OVAN: 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.
OVAN
Largest movements
- Tangible fixed assets +€354,606
up €354,606 (+30.6%), from €1.2m to €1.5m
of which Land and buildings: +€353,709
- Receivables within one year -€43,967
down €43,967 (-96.4%), from €45,617 to €1,650
- Short-term financial debts +€253,970
new in 2025: €253,970
- Reserves +€126,016
up €126,016 (+109.1%), from €115,496 to €241,512
of which Tax-exempt reserves: +€126,016
- Profit (loss) carried forward -€79,412
down €79,412, from €5,604 to -€73,808
- Provisions +€41,182
up €41,182 (+100.4%), from €41,011 to €82,193
- Debts after one year -€33,617
down €33,617 (-4.1%), from €826,942 to €793,325
of which Financial debts: -€28,617
- Gross operating margin +€132,900
up €132,900 (+179.9%), from €73,880 to €206,780
- Depreciation +€13,421
up €13,421 (+19.5%), from €68,704 to €82,124
- Financial charges +€9,067
up €9,067 (+64.7%), from €14,012 to €23,079
- Other operating charges +€5,999
up €5,999 (+75.2%), from €7,981 to €13,981
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 | €1,248,968 | €1,565,192 | +€316,223 | +25.3% |
| Fixed assets | 21/28 | €1,159,355 | €1,513,961 | +€354,606 | +30.6% |
| Tangible fixed assets | 22/27 | €1,159,355 | €1,513,961 | +€354,606 | +30.6% |
| Land and buildings | 22 | €1,155,392 | €1,509,100 | +€353,709 | +30.6% |
| Plant, machinery and equipment | 23 | €374 | €1,590 | +€1,216 | +325.5% |
| Furniture and vehicles | 24 | €3,589 | €3,271 | -€318 | -8.9% |
| Current assets | 29/58 | €89,614 | €51,231 | -€38,383 | -42.8% |
| Amounts receivable within one year | 40/41 | €45,617 | €1,650 | -€43,967 | -96.4% |
| Trade receivables | 40 | €45,617 | €1,650 | -€43,967 | -96.4% |
| Current investments | 50/53 | €25,345 | €28,665 | +€3,320 | +13.1% |
| Cash at bank and in hand | 54/58 | €18,652 | €20,209 | +€1,558 | +8.4% |
| Deferred charges and accrued income | 490/1 | - | €706 | +€706 | |
| Total equity and liabilities | 10/49 | €1,248,968 | €1,565,192 | +€316,223 | +25.3% |
| Equity | 10/15 | €299,600 | €346,204 | +€46,604 | +15.6% |
| Contributions | 10/11 | €178,500 | €178,500 | = | 0.0% |
| Capital | 10 | €178,500 | €178,500 | = | 0.0% |
| Issued capital | 100 | €178,500 | €178,500 | = | 0.0% |
| Reserves | 13 | €115,496 | €241,512 | +€126,016 | +109.1% |
| Non-distributable reserves | 130/1 | €17,850 | €17,850 | = | 0.0% |
| Legal reserve | 130 | €17,850 | €17,850 | = | 0.0% |
| Tax-exempt reserves | 132 | €79,646 | €205,662 | +€126,016 | +158.2% |
| Distributable reserves | 133 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,604 | -€73,808 | -€79,412 | |
| Provisions and deferred taxes | 16 | €41,011 | €82,193 | +€41,182 | +100.4% |
| Deferred taxes | 168 | €41,011 | €82,193 | +€41,182 | +100.4% |
| Amounts payable | 17/49 | €908,357 | €1,136,794 | +€228,438 | +25.1% |
| Amounts payable after more than one year | 17 | €826,942 | €793,325 | -€33,617 | -4.1% |
| Financial debts | 170/4 | €621,942 | €593,325 | -€28,617 | -4.6% |
| Other amounts payable | 178/9 | €205,000 | €200,000 | -€5,000 | -2.4% |
| Amounts payable within one year | 42/48 | €80,545 | €341,629 | +€261,084 | +324.1% |
| Current portion of amounts payable after more than one year | 42 | €22,984 | €28,617 | +€5,633 | +24.5% |
| Financial debts | 43 | - | €253,970 | +€253,970 | |
| Credit institutions | 430/8 | - | €253,970 | +€253,970 | |
| Trade debts | 44 | - | €2,827 | +€2,827 | |
| Suppliers | 440/4 | - | €2,827 | +€2,827 | |
| Taxes, remuneration and social security | 45 | €2,127 | €226 | -€1,901 | -89.4% |
| Taxes | 450/3 | €2,127 | €226 | -€1,901 | -89.4% |
| Other amounts payable | 47/48 | €55,434 | €55,989 | +€555 | +1.0% |
| Accrued charges and deferred income | 492/3 | €870 | €1,840 | +€970 | +111.5% |
| Non-recurring operating income | 76A | - | €184,587 | +€184,587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,704 | €82,124 | +€13,421 | +19.5% |
| Other operating charges | 640/8 | €7,981 | €13,981 | +€5,999 | +75.2% |
| Gross operating margin | 9900 | €73,880 | €206,780 | +€132,900 | +179.9% |
| Operating profit (loss) | 9901 | -€2,805 | €110,676 | +€113,480 | |
| Financial income | 75/76B | €326 | €324 | -€1 | -0.4% |
| Recurring financial income | 75 | €326 | €324 | -€1 | -0.4% |
| Financial charges | 65/66B | €14,012 | €23,079 | +€9,067 | +64.7% |
| Recurring financial charges | 65 | €14,012 | €23,079 | +€9,067 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | -€16,491 | €87,921 | +€104,412 | |
| Transfer from deferred taxes | 780 | €2,336 | €4,965 | +€2,629 | +112.6% |
| Transfer to deferred taxes | 680 | - | €46,147 | +€46,147 | |
| Income taxes | 67/77 | €174 | €135 | -€39 | -22.5% |
| Profit (loss) for the period | 9904 | -€14,329 | €46,604 | +€60,934 | |
| Transfer from tax-exempt reserves | 789 | €4,536 | €12,424 | +€7,888 | +173.9% |
| Transfer to tax-exempt reserves | 689 | - | €138,440 | +€138,440 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,794 | -€79,412 | -€69,618 | -710.8% |
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 28 September 2026 via checked.be.