THE OWL: 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.
THE OWL
Largest movements
- Receivables within one year -€32,793
down €32,793 (-61.5%), from €53,328 to €20,535
of which Trade receivables: -€24,825
- Cash +€21,520
up €21,520 (+199%), from €10,812 to €32,333
mainly Receivables within one year (+€32,793) and Depreciation (+€7,087)
- Tangible fixed assets -€4,866
down €4,866 (-2.8%), from €173,892 to €169,026
of which Land and buildings: -€4,535
- Other debts -€8,310
down €8,310 (-15.4%), from €54,020 to €45,710
- Debts after one year -€5,611
down €5,611 (-6.1%), from €92,477 to €86,866
- Tax, wage and social debts -€5,479
down €5,479 (-86.6%), from €6,328 to €849
of which Taxes: -€3,835
- Profit (loss) carried forward +€4,975
up €4,975 (+9.2%), from €53,835 to €58,809
- Staff costs -€148,234
no longer reported in 2025 (was €148,234)
- Gross operating margin -€117,764
down €117,764 (-87.4%), from €134,745 to €16,981
- Financial charges -€2,707
down €2,707 (-45.9%), from €5,893 to €3,186
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 | €238,662 | €222,519 | -€16,143 | -6.8% |
| Fixed assets | 21/28 | €173,892 | €169,026 | -€4,866 | -2.8% |
| Tangible fixed assets | 22/27 | €173,892 | €169,026 | -€4,866 | -2.8% |
| Land and buildings | 22 | €169,885 | €165,350 | -€4,535 | -2.7% |
| Plant, machinery and equipment | 23 | €2,239 | - | -€2,239 | |
| Furniture and vehicles | 24 | €1,767 | €3,675 | +€1,908 | +108% |
| Current assets | 29/58 | €64,770 | €53,493 | -€11,277 | -17.4% |
| Amounts receivable within one year | 40/41 | €53,328 | €20,535 | -€32,793 | -61.5% |
| Trade receivables | 40 | €40,907 | €16,083 | -€24,825 | -60.7% |
| Other amounts receivable | 41 | €12,421 | €4,452 | -€7,969 | -64.2% |
| Cash at bank and in hand | 54/58 | €10,812 | €32,333 | +€21,520 | +199% |
| Deferred charges and accrued income | 490/1 | €630 | €626 | -€4 | -0.7% |
| Total equity and liabilities | 10/49 | €238,662 | €222,519 | -€16,143 | -6.8% |
| Equity | 10/15 | €78,021 | €82,995 | +€4,975 | +6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €5,586 | €5,586 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,726 | €3,726 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,835 | €58,809 | +€4,975 | +9.2% |
| Amounts payable | 17/49 | €160,642 | €139,523 | -€21,118 | -13.1% |
| Amounts payable after more than one year | 17 | €92,477 | €86,866 | -€5,611 | -6.1% |
| Financial debts | 170/4 | €92,477 | €86,866 | -€5,611 | -6.1% |
| Amounts payable within one year | 42/48 | €67,575 | €52,308 | -€15,267 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €5,527 | €5,611 | +€85 | +1.5% |
| Trade debts | 44 | €1,701 | €69 | -€1,631 | -95.9% |
| Suppliers | 440/4 | €1,701 | €69 | -€1,631 | -95.9% |
| Advances received on contracts in progress | 46 | - | €69 | +€69 | |
| Taxes, remuneration and social security | 45 | €6,328 | €849 | -€5,479 | -86.6% |
| Taxes | 450/3 | €4,211 | €376 | -€3,835 | -91.1% |
| Remuneration and social security | 454/9 | €2,116 | €472 | -€1,644 | -77.7% |
| Other amounts payable | 47/48 | €54,020 | €45,710 | -€8,310 | -15.4% |
| Accrued charges and deferred income | 492/3 | €589 | €350 | -€240 | -40.7% |
| Remuneration, social security and pensions | 62 | €148,234 | - | -€148,234 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,454 | €7,087 | -€367 | -4.9% |
| Other operating charges | 640/8 | €987 | €1,602 | +€615 | +62.3% |
| Gross operating margin | 9900 | €134,745 | €16,981 | -€117,764 | -87.4% |
| Operating profit (loss) | 9901 | -€21,930 | €8,292 | +€30,222 | |
| Financial income | 75/76B | €254 | €3 | -€252 | -99.0% |
| Recurring financial income | 75 | €254 | €3 | -€252 | -99.0% |
| Financial charges | 65/66B | €5,893 | €3,186 | -€2,707 | -45.9% |
| Recurring financial charges | 65 | €5,893 | €3,186 | -€2,707 | -45.9% |
| Profit (loss) for the period before taxes | 9903 | -€27,569 | €5,108 | +€32,677 | |
| Income taxes | 67/77 | €276 | €134 | -€142 | -51.4% |
| Profit (loss) for the period | 9904 | -€27,844 | €4,975 | +€32,819 | |
| Profit (loss) for the period to be appropriated | 9905 | -€27,844 | €4,975 | +€32,819 |
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.