ORAKEL: 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.
ORAKEL
Largest movements
- Stocks and contracts +€90,548
up €90,548 (+19.7%), from €458,720 to €549,268
- Receivables within one year +€46,245
up €46,245 (+3.0%), from €1.5m to €1.6m
of which Other amounts receivable: +€135,668
- Cash -€40,437
down €40,437 (-64.2%), from €62,960 to €22,523
mainly Debts after one year (-€145,601) and Stocks and contracts (-€90,548)
- Intangible fixed assets +€27,376
up €27,376 (+286.4%), from €9,560 to €36,937
- Trade debts +€312,898
up €312,898 (+41.8%), from €748,859 to €1.1m
- Debts after one year -€145,601
down €145,601 (-39.8%), from €365,491 to €219,890
- Other debts -€82,365
down €82,365 (-99.4%), from €82,897 to €532
- Reserves +€41,735
up €41,735 (+7.2%), from €578,872 to €620,607
- Tax, wage and social debts -€25,528
down €25,528 (-17.4%), from €147,017 to €121,488
of which Taxes: -€25,398
- Gross operating margin -€96,208
down €96,208 (-9.5%), from €1.0m to €917,414
- Staff costs -€71,916
down €71,916 (-9.0%), from €800,341 to €728,425
- Write-downs +€21,134
up €21,134 (+224.1%), from €9,429 to €30,563
- Financial charges +€19,117
up €19,117 (+45.3%), from €42,206 to €61,323
- Financial income +€10,781
up €10,781 (+833.2%), from €1,294 to €12,075
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 | €2,355,894 | €2,478,614 | +€122,721 | +5.2% |
| Fixed assets | 21/28 | €126,777 | €134,954 | +€8,177 | +6.5% |
| Intangible fixed assets | 21 | €9,560 | €36,937 | +€27,376 | +286.4% |
| Tangible fixed assets | 22/27 | €113,917 | €94,718 | -€19,199 | -16.9% |
| Land and buildings | 22 | €18,333 | €13,721 | -€4,612 | -25.2% |
| Plant, machinery and equipment | 23 | €64,661 | €59,321 | -€5,340 | -8.3% |
| Leasing and similar rights | 25 | €30,922 | €21,675 | -€9,247 | -29.9% |
| Financial fixed assets | 28 | €3,300 | €3,300 | = | 0.0% |
| Current assets | 29/58 | €2,229,117 | €2,343,660 | +€114,543 | +5.1% |
| Amounts receivable after more than one year | 29 | €164,980 | €164,980 | = | 0.0% |
| Trade receivables | 290 | €164,980 | €164,980 | = | 0.0% |
| Stocks and contracts in progress | 3 | €458,720 | €549,268 | +€90,548 | +19.7% |
| Stocks | 30/36 | €458,720 | €549,268 | +€90,548 | +19.7% |
| Amounts receivable within one year | 40/41 | €1,536,380 | €1,582,625 | +€46,245 | +3.0% |
| Trade receivables | 40 | €1,408,014 | €1,318,590 | -€89,423 | -6.4% |
| Other amounts receivable | 41 | €128,367 | €264,035 | +€135,668 | +105.7% |
| Current investments | 50/53 | €1,402 | €1,519 | +€117 | +8.4% |
| Cash at bank and in hand | 54/58 | €62,960 | €22,523 | -€40,437 | -64.2% |
| Deferred charges and accrued income | 490/1 | €4,674 | €22,745 | +€18,071 | +386.6% |
| Total equity and liabilities | 10/49 | €2,355,894 | €2,478,614 | +€122,721 | +5.2% |
| Equity | 10/15 | €597,472 | €639,207 | +€41,735 | +7.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €578,872 | €620,607 | +€41,735 | +7.2% |
| Distributable reserves | 133 | €578,872 | €620,607 | +€41,735 | +7.2% |
| Amounts payable | 17/49 | €1,758,421 | €1,839,407 | +€80,986 | +4.6% |
| Amounts payable after more than one year | 17 | €365,491 | €219,890 | -€145,601 | -39.8% |
| Financial debts | 170/4 | €365,491 | €219,890 | -€145,601 | -39.8% |
| Amounts payable within one year | 42/48 | €1,392,930 | €1,619,517 | +€226,587 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €140,515 | €156,598 | +€16,082 | +11.4% |
| Financial debts | 43 | €273,642 | €279,142 | +€5,500 | +2.0% |
| Credit institutions | 430/8 | €273,642 | €279,142 | +€5,500 | +2.0% |
| Trade debts | 44 | €748,859 | €1,061,756 | +€312,898 | +41.8% |
| Suppliers | 440/4 | €748,859 | €1,061,756 | +€312,898 | +41.8% |
| Taxes, remuneration and social security | 45 | €147,017 | €121,488 | -€25,528 | -17.4% |
| Taxes | 450/3 | €40,862 | €15,464 | -€25,398 | -62.2% |
| Remuneration and social security | 454/9 | €106,155 | €106,025 | -€131 | -0.1% |
| Other amounts payable | 47/48 | €82,897 | €532 | -€82,365 | -99.4% |
| Non-recurring operating income | 76A | - | €1,921 | +€1,921 | |
| Remuneration, social security and pensions | 62 | €800,341 | €728,425 | -€71,916 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,545 | €60,167 | -€377 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,429 | €30,563 | +€21,134 | +224.1% |
| Other operating charges | 640/8 | €191 | €400 | +€209 | +109.9% |
| Non-recurring operating charges | 66A | €0 | €0 | +€0 | +50.0% |
| Gross operating margin | 9900 | €1,013,621 | €917,414 | -€96,208 | -9.5% |
| Operating profit (loss) | 9901 | €143,117 | €97,859 | -€45,258 | -31.6% |
| Financial income | 75/76B | €1,294 | €12,075 | +€10,781 | +833.2% |
| Recurring financial income | 75 | €1,294 | €12,075 | +€10,781 | +833.2% |
| Financial charges | 65/66B | €42,206 | €61,323 | +€19,117 | +45.3% |
| Recurring financial charges | 65 | €42,206 | €61,323 | +€19,117 | +45.3% |
| Profit (loss) for the period before taxes | 9903 | €102,205 | €48,611 | -€53,594 | -52.4% |
| Income taxes | 67/77 | - | €6,876 | +€6,876 | |
| Profit (loss) for the period | 9904 | €102,205 | €41,735 | -€60,470 | -59.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,205 | €41,735 | -€60,470 | -59.2% |
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 5 October 2026 via checked.be.