OVAD Management: 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.
OVAD Management
Largest movements
- Current investments -€134,732
down €134,732 (-59.6%), from €226,050 to €91,319
- Trade debts -€231,611
down €231,611 (-98.5%), from €235,025 to €3,414
- Reserves +€77,500
up €77,500 (+13.7%), from €564,500 to €642,000
- Debts after one year -€16,200
down €16,200 (-4.8%), from €338,553 to €322,353
of which Financial debts: -€66,200
- Current portion of long-term debt +€13,179
up €13,179 (+36.8%), from €35,819 to €48,998
- Gross operating margin +€33,661
up €33,661 (+32.5%), from €103,543 to €137,204
- Taxes +€9,327
up €9,327 (+31.7%), from €29,406 to €38,734
- Depreciation -€2,506
down €2,506 (-21.6%), from €11,588 to €9,082
- Financial charges +€2,007
up €2,007 (+25.7%), from €7,817 to €9,824
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,236,229 | €1,092,934 | -€143,295 | -11.6% |
| Fixed assets | 21/28 | €1,001,922 | €992,840 | -€9,082 | -0.9% |
| Tangible fixed assets | 22/27 | €21,720 | €12,638 | -€9,082 | -41.8% |
| Furniture and vehicles | 24 | €21,720 | €12,638 | -€9,082 | -41.8% |
| Financial fixed assets | 28 | €980,202 | €980,202 | = | 0.0% |
| Current assets | 29/58 | €234,307 | €100,094 | -€134,213 | -57.3% |
| Amounts receivable within one year | 40/41 | €5,794 | €5,793 | -€0 | 0.0% |
| Trade receivables | 40 | €0 | - | -€0 | |
| Other amounts receivable | 41 | €5,794 | €5,793 | -€0 | 0.0% |
| Current investments | 50/53 | €226,050 | €91,319 | -€134,732 | -59.6% |
| Deferred charges and accrued income | 490/1 | €2,463 | €2,982 | +€519 | +21.1% |
| Total equity and liabilities | 10/49 | €1,236,229 | €1,092,934 | -€143,295 | -11.6% |
| Equity | 10/15 | €599,240 | €678,094 | +€78,854 | +13.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Contributions outside capital | 11 | €14,260 | €14,260 | = | 0.0% |
| Other | 1109/19 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €564,500 | €642,000 | +€77,500 | +13.7% |
| Distributable reserves | 133 | €564,500 | €642,000 | +€77,500 | +13.7% |
| Profit (loss) carried forward | 14 | €20,480 | €21,834 | +€1,354 | +6.6% |
| Amounts payable | 17/49 | €636,989 | €414,840 | -€222,149 | -34.9% |
| Amounts payable after more than one year | 17 | €338,553 | €322,353 | -€16,200 | -4.8% |
| Financial debts | 170/4 | €243,053 | €176,853 | -€66,200 | -27.2% |
| Other amounts payable | 178/9 | €95,500 | €145,500 | +€50,000 | +52.4% |
| Amounts payable within one year | 42/48 | €298,435 | €92,487 | -€205,948 | -69.0% |
| Current portion of amounts payable after more than one year | 42 | €35,819 | €48,998 | +€13,179 | +36.8% |
| Trade debts | 44 | €235,025 | €3,414 | -€231,611 | -98.5% |
| Suppliers | 440/4 | €235,025 | €3,414 | -€231,611 | -98.5% |
| Taxes, remuneration and social security | 45 | €6,489 | €15,223 | +€8,734 | +135% |
| Taxes | 450/3 | €6,489 | €15,223 | +€8,734 | +135% |
| Other amounts payable | 47/48 | €21,102 | €24,853 | +€3,751 | +17.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,588 | €9,082 | -€2,506 | -21.6% |
| Other operating charges | 640/8 | €805 | €711 | -€94 | -11.6% |
| Gross operating margin | 9900 | €103,543 | €137,204 | +€33,661 | +32.5% |
| Operating profit (loss) | 9901 | €91,151 | €127,411 | +€36,260 | +39.8% |
| Financial income | 75/76B | €1 | €1 | +€1 | +127% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +127% |
| Financial charges | 65/66B | €7,817 | €9,824 | +€2,007 | +25.7% |
| Recurring financial charges | 65 | €7,817 | €9,824 | +€2,007 | +25.7% |
| Profit (loss) for the period before taxes | 9903 | €83,334 | €117,588 | +€34,253 | +41.1% |
| Income taxes | 67/77 | €29,406 | €38,734 | +€9,327 | +31.7% |
| Profit (loss) for the period | 9904 | €53,928 | €78,854 | +€24,926 | +46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €53,928 | €78,854 | +€24,926 | +46.2% |
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 29 October 2026 via checked.be.