ORA INFRA: 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 INFRA
Largest movements
- Intangible fixed assets +€89,865
new in 2025: €89,865
- Receivables within one year +€29,107
up €29,107 (+22.0%), from €132,535 to €161,642
of which Trade receivables: +€18,194
- Cash +€15,041
up €15,041 (+17.9%), from €84,236 to €99,277
mainly Debts after one year (+€63,012) and Net result for the year (+€43,402)
- Tangible fixed assets -€10,846
down €10,846 (-71.0%), from €15,267 to €4,421
of which Land and buildings: -€12,075
- Debts after one year +€63,012
up €63,012 (+9,153%), from €688 to €63,700
- Reserves +€43,402
up €43,402 (+35.1%), from €123,476 to €166,878
- Tax, wage and social debts -€23,871
down €23,871 (-60.3%), from €39,580 to €15,709
of which Taxes: -€18,055
- Trade debts +€19,612
up €19,612 (+37.7%), from €52,066 to €71,678
- Current portion of long-term debt +€16,200
up €16,200 (+396%), from €4,089 to €20,288
- Gross operating margin +€20,633
up €20,633 (+11.4%), from €180,691 to €201,324
- Depreciation +€17,797
up €17,797 (+477%), from €3,731 to €21,528
- Staff costs +€3,338
up €3,338 (+3.2%), from €105,649 to €108,987
- Taxes -€3,336
down €3,336 (-12.4%), from €26,924 to €23,589
- Financial charges +€2,550
up €2,550 (+970%), from €263 to €2,814
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 | €238,669 | €358,689 | +€120,019 | +50.3% |
| Fixed assets | 21/28 | €15,267 | €94,286 | +€79,019 | +518% |
| Intangible fixed assets | 21 | - | €89,865 | +€89,865 | |
| Tangible fixed assets | 22/27 | €15,267 | €4,421 | -€10,846 | -71.0% |
| Land and buildings | 22 | €12,075 | €0 | -€12,075 | -100% |
| Plant, machinery and equipment | 23 | €3,192 | €4,421 | +€1,229 | +38.5% |
| Current assets | 29/58 | €223,402 | €264,403 | +€41,001 | +18.4% |
| Amounts receivable within one year | 40/41 | €132,535 | €161,642 | +€29,107 | +22.0% |
| Trade receivables | 40 | €125,622 | €143,816 | +€18,194 | +14.5% |
| Other amounts receivable | 41 | €6,913 | €17,826 | +€10,913 | +158% |
| Cash at bank and in hand | 54/58 | €84,236 | €99,277 | +€15,041 | +17.9% |
| Deferred charges and accrued income | 490/1 | €6,632 | €3,485 | -€3,147 | -47.5% |
| Total equity and liabilities | 10/49 | €238,669 | €358,689 | +€120,019 | +50.3% |
| Equity | 10/15 | €142,076 | €185,478 | +€43,402 | +30.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €123,476 | €166,878 | +€43,402 | +35.1% |
| Distributable reserves | 133 | €123,476 | €166,878 | +€43,402 | +35.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €96,593 | €173,211 | +€76,618 | +79.3% |
| Amounts payable after more than one year | 17 | €688 | €63,700 | +€63,012 | +9,153% |
| Financial debts | 170/4 | €688 | €63,700 | +€63,012 | +9,153% |
| Amounts payable within one year | 42/48 | €95,905 | €109,511 | +€13,606 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €4,089 | €20,288 | +€16,200 | +396% |
| Trade debts | 44 | €52,066 | €71,678 | +€19,612 | +37.7% |
| Suppliers | 440/4 | €52,066 | €71,678 | +€19,612 | +37.7% |
| Taxes, remuneration and social security | 45 | €39,580 | €15,709 | -€23,871 | -60.3% |
| Taxes | 450/3 | €18,176 | €121 | -€18,055 | -99.3% |
| Remuneration and social security | 454/9 | €21,404 | €15,588 | -€5,816 | -27.2% |
| Other amounts payable | 47/48 | €170 | €1,836 | +€1,666 | +982% |
| Remuneration, social security and pensions | 62 | €105,649 | €108,987 | +€3,338 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,731 | €21,528 | +€17,797 | +477% |
| Other operating charges | 640/8 | €1,263 | €1,057 | -€206 | -16.3% |
| Gross operating margin | 9900 | €180,691 | €201,324 | +€20,633 | +11.4% |
| Operating profit (loss) | 9901 | €70,048 | €69,752 | -€296 | -0.4% |
| Financial income | 75/76B | €1 | €51 | +€51 | +6,500% |
| Recurring financial income | 75 | €1 | €51 | +€51 | +6,500% |
| Financial charges | 65/66B | €263 | €2,814 | +€2,550 | +970% |
| Recurring financial charges | 65 | €263 | €2,814 | +€2,550 | +970% |
| Profit (loss) for the period before taxes | 9903 | €69,786 | €66,990 | -€2,796 | -4.0% |
| Income taxes | 67/77 | €26,924 | €23,589 | -€3,336 | -12.4% |
| Profit (loss) for the period | 9904 | €42,862 | €43,402 | +€540 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,862 | €43,402 | +€540 | +1.3% |
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.