Michel ORBAN: what changed
Michel ORBAN
Largest movements
- Cash -€7,351
down €7,351 (-55.3%), from €13,293 to €5,943
mainly Tax, wage and social debts (-€5,475) and Contributions, distributions and other (-€5,350)
- Tangible fixed assets -€2,521
down €2,521 (-25.3%), from €9,981 to €7,460
of which Furniture and vehicles: -€5,221
- Receivables within one year -€2,001
down €2,001 (-9.9%), from €20,232 to €18,231
of which Trade receivables: -€4,276
- Tax, wage and social debts -€5,475
down €5,475 (-73.4%), from €7,463 to €1,988
of which Remuneration and social security: -€5,936
- Other debts +€5,002
new in 2025: €5,002
- Debts after one year -€3,759
no longer reported in 2025 (was €3,759)
- Reserves -€3,350
down €3,350 (-30.2%), from €11,100 to €7,750
- Trade debts -€3,318
down €3,318 (-30.5%), from €10,879 to €7,561
- Staff costs -€14,481
down €14,481 (-62.1%), from €23,323 to €8,843
- Gross operating margin -€9,607
down €9,607 (-29.2%), from €32,891 to €23,283
- Write-downs +€2,065
up €2,065 (+205%), from €1,005 to €3,069
- Depreciation -€1,835
down €1,835 (-29.2%), from €6,287 to €4,451
- Financial charges -€366
down €366 (-39.4%), from €929 to €563
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €44,483 | €32,151 | -€12,332 | -27.7% |
| Fixed assets | 21/28 | €10,344 | €7,460 | -€2,884 | -27.9% |
| Tangible fixed assets | 22/27 | €9,981 | €7,460 | -€2,521 | -25.3% |
| Plant, machinery and equipment | 23 | €3,337 | €1,560 | -€1,777 | -53.2% |
| Furniture and vehicles | 24 | €6,644 | €1,423 | -€5,221 | -78.6% |
| Other tangible fixed assets | 26 | - | €4,476 | +€4,476 | |
| Financial fixed assets | 28 | €363 | - | -€363 | |
| Current assets | 29/58 | €34,139 | €24,691 | -€9,448 | -27.7% |
| Amounts receivable within one year | 40/41 | €20,232 | €18,231 | -€2,001 | -9.9% |
| Trade receivables | 40 | €15,229 | €10,953 | -€4,276 | -28.1% |
| Other amounts receivable | 41 | €5,003 | €7,278 | +€2,275 | +45.5% |
| Cash at bank and in hand | 54/58 | €13,293 | €5,943 | -€7,351 | -55.3% |
| Deferred charges and accrued income | 490/1 | €613 | €518 | -€96 | -15.6% |
| Total equity and liabilities | 10/49 | €44,483 | €32,151 | -€12,332 | -27.7% |
| Equity | 10/15 | €16,948 | €13,840 | -€3,108 | -18.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €11,100 | €7,750 | -€3,350 | -30.2% |
| Distributable reserves | 133 | €11,100 | €7,750 | -€3,350 | -30.2% |
| Profit (loss) carried forward | 14 | €848 | €1,090 | +€242 | +28.6% |
| Amounts payable | 17/49 | €27,534 | €18,310 | -€9,224 | -33.5% |
| Amounts payable after more than one year | 17 | €3,759 | - | -€3,759 | |
| Financial debts | 170/4 | €3,759 | - | -€3,759 | |
| Amounts payable within one year | 42/48 | €23,776 | €18,310 | -€5,465 | -23.0% |
| Current portion of amounts payable after more than one year | 42 | €5,434 | €3,759 | -€1,675 | -30.8% |
| Trade debts | 44 | €10,879 | €7,561 | -€3,318 | -30.5% |
| Suppliers | 440/4 | €10,879 | €7,561 | -€3,318 | -30.5% |
| Taxes, remuneration and social security | 45 | €7,463 | €1,988 | -€5,475 | -73.4% |
| Taxes | 450/3 | €1,528 | €1,988 | +€461 | +30.1% |
| Remuneration and social security | 454/9 | €5,936 | - | -€5,936 | |
| Other amounts payable | 47/48 | - | €5,002 | +€5,002 | |
| Non-recurring operating income | 76A | €182 | €4,997 | +€4,816 | +2,650% |
| Remuneration, social security and pensions | 62 | €23,323 | €8,843 | -€14,481 | -62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,287 | €4,451 | -€1,835 | -29.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,005 | €3,069 | +€2,065 | +205% |
| Other operating charges | 640/8 | €351 | €287 | -€64 | -18.2% |
| Non-recurring operating charges | 66A | - | €2,877 | +€2,877 | |
| Gross operating margin | 9900 | €32,891 | €23,283 | -€9,607 | -29.2% |
| Operating profit (loss) | 9901 | €1,925 | €3,756 | +€1,831 | +95.1% |
| Financial income | 75/76B | €67 | €193 | +€126 | +190% |
| Recurring financial income | 75 | €67 | €193 | +€126 | +190% |
| Financial charges | 65/66B | €929 | €563 | -€366 | -39.4% |
| Recurring financial charges | 65 | €929 | €563 | -€366 | -39.4% |
| Profit (loss) for the period before taxes | 9903 | €1,062 | €3,386 | +€2,324 | +219% |
| Income taxes | 67/77 | €991 | €1,144 | +€152 | +15.4% |
| Profit (loss) for the period | 9904 | €71 | €2,242 | +€2,171 | +3,051% |
| Profit (loss) for the period to be appropriated | 9905 | €71 | €2,242 | +€2,171 | +3,051% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.