ORMAX: 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.
ORMAX
Largest movements
- Cash +€79,625
up €79,625 (+676.1%), from €11,777 to €91,402
mainly Net result for the year (+€92,333) and Tax, wage and social debts (+€25,129)
- Tangible fixed assets +€34,359
up €34,359 (+8303.6%), from €414 to €34,773
- Receivables within one year +€17,130
up €17,130 (+28.6%), from €59,912 to €77,042
of which Other amounts receivable: +€16,836
- Profit (loss) carried forward +€92,333
up €92,333 (+44.7%), from €206,776 to €299,109
- Tax, wage and social debts +€25,129
up €25,129 (+80.4%), from €31,250 to €56,379
of which Taxes: +€24,853
- Debts after one year +€18,609
new in 2025: €18,609
- Trade debts -€18,600
down €18,600 (-87.1%), from €21,352 to €2,753
- Current portion of long-term debt +€7,265
new in 2025: €7,265
- Gross operating margin +€77,390
up €77,390 (+46.4%), from €166,964 to €244,354
- Taxes +€21,816
up €21,816 (+231.3%), from €9,434 to €31,250
- Staff costs -€20,588
down €20,588 (-16.2%), from €127,435 to €106,847
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 | €303,849 | €429,267 | +€125,418 | +41.3% |
| Fixed assets | 21/28 | €664 | €35,023 | +€34,359 | +5176.2% |
| Tangible fixed assets | 22/27 | €414 | €34,773 | +€34,359 | +8303.6% |
| Furniture and vehicles | 24 | €414 | €34,773 | +€34,359 | +8303.6% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €303,185 | €394,244 | +€91,059 | +30.0% |
| Amounts receivable after more than one year | 29 | €212,250 | €210,423 | -€1,827 | -0.9% |
| Other amounts receivable | 291 | €212,250 | €210,423 | -€1,827 | -0.9% |
| Amounts receivable within one year | 40/41 | €59,912 | €77,042 | +€17,130 | +28.6% |
| Trade receivables | 40 | - | €294 | +€294 | |
| Other amounts receivable | 41 | €59,912 | €76,748 | +€16,836 | +28.1% |
| Cash at bank and in hand | 54/58 | €11,777 | €91,402 | +€79,625 | +676.1% |
| Deferred charges and accrued income | 490/1 | €19,246 | €15,378 | -€3,868 | -20.1% |
| Total equity and liabilities | 10/49 | €303,849 | €429,267 | +€125,418 | +41.3% |
| Equity | 10/15 | €250,776 | €343,109 | +€92,333 | +36.8% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €4,000 | €4,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,000 | €4,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €206,776 | €299,109 | +€92,333 | +44.7% |
| Amounts payable | 17/49 | €53,073 | €86,159 | +€33,085 | +62.3% |
| Amounts payable after more than one year | 17 | - | €18,609 | +€18,609 | |
| Financial debts | 170/4 | - | €18,609 | +€18,609 | |
| Amounts payable within one year | 42/48 | €53,073 | €67,549 | +€14,476 | +27.3% |
| Current portion of amounts payable after more than one year | 42 | - | €7,265 | +€7,265 | |
| Financial debts | 43 | €471 | €1,153 | +€682 | +144.7% |
| Credit institutions | 430/8 | €471 | €1,153 | +€682 | +144.7% |
| Trade debts | 44 | €21,352 | €2,753 | -€18,600 | -87.1% |
| Suppliers | 440/4 | €21,352 | €2,753 | -€18,600 | -87.1% |
| Taxes, remuneration and social security | 45 | €31,250 | €56,379 | +€25,129 | +80.4% |
| Taxes | 450/3 | €10,096 | €34,949 | +€24,853 | +246.2% |
| Remuneration and social security | 454/9 | €21,154 | €21,430 | +€276 | +1.3% |
| Remuneration, social security and pensions | 62 | €127,435 | €106,847 | -€20,588 | -16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,825 | €5,296 | -€529 | -9.1% |
| Other operating charges | 640/8 | €5,624 | €7,691 | +€2,067 | +36.8% |
| Gross operating margin | 9900 | €166,964 | €244,354 | +€77,390 | +46.4% |
| Operating profit (loss) | 9901 | €28,081 | €124,520 | +€96,439 | +343.4% |
| Financial income | 75/76B | €22 | €23 | +€2 | +7.7% |
| Recurring financial income | 75 | €22 | €23 | +€2 | +7.7% |
| Financial charges | 65/66B | €259 | €960 | +€700 | +270.3% |
| Recurring financial charges | 65 | €259 | €960 | +€700 | +270.3% |
| Profit (loss) for the period before taxes | 9903 | €27,843 | €123,584 | +€95,741 | +343.9% |
| Income taxes | 67/77 | €9,434 | €31,250 | +€21,816 | +231.3% |
| Profit (loss) for the period | 9904 | €18,409 | €92,333 | +€73,924 | +401.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,409 | €92,333 | +€73,924 | +401.6% |
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 11 October 2026 via checked.be.