OTR-EM: what changed
Two financial 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.
OTR-EM
Largest movements
- Stocks and contracts -€247,204
down €247,204 (-23.9%), from €1.0m to €785,112
- Tangible fixed assets -€56,030
down €56,030 (-23.9%), from €234,708 to €178,678
of which Furniture and vehicles: -€40,941
- Receivables within one year -€44,366
down €44,366 (-15.7%), from €282,566 to €238,199
of which Other amounts receivable: -€27,904
- Other debts -€170,540
down €170,540 (-46.3%), from €367,986 to €197,446
- Current portion of long-term debt -€150,000
down €150,000 (-16.7%), from €900,000 to €750,000
- Trade debts -€35,382
down €35,382 (-23.7%), from €149,233 to €113,851
- Tax, wage and social debts +€21,733
up €21,733 (+70.9%), from €30,656 to €52,389
of which Taxes: +€19,083
- Financial charges -€63,426
down €63,426 (-64.5%), from €98,369 to €34,943
- Depreciation -€41,636
down €41,636 (-50.0%), from €83,256 to €41,620
- Financial income -€34,090
down €34,090 (-91.1%), from €37,409 to €3,318
of which Non-recurring financial income: -€34,305
- Gross operating margin -€12,939
down €12,939 (-3.9%), from €333,037 to €320,098
- Staff costs +€11,627
up €11,627 (+6.7%), from €174,346 to €185,973
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.
Derived cash bridge
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 | €1,636,012 | €1,306,925 | -€329,087 | -20.1% |
| Fixed assets | 21/28 | €234,708 | €180,668 | -€54,040 | -23.0% |
| Tangible fixed assets | 22/27 | €234,708 | €178,678 | -€56,030 | -23.9% |
| Plant, machinery and equipment | 23 | €23,303 | €15,852 | -€7,451 | -32.0% |
| Furniture and vehicles | 24 | €151,079 | €110,138 | -€40,941 | -27.1% |
| Other tangible fixed assets | 26 | €60,326 | €52,688 | -€7,638 | -12.7% |
| Financial fixed assets | 28 | - | €1,990 | +€1,990 | |
| Current assets | 29/58 | €1,401,304 | €1,126,256 | -€275,048 | -19.6% |
| Stocks and contracts in progress | 3 | €1,032,316 | €785,112 | -€247,204 | -23.9% |
| Stocks | 30/36 | €1,032,316 | €785,112 | -€247,204 | -23.9% |
| Amounts receivable within one year | 40/41 | €282,566 | €238,199 | -€44,366 | -15.7% |
| Trade receivables | 40 | €243,719 | €227,257 | -€16,462 | -6.8% |
| Other amounts receivable | 41 | €38,847 | €10,942 | -€27,904 | -71.8% |
| Cash at bank and in hand | 54/58 | €73,833 | €75,866 | +€2,033 | +2.8% |
| Deferred charges and accrued income | 490/1 | €12,588 | €27,079 | +€14,490 | +115% |
| Total equity and liabilities | 10/49 | €1,636,012 | €1,306,925 | -€329,087 | -20.1% |
| Equity | 10/15 | €188,137 | €193,239 | +€5,102 | +2.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €21,860 | €21,860 | = | 0.0% |
| Distributable reserves | 133 | €21,860 | €21,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €160,077 | €165,179 | +€5,102 | +3.2% |
| Amounts payable | 17/49 | €1,447,875 | €1,113,686 | -€334,189 | -23.1% |
| Amounts payable within one year | 42/48 | €1,447,875 | €1,113,686 | -€334,189 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €900,000 | €750,000 | -€150,000 | -16.7% |
| Trade debts | 44 | €149,233 | €113,851 | -€35,382 | -23.7% |
| Suppliers | 440/4 | €149,233 | €113,851 | -€35,382 | -23.7% |
| Taxes, remuneration and social security | 45 | €30,656 | €52,389 | +€21,733 | +70.9% |
| Taxes | 450/3 | €15,009 | €34,092 | +€19,083 | +127% |
| Remuneration and social security | 454/9 | €15,647 | €18,297 | +€2,650 | +16.9% |
| Other amounts payable | 47/48 | €367,986 | €197,446 | -€170,540 | -46.3% |
| Non-recurring operating income | 76A | - | €4,813 | +€4,813 | |
| Remuneration, social security and pensions | 62 | €174,346 | €185,973 | +€11,627 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,256 | €41,620 | -€41,636 | -50.0% |
| Other operating charges | 640/8 | €5,251 | €6,917 | +€1,666 | +31.7% |
| Non-recurring operating charges | 66A | €2,017 | €37,699 | +€35,682 | +1,769% |
| Gross operating margin | 9900 | €333,037 | €320,098 | -€12,939 | -3.9% |
| Operating profit (loss) | 9901 | €68,167 | €47,888 | -€20,279 | -29.7% |
| Financial income | 75/76B | €37,409 | €3,318 | -€34,090 | -91.1% |
| Recurring financial income | 75 | €209 | €423 | +€214 | +103% |
| Non-recurring financial income | 76B | €37,200 | €2,895 | -€34,305 | -92.2% |
| Financial charges | 65/66B | €98,369 | €34,943 | -€63,426 | -64.5% |
| Recurring financial charges | 65 | €98,369 | €34,943 | -€63,426 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €7,207 | €16,264 | +€9,057 | +126% |
| Income taxes | 67/77 | €2,149 | €11,162 | +€9,013 | +419% |
| Profit (loss) for the period | 9904 | €5,058 | €5,102 | +€44 | +0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,058 | €5,102 | +€44 | +0.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.