OPEX: 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.
OPEX
Largest movements
- Cash +€90,544
up €90,544 (+123.9%), from €73,100 to €163,645
mainly Net result for the year (+€101,972) and Receivables within one year (+€41,521)
- Receivables within one year -€41,521
down €41,521 (-42.2%), from €98,473 to €56,952
of which Other amounts receivable: -€40,199
- Tangible fixed assets -€29,551
down €29,551 (-4.8%), from €613,971 to €584,420
of which Land and buildings: -€24,513
- Reserves +€55,170
up €55,170 (+10.8%), from €510,260 to €565,430
- Debts after one year -€29,313
down €29,313 (-14.6%), from €201,038 to €171,725
- Gross operating margin +€24,722
up €24,722 (+14.8%), from €166,867 to €191,588
- Financial income -€9,501
down €9,501 (-74.5%), from €12,750 to €3,249
- Depreciation +€5,003
up €5,003 (+15.3%), from €32,614 to €37,617
- Taxes +€3,786
up €3,786 (+10.0%), from €38,038 to €41,824
- Financial charges -€3,014
down €3,014 (-31.3%), from €9,620 to €6,606
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 | €793,975 | €813,547 | +€19,572 | +2.5% |
| Fixed assets | 21/28 | €614,057 | €584,506 | -€29,551 | -4.8% |
| Tangible fixed assets | 22/27 | €613,971 | €584,420 | -€29,551 | -4.8% |
| Land and buildings | 22 | €570,837 | €546,324 | -€24,513 | -4.3% |
| Plant, machinery and equipment | 23 | €2,185 | €1,497 | -€688 | -31.5% |
| Furniture and vehicles | 24 | €40,948 | €36,599 | -€4,350 | -10.6% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €179,918 | €229,041 | +€49,123 | +27.3% |
| Amounts receivable within one year | 40/41 | €98,473 | €56,952 | -€41,521 | -42.2% |
| Trade receivables | 40 | €25,000 | €23,678 | -€1,323 | -5.3% |
| Other amounts receivable | 41 | €73,473 | €33,274 | -€40,199 | -54.7% |
| Current investments | 50/53 | €5,495 | €5,495 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,100 | €163,645 | +€90,544 | +123.9% |
| Deferred charges and accrued income | 490/1 | €2,849 | €2,949 | +€100 | +3.5% |
| Total equity and liabilities | 10/49 | €793,975 | €813,547 | +€19,572 | +2.5% |
| Equity | 10/15 | €534,235 | €589,407 | +€55,172 | +10.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €510,260 | €565,430 | +€55,170 | +10.8% |
| Distributable reserves | 133 | €510,260 | €565,430 | +€55,170 | +10.8% |
| Profit (loss) carried forward | 14 | €11,575 | €11,577 | +€2 | 0.0% |
| Amounts payable | 17/49 | €259,740 | €224,140 | -€35,600 | -13.7% |
| Amounts payable after more than one year | 17 | €201,038 | €171,725 | -€29,313 | -14.6% |
| Financial debts | 170/4 | €201,038 | €171,725 | -€29,313 | -14.6% |
| Amounts payable within one year | 42/48 | €56,117 | €50,601 | -€5,517 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €29,001 | €29,313 | +€312 | +1.1% |
| Trade debts | 44 | €2,278 | €2,374 | +€96 | +4.2% |
| Suppliers | 440/4 | €2,278 | €2,374 | +€96 | +4.2% |
| Taxes, remuneration and social security | 45 | €17,814 | €11,164 | -€6,650 | -37.3% |
| Taxes | 450/3 | €17,814 | €11,164 | -€6,650 | -37.3% |
| Other amounts payable | 47/48 | €7,025 | €7,750 | +€725 | +10.3% |
| Accrued charges and deferred income | 492/3 | €2,585 | €1,815 | -€770 | -29.8% |
| Remuneration, social security and pensions | 62 | €1,760 | €1,936 | +€176 | +10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,614 | €37,617 | +€5,003 | +15.3% |
| Other operating charges | 640/8 | €3,571 | €4,883 | +€1,312 | +36.7% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €166,867 | €191,588 | +€24,722 | +14.8% |
| Operating profit (loss) | 9901 | €128,922 | €147,153 | +€18,231 | +14.1% |
| Financial income | 75/76B | €12,750 | €3,249 | -€9,501 | -74.5% |
| Recurring financial income | 75 | €12,750 | €3,249 | -€9,501 | -74.5% |
| Financial charges | 65/66B | €9,620 | €6,606 | -€3,014 | -31.3% |
| Recurring financial charges | 65 | €9,620 | €6,606 | -€3,014 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €132,052 | €143,796 | +€11,744 | +8.9% |
| Income taxes | 67/77 | €38,038 | €41,824 | +€3,786 | +10.0% |
| Profit (loss) for the period | 9904 | €94,014 | €101,972 | +€7,958 | +8.5% |
| Profit (loss) for the period to be appropriated | 9905 | €94,014 | €101,972 | +€7,958 | +8.5% |
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 9 October 2026 via checked.be.