ORBAN MICHAEL: 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.
ORBAN MICHAEL
Largest movements
- Receivables within one year +€11,469
up €11,469 (+61.2%), from €18,729 to €30,198
of which Other amounts receivable: +€12,146
- Tangible fixed assets -€2,517
down €2,517 (-74.4%), from €3,382 to €864
of which Plant, machinery and equipment: -€2,018
- Cash -€2,256
down €2,256 (-7.7%), from €29,273 to €27,017
mainly Receivables within one year (-€11,469) and Debts after one year (-€8,219)
- Deferred charges and accrued income -€1,782
down €1,782 (-23.2%), from €7,684 to €5,901
- Debts after one year -€8,219
down €8,219 (-51.0%), from €16,110 to €7,891
- Profit (loss) carried forward +€7,113
up €7,113 (+17.5%), from €40,745 to €47,858
- Current portion of long-term debt +€4,457
new in 2025: €4,457
- Trade debts +€1,482
up €1,482 (+505.2%), from €293 to €1,775
- Gross operating margin -€18,544
down €18,544 (-57.0%), from €32,541 to €13,997
- Depreciation -€9,074
down €9,074 (-78.3%), from €11,592 to €2,517
- Taxes -€4,193
down €4,193 (-57.2%), from €7,332 to €3,139
- Financial charges +€935
up €935 (+186.3%), from €502 to €1,438
- Financial income +€403
up €403 (+54.4%), from €741 to €1,144
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 | €59,148 | €63,980 | +€4,833 | +8.2% |
| Fixed assets | 21/28 | €3,462 | €864 | -€2,598 | -75.0% |
| Tangible fixed assets | 22/27 | €3,382 | €864 | -€2,517 | -74.4% |
| Plant, machinery and equipment | 23 | €2,882 | €864 | -€2,018 | -70.0% |
| Furniture and vehicles | 24 | €500 | - | -€500 | |
| Financial fixed assets | 28 | €80 | - | -€80 | |
| Current assets | 29/58 | €55,686 | €63,116 | +€7,431 | +13.3% |
| Amounts receivable within one year | 40/41 | €18,729 | €30,198 | +€11,469 | +61.2% |
| Trade receivables | 40 | €678 | - | -€678 | |
| Other amounts receivable | 41 | €18,051 | €30,198 | +€12,146 | +67.3% |
| Cash at bank and in hand | 54/58 | €29,273 | €27,017 | -€2,256 | -7.7% |
| Deferred charges and accrued income | 490/1 | €7,684 | €5,901 | -€1,782 | -23.2% |
| Total equity and liabilities | 10/49 | €59,148 | €63,980 | +€4,833 | +8.2% |
| Equity | 10/15 | €42,745 | €49,858 | +€7,113 | +16.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,745 | €47,858 | +€7,113 | +17.5% |
| Amounts payable | 17/49 | €16,403 | €14,123 | -€2,280 | -13.9% |
| Amounts payable after more than one year | 17 | €16,110 | €7,891 | -€8,219 | -51.0% |
| Financial debts | 170/4 | €16,110 | €7,891 | -€8,219 | -51.0% |
| Amounts payable within one year | 42/48 | €293 | €6,232 | +€5,939 | +2024.9% |
| Current portion of amounts payable after more than one year | 42 | - | €4,457 | +€4,457 | |
| Trade debts | 44 | €293 | €1,775 | +€1,482 | +505.2% |
| Suppliers | 440/4 | €293 | €1,775 | +€1,482 | +505.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,592 | €2,517 | -€9,074 | -78.3% |
| Other operating charges | 640/8 | €1,297 | €934 | -€362 | -28.0% |
| Gross operating margin | 9900 | €32,541 | €13,997 | -€18,544 | -57.0% |
| Operating profit (loss) | 9901 | €19,652 | €10,546 | -€9,107 | -46.3% |
| Financial income | 75/76B | €741 | €1,144 | +€403 | +54.4% |
| Recurring financial income | 75 | €741 | €1,144 | +€403 | +54.4% |
| Financial charges | 65/66B | €502 | €1,438 | +€935 | +186.3% |
| Recurring financial charges | 65 | €502 | €1,438 | +€935 | +186.3% |
| Profit (loss) for the period before taxes | 9903 | €19,891 | €10,252 | -€9,639 | -48.5% |
| Income taxes | 67/77 | €7,332 | €3,139 | -€4,193 | -57.2% |
| Profit (loss) for the period | 9904 | €12,559 | €7,113 | -€5,446 | -43.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,559 | €7,113 | -€5,446 | -43.4% |
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 10 October 2026 via checked.be.