AS Ortho: 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.
AS Ortho
Largest movements
- Cash -€133,488
down €133,488 (-89.4%), from €149,390 to €15,902
mainly Other debts (-€107,125) and Investment in fixed assets (net) (-€52,333)
- Tangible fixed assets +€22,765
up €22,765 (+20.8%), from €109,360 to €132,125
of which Other tangible fixed assets: +€39,172
- Receivables within one year +€6,540
up €6,540 (+28.5%), from €22,946 to €29,487
- Other debts -€107,125
down €107,125 (-53.9%), from €198,668 to €91,543
- Reserves +€32,037
new in 2025: €32,037
- Debts after one year -€18,164
down €18,164 (-66.0%), from €27,518 to €9,354
- Tax, wage and social debts -€8,355
down €8,355 (-44.9%), from €18,593 to €10,238
of which Taxes: -€8,935
- Gross operating margin +€37,661
up €37,661 (+27.7%), from €135,809 to €173,470
- Financial income -€22,987
no longer reported in 2025 (was €22,987)
- Taxes +€7,693
up €7,693 (+46.4%), from €16,575 to €24,268
- Depreciation +€4,626
up €4,626 (+18.5%), from €24,942 to €29,568
- Staff costs +€3,915
up €3,915 (+14.9%), from €26,225 to €30,140
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 | €281,752 | €180,170 | -€101,581 | -36.1% |
| Fixed assets | 21/28 | €109,360 | €132,125 | +€22,765 | +20.8% |
| Tangible fixed assets | 22/27 | €109,360 | €132,125 | +€22,765 | +20.8% |
| Plant, machinery and equipment | 23 | €2,104 | €1,461 | -€643 | -30.6% |
| Furniture and vehicles | 24 | €107,256 | €91,492 | -€15,764 | -14.7% |
| Other tangible fixed assets | 26 | - | €39,172 | +€39,172 | |
| Current assets | 29/58 | €172,392 | €48,046 | -€124,346 | -72.1% |
| Amounts receivable within one year | 40/41 | €22,946 | €29,487 | +€6,540 | +28.5% |
| Trade receivables | 40 | €22,946 | €29,487 | +€6,540 | +28.5% |
| Cash at bank and in hand | 54/58 | €149,390 | €15,902 | -€133,488 | -89.4% |
| Deferred charges and accrued income | 490/1 | €55 | €2,657 | +€2,602 | +4,706% |
| Total equity and liabilities | 10/49 | €281,752 | €180,170 | -€101,581 | -36.1% |
| Equity | 10/15 | €18,600 | €50,637 | +€32,037 | +172% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €32,037 | +€32,037 | |
| Distributable reserves | 133 | - | €32,037 | +€32,037 | |
| Amounts payable | 17/49 | €263,152 | €129,533 | -€133,618 | -50.8% |
| Amounts payable after more than one year | 17 | €27,518 | €9,354 | -€18,164 | -66.0% |
| Financial debts | 170/4 | €27,518 | €9,354 | -€18,164 | -66.0% |
| Amounts payable within one year | 42/48 | €235,634 | €120,180 | -€115,454 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €17,463 | €18,164 | +€701 | +4.0% |
| Trade debts | 44 | €910 | €235 | -€675 | -74.2% |
| Suppliers | 440/4 | €910 | €235 | -€675 | -74.2% |
| Taxes, remuneration and social security | 45 | €18,593 | €10,238 | -€8,355 | -44.9% |
| Taxes | 450/3 | €14,778 | €5,843 | -€8,935 | -60.5% |
| Remuneration and social security | 454/9 | €3,815 | €4,395 | +€580 | +15.2% |
| Other amounts payable | 47/48 | €198,668 | €91,543 | -€107,125 | -53.9% |
| Remuneration, social security and pensions | 62 | €26,225 | €30,140 | +€3,915 | +14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,942 | €29,568 | +€4,626 | +18.5% |
| Other operating charges | 640/8 | €2,683 | €5,803 | +€3,121 | +116% |
| Gross operating margin | 9900 | €135,809 | €173,470 | +€37,661 | +27.7% |
| Operating profit (loss) | 9901 | €81,960 | €107,960 | +€26,000 | +31.7% |
| Financial income | 75/76B | €22,987 | - | -€22,987 | |
| Recurring financial income | 75 | €22,987 | - | -€22,987 | |
| Financial charges | 65/66B | €2,340 | €1,655 | -€685 | -29.3% |
| Recurring financial charges | 65 | €2,340 | €1,655 | -€685 | -29.3% |
| Profit (loss) for the period before taxes | 9903 | €102,607 | €106,305 | +€3,698 | +3.6% |
| Income taxes | 67/77 | €16,575 | €24,268 | +€7,693 | +46.4% |
| Profit (loss) for the period | 9904 | €86,032 | €82,037 | -€3,995 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €86,032 | €82,037 | -€3,995 | -4.6% |
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 22 October 2026 via checked.be.