Opex Group: 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
Opex Group
NACE 70.100, Activities of head offices
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1.1m
2024 · €4.5m-€5.6m
Equity
€78.9m
2024 · €80.0m-€1.1m
Cash
€1.1m
2024 · €417,018+€638,796
Balance sheet total
€98.0m
2024 · €103.7m-€5.7m
Largest movements
Assets
- Financial fixed assets +€18.8m
up €18.8m (+28.4%), from €66.2m to €85.0m
- Current investments -€15.0m
no longer reported in 2025 (was €15.0m)
- Receivables within one year -€11.4m
down €11.4m (-56.0%), from €20.3m to €8.9m
of which Other amounts receivable: -€11.1m
Equity and liabilities
- Short-term financial debts -€4.0m
down €4.0m (-40.0%), from €10.0m to €6.0m
Income statement
- Financial income -€5.8m
down €5.8m (-98.6%), from €5.9m to €80,573
of which Non-recurring financial income: -€5.5m
- Financial charges -€182,872
down €182,872 (-36.1%), from €506,613 to €323,741
of which Financial charges: -€137,821
- Gross operating margin +€56,574
up €56,574 (+8.9%), from -€634,837 to -€578,264
- Staff costs +€26,625
up €26,625 (+55.9%), from €47,671 to €74,297
- Write-downs -€17,500
no longer reported in 2025 (was €17,500)
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
€4.5m
Gross operating margin
+€56,574
Staff costs
-€26,625
Depreciation
-€15,380
Write-downs
+€17,500
Other operating charges
-€12,083
Financial income
-€5.8m
Financial charges
+€182,872
Taxes
-€232
Result 2025
-€1.1m
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
+€9.7m
Investment
-€4.5m
Financing
-€4.6m
Cash 2024
€417,018
From operations (derived)
+€9.7m
Net result for the year
-€1.1m
Depreciation
+€147,888
Receivables after one year
-€275,000
Receivables within one year
+€11.4m
Deferred charges and accrued income
-€405,821
Trade debts
+€331,693
Tax, wage and social debts
-€102,232
Other debts
-€315,223
Investment (derived)
-€4.5m
Investment in fixed assets (net)
-€19.5m
Current investments
+€15.0m
Financing
-€4.6m
Debts after one year
-€72,882
Current portion of long-term debt
-€497,602
Short-term financial debts
-€4.0m
Cash 2025
€1.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €103,676,782 | €97,962,657 | -€5.7m | -5.5% |
| Fixed assets | 21/28 | €67,926,535 | €87,283,335 | +€19.4m | +28.5% |
| Tangible fixed assets | 22/27 | €1,760,034 | €2,316,834 | +€556,800 | +31.6% |
| Land and buildings | 22 | €782,316 | €902,285 | +€119,969 | +15.3% |
| Furniture and vehicles | 24 | €977,718 | €1,414,550 | +€436,832 | +44.7% |
| Financial fixed assets | 28 | €66,166,501 | €84,966,501 | +€18.8m | +28.4% |
| Current assets | 29/58 | €35,750,247 | €10,679,322 | -€25.1m | -70.1% |
| Amounts receivable after more than one year | 29 | - | €275,000 | +€275,000 | |
| Other amounts receivable | 291 | - | €275,000 | +€275,000 | |
| Amounts receivable within one year | 40/41 | €20,333,229 | €8,942,687 | -€11.4m | -56.0% |
| Trade receivables | 40 | €745,000 | €466,194 | -€278,806 | -37.4% |
| Other amounts receivable | 41 | €19,588,229 | €8,476,493 | -€11.1m | -56.7% |
| Current investments | 50/53 | €15,000,000 | - | -€15.0m | |
| Cash at bank and in hand | 54/58 | €417,018 | €1,055,814 | +€638,796 | +153.2% |
| Deferred charges and accrued income | 490/1 | - | €405,821 | +€405,821 | |
| Total equity and liabilities | 10/49 | €103,676,782 | €97,962,657 | -€5.7m | -5.5% |
| Equity | 10/15 | €80,001,723 | €78,943,845 | -€1.1m | -1.3% |
| Contributions | 10/11 | €75,000,000 | €75,000,000 | = | 0.0% |
| Capital | 10 | €75,000,000 | €75,000,000 | = | 0.0% |
| Issued capital | 100 | €75,000,000 | €75,000,000 | = | 0.0% |
| Reserves | 13 | €4,877,924 | €4,250,000 | -€627,924 | -12.9% |
| Non-distributable reserves | 130/1 | €4,250,000 | €4,250,000 | = | 0.0% |
| Legal reserve | 130 | €4,250,000 | €4,250,000 | = | 0.0% |
| Distributable reserves | 133 | €627,924 | - | -€627,924 | |
| Profit (loss) carried forward | 14 | €123,798 | -€306,155 | -€429,953 | |
| Amounts payable | 17/49 | €23,675,059 | €19,018,812 | -€4.7m | -19.7% |
| Amounts payable after more than one year | 17 | €2,430,000 | €2,357,118 | -€72,882 | -3.0% |
| Financial debts | 170/4 | €2,430,000 | €2,357,118 | -€72,882 | -3.0% |
| Amounts payable within one year | 42/48 | €21,245,059 | €16,661,695 | -€4.6m | -21.6% |
| Current portion of amounts payable after more than one year | 42 | €506,900 | €9,298 | -€497,602 | -98.2% |
| Financial debts | 43 | €10,000,000 | €6,000,000 | -€4.0m | -40.0% |
| Credit institutions | 430/8 | €10,000,000 | €6,000,000 | -€4.0m | -40.0% |
| Trade debts | 44 | €241,263 | €572,956 | +€331,693 | +137.5% |
| Suppliers | 440/4 | €241,263 | €572,956 | +€331,693 | +137.5% |
| Taxes, remuneration and social security | 45 | €112,364 | €10,133 | -€102,232 | -91.0% |
| Taxes | 450/3 | €107,459 | €3,864 | -€103,594 | -96.4% |
| Remuneration and social security | 454/9 | €4,906 | €6,268 | +€1,363 | +27.8% |
| Other amounts payable | 47/48 | €10,384,532 | €10,069,309 | -€315,223 | -3.0% |
| Accrued charges and deferred income | 492/3 | - | €0 | = | |
| Non-recurring operating income | 76A | - | €441,784 | +€441,784 | |
| Remuneration, social security and pensions | 62 | €47,671 | €74,297 | +€26,625 | +55.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €132,508 | €147,888 | +€15,380 | +11.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,500 | - | -€17,500 | |
| Other operating charges | 640/8 | €1,862 | €13,945 | +€12,083 | +648.8% |
| Gross operating margin | 9900 | -€634,837 | -€578,264 | +€56,574 | +8.9% |
| Operating profit (loss) | 9901 | -€834,379 | -€814,394 | +€19,985 | +2.4% |
| Financial income | 75/76B | €5,890,003 | €80,573 | -€5.8m | -98.6% |
| Recurring financial income | 75 | €403,565 | €80,573 | -€322,993 | -80.0% |
| Non-recurring financial income | 76B | €5,486,437 | - | -€5.5m | |
| Financial charges | 65/66B | €506,613 | €323,741 | -€182,872 | -36.1% |
| Recurring financial charges | 65 | €461,562 | €323,741 | -€137,821 | -29.9% |
| Non-recurring financial charges | 66B | €45,051 | - | -€45,051 | |
| Profit (loss) for the period before taxes | 9903 | €4,549,011 | -€1,057,562 | -€5.6m | |
| Income taxes | 67/77 | €84 | €316 | +€232 | +276.4% |
| Profit (loss) for the period | 9904 | €4,548,927 | -€1,057,878 | -€5.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €4,548,927 | -€1,057,878 | -€5.6m |
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 8 October 2026 via checked.be.