OPCO: 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.
What changed
OPCO
NACE 70.200, Business and other management consultancy
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€750,574
2024 · €3.6m-€4.4m
Equity
€39.7m
2024 · €40.5m-€750,574
Cash
€523,523
2024 · €796,507-€272,984
Balance sheet total
€52.3m
2024 · €55.0m-€2.6m
Largest movements
Assets
- Receivables within one year -€3.6m
down €3.6m (-49.6%), from €7.2m to €3.6m
of which Other amounts receivable: -€3.3m
- Receivables after one year -€1.9m
down €1.9m (-15.8%), from €12.2m to €10.3m
- Current investments +€1.8m
up €1.8m (+180.0%), from €1.0m to €2.8m
- Intangible fixed assets +€1.3m
up €1.3m (+179.7%), from €700,785 to €2.0m
Equity and liabilities
- Reserves -€750,574
down €750,574 (-17.4%), from €4.3m to €3.6m
of which Distributable reserves: -€750,574
- Accrued charges and deferred income -€595,199
down €595,199 (-99.9%), from €595,734 to €535
- Debts after one year -€584,730
down €584,730 (-8.3%), from €7.1m to €6.5m
Income statement
- Financial income -€3.5m
down €3.5m (-82.1%), from €4.3m to €762,654
- Financial charges +€703,791
up €703,791 (+97.7%), from €720,227 to €1.4m
- Gross operating margin -€168,009
down €168,009 (-32.7%), from €513,171 to €345,161
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.
Result 2024
€3.6m
Gross operating margin
-€168,009
Staff costs
+€4,728
Other operating charges
-€1,961
Financial income
-€3.5m
Financial charges
-€703,791
Taxes
+€999
Result 2025
-€750,574
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.
From operations
+€3.9m
Investment
-€3.1m
Financing
-€1.0m
Cash 2024
€796,507
From operations (derived)
+€3.9m
Net result for the year
-€750,574
Depreciation
+€17,168
Receivables after one year
+€1.9m
Receivables within one year
+€3.6m
Deferred charges and accrued income
-€98,602
Trade debts
+€102,359
Tax, wage and social debts
-€4,349
Other debts
-€344,843
Accrued charges and deferred income
-€595,199
Investment (derived)
-€3.1m
Investment in fixed assets (net)
-€1.3m
Current investments
-€1.8m
Financing
-€1.0m
Debts after one year
-€584,730
Current portion of long-term debt
+€13,669
Short-term financial debts
-€461,745
Cash 2025
€523,523
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €54,962,608 | €52,337,194 | -€2.6m | -4.8% |
| Fixed assets | 21/28 | €33,539,719 | €34,813,511 | +€1.3m | +3.8% |
| Intangible fixed assets | 21 | €700,785 | €1,960,232 | +€1.3m | +179.7% |
| Tangible fixed assets | 22/27 | €33,991 | €20,836 | -€13,155 | -38.7% |
| Plant, machinery and equipment | 23 | €2,357 | €1,473 | -€884 | -37.5% |
| Furniture and vehicles | 24 | €31,635 | €19,363 | -€12,271 | -38.8% |
| Financial fixed assets | 28 | €32,804,942 | €32,832,442 | +€27,500 | +0.1% |
| Current assets | 29/58 | €21,422,889 | €17,523,684 | -€3.9m | -18.2% |
| Amounts receivable after more than one year | 29 | €12,248,532 | €10,314,894 | -€1.9m | -15.8% |
| Other amounts receivable | 291 | €12,248,532 | €10,314,894 | -€1.9m | -15.8% |
| Amounts receivable within one year | 40/41 | €7,238,535 | €3,647,350 | -€3.6m | -49.6% |
| Trade receivables | 40 | €372,530 | €115,435 | -€257,095 | -69.0% |
| Other amounts receivable | 41 | €6,866,006 | €3,531,915 | -€3.3m | -48.6% |
| Current investments | 50/53 | €1,000,000 | €2,800,000 | +€1.8m | +180.0% |
| Cash at bank and in hand | 54/58 | €796,507 | €523,523 | -€272,984 | -34.3% |
| Deferred charges and accrued income | 490/1 | €139,315 | €237,917 | +€98,602 | +70.8% |
| Total equity and liabilities | 10/49 | €54,962,608 | €52,337,194 | -€2.6m | -4.8% |
| Equity | 10/15 | €40,474,563 | €39,723,990 | -€750,574 | -1.9% |
| Contributions | 10/11 | €36,172,389 | €36,172,389 | = | 0.0% |
| Capital | 10 | €36,172,389 | €36,172,389 | = | 0.0% |
| Issued capital | 100 | €36,172,389 | €36,172,389 | = | 0.0% |
| Reserves | 13 | €4,302,174 | €3,551,600 | -€750,574 | -17.4% |
| Non-distributable reserves | 130/1 | €363,361 | €363,361 | = | 0.0% |
| Legal reserve | 130 | €363,361 | €363,361 | = | 0.0% |
| Distributable reserves | 133 | €3,938,813 | €3,188,239 | -€750,574 | -19.1% |
| Amounts payable | 17/49 | €14,488,044 | €12,613,205 | -€1.9m | -12.9% |
| Amounts payable after more than one year | 17 | €7,059,906 | €6,475,176 | -€584,730 | -8.3% |
| Financial debts | 170/4 | €7,059,906 | €6,475,176 | -€584,730 | -8.3% |
| Amounts payable within one year | 42/48 | €6,832,404 | €6,137,494 | -€694,910 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €571,061 | €584,730 | +€13,669 | +2.4% |
| Financial debts | 43 | €5,226,155 | €4,764,409 | -€461,745 | -8.8% |
| Credit institutions | 430/8 | €5,226,155 | €4,764,409 | -€461,745 | -8.8% |
| Trade debts | 44 | €368,202 | €470,561 | +€102,359 | +27.8% |
| Suppliers | 440/4 | €368,202 | €470,561 | +€102,359 | +27.8% |
| Taxes, remuneration and social security | 45 | €45,202 | €40,852 | -€4,349 | -9.6% |
| Remuneration and social security | 454/9 | €45,202 | €40,852 | -€4,349 | -9.6% |
| Other amounts payable | 47/48 | €621,784 | €276,941 | -€344,843 | -55.5% |
| Accrued charges and deferred income | 492/3 | €595,734 | €535 | -€595,199 | -99.9% |
| Remuneration, social security and pensions | 62 | €417,055 | €412,327 | -€4,728 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,168 | €17,168 | = | 0.0% |
| Other operating charges | 640/8 | €2,360 | €4,320 | +€1,961 | +83.1% |
| Gross operating margin | 9900 | €513,171 | €345,161 | -€168,009 | -32.7% |
| Operating profit (loss) | 9901 | €76,588 | -€88,655 | -€165,242 | |
| Financial income | 75/76B | €4,250,449 | €762,654 | -€3.5m | -82.1% |
| Recurring financial income | 75 | €4,250,449 | €762,654 | -€3.5m | -82.1% |
| Financial charges | 65/66B | €720,227 | €1,424,018 | +€703,791 | +97.7% |
| Recurring financial charges | 65 | €720,227 | €1,424,018 | +€703,791 | +97.7% |
| Profit (loss) for the period before taxes | 9903 | €3,606,810 | -€750,018 | -€4.4m | |
| Income taxes | 67/77 | €1,555 | €556 | -€999 | -64.3% |
| Profit (loss) for the period | 9904 | €3,605,256 | -€750,574 | -€4.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €3,605,256 | -€750,574 | -€4.4m |
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.