Orinoco: 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.
What changed
Orinoco
NACE 50.400, Inland freight water transport
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · -€255,566+€2.4m
Equity
€6.6m
2024 · €4.5m+€2.1m
Cash
€2.1m
2024 · €195,691+€1.9m
Balance sheet total
€14.5m
2024 · €12.1m+€2.4m
Largest movements
Assets
- Cash +€1.9m
up €1.9m (+984.8%), from €195,691 to €2.1m
mainly Net result for the year (+€2.1m) and Provisions (+€670,114)
- Tangible fixed assets +€646,681
up €646,681 (+6.5%), from €9.9m to €10.6m
of which Furniture and vehicles: +€671,142
- Receivables after one year -€320,276
down €320,276 (-92.9%), from €344,743 to €24,467
Equity and liabilities
- Reserves +€2.2m
up €2.2m (+179.4%), from €1.2m to €3.4m
of which Tax-exempt reserves: +€2.2m
- Provisions +€670,114
up €670,114 (+172.1%), from €389,466 to €1.1m
of which Deferred taxes: +€715,114
- Debts after one year -€553,293
down €553,293 (-10.2%), from €5.4m to €4.8m
- Trade debts +€282,538
up €282,538 (+154.1%), from €183,314 to €465,852
Income statement
- Gross operating margin +€2.8m
up €2.8m (+96.4%), from €2.9m to €5.6m
- Depreciation -€752,270
down €752,270 (-64.5%), from €1.2m to €414,941
- Other operating charges +€141,561
up €141,561 (+1738.9%), from €8,141 to €149,702
- Provisions -€105,000
down €105,000, from €60,000 to -€45,000
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.
Result 2024
-€255,566
Gross operating margin
+€2.8m
Staff costs
-€23,902
Depreciation
+€752,270
Write-downs
+€3,026
Provisions
+€105,000
Other operating charges
-€141,561
Other operating items
-€354,304
Financial income
-€5,766
Financial charges
-€1,139
Taxes
+€2,633
Deferred taxes and other
-€723,071
Result 2025
€2.1m
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.
From operations
+€3.7m
Investment
-€1.1m
Financing
-€670,602
Cash 2024
€195,691
From operations (derived)
+€3.7m
Net result for the year
+€2.1m
Depreciation
+€414,941
Receivables after one year
+€320,276
Receivables within one year
-€141,444
Smaller working-capital items
-€201
Provisions
+€670,114
Trade debts
+€282,538
Tax, wage and social debts
+€21,640
Accrued charges and deferred income
-€37,176
Investment (derived)
-€1.1m
Investment in fixed assets (net)
-€1.1m
Financing
-€670,602
Debts after one year
-€553,293
Current portion of long-term debt
+€381
Short-term financial debts
-€117,690
Cash 2025
€2.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,076,466 | €14,471,678 | +€2.4m | +19.8% |
| Fixed assets | 21/28 | €10,081,743 | €10,728,424 | +€646,681 | +6.4% |
| Tangible fixed assets | 22/27 | €9,941,743 | €10,588,424 | +€646,681 | +6.5% |
| Plant, machinery and equipment | 23 | €2,322 | €11,610 | +€9,288 | +399.9% |
| Furniture and vehicles | 24 | €9,485,645 | €10,156,786 | +€671,142 | +7.1% |
| Leasing and similar rights | 25 | €347,859 | €314,267 | -€33,592 | -9.7% |
| Other tangible fixed assets | 26 | €105,917 | €105,760 | -€157 | -0.1% |
| Financial fixed assets | 28 | €140,000 | €140,000 | = | 0.0% |
| Current assets | 29/58 | €1,994,723 | €3,743,254 | +€1.7m | +87.7% |
| Amounts receivable after more than one year | 29 | €344,743 | €24,467 | -€320,276 | -92.9% |
| Other amounts receivable | 291 | €344,743 | €24,467 | -€320,276 | -92.9% |
| Amounts receivable within one year | 40/41 | €792,795 | €934,238 | +€141,444 | +17.8% |
| Trade receivables | 40 | €696,454 | €856,858 | +€160,404 | +23.0% |
| Other amounts receivable | 41 | €96,341 | €77,380 | -€18,960 | -19.7% |
| Current investments | 50/53 | €500,000 | €500,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €195,691 | €2,122,833 | +€1.9m | +984.8% |
| Deferred charges and accrued income | 490/1 | €161,495 | €161,716 | +€221 | +0.1% |
| Total equity and liabilities | 10/49 | €12,076,466 | €14,471,678 | +€2.4m | +19.8% |
| Equity | 10/15 | €4,479,731 | €6,608,409 | +€2.1m | +47.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,201,674 | €3,357,929 | +€2.2m | +179.4% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €375,935 | €2,532,190 | +€2.2m | +573.6% |
| Distributable reserves | 133 | €819,542 | €819,542 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,216,084 | €3,188,507 | -€27,577 | -0.9% |
| Provisions and deferred taxes | 16 | €389,466 | €1,059,580 | +€670,114 | +172.1% |
| Provisions for liabilities and charges | 160/5 | €195,000 | €150,000 | -€45,000 | -23.1% |
| Major repairs and maintenance | 162 | €195,000 | €150,000 | -€45,000 | -23.1% |
| Deferred taxes | 168 | €194,466 | €909,580 | +€715,114 | +367.7% |
| Amounts payable | 17/49 | €7,207,269 | €6,803,689 | -€403,581 | -5.6% |
| Amounts payable after more than one year | 17 | €5,403,138 | €4,849,845 | -€553,293 | -10.2% |
| Financial debts | 170/4 | €5,403,138 | €4,849,845 | -€553,293 | -10.2% |
| Amounts payable within one year | 42/48 | €1,758,682 | €1,945,570 | +€186,888 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €552,912 | €553,293 | +€381 | +0.1% |
| Financial debts | 43 | €936,072 | €818,382 | -€117,690 | -12.6% |
| Credit institutions | 430/8 | €936,072 | €818,382 | -€117,690 | -12.6% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €183,314 | €465,852 | +€282,538 | +154.1% |
| Suppliers | 440/4 | €183,314 | €465,852 | +€282,538 | +154.1% |
| Taxes, remuneration and social security | 45 | €86,384 | €108,024 | +€21,640 | +25.1% |
| Taxes | 450/3 | €443 | €66,166 | +€65,723 | +14847.6% |
| Remuneration and social security | 454/9 | €85,941 | €41,858 | -€44,083 | -51.3% |
| Other amounts payable | 47/48 | - | €20 | +€20 | |
| Accrued charges and deferred income | 492/3 | €45,450 | €8,274 | -€37,176 | -81.8% |
| Non-recurring operating income | 76A | €6,276 | €2,915,816 | +€2.9m | +46362.5% |
| Remuneration, social security and pensions | 62 | €1,488,799 | €1,512,701 | +€23,902 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,167,211 | €414,941 | -€752,270 | -64.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,026 | €0 | -€3,026 | -100.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €60,000 | -€45,000 | -€105,000 | |
| Other operating charges | 640/8 | €8,141 | €149,702 | +€141,561 | +1738.9% |
| Non-recurring operating charges | 66A | - | €354,304 | +€354,304 | |
| Gross operating margin | 9900 | €2,875,401 | €5,646,460 | +€2.8m | +96.4% |
| Operating profit (loss) | 9901 | €148,224 | €3,259,812 | +€3.1m | +2099.2% |
| Financial income | 75/76B | €21,180 | €15,414 | -€5,766 | -27.2% |
| Recurring financial income | 75 | €21,180 | €15,414 | -€5,766 | -27.2% |
| Financial charges | 65/66B | €284,806 | €285,945 | +€1,139 | +0.4% |
| Recurring financial charges | 65 | €284,806 | €285,945 | +€1,139 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | -€115,402 | €2,989,280 | +€3.1m | |
| Transfer from deferred taxes | 780 | €7,957 | €12,271 | +€4,314 | +54.2% |
| Transfer to deferred taxes | 680 | - | €727,385 | +€727,385 | |
| Income taxes | 67/77 | €148,121 | €145,488 | -€2,633 | -1.8% |
| Profit (loss) for the period | 9904 | -€255,566 | €2,128,678 | +€2.4m | |
| Transfer from tax-exempt reserves | 789 | €15,138 | €25,901 | +€10,763 | +71.1% |
| Transfer to tax-exempt reserves | 689 | - | €2,182,155 | +€2.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€240,427 | -€27,577 | +€212,851 | +88.5% |
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 1 October 2026 via checked.be.