Mickaël Ortega: 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.
Mickaël Ortega
Largest movements
- Cash +€61,734
up €61,734 (+37.7%), from €163,792 to €225,526
mainly Net result for the year (+€88,829) and Depreciation (+€4,770)
- Receivables within one year +€15,102
up €15,102, from €0 to €15,102
of which Other amounts receivable: +€10,088
- Reserves +€88,829
up €88,829 (+84.2%), from €105,476 to €194,305
- Debts after one year -€8,627
down €8,627 (-27.8%), from €31,079 to €22,451
- Gross operating margin +€12,721
up €12,721 (+11.6%), from €109,631 to €122,352
- Taxes +€3,134
up €3,134 (+14.5%), from €21,636 to €24,770
- Depreciation +€2,168
up €2,168 (+83.3%), from €2,602 to €4,770
- Financial charges +€1,485
up €1,485 (+58.2%), from €2,553 to €4,038
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 | €204,707 | €281,097 | +€76,390 | +37.3% |
| Fixed assets | 21/28 | €39,798 | €40,470 | +€672 | +1.7% |
| Tangible fixed assets | 22/27 | €39,798 | €40,470 | +€672 | +1.7% |
| Land and buildings | 22 | €39,798 | €35,558 | -€4,240 | -10.7% |
| Furniture and vehicles | 24 | - | €4,912 | +€4,912 | |
| Current assets | 29/58 | €164,910 | €240,628 | +€75,718 | +45.9% |
| Amounts receivable within one year | 40/41 | €0 | €15,102 | +€15,102 | |
| Trade receivables | 40 | €0 | €5,014 | +€5,014 | |
| Other amounts receivable | 41 | €0 | €10,088 | +€10,088 | |
| Cash at bank and in hand | 54/58 | €163,792 | €225,526 | +€61,734 | +37.7% |
| Deferred charges and accrued income | 490/1 | €1,118 | €0 | -€1,118 | -100% |
| Total equity and liabilities | 10/49 | €204,707 | €281,097 | +€76,390 | +37.3% |
| Equity | 10/15 | €110,476 | €199,305 | +€88,829 | +80.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €105,476 | €194,305 | +€88,829 | +84.2% |
| Distributable reserves | 133 | €105,476 | €194,305 | +€88,829 | +84.2% |
| Amounts payable | 17/49 | €94,232 | €81,792 | -€12,439 | -13.2% |
| Amounts payable after more than one year | 17 | €31,079 | €22,451 | -€8,627 | -27.8% |
| Financial debts | 170/4 | €31,079 | €22,451 | -€8,627 | -27.8% |
| Amounts payable within one year | 42/48 | €63,153 | €59,341 | -€3,812 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €8,263 | €8,627 | +€364 | +4.4% |
| Trade debts | 44 | €3,940 | €2,375 | -€1,565 | -39.7% |
| Suppliers | 440/4 | €3,940 | €2,375 | -€1,565 | -39.7% |
| Taxes, remuneration and social security | 45 | €48,762 | €48,339 | -€422 | -0.9% |
| Taxes | 450/3 | €48,762 | €48,339 | -€422 | -0.9% |
| Other amounts payable | 47/48 | €2,188 | €0 | -€2,188 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,602 | €4,770 | +€2,168 | +83.3% |
| Other operating charges | 640/8 | €0 | €572 | +€572 | |
| Gross operating margin | 9900 | €109,631 | €122,352 | +€12,721 | +11.6% |
| Operating profit (loss) | 9901 | €107,029 | €117,010 | +€9,981 | +9.3% |
| Financial income | 75/76B | - | €627 | +€627 | |
| Recurring financial income | 75 | - | €627 | +€627 | |
| Financial charges | 65/66B | €2,553 | €4,038 | +€1,485 | +58.2% |
| Recurring financial charges | 65 | €2,553 | €4,038 | +€1,485 | +58.2% |
| Profit (loss) for the period before taxes | 9903 | €104,476 | €113,599 | +€9,122 | +8.7% |
| Income taxes | 67/77 | €21,636 | €24,770 | +€3,134 | +14.5% |
| Profit (loss) for the period | 9904 | €82,841 | €88,829 | +€5,989 | +7.2% |
| Profit (loss) for the period to be appropriated | 9905 | €82,841 | €88,829 | +€5,989 | +7.2% |
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 20 October 2026 via checked.be.