ORCA: 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.
ORCA
Largest movements
- Receivables after one year -€17,754
down €17,754 (-51.3%), from €34,598 to €16,844
- Stocks and contracts -€8,437
down €8,437 (-11.4%), from €74,178 to €65,741
of which Contracts in progress: -€7,178
- Receivables within one year +€7,932
up €7,932 (+13.4%), from €59,312 to €67,244
of which Trade receivables: +€5,444
- Tax, wage and social debts +€11,585
up €11,585 (+1985.0%), from €584 to €12,169
of which Taxes: +€12,100
- Profit (loss) carried forward -€11,013
new in 2025: -€11,013
- Debts after one year -€10,716
down €10,716 (-100.0%), from €10,716 to €0
- Trade debts -€5,672
down €5,672 (-12.7%), from €44,624 to €38,952
- Other debts -€2,866
down €2,866 (-99.8%), from €2,872 to €6
- Gross operating margin -€24,829
down €24,829 (-31.1%), from €79,904 to €55,075
- Taxes -€4,285
down €4,285 (-100.0%), from €4,285 to €0
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 | €171,022 | €152,624 | -€18,398 | -10.8% |
| Fixed assets | 21/28 | €2,923 | €2,041 | -€882 | -30.2% |
| Tangible fixed assets | 22/27 | €2,923 | €2,041 | -€882 | -30.2% |
| Plant, machinery and equipment | 23 | €1,462 | €984 | -€478 | -32.7% |
| Furniture and vehicles | 24 | €1,460 | €1,056 | -€404 | -27.7% |
| Current assets | 29/58 | €168,099 | €150,584 | -€17,516 | -10.4% |
| Amounts receivable after more than one year | 29 | €34,598 | €16,844 | -€17,754 | -51.3% |
| Other amounts receivable | 291 | €34,598 | €16,844 | -€17,754 | -51.3% |
| Stocks and contracts in progress | 3 | €74,178 | €65,741 | -€8,437 | -11.4% |
| Stocks | 30/36 | €67,000 | €65,741 | -€1,259 | -1.9% |
| Contracts in progress | 37 | €7,178 | €0 | -€7,178 | -100.0% |
| Amounts receivable within one year | 40/41 | €59,312 | €67,244 | +€7,932 | +13.4% |
| Trade receivables | 40 | €44,431 | €49,876 | +€5,444 | +12.3% |
| Other amounts receivable | 41 | €14,880 | €17,368 | +€2,488 | +16.7% |
| Cash at bank and in hand | 54/58 | €3 | €5 | +€2 | +50.0% |
| Deferred charges and accrued income | 490/1 | €8 | €750 | +€742 | +8853.3% |
| Total equity and liabilities | 10/49 | €171,022 | €152,624 | -€18,398 | -10.8% |
| Equity | 10/15 | €83,238 | €72,225 | -€11,013 | -13.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €58,238 | €58,238 | = | 0.0% |
| Distributable reserves | 133 | €58,238 | €58,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€11,013 | -€11,013 | |
| Amounts payable | 17/49 | €87,784 | €80,399 | -€7,385 | -8.4% |
| Amounts payable after more than one year | 17 | €10,716 | €0 | -€10,716 | -100.0% |
| Financial debts | 170/4 | €10,716 | €0 | -€10,716 | -100.0% |
| Amounts payable within one year | 42/48 | €77,068 | €80,399 | +€3,331 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €10,076 | €9,441 | -€635 | -6.3% |
| Financial debts | 43 | €18,912 | €19,830 | +€918 | +4.9% |
| Credit institutions | 430/8 | €18,912 | €19,830 | +€918 | +4.9% |
| Trade debts | 44 | €44,624 | €38,952 | -€5,672 | -12.7% |
| Suppliers | 440/4 | €44,624 | €38,952 | -€5,672 | -12.7% |
| Taxes, remuneration and social security | 45 | €584 | €12,169 | +€11,585 | +1985.0% |
| Taxes | 450/3 | €69 | €12,169 | +€12,100 | +17533.8% |
| Remuneration and social security | 454/9 | €515 | €0 | -€515 | -100.0% |
| Other amounts payable | 47/48 | €2,872 | €6 | -€2,866 | -99.8% |
| Non-recurring operating income | 76A | - | €3,036 | +€3,036 | |
| Remuneration, social security and pensions | 62 | €63,168 | €63,524 | +€356 | +0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,217 | €882 | -€335 | -27.5% |
| Other operating charges | 640/8 | €981 | €794 | -€187 | -19.1% |
| Gross operating margin | 9900 | €79,904 | €55,075 | -€24,829 | -31.1% |
| Operating profit (loss) | 9901 | €14,538 | -€10,125 | -€24,663 | |
| Financial income | 75/76B | €1,223 | €1,949 | +€726 | +59.4% |
| Recurring financial income | 75 | €1,223 | €1,949 | +€726 | +59.4% |
| Financial charges | 65/66B | €2,221 | €2,837 | +€616 | +27.8% |
| Recurring financial charges | 65 | €2,221 | €2,837 | +€616 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €13,540 | -€11,013 | -€24,553 | |
| Income taxes | 67/77 | €4,285 | €0 | -€4,285 | -100.0% |
| Profit (loss) for the period | 9904 | €9,254 | -€11,013 | -€20,267 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,254 | -€11,013 | -€20,267 |
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 29 September 2026 via checked.be.