Orzo
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 PDF all 5 filings
Turnover
≈ €120,000
Estimated: probably between €90,000 and €150,000
Total assets
€71,165▼ 29.1%
2024 · €100,381
Net result
€35,931▼ 27.7%
2024 · €49,677
Working capital
-€21,722▼ 25.2%
2024 · -€17,349
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€47,906
▼ 26.8%
2025
20212025
Net result
€35,931
▼ 27.7%
2025
middle half of the sector
20212025
Equity
€3,000
▼ 20.2%
2025
lowest quarter of the sector
20212025
Total assets
€71,165
▼ 29.1%
2025
lowest quarter of the sector
20212025
Debt
€68,165
▼ 29.5%
2025
20212025
Working capital
-€21,722
▼ 25.2%
2025
lowest quarter of the sector
20212025
Solvency
4.2%
▲ 0.5pp
2025
lowest quarter of the sector
20212025
Current ratio
0.65
▼ 0.13
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
50.5%
▲ 1.0pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€7,246-€1,035▼ 85.7%€29,272▲ 28×€65,476▲ 124%€47,906▼ 26.8%
Net result€4,934within the sector's middle half--€727below the sector's middle half€21,877within the sector's middle half€49,677within the sector's middle half▲ 127%€35,931within the sector's middle half▼ 27.7%
Equity€7,934below the sector's middle half-€7,207below the sector's middle half▼ 9.2%€29,084within the sector's middle half▲ 304%€3,760below the sector's middle half▼ 87.1%€3,000below the sector's middle half▼ 20.2%
Total assets€29,775below the sector's middle half-€24,393below the sector's middle half▼ 18.1%€40,055below the sector's middle half▲ 64.2%€100,381within the sector's middle half▲ 151%€71,165below the sector's middle half▼ 29.1%
Debt€21,842-€17,186▼ 21.3%€10,971▼ 36.2%€96,621▲ 781%€68,165▼ 29.5%
Working capital-€2,981below the sector's middle half--€5,359below the sector's middle half▼ 79.8%€21,205within the sector's middle half-€17,349below the sector's middle half-€21,722below the sector's middle half▼ 25.2%
Solvency26.6%within the sector's middle half-29.5%within the sector's middle half▲ 2.9pp72.6%within the sector's middle half▲ 43.1pp3.7%below the sector's middle half▼ 68.9pp4.2%below the sector's middle half▲ 0.5pp
Current ratio0.81below the sector's middle half-0.69below the sector's middle half▼ 0.122.93within the sector's middle half▲ 2.240.78below the sector's middle half▼ 2.150.65below the sector's middle half▼ 0.13
Return on assets (ROA)16.6%within the sector's middle half--3.0%below the sector's middle half▼ 19.5pp54.6%above the sector's middle half▲ 57.6pp49.5%above the sector's middle half▼ 5.1pp50.5%above the sector's middle half▲ 1.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 27% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €71,165
Fixed assets
€30,887 ▼ 17.5%
Current assets
€40,277 ▼ 36.0%
Equity and liabilities €71,165
Equity
€3,000 ▼ 20.2%
Debt
€68,165 ▼ 29.5%
Debt's share of the balance-sheet total falls from 96.3% to 95.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€57,059▼
2024 · €70,470
Cash flow
€45,085▼
2024 · €54,671
Debt to equity
22.72▼
2024 · 25.69
Interest coverage
48.91▼
2024 · 82.27
Debt ≤ 1 year
€62,000▼
2024 · €80,268
Debt > 1 year
€6,165▼
2024 · €16,353
Income taxes
€10,900▼
2024 · €15,100
A ratio outside any meaningful range has been withheld (balance sheet total €71,165, equity €3,000).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €42,456 | €2,579 |
| Depreciation and write-downs of the year | €4,688 | €4,688 | €4,994 | €9,154 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €138 awarded · €138 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,862 | €4,688 | €4,688 | €4,994 | €9,154 | ▲ 83.3% |
| Other operating charges640/8 | - | €543 | €573 | €1,566 | €1,845 | ▲ 17.9% |
| Gross operating margin9900 | €10,339 | €6,266 | €34,532 | €72,036 | €58,905 | ▼ 18.2% |
| Operating profit (loss)9901 | €7,246 | €1,035 | €29,272 | €65,476 | €47,906 | ▼ 26.8% |
| Financial income75/76B | - | €5 | €10 | €158 | €92 | ▼ 41.5% |
| Recurring financial income75 | - | €5 | €10 | €158 | €92 | ▼ 41.5% |
| Financial charges65/66B | - | €391 | €154 | €857 | €1,167 | ▲ 36.2% |
| Recurring financial charges65 | €300 | €391 | €154 | €857 | €1,167 | ▲ 36.2% |
| Profit (loss) for the period before taxes9903 | €6,946 | €649 | €29,128 | €64,777 | €46,831 | ▼ 27.7% |
| Income taxes67/77 | €2,012 | €1,375 | €7,252 | €15,100 | €10,900 | ▼ 27.8% |
| Profit (loss) for the period9904 | €4,934 | -€727 | €21,877 | €49,677 | €35,931 | ▼ 27.7% |
| Profit (loss) for the period to be appropriated9905 | €4,934 | -€727 | €21,877 | €49,677 | €35,931 | ▼ 27.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €29,775 | €24,393 | €40,055 | €100,381 | €71,165 | ▼ 29.1% |
| Fixed assets21/28 | €17,254 | €12,566 | €7,879 | €37,462 | €30,887 | ▼ 17.5% |
| Tangible fixed assets22/27 | €16,888 | €12,200 | €7,513 | €37,462 | €30,887 | ▼ 17.5% |
| Furniture and vehicles24 | - | €12,200 | €7,513 | €37,462 | €30,887 | ▼ 17.5% |
| Financial fixed assets28 | €366 | €366 | €366 | - | - | - |
| Current assets29/58 | €12,521 | €11,827 | €32,176 | €62,919 | €40,277 | ▼ 36.0% |
| Amounts receivable within one year40/41 | €6,118 | €6,005 | €19,912 | €39,000 | €6,007 | ▼ 84.6% |
| Trade receivables40 | - | €6,005 | €19,912 | €34,072 | €6,007 | ▼ 82.4% |
| Other amounts receivable41 | - | - | - | €4,928 | - | - |
| Cash at bank and in hand54/58 | €5,187 | €4,743 | €11,154 | €22,767 | €33,095 | ▲ 45.4% |
| Deferred charges and accrued income490/1 | - | €1,079 | €1,110 | €1,152 | €1,174 | ▲ 1.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €29,775 | €24,393 | €40,055 | €100,381 | €71,165 | ▼ 29.1% |
| Equity10/15 | €7,934 | €7,207 | €29,084 | €3,760 | €3,000 | ▼ 20.2% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €4,934 | €4,207 | €26,084 | €760 | - | - |
| Amounts payable17/49 | €21,842 | €17,186 | €10,971 | €96,621 | €68,165 | ▼ 29.5% |
| Amounts payable after more than one year17 | €6,339 | - | - | €16,353 | €6,165 | ▼ 62.3% |
| Financial debts170/4 | - | - | - | €16,353 | €6,165 | ▼ 62.3% |
| Amounts payable within one year42/48 | €15,503 | €17,186 | €10,971 | €80,268 | €62,000 | ▼ 22.8% |
| Current portion of amounts payable after more than one year42 | - | €6,339 | - | €9,726 | €10,188 | ▲ 4.8% |
| Trade debts44 | €992 | €257 | €120 | €1,223 | €2,166 | ▲ 77.2% |
| Suppliers440/4 | - | €257 | €120 | €1,223 | €2,166 | ▲ 77.2% |
| Taxes, remuneration and social security45 | - | €6,087 | €10,617 | €20,319 | €12,028 | ▼ 40.8% |
| Taxes450/3 | - | €4,476 | €9,372 | €20,319 | €12,028 | ▼ 40.8% |
| Remuneration and social security454/9 | - | €1,611 | €1,244 | - | - | - |
| Other amounts payable47/48 | - | €4,503 | €234 | €49,000 | €37,617 | ▼ 23.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,934 | -€727 | €21,877 | €49,677 | €35,931 | ▼ 27.7% |
| + Depreciation and write-downs630 | €1,862 | €4,688 | €4,688 | €4,994 | €9,154 | ▲ 83.3% |
| Operating cash flow (approximation) | €6,796 | €3,961 | €26,564 | €54,671 | €45,085 | ▼ 17.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€34,578 | -€2,579 | ▲ 92.5% |
| Change in cash | - | -€444 | €6,411 | €11,613 | €10,328 | ▼ 11.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,153 companies had the same profile as Orzo has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of Orzo itself is lower: 0.2% within 12 months. It rests on far more data about Orzo than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,153 companies, not a prediction for Orzo. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00139173 | |
| 31-12-2024 | micro format | 08-08-2025 | 2025-00365913 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00235149 | |
| 31-12-2022 | micro format | 02-05-2023 | 2023-00079134 | |
| 31-12-2021 | micro format | 10-03-2022 | 2022-07300070 |