Olivier Oudenaert: 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 Oudenaert
Largest movements
- Tangible fixed assets -€10,021
down €10,021 (-33.9%), from €29,552 to €19,531
of which Furniture and vehicles: -€9,581
- Cash +€6,560
up €6,560 (+4.7%), from €138,203 to €144,763
mainly Other debts (+€89,547) and Net result for the year (+€52,123)
- Receivables within one year +€3,889
up €3,889 (+7.5%), from €51,717 to €55,607
of which Trade receivables: +€8,628
- Reserves -€102,877
down €102,877 (-66.3%), from €155,185 to €52,309
of which Distributable reserves: -€102,877
- Other debts +€89,547
up €89,547 (+2,121%), from €4,222 to €93,768
- Tax, wage and social debts +€19,930
up €19,930 (+71.2%), from €27,975 to €47,905
of which Remuneration and social security: +€10,088
- Debts after one year -€6,479
down €6,479 (-70.4%), from €9,209 to €2,730
- Gross operating margin +€38,343
up €38,343 (+57.2%), from €67,090 to €105,433
- Staff costs +€20,071
up €20,071 (+702%), from €2,857 to €22,928
- Taxes +€3,860
up €3,860 (+29.1%), from €13,261 to €17,122
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 | €221,970 | €222,776 | +€806 | +0.4% |
| Fixed assets | 21/28 | €29,752 | €19,731 | -€10,021 | -33.7% |
| Tangible fixed assets | 22/27 | €29,552 | €19,531 | -€10,021 | -33.9% |
| Furniture and vehicles | 24 | €22,837 | €13,257 | -€9,581 | -42.0% |
| Other tangible fixed assets | 26 | €6,714 | €6,274 | -€440 | -6.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €192,218 | €203,045 | +€10,826 | +5.6% |
| Amounts receivable within one year | 40/41 | €51,717 | €55,607 | +€3,889 | +7.5% |
| Trade receivables | 40 | €46,979 | €55,607 | +€8,628 | +18.4% |
| Other amounts receivable | 41 | €4,739 | €0 | -€4,739 | -100% |
| Cash at bank and in hand | 54/58 | €138,203 | €144,763 | +€6,560 | +4.7% |
| Deferred charges and accrued income | 490/1 | €2,298 | €2,675 | +€377 | +16.4% |
| Total equity and liabilities | 10/49 | €221,970 | €222,776 | +€806 | +0.4% |
| Equity | 10/15 | €173,785 | €70,909 | -€102,877 | -59.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €155,185 | €52,309 | -€102,877 | -66.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €155,185 | €52,309 | -€102,877 | -66.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €48,185 | €151,867 | +€103,682 | +215% |
| Amounts payable after more than one year | 17 | €9,209 | €2,730 | -€6,479 | -70.4% |
| Financial debts | 170/4 | €9,209 | €2,730 | -€6,479 | -70.4% |
| Amounts payable within one year | 42/48 | €38,975 | €149,136 | +€110,161 | +283% |
| Current portion of amounts payable after more than one year | 42 | €6,376 | €6,479 | +€103 | +1.6% |
| Trade debts | 44 | €403 | €984 | +€582 | +144% |
| Suppliers | 440/4 | €403 | €984 | +€582 | +144% |
| Taxes, remuneration and social security | 45 | €27,975 | €47,905 | +€19,930 | +71.2% |
| Taxes | 450/3 | €0 | €9,842 | +€9,842 | |
| Remuneration and social security | 454/9 | €27,975 | €38,063 | +€10,088 | +36.1% |
| Other amounts payable | 47/48 | €4,222 | €93,768 | +€89,547 | +2,121% |
| Remuneration, social security and pensions | 62 | €2,857 | €22,928 | +€20,071 | +702% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,672 | €12,072 | +€400 | +3.4% |
| Other operating charges | 640/8 | €240 | €762 | +€523 | +218% |
| Gross operating margin | 9900 | €67,090 | €105,433 | +€38,343 | +57.2% |
| Operating profit (loss) | 9901 | €52,321 | €69,671 | +€17,349 | +33.2% |
| Financial charges | 65/66B | €524 | €425 | -€99 | -18.8% |
| Recurring financial charges | 65 | €524 | €425 | -€99 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €51,797 | €69,245 | +€17,448 | +33.7% |
| Income taxes | 67/77 | €13,261 | €17,122 | +€3,860 | +29.1% |
| Profit (loss) for the period | 9904 | €38,536 | €52,123 | +€13,587 | +35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,536 | €52,123 | +€13,587 | +35.3% |
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 26 October 2026 via checked.be.