ORA Academy: 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.
ORA Academy
Largest movements
- Receivables within one year +€118,935
up €118,935 (+59.6%), from €199,597 to €318,532
of which Trade receivables: +€120,365
- Cash -€14,849
down €14,849 (-33.9%), from €43,820 to €28,971
mainly Receivables within one year (-€118,935) and Net result for the year (-€87,999)
- Tangible fixed assets -€4,667
down €4,667 (-9.6%), from €48,586 to €43,920
of which Furniture and vehicles: -€11,927
- Trade debts +€94,268
up €94,268 (+169%), from €55,929 to €150,197
- Profit (loss) carried forward -€87,999
down €87,999, from €28,011 to -€59,989
- Accrued charges and deferred income +€53,810
up €53,810 (+83.8%), from €64,216 to €118,026
- Tax, wage and social debts +€41,157
up €41,157 (+74.8%), from €55,049 to €96,206
of which Remuneration and social security: +€25,629
- Staff costs +€76,882
up €76,882 (+33.0%), from €232,946 to €309,827
- Gross operating margin -€56,303
down €56,303 (-19.2%), from €293,535 to €237,232
- Taxes -€19,175
down €19,175 (-98.9%), from €19,394 to €219
- Depreciation +€5,056
up €5,056 (+49.2%), from €10,274 to €15,329
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 | €294,446 | €395,683 | +€101,236 | +34.4% |
| Fixed assets | 21/28 | €48,586 | €43,920 | -€4,667 | -9.6% |
| Tangible fixed assets | 22/27 | €48,586 | €43,920 | -€4,667 | -9.6% |
| Plant, machinery and equipment | 23 | €599 | €7,859 | +€7,260 | +1,212% |
| Furniture and vehicles | 24 | €47,987 | €36,061 | -€11,927 | -24.9% |
| Current assets | 29/58 | €245,860 | €351,763 | +€105,903 | +43.1% |
| Amounts receivable within one year | 40/41 | €199,597 | €318,532 | +€118,935 | +59.6% |
| Trade receivables | 40 | €159,310 | €279,675 | +€120,365 | +75.6% |
| Other amounts receivable | 41 | €40,287 | €38,857 | -€1,430 | -3.5% |
| Cash at bank and in hand | 54/58 | €43,820 | €28,971 | -€14,849 | -33.9% |
| Deferred charges and accrued income | 490/1 | €2,444 | €4,260 | +€1,817 | +74.3% |
| Total equity and liabilities | 10/49 | €294,446 | €395,683 | +€101,236 | +34.4% |
| Equity | 10/15 | €119,252 | €31,253 | -€87,999 | -73.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €90,242 | €90,242 | = | 0.0% |
| Distributable reserves | 133 | €90,242 | €90,242 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,011 | -€59,989 | -€87,999 | |
| Amounts payable | 17/49 | €175,194 | €364,430 | +€189,235 | +108% |
| Amounts payable within one year | 42/48 | €110,978 | €246,403 | +€135,425 | +122% |
| Trade debts | 44 | €55,929 | €150,197 | +€94,268 | +169% |
| Suppliers | 440/4 | €55,929 | €150,197 | +€94,268 | +169% |
| Taxes, remuneration and social security | 45 | €55,049 | €96,206 | +€41,157 | +74.8% |
| Taxes | 450/3 | €24,144 | €39,672 | +€15,529 | +64.3% |
| Remuneration and social security | 454/9 | €30,905 | €56,534 | +€25,629 | +82.9% |
| Accrued charges and deferred income | 492/3 | €64,216 | €118,026 | +€53,810 | +83.8% |
| Remuneration, social security and pensions | 62 | €232,946 | €309,827 | +€76,882 | +33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,274 | €15,329 | +€5,056 | +49.2% |
| Other operating charges | 640/8 | €593 | €533 | -€59 | -10.0% |
| Gross operating margin | 9900 | €293,535 | €237,232 | -€56,303 | -19.2% |
| Operating profit (loss) | 9901 | €49,723 | -€88,458 | -€138,181 | |
| Financial income | 75/76B | €265 | €1,053 | +€787 | +297% |
| Recurring financial income | 75 | €128 | €277 | +€149 | +117% |
| Non-recurring financial income | 76B | €138 | €776 | +€639 | +464% |
| Financial charges | 65/66B | €352 | €375 | +€22 | +6.4% |
| Recurring financial charges | 65 | €352 | €375 | +€22 | +6.4% |
| Profit (loss) for the period before taxes | 9903 | €49,636 | -€87,780 | -€137,416 | |
| Income taxes | 67/77 | €19,394 | €219 | -€19,175 | -98.9% |
| Profit (loss) for the period | 9904 | €30,242 | -€87,999 | -€118,241 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,242 | -€87,999 | -€118,241 |
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.