OPAD: 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.
OPAD
Largest movements
- Tangible fixed assets +€649,747
up €649,747 (+66.4%), from €978,191 to €1.6m
of which Land and buildings: +€654,347
- Receivables after one year +€43,000
new in 2025: €43,000
- Debts after one year +€660,734
up €660,734 (+83.0%), from €796,200 to €1.5m
of which Financial debts: +€658,259
- Trade debts +€45,309
up €45,309 (+55.8%), from €81,136 to €126,445
- Reserves -€35,784
down €35,784 (-99.7%), from €35,884 to €100
of which Distributable reserves: -€35,784
- Profit (loss) carried forward +€18,066
up €18,066 (+1149.5%), from €1,572 to €19,638
- Financial charges +€17,366
up €17,366 (+101.8%), from €17,058 to €34,423
- Gross operating margin +€17,348
up €17,348 (+9.8%), from €177,555 to €194,903
- Depreciation -€16,482
down €16,482 (-16.6%), from €99,260 to €82,779
- Other operating charges +€13,923
new in 2025: €13,923
- Taxes +€2,292
up €2,292 (+33.8%), from €6,782 to €9,075
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 | €985,153 | €1,680,532 | +€695,380 | +70.6% |
| Fixed assets | 21/28 | €978,191 | €1,629,238 | +€651,047 | +66.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €978,191 | €1,627,938 | +€649,747 | +66.4% |
| Land and buildings | 22 | €945,091 | €1,599,438 | +€654,347 | +69.2% |
| Plant, machinery and equipment | 23 | €15,773 | €13,645 | -€2,128 | -13.5% |
| Furniture and vehicles | 24 | €17,327 | €14,855 | -€2,473 | -14.3% |
| Financial fixed assets | 28 | - | €1,300 | +€1,300 | |
| Current assets | 29/58 | €6,962 | €51,294 | +€44,333 | +636.8% |
| Amounts receivable after more than one year | 29 | - | €43,000 | +€43,000 | |
| Other amounts receivable | 291 | - | €43,000 | +€43,000 | |
| Amounts receivable within one year | 40/41 | €6,651 | €519 | -€6,132 | -92.2% |
| Other amounts receivable | 41 | €6,651 | €519 | -€6,132 | -92.2% |
| Cash at bank and in hand | 54/58 | €311 | €7,775 | +€7,465 | +2402.7% |
| Total equity and liabilities | 10/49 | €985,153 | €1,680,532 | +€695,380 | +70.6% |
| Equity | 10/15 | €38,455 | €20,738 | -€17,717 | -46.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €35,884 | €100 | -€35,784 | -99.7% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €35,784 | - | -€35,784 | |
| Profit (loss) carried forward | 14 | €1,572 | €19,638 | +€18,066 | +1149.5% |
| Amounts payable | 17/49 | €946,697 | €1,659,794 | +€713,097 | +75.3% |
| Amounts payable after more than one year | 17 | €796,200 | €1,456,933 | +€660,734 | +83.0% |
| Financial debts | 170/4 | €793,950 | €1,452,208 | +€658,259 | +82.9% |
| Other amounts payable | 178/9 | €2,250 | €4,725 | +€2,475 | +110.0% |
| Amounts payable within one year | 42/48 | €150,497 | €202,861 | +€52,364 | +34.8% |
| Current portion of amounts payable after more than one year | 42 | €47,295 | €59,864 | +€12,570 | +26.6% |
| Financial debts | 43 | €4,031 | €2,781 | -€1,250 | -31.0% |
| Credit institutions | 430/8 | €4,031 | €2,781 | -€1,250 | -31.0% |
| Trade debts | 44 | €81,136 | €126,445 | +€45,309 | +55.8% |
| Suppliers | 440/4 | €81,136 | €126,445 | +€45,309 | +55.8% |
| Taxes, remuneration and social security | 45 | €18,036 | €13,771 | -€4,265 | -23.6% |
| Taxes | 450/3 | €12,052 | €13,771 | +€1,719 | +14.3% |
| Remuneration and social security | 454/9 | €5,984 | - | -€5,984 | |
| Remuneration, social security and pensions | 62 | €34,640 | €36,579 | +€1,939 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,260 | €82,779 | -€16,482 | -16.6% |
| Other operating charges | 640/8 | - | €13,923 | +€13,923 | |
| Non-recurring operating charges | 66A | €2,212 | €58 | -€2,154 | -97.4% |
| Gross operating margin | 9900 | €177,555 | €194,903 | +€17,348 | +9.8% |
| Operating profit (loss) | 9901 | €41,443 | €61,564 | +€20,122 | +48.6% |
| Financial income | 75/76B | €23 | - | -€23 | |
| Recurring financial income | 75 | €23 | - | -€23 | |
| Financial charges | 65/66B | €17,058 | €34,423 | +€17,366 | +101.8% |
| Recurring financial charges | 65 | €17,058 | €34,423 | +€17,366 | +101.8% |
| Profit (loss) for the period before taxes | 9903 | €24,408 | €27,141 | +€2,733 | +11.2% |
| Income taxes | 67/77 | €6,782 | €9,075 | +€2,292 | +33.8% |
| Profit (loss) for the period | 9904 | €17,626 | €18,066 | +€441 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,626 | €18,066 | +€441 | +2.5% |
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 29 September 2026 via checked.be.