OTELHO: 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.
OTELHO
Largest movements
- Receivables within one year +€141,580
up €141,580 (+1592.5%), from €8,890 to €150,471
- Reserves +€212,750
up €212,750 (+69.7%), from €305,200 to €517,950
- Debts after one year -€50,000
down €50,000 (-5.3%), from €940,000 to €890,000
- Trade debts -€36,756
down €36,756 (-97.4%), from €37,721 to €965
- Financial income +€200,710
up €200,710 (+1675.5%), from €11,979 to €212,690
- Taxes +€24,473
up €24,473 (+368.7%), from €6,638 to €31,111
- Gross operating margin +€23,347
up €23,347 (+119.4%), from €19,547 to €42,894
- Other operating charges -€689
down €689 (-20.6%), from €3,348 to €2,659
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 | €1,368,832 | €1,494,143 | +€125,311 | +9.2% |
| Fixed assets | 21/28 | €1,268,311 | €1,265,666 | -€2,645 | -0.2% |
| Tangible fixed assets | 22/27 | €6,311 | €3,666 | -€2,645 | -41.9% |
| Furniture and vehicles | 24 | €6,311 | €3,666 | -€2,645 | -41.9% |
| Financial fixed assets | 28 | €1,262,000 | €1,262,000 | = | 0.0% |
| Current assets | 29/58 | €100,521 | €228,476 | +€127,955 | +127.3% |
| Amounts receivable within one year | 40/41 | €8,890 | €150,471 | +€141,580 | +1592.5% |
| Other amounts receivable | 41 | €8,890 | €150,471 | +€141,580 | +1592.5% |
| Cash at bank and in hand | 54/58 | €44,147 | €45,034 | +€887 | +2.0% |
| Deferred charges and accrued income | 490/1 | €47,484 | €32,971 | -€14,513 | -30.6% |
| Total equity and liabilities | 10/49 | €1,368,832 | €1,494,143 | +€125,311 | +9.2% |
| Equity | 10/15 | €317,400 | €530,169 | +€212,770 | +67.0% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €305,200 | €517,950 | +€212,750 | +69.7% |
| Distributable reserves | 133 | €305,200 | €517,950 | +€212,750 | +69.7% |
| Profit (loss) carried forward | 14 | €200 | €219 | +€20 | +9.8% |
| Amounts payable | 17/49 | €1,051,432 | €963,973 | -€87,459 | -8.3% |
| Amounts payable after more than one year | 17 | €940,000 | €890,000 | -€50,000 | -5.3% |
| Financial debts | 170/4 | €940,000 | €890,000 | -€50,000 | -5.3% |
| Amounts payable within one year | 42/48 | €111,432 | €73,424 | -€38,008 | -34.1% |
| Trade debts | 44 | €37,721 | €965 | -€36,756 | -97.4% |
| Suppliers | 440/4 | €37,721 | €965 | -€36,756 | -97.4% |
| Taxes, remuneration and social security | 45 | €15,691 | €18,193 | +€2,502 | +15.9% |
| Taxes | 450/3 | €15,691 | €18,193 | +€2,502 | +15.9% |
| Other amounts payable | 47/48 | €58,020 | €54,266 | -€3,754 | -6.5% |
| Accrued charges and deferred income | 492/3 | - | €549 | +€549 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,645 | €2,645 | = | 0.0% |
| Other operating charges | 640/8 | €3,348 | €2,659 | -€689 | -20.6% |
| Gross operating margin | 9900 | €19,547 | €42,894 | +€23,347 | +119.4% |
| Operating profit (loss) | 9901 | €13,555 | €37,590 | +€24,036 | +177.3% |
| Financial income | 75/76B | €11,979 | €212,690 | +€200,710 | +1675.5% |
| Recurring financial income | 75 | €11,979 | €212,690 | +€200,710 | +1675.5% |
| Financial charges | 65/66B | €6,128 | €6,399 | +€271 | +4.4% |
| Recurring financial charges | 65 | €6,128 | €6,399 | +€271 | +4.4% |
| Profit (loss) for the period before taxes | 9903 | €19,406 | €243,881 | +€224,475 | +1156.7% |
| Income taxes | 67/77 | €6,638 | €31,111 | +€24,473 | +368.7% |
| Profit (loss) for the period | 9904 | €12,768 | €212,770 | +€200,002 | +1566.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,768 | €212,770 | +€200,002 | +1566.4% |
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 7 October 2026 via checked.be.