ORION.W: what changed
ORION.W
Largest movements
- Receivables within one year +€123,011
up €123,011 (+51.9%), from €236,852 to €359,863
of which Other amounts receivable: +€203,002
- Receivables after one year -€85,000
no longer reported in 2025 (was €85,000)
- Intangible fixed assets -€78,192
down €78,192 (-100.0%), from €78,192 to €0
- Tangible fixed assets -€60,525
down €60,525 (-3.8%), from €1.6m to €1.5m
of which Other tangible fixed assets: -€118,832
- Cash -€37,963
down €37,963 (-98.8%), from €38,421 to €458
mainly Net result for the year (-€148,682) and Receivables within one year (-€123,011)
- Profit (loss) carried forward -€148,682
down €148,682 (-13.1%), from -€1.1m to -€1.3m
- Short-term financial debts +€50,074
new in 2025: €50,074
- Trade debts -€35,411
down €35,411 (-88.8%), from €39,870 to €4,459
- Other operating charges -€890,785
down €890,785 (-99.1%), from €898,969 to €8,184
- Financial income -€43,079
down €43,079 (-82.2%), from €52,409 to €9,330
- Gross operating margin +€13,979
up €13,979 (+72.2%), from -€19,351 to -€5,371
- Depreciation -€11,697
down €11,697 (-7.7%), from €151,319 to €139,622
- Financial charges -€2,283
down €2,283 (-33.5%), from €6,818 to €4,535
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,667,284 | €2,528,701 | -€138,582 | -5.2% |
| Fixed assets | 21/28 | €1,656,959 | €1,518,243 | -€138,717 | -8.4% |
| Intangible fixed assets | 21 | €78,192 | €0 | -€78,192 | -100.0% |
| Tangible fixed assets | 22/27 | €1,578,268 | €1,517,743 | -€60,525 | -3.8% |
| Land and buildings | 22 | €1,426,929 | €1,494,157 | +€67,228 | +4.7% |
| Plant, machinery and equipment | 23 | €23,198 | €17,282 | -€5,916 | -25.5% |
| Furniture and vehicles | 24 | €9,309 | €6,304 | -€3,005 | -32.3% |
| Other tangible fixed assets | 26 | €118,832 | - | -€118,832 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €1,010,324 | €1,010,459 | +€134 | 0.0% |
| Amounts receivable after more than one year | 29 | €85,000 | - | -€85,000 | |
| Other amounts receivable | 291 | €85,000 | - | -€85,000 | |
| Amounts receivable within one year | 40/41 | €236,852 | €359,863 | +€123,011 | +51.9% |
| Trade receivables | 40 | €126,960 | €46,970 | -€79,990 | -63.0% |
| Other amounts receivable | 41 | €109,892 | €312,893 | +€203,002 | +185% |
| Current investments | 50/53 | €650,052 | €650,138 | +€86 | 0.0% |
| Cash at bank and in hand | 54/58 | €38,421 | €458 | -€37,963 | -98.8% |
| Total equity and liabilities | 10/49 | €2,667,284 | €2,528,701 | -€138,582 | -5.2% |
| Equity | 10/15 | €2,370,601 | €2,221,918 | -€148,682 | -6.3% |
| Contributions | 10/11 | €3,426,623 | €3,426,623 | = | 0.0% |
| Reserves | 13 | €80,521 | €80,521 | = | 0.0% |
| Non-distributable reserves | 130/1 | €80,521 | €80,521 | = | 0.0% |
| Reserves not available under the articles | 1311 | €80,521 | €80,521 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,136,543 | -€1,285,225 | -€148,682 | -13.1% |
| Amounts payable | 17/49 | €296,683 | €306,783 | +€10,100 | +3.4% |
| Amounts payable after more than one year | 17 | €172,465 | €157,731 | -€14,733 | -8.5% |
| Financial debts | 170/4 | €172,465 | €157,731 | -€14,733 | -8.5% |
| Amounts payable within one year | 42/48 | €124,218 | €149,051 | +€24,833 | +20.0% |
| Current portion of amounts payable after more than one year | 42 | €15,956 | €16,231 | +€275 | +1.7% |
| Financial debts | 43 | - | €50,074 | +€50,074 | |
| Credit institutions | 430/8 | - | €50,074 | +€50,074 | |
| Trade debts | 44 | €39,870 | €4,459 | -€35,411 | -88.8% |
| Suppliers | 440/4 | €39,870 | €4,459 | -€35,411 | -88.8% |
| Taxes, remuneration and social security | 45 | €392 | - | -€392 | |
| Taxes | 450/3 | €392 | - | -€392 | |
| Other amounts payable | 47/48 | €68,000 | €78,287 | +€10,287 | +15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,319 | €139,622 | -€11,697 | -7.7% |
| Other operating charges | 640/8 | €898,969 | €8,184 | -€890,785 | -99.1% |
| Gross operating margin | 9900 | -€19,351 | -€5,371 | +€13,979 | +72.2% |
| Operating profit (loss) | 9901 | -€1,069,639 | -€153,177 | +€916,461 | +85.7% |
| Financial income | 75/76B | €52,409 | €9,330 | -€43,079 | -82.2% |
| Recurring financial income | 75 | €52,409 | €9,330 | -€43,079 | -82.2% |
| Financial charges | 65/66B | €6,818 | €4,535 | -€2,283 | -33.5% |
| Recurring financial charges | 65 | €6,818 | €4,535 | -€2,283 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,024,047 | -€148,382 | +€875,665 | +85.5% |
| Income taxes | 67/77 | €415 | €300 | -€115 | -27.6% |
| Profit (loss) for the period | 9904 | -€1,024,462 | -€148,682 | +€875,780 | +85.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,024,462 | -€148,682 | +€875,780 | +85.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.