OR-TO: what changed
Two fiscal 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.
OR-TO
Largest movements
- Cash +€167,293
up €167,293 (+185.2%), from €90,350 to €257,644
mainly Net result for the year (+€141,748) and Tax, wage and social debts (+€16,233)
- Receivables within one year -€6,183
down €6,183 (-67.6%), from €9,148 to €2,965
- Reserves +€141,748
up €141,748 (+146.7%), from €96,616 to €238,364
- Tax, wage and social debts +€16,233
up €16,233 (+434.0%), from €3,740 to €19,973
of which Taxes: +€16,233
- Gross operating margin +€66,365
up €66,365 (+56.1%), from €118,347 to €184,712
- Taxes +€16,803
up €16,803 (+67.5%), from €24,887 to €41,690
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.
Cash bridge derived
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 | €106,567 | €264,365 | +€157,798 | +148.1% |
| Fixed assets | 21/28 | €4,779 | €3,657 | -€1,122 | -23.5% |
| Tangible fixed assets | 22/27 | €4,779 | €3,657 | -€1,122 | -23.5% |
| Plant, machinery and equipment | 23 | €1,081 | €744 | -€337 | -31.2% |
| Furniture and vehicles | 24 | €3,698 | €2,913 | -€785 | -21.2% |
| Current assets | 29/58 | €101,788 | €260,708 | +€158,920 | +156.1% |
| Amounts receivable within one year | 40/41 | €9,148 | €2,965 | -€6,183 | -67.6% |
| Other amounts receivable | 41 | €9,148 | €2,965 | -€6,183 | -67.6% |
| Cash at bank and in hand | 54/58 | €90,350 | €257,644 | +€167,293 | +185.2% |
| Deferred charges and accrued income | 490/1 | €2,290 | €100 | -€2,190 | -95.6% |
| Total equity and liabilities | 10/49 | €106,567 | €264,365 | +€157,798 | +148.1% |
| Equity | 10/15 | €102,616 | €244,364 | +€141,748 | +138.1% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €96,616 | €238,364 | +€141,748 | +146.7% |
| Distributable reserves | 133 | €96,616 | €238,364 | +€141,748 | +146.7% |
| Amounts payable | 17/49 | €3,951 | €20,001 | +€16,051 | +406.3% |
| Amounts payable within one year | 42/48 | €3,951 | €20,001 | +€16,051 | +406.3% |
| Trade debts | 44 | €211 | €29 | -€182 | -86.4% |
| Suppliers | 440/4 | €211 | €29 | -€182 | -86.4% |
| Taxes, remuneration and social security | 45 | €3,740 | €19,973 | +€16,233 | +434.0% |
| Taxes | 450/3 | €1,240 | €17,473 | +€16,233 | +1309.0% |
| Remuneration and social security | 454/9 | €2,500 | €2,500 | = | 0.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €384 | €1,122 | +€738 | +191.9% |
| Other operating charges | 640/8 | €0 | €1,394 | +€1,394 | |
| Gross operating margin | 9900 | €118,347 | €184,712 | +€66,365 | +56.1% |
| Operating profit (loss) | 9901 | €117,963 | €182,196 | +€64,233 | +54.5% |
| Financial income | 75/76B | €44 | €1,285 | +€1,241 | +2799.8% |
| Recurring financial income | 75 | €44 | €1,285 | +€1,241 | +2799.8% |
| Financial charges | 65/66B | €83 | €43 | -€39 | -47.5% |
| Recurring financial charges | 65 | €83 | €43 | -€39 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €117,924 | €183,437 | +€65,513 | +55.6% |
| Income taxes | 67/77 | €24,887 | €41,690 | +€16,803 | +67.5% |
| Profit (loss) for the period | 9904 | €93,037 | €141,748 | +€48,710 | +52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €93,037 | €141,748 | +€48,710 | +52.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.