ORIZ BRUSSELS: 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.
ORIZ BRUSSELS
Largest movements
- Stocks and contracts +€148,068
up €148,068 (+273%), from €54,291 to €202,360
- Receivables within one year -€81,664
down €81,664 (-30.1%), from €271,350 to €189,687
of which Trade receivables: -€87,710
- Tangible fixed assets -€67,872
down €67,872 (-4.6%), from €1.5m to €1.4m
of which Land and buildings: -€44,370
- Cash +€18,730
up €18,730 (+134%), from €13,998 to €32,728
mainly Short-term financial debts (+€123,192) and Receivables within one year (+€81,664)
- Short-term financial debts +€123,192
up €123,192 (+200%), from €61,581 to €184,772
- Debts after one year -€74,378
down €74,378 (-7.8%), from €949,883 to €875,505
- Tax, wage and social debts -€43,169
down €43,169 (-55.7%), from €77,447 to €34,278
of which Remuneration and social security: -€27,225
- Other debts -€38,136
down €38,136 (-23.2%), from €164,668 to €126,532
- Profit (loss) carried forward +€24,200
up €24,200 (+63.6%), from -€38,078 to -€13,877
- Staff costs -€83,985
down €83,985 (-21.9%), from €383,812 to €299,827
- Gross operating margin +€38,699
up €38,699 (+10.1%), from €384,545 to €423,244
- Financial charges -€6,581
down €6,581 (-19.7%), from €33,457 to €26,876
- Taxes -€6,542
down €6,542 (-92.2%), from €7,095 to €553
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,812,893 | €1,823,042 | +€10,150 | +0.6% |
| Fixed assets | 21/28 | €1,470,214 | €1,398,268 | -€71,946 | -4.9% |
| Intangible fixed assets | 21 | €5,189 | €1,172 | -€4,017 | -77.4% |
| Tangible fixed assets | 22/27 | €1,464,968 | €1,397,096 | -€67,872 | -4.6% |
| Land and buildings | 22 | €1,375,496 | €1,331,126 | -€44,370 | -3.2% |
| Furniture and vehicles | 24 | €89,413 | €65,970 | -€23,443 | -26.2% |
| Other tangible fixed assets | 26 | €60 | - | -€60 | |
| Financial fixed assets | 28 | €57 | - | -€57 | |
| Current assets | 29/58 | €342,678 | €424,774 | +€82,096 | +24.0% |
| Stocks and contracts in progress | 3 | €54,291 | €202,360 | +€148,068 | +273% |
| Stocks | 30/36 | €54,291 | €202,360 | +€148,068 | +273% |
| Amounts receivable within one year | 40/41 | €271,350 | €189,687 | -€81,664 | -30.1% |
| Trade receivables | 40 | €266,667 | €178,957 | -€87,710 | -32.9% |
| Other amounts receivable | 41 | €4,684 | €10,730 | +€6,047 | +129% |
| Cash at bank and in hand | 54/58 | €13,998 | €32,728 | +€18,730 | +134% |
| Deferred charges and accrued income | 490/1 | €3,039 | - | -€3,039 | |
| Total equity and liabilities | 10/49 | €1,812,893 | €1,823,042 | +€10,150 | +0.6% |
| Equity | 10/15 | €325,273 | €345,909 | +€20,636 | +6.3% |
| Contributions | 10/11 | €299,455 | €299,455 | = | 0.0% |
| Capital | 10 | €299,455 | €299,455 | = | 0.0% |
| Issued capital | 100 | €299,455 | €299,455 | = | 0.0% |
| Reserves | 13 | €15,142 | €15,142 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,142 | €15,142 | = | 0.0% |
| Legal reserve | 130 | €15,142 | €15,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,078 | -€13,877 | +€24,200 | +63.6% |
| Investment grants | 15 | €48,753 | €45,189 | -€3,564 | -7.3% |
| Amounts payable | 17/49 | €1,487,620 | €1,477,133 | -€10,487 | -0.7% |
| Amounts payable after more than one year | 17 | €949,883 | €875,505 | -€74,378 | -7.8% |
| Financial debts | 170/4 | €949,883 | €875,505 | -€74,378 | -7.8% |
| Amounts payable within one year | 42/48 | €534,604 | €601,628 | +€67,024 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €72,745 | €74,378 | +€1,633 | +2.2% |
| Financial debts | 43 | €61,581 | €184,772 | +€123,192 | +200% |
| Credit institutions | 430/8 | €61,581 | €184,772 | +€123,192 | +200% |
| Trade debts | 44 | €158,164 | €181,668 | +€23,504 | +14.9% |
| Suppliers | 440/4 | €158,164 | €181,668 | +€23,504 | +14.9% |
| Taxes, remuneration and social security | 45 | €77,447 | €34,278 | -€43,169 | -55.7% |
| Taxes | 450/3 | €15,943 | - | -€15,943 | |
| Remuneration and social security | 454/9 | €61,503 | €34,278 | -€27,225 | -44.3% |
| Other amounts payable | 47/48 | €164,668 | €126,532 | -€38,136 | -23.2% |
| Accrued charges and deferred income | 492/3 | €3,132 | - | -€3,132 | |
| Remuneration, social security and pensions | 62 | €383,812 | €299,827 | -€83,985 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,547 | €77,015 | +€2,469 | +3.3% |
| Other operating charges | 640/8 | €5,676 | €5,289 | -€387 | -6.8% |
| Non-recurring operating charges | 66A | €29,698 | - | -€29,698 | |
| Gross operating margin | 9900 | €384,545 | €423,244 | +€38,699 | +10.1% |
| Operating profit (loss) | 9901 | -€109,188 | €41,112 | +€150,300 | |
| Financial income | 75/76B | €227 | €4,032 | +€3,805 | +1,677% |
| Recurring financial income | 75 | €227 | €4,032 | +€3,805 | +1,677% |
| Financial charges | 65/66B | €33,457 | €26,876 | -€6,581 | -19.7% |
| Recurring financial charges | 65 | €33,457 | €26,876 | -€6,581 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | -€142,418 | €18,268 | +€160,686 | |
| Income taxes | 67/77 | €7,095 | €553 | -€6,542 | -92.2% |
| Profit (loss) for the period | 9904 | -€149,513 | €17,715 | +€167,229 | |
| Profit (loss) for the period to be appropriated | 9905 | -€149,513 | €17,715 | +€167,229 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.