Oyserman: 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.
Oyserman
Largest movements
- Receivables after one year -€1.2m
down €1.2m (-15.3%), from €7.8m to €6.6m
- Tangible fixed assets +€266,565
up €266,565 (+3.2%), from €8.4m to €8.7m
of which Land and buildings: +€165,824
- Cash -€249,403
down €249,403 (-68.6%), from €363,463 to €114,059
mainly Debts after one year (-€2.1m) and Investment in fixed assets (net) (-€675,300)
- Current investments +€200,000
new in 2025: €200,000
- Debts after one year -€2.1m
down €2.1m (-56.3%), from €3.8m to €1.7m
- Reserves +€1.0m
up €1.0m (+41.9%), from €2.5m to €3.5m
of which Tax-exempt reserves: +€602,030
- Gross operating margin -€1.4m
down €1.4m (-49.6%), from €2.7m to €1.4m
- Taxes -€348,377
down €348,377 (-48.3%), from €721,065 to €372,688
- Depreciation +€51,636
up €51,636 (+14.5%), from €357,099 to €408,735
- Financial income -€48,446
down €48,446 (-8.8%), from €549,453 to €501,007
- Financial charges -€45,473
down €45,473 (-50.2%), from €90,674 to €45,201
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 | €17,242,924 | €16,153,705 | -€1.1m | -6.3% |
| Fixed assets | 21/28 | €8,384,694 | €8,651,259 | +€266,565 | +3.2% |
| Tangible fixed assets | 22/27 | €8,384,694 | €8,651,259 | +€266,565 | +3.2% |
| Land and buildings | 22 | €5,901,397 | €6,067,222 | +€165,824 | +2.8% |
| Plant, machinery and equipment | 23 | €11,908 | €8,267 | -€3,642 | -30.6% |
| Furniture and vehicles | 24 | €316,270 | €374,457 | +€58,186 | +18.4% |
| Other tangible fixed assets | 26 | €2,155,118 | €2,201,314 | +€46,196 | +2.1% |
| Current assets | 29/58 | €8,858,230 | €7,502,446 | -€1.4m | -15.3% |
| Amounts receivable after more than one year | 29 | €7,821,752 | €6,627,401 | -€1.2m | -15.3% |
| Other amounts receivable | 291 | €7,821,752 | €6,627,401 | -€1.2m | -15.3% |
| Amounts receivable within one year | 40/41 | €159,670 | €104,816 | -€54,854 | -34.4% |
| Trade receivables | 40 | €1,721 | €3,087 | +€1,366 | +79.4% |
| Other amounts receivable | 41 | €157,949 | €101,729 | -€56,220 | -35.6% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €363,463 | €114,059 | -€249,403 | -68.6% |
| Deferred charges and accrued income | 490/1 | €513,345 | €456,169 | -€57,177 | -11.1% |
| Total equity and liabilities | 10/49 | €17,242,924 | €16,153,705 | -€1.1m | -6.3% |
| Equity | 10/15 | €13,023,929 | €14,061,933 | +€1.0m | +8.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,476,701 | €3,514,705 | +€1.0m | +41.9% |
| Tax-exempt reserves | 132 | €765,347 | €1,367,377 | +€602,030 | +78.7% |
| Distributable reserves | 133 | €1,711,354 | €2,147,328 | +€435,974 | +25.5% |
| Profit (loss) carried forward | 14 | €10,528,628 | €10,528,628 | = | 0.0% |
| Amounts payable | 17/49 | €4,218,995 | €2,091,772 | -€2.1m | -50.4% |
| Amounts payable after more than one year | 17 | €3,780,000 | €1,650,000 | -€2.1m | -56.3% |
| Other amounts payable | 178/9 | €3,780,000 | €1,650,000 | -€2.1m | -56.3% |
| Amounts payable within one year | 42/48 | €217,565 | €216,319 | -€1,247 | -0.6% |
| Financial debts | 43 | €5,111 | - | -€5,111 | |
| Credit institutions | 430/8 | €5,111 | - | -€5,111 | |
| Trade debts | 44 | €21,210 | €22,698 | +€1,488 | +7.0% |
| Suppliers | 440/4 | €21,210 | €22,698 | +€1,488 | +7.0% |
| Taxes, remuneration and social security | 45 | €4,900 | €14,761 | +€9,861 | +201.2% |
| Taxes | 450/3 | €4,900 | €8,844 | +€3,944 | +80.5% |
| Remuneration and social security | 454/9 | - | €5,917 | +€5,917 | |
| Other amounts payable | 47/48 | €186,344 | €178,860 | -€7,484 | -4.0% |
| Accrued charges and deferred income | 492/3 | €221,430 | €225,454 | +€4,024 | +1.8% |
| Non-recurring operating income | 76A | €46,875 | €17,322 | -€29,553 | -63.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €357,099 | €408,735 | +€51,636 | +14.5% |
| Other operating charges | 640/8 | €30,772 | €19,542 | -€11,230 | -36.5% |
| Gross operating margin | 9900 | €2,744,977 | €1,383,163 | -€1.4m | -49.6% |
| Operating profit (loss) | 9901 | €2,357,105 | €954,886 | -€1.4m | -59.5% |
| Financial income | 75/76B | €549,453 | €501,007 | -€48,446 | -8.8% |
| Recurring financial income | 75 | €549,453 | €501,007 | -€48,446 | -8.8% |
| Financial charges | 65/66B | €90,674 | €45,201 | -€45,473 | -50.2% |
| Recurring financial charges | 65 | €90,674 | €45,201 | -€45,473 | -50.2% |
| Profit (loss) for the period before taxes | 9903 | €2,815,884 | €1,410,692 | -€1.4m | -49.9% |
| Income taxes | 67/77 | €721,065 | €372,688 | -€348,377 | -48.3% |
| Profit (loss) for the period | 9904 | €2,094,819 | €1,038,004 | -€1.1m | -50.4% |
| Transfer to tax-exempt reserves | 689 | €740,960 | €602,030 | -€138,930 | -18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,353,859 | €435,974 | -€917,885 | -67.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.