OpEx vision: 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 vision
Largest movements
- Tangible fixed assets +€114,412
up €114,412 (+664.7%), from €17,212 to €131,625
of which Land and buildings: +€131,625
- Receivables within one year +€16,114
up €16,114 (+127.8%), from €12,607 to €28,721
of which Trade receivables: +€15,730
- Cash -€5,854
down €5,854 (-14.4%), from €40,726 to €34,872
mainly Investment in fixed assets (net) (-€114,693) and Receivables within one year (-€16,114)
- Debts after one year +€95,599
up €95,599 (+1151.9%), from €8,300 to €103,899
- Reserves +€25,460
up €25,460 (+75.8%), from €33,571 to €59,031
- Tax, wage and social debts +€6,942
up €6,942 (+40.6%), from €17,110 to €24,053
- Current portion of long-term debt -€3,427
down €3,427 (-58.0%), from €5,908 to €2,480
- Other operating charges +€23,369
up €23,369 (+2868.7%), from €815 to €24,183
- Gross operating margin +€12,109
up €12,109 (+25.3%), from €47,949 to €60,058
- Depreciation -€2,813
down €2,813 (-90.9%), from €3,093 to €280
- Taxes -€2,072
down €2,072 (-21.3%), from €9,718 to €7,646
- Financial charges +€1,856
up €1,856 (+246.7%), from €752 to €2,608
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 | €71,217 | €195,912 | +€124,694 | +175.1% |
| Fixed assets | 21/28 | €17,212 | €131,625 | +€114,412 | +664.7% |
| Tangible fixed assets | 22/27 | €17,212 | €131,625 | +€114,412 | +664.7% |
| Land and buildings | 22 | - | €131,625 | +€131,625 | |
| Furniture and vehicles | 24 | €17,212 | - | -€17,212 | |
| Current assets | 29/58 | €54,005 | €64,287 | +€10,282 | +19.0% |
| Amounts receivable within one year | 40/41 | €12,607 | €28,721 | +€16,114 | +127.8% |
| Trade receivables | 40 | €10,588 | €26,318 | +€15,730 | +148.6% |
| Other amounts receivable | 41 | €2,019 | €2,403 | +€384 | +19.0% |
| Cash at bank and in hand | 54/58 | €40,726 | €34,872 | -€5,854 | -14.4% |
| Deferred charges and accrued income | 490/1 | €673 | €694 | +€21 | +3.2% |
| Total equity and liabilities | 10/49 | €71,217 | €195,912 | +€124,694 | +175.1% |
| Equity | 10/15 | €39,571 | €65,031 | +€25,460 | +64.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €33,571 | €59,031 | +€25,460 | +75.8% |
| Distributable reserves | 133 | €33,571 | €59,031 | +€25,460 | +75.8% |
| Amounts payable | 17/49 | €31,646 | €130,881 | +€99,235 | +313.6% |
| Amounts payable after more than one year | 17 | €8,300 | €103,899 | +€95,599 | +1151.9% |
| Financial debts | 170/4 | €8,300 | €103,899 | +€95,599 | +1151.9% |
| Amounts payable within one year | 42/48 | €23,347 | €26,982 | +€3,635 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €5,908 | €2,480 | -€3,427 | -58.0% |
| Trade debts | 44 | €329 | €449 | +€120 | +36.6% |
| Suppliers | 440/4 | €329 | €449 | +€120 | +36.6% |
| Taxes, remuneration and social security | 45 | €17,110 | €24,053 | +€6,942 | +40.6% |
| Taxes | 450/3 | €17,110 | €24,053 | +€6,942 | +40.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,093 | €280 | -€2,813 | -90.9% |
| Other operating charges | 640/8 | €815 | €24,183 | +€23,369 | +2868.7% |
| Gross operating margin | 9900 | €47,949 | €60,058 | +€12,109 | +25.3% |
| Operating profit (loss) | 9901 | €44,042 | €35,595 | -€8,447 | -19.2% |
| Financial income | 75/76B | - | €120 | +€120 | |
| Recurring financial income | 75 | - | €120 | +€120 | |
| Financial charges | 65/66B | €752 | €2,608 | +€1,856 | +246.7% |
| Recurring financial charges | 65 | €752 | €2,608 | +€1,856 | +246.7% |
| Profit (loss) for the period before taxes | 9903 | €43,289 | €33,106 | -€10,183 | -23.5% |
| Income taxes | 67/77 | €9,718 | €7,646 | -€2,072 | -21.3% |
| Profit (loss) for the period | 9904 | €33,571 | €25,460 | -€8,111 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €33,571 | €25,460 | -€8,111 | -24.2% |
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.