Sam Opdenakker: 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.
Sam Opdenakker
Largest movements
- Receivables after one year -€133,784
no longer reported in 2025 (was €133,784)
- Cash -€17,574
down €17,574 (-9.3%), from €188,534 to €170,960
mainly Contributions, distributions and other (-€321,470) and Debts after one year (-€9,568)
- Tangible fixed assets -€9,328
down €9,328 (-3.3%), from €286,158 to €276,830
of which Land and buildings: -€8,145
- Reserves -€239,100
down €239,100 (-50.1%), from €477,155 to €238,055
of which Distributable reserves: -€239,100
- Other debts +€84,011
up €84,011 (+3,652,651%), from €2 to €84,013
- Debts after one year -€9,568
down €9,568 (-7.4%), from €129,953 to €120,385
- Taxes -€6,581
down €6,581 (-22.8%), from €28,824 to €22,243
- Financial income +€3,510
up €3,510 (+235%), from €1,493 to €5,003
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 | €640,376 | €476,435 | -€163,941 | -25.6% |
| Fixed assets | 21/28 | €286,158 | €276,830 | -€9,328 | -3.3% |
| Tangible fixed assets | 22/27 | €286,158 | €276,830 | -€9,328 | -3.3% |
| Land and buildings | 22 | €282,014 | €273,869 | -€8,145 | -2.9% |
| Plant, machinery and equipment | 23 | €4,144 | €2,961 | -€1,182 | -28.5% |
| Current assets | 29/58 | €354,218 | €199,605 | -€154,614 | -43.6% |
| Amounts receivable after more than one year | 29 | €133,784 | - | -€133,784 | |
| Other amounts receivable | 291 | €133,784 | - | -€133,784 | |
| Amounts receivable within one year | 40/41 | €30,736 | €27,427 | -€3,309 | -10.8% |
| Trade receivables | 40 | €15,972 | €19,493 | +€3,521 | +22.0% |
| Other amounts receivable | 41 | €14,764 | €7,934 | -€6,830 | -46.3% |
| Cash at bank and in hand | 54/58 | €188,534 | €170,960 | -€17,574 | -9.3% |
| Deferred charges and accrued income | 490/1 | €1,165 | €1,218 | +€53 | +4.6% |
| Total equity and liabilities | 10/49 | €640,376 | €476,435 | -€163,941 | -25.6% |
| Equity | 10/15 | €489,668 | €250,568 | -€239,100 | -48.8% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €477,155 | €238,055 | -€239,100 | -50.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €475,295 | €236,195 | -€239,100 | -50.3% |
| Profit (loss) carried forward | 14 | €13 | €13 | = | 0.0% |
| Amounts payable | 17/49 | €150,708 | €225,867 | +€75,159 | +49.9% |
| Amounts payable after more than one year | 17 | €129,953 | €120,385 | -€9,568 | -7.4% |
| Financial debts | 170/4 | €129,953 | €120,385 | -€9,568 | -7.4% |
| Amounts payable within one year | 42/48 | €18,664 | €104,582 | +€85,918 | +460% |
| Current portion of amounts payable after more than one year | 42 | €9,307 | €9,568 | +€261 | +2.8% |
| Trade debts | 44 | €5 | €757 | +€752 | +15,339% |
| Suppliers | 440/4 | €5 | €757 | +€752 | +15,339% |
| Taxes, remuneration and social security | 45 | €9,349 | €10,244 | +€894 | +9.6% |
| Taxes | 450/3 | €9,349 | €10,244 | +€894 | +9.6% |
| Other amounts payable | 47/48 | €2 | €84,013 | +€84,011 | +3,652,651% |
| Accrued charges and deferred income | 492/3 | €2,091 | €900 | -€1,191 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,150 | €9,328 | +€178 | +1.9% |
| Other operating charges | 640/8 | €1,201 | €1,468 | +€267 | +22.2% |
| Gross operating margin | 9900 | €115,868 | €115,450 | -€418 | -0.4% |
| Operating profit (loss) | 9901 | €105,517 | €104,654 | -€863 | -0.8% |
| Financial income | 75/76B | €1,493 | €5,003 | +€3,510 | +235% |
| Recurring financial income | 75 | €1,493 | €5,003 | +€3,510 | +235% |
| Financial charges | 65/66B | €5,386 | €5,045 | -€341 | -6.3% |
| Recurring financial charges | 65 | €5,386 | €5,045 | -€341 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €101,625 | €104,613 | +€2,988 | +2.9% |
| Income taxes | 67/77 | €28,824 | €22,243 | -€6,581 | -22.8% |
| Profit (loss) for the period | 9904 | €72,801 | €82,370 | +€9,569 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,801 | €82,370 | +€9,569 | +13.1% |
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 16 October 2026 via checked.be.