ORPHEUS: 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.
ORPHEUS
Largest movements
- Tangible fixed assets -€46,774
down €46,774 (-7.1%), from €656,152 to €609,378
of which Land and buildings: -€38,653
- Cash -€27,381
down €27,381 (-51.3%), from €53,384 to €26,002
mainly Tax, wage and social debts (-€30,548) and Net result for the year (-€28,270)
- Receivables within one year -€8,402
down €8,402 (-54.0%), from €15,549 to €7,147
of which Other amounts receivable: -€7,099
- Tax, wage and social debts -€30,548
down €30,548 (-94.9%), from €32,173 to €1,625
- Reserves -€28,270
down €28,270 (-7.2%), from €392,585 to €364,315
- Debts after one year -€25,952
down €25,952 (-40.4%), from €64,288 to €38,336
of which Financial debts: -€26,132
- Gross operating margin -€251,549
down €251,549 (-86.6%), from €290,504 to €38,955
- Taxes -€47,018
down €47,018 (-99.6%), from €47,220 to €202
- Other operating charges -€34,061
down €34,061 (-80.2%), from €42,454 to €8,393
- Financial charges -€14,999
down €14,999 (-82.3%), from €18,224 to €3,226
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 | €725,973 | €643,435 | -€82,538 | -11.4% |
| Fixed assets | 21/28 | €656,152 | €609,378 | -€46,774 | -7.1% |
| Tangible fixed assets | 22/27 | €656,152 | €609,378 | -€46,774 | -7.1% |
| Land and buildings | 22 | €622,444 | €583,791 | -€38,653 | -6.2% |
| Plant, machinery and equipment | 23 | €4,977 | €4,199 | -€779 | -15.6% |
| Furniture and vehicles | 24 | €28,730 | €21,388 | -€7,342 | -25.6% |
| Current assets | 29/58 | €69,821 | €34,057 | -€35,764 | -51.2% |
| Amounts receivable within one year | 40/41 | €15,549 | €7,147 | -€8,402 | -54.0% |
| Trade receivables | 40 | €2,769 | €1,466 | -€1,303 | -47.0% |
| Other amounts receivable | 41 | €12,780 | €5,681 | -€7,099 | -55.5% |
| Cash at bank and in hand | 54/58 | €53,384 | €26,002 | -€27,381 | -51.3% |
| Deferred charges and accrued income | 490/1 | €888 | €908 | +€19 | +2.2% |
| Total equity and liabilities | 10/49 | €725,973 | €643,435 | -€82,538 | -11.4% |
| Equity | 10/15 | €600,710 | €572,440 | -€28,270 | -4.7% |
| Contributions | 10/11 | €208,125 | €208,125 | = | 0.0% |
| Reserves | 13 | €392,585 | €364,315 | -€28,270 | -7.2% |
| Distributable reserves | 133 | €392,585 | €364,315 | -€28,270 | -7.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €125,263 | €70,995 | -€54,268 | -43.3% |
| Amounts payable after more than one year | 17 | €64,288 | €38,336 | -€25,952 | -40.4% |
| Financial debts | 170/4 | €52,768 | €26,636 | -€26,132 | -49.5% |
| Other amounts payable | 178/9 | €11,520 | €11,700 | +€180 | +1.6% |
| Amounts payable within one year | 42/48 | €60,974 | €32,658 | -€28,316 | -46.4% |
| Current portion of amounts payable after more than one year | 42 | €26,651 | €25,924 | -€727 | -2.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €956 | €3,721 | +€2,765 | +289.2% |
| Suppliers | 440/4 | €956 | €3,721 | +€2,765 | +289.2% |
| Advances received on contracts in progress | 46 | - | €1,389 | +€1,389 | |
| Taxes, remuneration and social security | 45 | €32,173 | €1,625 | -€30,548 | -94.9% |
| Taxes | 450/3 | €32,173 | €1,625 | -€30,548 | -94.9% |
| Other amounts payable | 47/48 | €1,195 | €0 | -€1,195 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,390 | €55,404 | +€1,013 | +1.9% |
| Other operating charges | 640/8 | €42,454 | €8,393 | -€34,061 | -80.2% |
| Gross operating margin | 9900 | €290,504 | €38,955 | -€251,549 | -86.6% |
| Operating profit (loss) | 9901 | €193,659 | -€24,842 | -€218,502 | |
| Financial income | 75/76B | €33 | €0 | -€33 | -100.0% |
| Recurring financial income | 75 | €33 | €0 | -€33 | -100.0% |
| Financial charges | 65/66B | €18,224 | €3,226 | -€14,999 | -82.3% |
| Recurring financial charges | 65 | €18,224 | €3,226 | -€14,999 | -82.3% |
| Profit (loss) for the period before taxes | 9903 | €175,468 | -€28,068 | -€203,536 | |
| Income taxes | 67/77 | €47,220 | €202 | -€47,018 | -99.6% |
| Profit (loss) for the period | 9904 | €128,248 | -€28,270 | -€156,519 | |
| Profit (loss) for the period to be appropriated | 9905 | €128,248 | -€28,270 | -€156,519 |
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 2 October 2026 via checked.be.