OLVARO: what changed
Two fiscal 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.
OLVARO
Largest movements
- Receivables within one year -€172,243
down €172,243 (-78.6%), from €219,162 to €46,919
of which Other amounts receivable: -€168,264
- Cash -€46,652
down €46,652 (-47.8%), from €97,643 to €50,991
mainly Contributions, distributions and other (-€668,392) and Current portion of long-term debt (-€4,990)
- Tangible fixed assets -€19,308
down €19,308 (-68.6%), from €28,131 to €8,823
- Profit (loss) carried forward -€248,126
down €248,126 (-77.4%), from €320,482 to €72,357
- Tax, wage and social debts +€16,776
up €16,776 (+127.3%), from €13,180 to €29,957
- Current portion of long-term debt -€4,990
down €4,990 (-100.0%), from €4,990 to €0
- Gross operating margin +€133,932
up €133,932 (+30.1%), from €444,815 to €578,747
- Taxes +€34,963
up €34,963 (+35.1%), from €99,567 to €134,530
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.
Cash bridge derived
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 | €345,247 | €107,122 | -€238,125 | -69.0% |
| Fixed assets | 21/28 | €28,131 | €8,823 | -€19,308 | -68.6% |
| Tangible fixed assets | 22/27 | €28,131 | €8,823 | -€19,308 | -68.6% |
| Furniture and vehicles | 24 | €28,131 | €8,823 | -€19,308 | -68.6% |
| Current assets | 29/58 | €317,116 | €98,299 | -€218,817 | -69.0% |
| Amounts receivable within one year | 40/41 | €219,162 | €46,919 | -€172,243 | -78.6% |
| Trade receivables | 40 | €12,606 | €8,627 | -€3,979 | -31.6% |
| Other amounts receivable | 41 | €206,556 | €38,292 | -€168,264 | -81.5% |
| Cash at bank and in hand | 54/58 | €97,643 | €50,991 | -€46,652 | -47.8% |
| Deferred charges and accrued income | 490/1 | €311 | €389 | +€78 | +25.2% |
| Total equity and liabilities | 10/49 | €345,247 | €107,122 | -€238,125 | -69.0% |
| Equity | 10/15 | €322,982 | €74,857 | -€248,126 | -76.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €320,482 | €72,357 | -€248,126 | -77.4% |
| Amounts payable | 17/49 | €22,264 | €32,265 | +€10,001 | +44.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €22,264 | €32,265 | +€10,001 | +44.9% |
| Current portion of amounts payable after more than one year | 42 | €4,990 | €0 | -€4,990 | -100.0% |
| Trade debts | 44 | €4,094 | €2,309 | -€1,785 | -43.6% |
| Suppliers | 440/4 | €4,094 | €2,309 | -€1,785 | -43.6% |
| Taxes, remuneration and social security | 45 | €13,180 | €29,957 | +€16,776 | +127.3% |
| Taxes | 450/3 | €13,180 | €29,957 | +€16,776 | +127.3% |
| Remuneration, social security and pensions | 62 | €668 | €0 | -€668 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,003 | €20,810 | -€2,193 | -9.5% |
| Other operating charges | 640/8 | €1,024 | €2,840 | +€1,816 | +177.3% |
| Gross operating margin | 9900 | €444,815 | €578,747 | +€133,932 | +30.1% |
| Operating profit (loss) | 9901 | €420,119 | €555,097 | +€134,977 | +32.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,218 | €300 | -€2,918 | -90.7% |
| Recurring financial charges | 65 | €472 | €300 | -€172 | -36.4% |
| Non-recurring financial charges | 66B | €2,746 | €0 | -€2,746 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €416,901 | €554,796 | +€137,896 | +33.1% |
| Income taxes | 67/77 | €99,567 | €134,530 | +€34,963 | +35.1% |
| Profit (loss) for the period | 9904 | €317,334 | €420,266 | +€102,933 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €317,334 | €420,266 | +€102,933 | +32.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.