OLIVIER WERY: 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 WERY
Largest movements
- Receivables within one year +€97,727
up €97,727 (+54.1%), from €180,769 to €278,497
of which Trade receivables: +€97,727
- Cash -€52,746
down €52,746 (-33.3%), from €158,234 to €105,488
mainly Receivables within one year (-€97,727) and Other debts (-€12,884)
- Tangible fixed assets -€14,890
down €14,890 (-38.9%), from €38,303 to €23,412
of which Land and buildings: -€13,200
- Reserves +€49,703
up €49,703 (+23.7%), from €209,694 to €259,397
of which Distributable reserves: +€49,703
- Other debts -€12,884
down €12,884 (-29.8%), from €43,237 to €30,353
- Tax, wage and social debts -€5,035
down €5,035 (-17.3%), from €29,143 to €24,107
- Depreciation -€6,629
down €6,629 (-25.3%), from €26,170 to €19,541
- Gross operating margin +€2,213
up €2,213 (+2.3%), from €95,205 to €97,417
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 | €378,235 | €408,018 | +€29,783 | +7.9% |
| Fixed assets | 21/28 | €38,618 | €23,441 | -€15,177 | -39.3% |
| Intangible fixed assets | 21 | €315 | €29 | -€287 | -90.9% |
| Tangible fixed assets | 22/27 | €38,303 | €23,412 | -€14,890 | -38.9% |
| Land and buildings | 22 | €26,400 | €13,200 | -€13,200 | -50.0% |
| Furniture and vehicles | 24 | €5,665 | €1,775 | -€3,890 | -68.7% |
| Other tangible fixed assets | 26 | €6,237 | €8,437 | +€2,200 | +35.3% |
| Current assets | 29/58 | €339,618 | €384,577 | +€44,960 | +13.2% |
| Amounts receivable within one year | 40/41 | €180,769 | €278,497 | +€97,727 | +54.1% |
| Trade receivables | 40 | €138,391 | €236,118 | +€97,727 | +70.6% |
| Other amounts receivable | 41 | €42,379 | €42,379 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €158,234 | €105,488 | -€52,746 | -33.3% |
| Deferred charges and accrued income | 490/1 | €614 | €592 | -€22 | -3.5% |
| Total equity and liabilities | 10/49 | €378,235 | €408,018 | +€29,783 | +7.9% |
| Equity | 10/15 | €222,094 | €271,797 | +€49,703 | +22.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €209,694 | €259,397 | +€49,703 | +23.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €207,834 | €257,537 | +€49,703 | +23.9% |
| Amounts payable | 17/49 | €156,142 | €136,221 | -€19,921 | -12.8% |
| Amounts payable after more than one year | 17 | €60,969 | €60,969 | = | 0.0% |
| Financial debts | 170/4 | €60,969 | €60,969 | = | 0.0% |
| Amounts payable within one year | 42/48 | €95,172 | €75,252 | -€19,921 | -20.9% |
| Current portion of amounts payable after more than one year | 42 | €16,614 | €16,614 | = | 0.0% |
| Trade debts | 44 | €6,149 | €4,177 | -€1,973 | -32.1% |
| Suppliers | 440/4 | €6,149 | €4,177 | -€1,973 | -32.1% |
| Advances received on contracts in progress | 46 | €29 | - | -€29 | |
| Taxes, remuneration and social security | 45 | €29,143 | €24,107 | -€5,035 | -17.3% |
| Taxes | 450/3 | €29,143 | €24,107 | -€5,035 | -17.3% |
| Other amounts payable | 47/48 | €43,237 | €30,353 | -€12,884 | -29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,170 | €19,541 | -€6,629 | -25.3% |
| Other operating charges | 640/8 | €7,853 | €8,038 | +€186 | +2.4% |
| Gross operating margin | 9900 | €95,205 | €97,417 | +€2,213 | +2.3% |
| Operating profit (loss) | 9901 | €61,182 | €69,838 | +€8,656 | +14.1% |
| Financial income | 75/76B | - | €136 | +€136 | |
| Recurring financial income | 75 | - | €116 | +€116 | |
| Non-recurring financial income | 76B | - | €20 | +€20 | |
| Financial charges | 65/66B | €382 | - | -€382 | |
| Recurring financial charges | 65 | €382 | - | -€382 | |
| Profit (loss) for the period before taxes | 9903 | €60,801 | €69,974 | +€9,173 | +15.1% |
| Income taxes | 67/77 | €19,365 | €20,270 | +€905 | +4.7% |
| Profit (loss) for the period | 9904 | €41,436 | €49,703 | +€8,268 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,436 | €49,703 | +€8,268 | +20.0% |
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 23 October 2026 via checked.be.