ORAC: 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.
ORAC
Largest movements
- Tangible fixed assets +€13,815
up €13,815 (+3.8%), from €364,259 to €378,074
of which Land and buildings: +€33,019
- Reserves +€17,256
up €17,256 (+6.1%), from €284,204 to €301,460
of which Distributable reserves: +€19,098
- Current portion of long-term debt -€8,636
down €8,636 (-45.9%), from €18,820 to €10,184
- Trade debts +€4,023
up €4,023 (+144.8%), from €2,777 to €6,800
- Depreciation -€9,052
down €9,052 (-14.0%), from €64,698 to €55,645
- Taxes +€3,915
up €3,915 (+93.5%), from €4,189 to €8,104
- Gross operating margin +€3,766
up €3,766 (+4.5%), from €83,532 to €87,298
- Financial charges -€1,227
down €1,227 (-28.1%), from €4,361 to €3,134
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 | €381,616 | €397,286 | +€15,671 | +4.1% |
| Fixed assets | 21/28 | €364,259 | €378,074 | +€13,815 | +3.8% |
| Tangible fixed assets | 22/27 | €364,259 | €378,074 | +€13,815 | +3.8% |
| Land and buildings | 22 | €284,221 | €317,240 | +€33,019 | +11.6% |
| Furniture and vehicles | 24 | €80,038 | €60,834 | -€19,204 | -24.0% |
| Current assets | 29/58 | €17,357 | €19,212 | +€1,856 | +10.7% |
| Amounts receivable within one year | 40/41 | €6,917 | €8,587 | +€1,670 | +24.1% |
| Other amounts receivable | 41 | €6,917 | €8,587 | +€1,670 | +24.1% |
| Current investments | 50/53 | €3,785 | €3,785 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,065 | €3,782 | -€283 | -7.0% |
| Deferred charges and accrued income | 490/1 | €2,589 | €3,058 | +€470 | +18.1% |
| Total equity and liabilities | 10/49 | €381,616 | €397,286 | +€15,671 | +4.1% |
| Equity | 10/15 | €290,404 | €307,660 | +€17,256 | +5.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €284,204 | €301,460 | +€17,256 | +6.1% |
| Tax-exempt reserves | 132 | €18,658 | €16,816 | -€1,842 | -9.9% |
| Distributable reserves | 133 | €265,546 | €284,644 | +€19,098 | +7.2% |
| Provisions and deferred taxes | 16 | €6,219 | €5,605 | -€614 | -9.9% |
| Deferred taxes | 168 | €6,219 | €5,605 | -€614 | -9.9% |
| Amounts payable | 17/49 | €84,993 | €84,021 | -€971 | -1.1% |
| Amounts payable after more than one year | 17 | €52,797 | €56,563 | +€3,766 | +7.1% |
| Financial debts | 170/4 | €52,797 | €56,563 | +€3,766 | +7.1% |
| Amounts payable within one year | 42/48 | €29,495 | €24,758 | -€4,737 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €18,820 | €10,184 | -€8,636 | -45.9% |
| Trade debts | 44 | €2,777 | €6,800 | +€4,023 | +144.8% |
| Suppliers | 440/4 | €2,777 | €6,800 | +€4,023 | +144.8% |
| Taxes, remuneration and social security | 45 | €6,254 | €7,775 | +€1,521 | +24.3% |
| Taxes | 450/3 | €6,254 | €7,775 | +€1,521 | +24.3% |
| Other amounts payable | 47/48 | €1,644 | €0 | -€1,644 | -100.0% |
| Accrued charges and deferred income | 492/3 | €2,700 | €2,700 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,698 | €55,645 | -€9,052 | -14.0% |
| Other operating charges | 640/8 | €3,592 | €3,772 | +€181 | +5.0% |
| Gross operating margin | 9900 | €83,532 | €87,298 | +€3,766 | +4.5% |
| Operating profit (loss) | 9901 | €15,242 | €27,880 | +€12,638 | +82.9% |
| Financial charges | 65/66B | €4,361 | €3,134 | -€1,227 | -28.1% |
| Recurring financial charges | 65 | €4,361 | €3,134 | -€1,227 | -28.1% |
| Profit (loss) for the period before taxes | 9903 | €10,881 | €24,746 | +€13,865 | +127.4% |
| Transfer from deferred taxes | 780 | €614 | €614 | = | 0.0% |
| Income taxes | 67/77 | €4,189 | €8,104 | +€3,915 | +93.5% |
| Profit (loss) for the period | 9904 | €7,306 | €17,256 | +€9,950 | +136.2% |
| Transfer from tax-exempt reserves | 789 | €1,842 | €1,842 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,148 | €19,098 | +€9,950 | +108.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.