Ovation: 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.
Ovation
Largest movements
- Cash +€280,431
up €280,431 (+182%), from €153,953 to €434,385
mainly Accrued charges and deferred income (+€154,683) and Trade debts (+€112,704)
- Receivables within one year +€103,402
up €103,402 (+32.6%), from €317,115 to €420,517
of which Other amounts receivable: +€81,807
- Intangible fixed assets +€41,434
up €41,434 (+12,085%), from €343 to €41,777
- Financial fixed assets +€27,280
new in 2025: €27,280
- Deferred charges and accrued income -€10,363
down €10,363 (-88.4%), from €11,725 to €1,362
- Accrued charges and deferred income +€154,683
up €154,683, from €0 to €154,683
- Trade debts +€112,704
up €112,704 (+91.4%), from €123,305 to €236,010
- Investment grants +€94,670
new in 2025: €94,670
- Reserves +€59,692
up €59,692 (+28.6%), from €208,453 to €268,145
- Provisions +€30,884
new in 2025: €30,884
- Gross operating margin +€93,855
up €93,855 (+22.4%), from €418,339 to €512,194
- Staff costs +€63,215
up €63,215 (+21.6%), from €292,930 to €356,145
- Provisions +€30,884
new in 2025: €30,884
- Taxes +€12,194
up €12,194 (+33.7%), from €36,211 to €48,405
- Financial income +€10,612
up €10,612 (+8,843,400%), from €0 to €10,612
of which Non-recurring financial income: +€7,651
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 | €491,309 | €936,403 | +€445,094 | +90.6% |
| Fixed assets | 21/28 | €8,516 | €80,139 | +€71,624 | +841% |
| Intangible fixed assets | 21 | €343 | €41,777 | +€41,434 | +12,085% |
| Tangible fixed assets | 22/27 | €8,173 | €11,082 | +€2,909 | +35.6% |
| Plant, machinery and equipment | 23 | - | €2,305 | +€2,305 | |
| Furniture and vehicles | 24 | €7,920 | €8,758 | +€838 | +10.6% |
| Other tangible fixed assets | 26 | €252 | €19 | -€233 | -92.5% |
| Financial fixed assets | 28 | - | €27,280 | +€27,280 | |
| Current assets | 29/58 | €482,794 | €856,264 | +€373,470 | +77.4% |
| Amounts receivable within one year | 40/41 | €317,115 | €420,517 | +€103,402 | +32.6% |
| Trade receivables | 40 | €276,034 | €297,629 | +€21,595 | +7.8% |
| Other amounts receivable | 41 | €41,081 | €122,888 | +€81,807 | +199% |
| Cash at bank and in hand | 54/58 | €153,953 | €434,385 | +€280,431 | +182% |
| Deferred charges and accrued income | 490/1 | €11,725 | €1,362 | -€10,363 | -88.4% |
| Total equity and liabilities | 10/49 | €491,309 | €936,403 | +€445,094 | +90.6% |
| Equity | 10/15 | €237,203 | €391,564 | +€154,361 | +65.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €208,453 | €268,145 | +€59,692 | +28.6% |
| Distributable reserves | 133 | €208,453 | €268,145 | +€59,692 | +28.6% |
| Profit (loss) carried forward | 14 | €18,750 | €18,750 | = | 0.0% |
| Investment grants | 15 | - | €94,670 | +€94,670 | |
| Provisions and deferred taxes | 16 | - | €30,884 | +€30,884 | |
| Provisions for liabilities and charges | 160/5 | - | €30,884 | +€30,884 | |
| Environmental obligations | 163 | - | €30,884 | +€30,884 | |
| Amounts payable | 17/49 | €254,106 | €513,955 | +€259,849 | +102% |
| Amounts payable within one year | 42/48 | €254,106 | €359,272 | +€105,166 | +41.4% |
| Financial debts | 43 | €58,811 | €63,887 | +€5,076 | +8.6% |
| Credit institutions | 430/8 | €58,811 | €63,887 | +€5,076 | +8.6% |
| Trade debts | 44 | €123,305 | €236,010 | +€112,704 | +91.4% |
| Suppliers | 440/4 | €123,305 | €236,010 | +€112,704 | +91.4% |
| Taxes, remuneration and social security | 45 | €66,709 | €39,670 | -€27,039 | -40.5% |
| Taxes | 450/3 | €35,282 | €1,318 | -€33,963 | -96.3% |
| Remuneration and social security | 454/9 | €31,427 | €38,351 | +€6,924 | +22.0% |
| Other amounts payable | 47/48 | €5,280 | €19,706 | +€14,425 | +273% |
| Accrued charges and deferred income | 492/3 | €0 | €154,683 | +€154,683 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €292,930 | €356,145 | +€63,215 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,574 | €4,072 | +€498 | +13.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €30,884 | +€30,884 | |
| Other operating charges | 640/8 | €6,849 | €2,188 | -€4,661 | -68.0% |
| Gross operating margin | 9900 | €418,339 | €512,194 | +€93,855 | +22.4% |
| Operating profit (loss) | 9901 | €114,986 | €118,904 | +€3,918 | +3.4% |
| Financial income | 75/76B | €0 | €10,612 | +€10,612 | +8,843,400% |
| Recurring financial income | 75 | €0 | €2,961 | +€2,961 | +2,467,217% |
| Non-recurring financial income | 76B | - | €7,651 | +€7,651 | |
| Financial charges | 65/66B | €9,456 | €9,050 | -€406 | -4.3% |
| Recurring financial charges | 65 | €9,456 | €9,050 | -€406 | -4.3% |
| Profit (loss) for the period before taxes | 9903 | €105,530 | €120,466 | +€14,937 | +14.2% |
| Income taxes | 67/77 | €36,211 | €48,405 | +€12,194 | +33.7% |
| Profit (loss) for the period | 9904 | €69,319 | €72,062 | +€2,742 | +4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €69,319 | €72,062 | +€2,742 | +4.0% |
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 18 October 2026 via checked.be.