0% |
| Deferred taxes | 168 | €30,873 | €30,873 | = | 0.0% |
| Amounts payable | 17/49 | €100,232 | €89,760 | -€10,472 | -10.4% |
| Amounts payable within one year | 42/48 | €100,216 | €89,760 | -€10,456 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | - | €1,351 | +€1,351 | |
| Taxes, remuneration and social security | 45 | €100,043 | €30,649 | -€69,394 | -69.4% |
| Taxes | 450/3 | €100,043 | €30,649 | -€69,394 | -69.4% |
| Other amounts payable | 47/48 | €174 | €57,760 | +€57,587 | +33,147% |
| Accrued charges and deferred income | 492/3 | €16 | €0 | -€16 | -100% |
| Non-recurring operating income | 76A | €161,126 | €0 | -€161,126 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4 | €44 | +€40 | +976% |
| Other operating charges | 640/8 | €6,409 | €2,346 | -€4,063 | -63.4% |
| Gross operating margin | 9900 | €183,189 | €8,322 | -€174,866 | -95.5% |
| Operating profit (loss) | 9901 | €176,776 | €5,932 | -€170,844 | -96.6% |
| Financial income | 75/76B | €1,401 | €0 | -€1,401 | -100% |
| Recurring financial income | 75 | €1,401 | €0 | -€1,401 | -100% |
| Financial charges | 65/66B | €5,526 | €6,002 | +€475 | +8.6% |
| Recurring financial charges | 65 | €5,526 | €6,002 | +€475 | +8.6% |
| Profit (loss) for the period before taxes | 9903 | €172,650 | -€69 | -€172,719 | |
| Transfer to deferred taxes | 680 | €30,873 | €0 | -€30,873 | -100% |
| Income taxes | 67/77 | €5,157 | -€7,189 | -€12,346 | |
| Profit (loss) for the period | 9904 | €136,619 | €7,120 | -€129,499 | -94.8% |
| Transfer to tax-exempt reserves | 689 | €123,493 | €0 | -€123,493 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €13,126 | €7,120 | -€6,006 | -45.8% |
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 21 October 2026 via checked.be.