ORAE: 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.
ORAE
Largest movements
- Tangible fixed assets +€29,599
up €29,599 (+8.5%), from €348,387 to €377,986
of which Land and buildings: +€41,576
- Cash -€8,984
down €8,984 (-28.3%), from €31,721 to €22,737
mainly Investment in fixed assets (net) (-€66,811) and Other debts (-€18,362)
- Reserves +€22,535
up €22,535 (+17.7%), from €126,972 to €149,507
- Other debts -€18,362
down €18,362 (-31.9%), from €57,532 to €39,170
- Current portion of long-term debt +€12,677
up €12,677 (+48.4%), from €26,206 to €38,883
- Gross operating margin +€21,376
up €21,376 (+24.8%), from €86,160 to €107,536
- Depreciation +€10,255
up €10,255 (+36.7%), from €27,947 to €38,202
- Other operating charges +€8,494
up €8,494 (+71.9%), from €11,818 to €20,312
- Taxes +€1,666
up €1,666 (+18.2%), from €9,146 to €10,812
- Staff costs -€1,519
down €1,519 (-15.6%), from €9,715 to €8,196
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 | €391,341 | €409,438 | +€18,097 | +4.6% |
| Fixed assets | 21/28 | €352,673 | €381,283 | +€28,609 | +8.1% |
| Intangible fixed assets | 21 | €4,172 | €3,182 | -€990 | -23.7% |
| Tangible fixed assets | 22/27 | €348,387 | €377,986 | +€29,599 | +8.5% |
| Land and buildings | 22 | €283,962 | €325,538 | +€41,576 | +14.6% |
| Plant, machinery and equipment | 23 | €27,093 | €19,349 | -€7,744 | -28.6% |
| Furniture and vehicles | 24 | €37,332 | €33,099 | -€4,232 | -11.3% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €38,668 | €28,156 | -€10,512 | -27.2% |
| Stocks and contracts in progress | 3 | €636 | - | -€636 | |
| Stocks | 30/36 | €636 | - | -€636 | |
| Amounts receivable within one year | 40/41 | €5,749 | €3,210 | -€2,540 | -44.2% |
| Trade receivables | 40 | €3,673 | - | -€3,673 | |
| Other amounts receivable | 41 | €2,076 | €3,210 | +€1,133 | +54.6% |
| Cash at bank and in hand | 54/58 | €31,721 | €22,737 | -€8,984 | -28.3% |
| Deferred charges and accrued income | 490/1 | €562 | €2,209 | +€1,647 | +293.0% |
| Total equity and liabilities | 10/49 | €391,341 | €409,438 | +€18,097 | +4.6% |
| Equity | 10/15 | €145,972 | €168,507 | +€22,535 | +15.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €126,972 | €149,507 | +€22,535 | +17.7% |
| Distributable reserves | 133 | €126,972 | €149,507 | +€22,535 | +17.7% |
| Amounts payable | 17/49 | €245,369 | €240,932 | -€4,437 | -1.8% |
| Amounts payable after more than one year | 17 | €138,646 | €137,658 | -€988 | -0.7% |
| Financial debts | 170/4 | €138,646 | €137,658 | -€988 | -0.7% |
| Amounts payable within one year | 42/48 | €106,223 | €102,774 | -€3,449 | -3.2% |
| Current portion of amounts payable after more than one year | 42 | €26,206 | €38,883 | +€12,677 | +48.4% |
| Financial debts | 43 | €10,500 | €10,500 | = | 0.0% |
| Credit institutions | 430/8 | €10,500 | €10,500 | = | 0.0% |
| Trade debts | 44 | €10,819 | €11,765 | +€946 | +8.7% |
| Suppliers | 440/4 | €10,819 | €11,765 | +€946 | +8.7% |
| Taxes, remuneration and social security | 45 | €1,165 | €2,456 | +€1,290 | +110.7% |
| Taxes | 450/3 | €540 | €312 | -€228 | -42.3% |
| Remuneration and social security | 454/9 | €625 | €2,144 | +€1,519 | +242.9% |
| Other amounts payable | 47/48 | €57,532 | €39,170 | -€18,362 | -31.9% |
| Accrued charges and deferred income | 492/3 | €500 | €500 | = | 0.0% |
| Non-recurring operating income | 76A | €9,078 | - | -€9,078 | |
| Remuneration, social security and pensions | 62 | €9,715 | €8,196 | -€1,519 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,947 | €38,202 | +€10,255 | +36.7% |
| Other operating charges | 640/8 | €11,818 | €20,312 | +€8,494 | +71.9% |
| Non-recurring operating charges | 66A | €326 | - | -€326 | |
| Gross operating margin | 9900 | €86,160 | €107,536 | +€21,376 | +24.8% |
| Operating profit (loss) | 9901 | €36,353 | €40,826 | +€4,473 | +12.3% |
| Financial income | 75/76B | €89 | €33 | -€56 | -62.8% |
| Recurring financial income | 75 | €89 | €33 | -€56 | -62.8% |
| Financial charges | 65/66B | €6,181 | €7,513 | +€1,332 | +21.6% |
| Recurring financial charges | 65 | €6,181 | €7,513 | +€1,332 | +21.6% |
| Profit (loss) for the period before taxes | 9903 | €30,262 | €33,346 | +€3,084 | +10.2% |
| Income taxes | 67/77 | €9,146 | €10,812 | +€1,666 | +18.2% |
| Profit (loss) for the period | 9904 | €21,116 | €22,535 | +€1,419 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,116 | €22,535 | +€1,419 | +6.7% |
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 11 October 2026 via checked.be.