ORSA ADMIN: 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.
ORSA ADMIN
Largest movements
- Current investments -€190,000
no longer reported in 2025 (was €190,000)
- Cash +€17,537
up €17,537 (+63.1%), from €27,787 to €45,324
mainly Current investments (+€190,000) and Net result for the year (+€40,138)
- Receivables within one year -€9,089
down €9,089 (-13.0%), from €69,747 to €60,658
of which Trade receivables: -€9,089
- Tangible fixed assets -€3,150
down €3,150 (-70.8%), from €4,448 to €1,298
- Other debts -€225,000
no longer reported in 2025 (was €225,000)
- Profit (loss) carried forward +€40,138
up €40,138 (+101.2%), from €39,666 to €79,804
- Gross operating margin -€12,064
down €12,064 (-18.0%), from €66,923 to €54,859
- Turnover -€9,986
down €9,986 (-8.3%), from €120,230 to €110,244
- Financial income -€4,839
down €4,839 (-66.0%), from €7,333 to €2,494
- Taxes -€4,135
down €4,135 (-23.6%), from €17,514 to €13,379
- Purchases and services +€1,779
up €1,779 (+3.3%), from €53,606 to €55,385
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 | €293,180 | €108,279 | -€184,901 | -63.1% |
| Fixed assets | 21/28 | €5,448 | €2,298 | -€3,150 | -57.8% |
| Tangible fixed assets | 22/27 | €4,448 | €1,298 | -€3,150 | -70.8% |
| Furniture and vehicles | 24 | €4,448 | €1,298 | -€3,150 | -70.8% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €287,732 | €105,982 | -€181,751 | -63.2% |
| Amounts receivable within one year | 40/41 | €69,747 | €60,658 | -€9,089 | -13.0% |
| Trade receivables | 40 | €59,013 | €49,923 | -€9,089 | -15.4% |
| Other amounts receivable | 41 | €10,734 | €10,734 | = | 0.0% |
| Current investments | 50/53 | €190,000 | - | -€190,000 | |
| Cash at bank and in hand | 54/58 | €27,787 | €45,324 | +€17,537 | +63.1% |
| Deferred charges and accrued income | 490/1 | €198 | - | -€198 | |
| Total equity and liabilities | 10/49 | €293,180 | €108,279 | -€184,901 | -63.1% |
| Equity | 10/15 | €61,149 | €101,287 | +€40,138 | +65.6% |
| Contributions | 10/11 | €19,530 | €19,530 | = | 0.0% |
| Capital | 10 | €19,530 | €19,530 | = | 0.0% |
| Issued capital | 100 | €19,530 | €19,530 | = | 0.0% |
| Reserves | 13 | €1,953 | €1,953 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,953 | €1,953 | = | 0.0% |
| Legal reserve | 130 | €1,953 | €1,953 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,666 | €79,804 | +€40,138 | +101.2% |
| Amounts payable | 17/49 | €232,032 | €6,993 | -€225,039 | -97.0% |
| Amounts payable within one year | 42/48 | €225,000 | €1,378 | -€223,622 | -99.4% |
| Trade debts | 44 | - | €806 | +€806 | |
| Suppliers | 440/4 | - | €806 | +€806 | |
| Taxes, remuneration and social security | 45 | - | €572 | +€572 | |
| Taxes | 450/3 | - | €572 | +€572 | |
| Other amounts payable | 47/48 | €225,000 | - | -€225,000 | |
| Accrued charges and deferred income | 492/3 | €7,032 | €5,615 | -€1,417 | -20.1% |
| Turnover | 70 | €120,230 | €110,244 | -€9,986 | -8.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €53,606 | €55,385 | +€1,779 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,813 | €3,150 | -€663 | -17.4% |
| Other operating charges | 640/8 | €472 | €656 | +€183 | +38.8% |
| Gross operating margin | 9900 | €66,923 | €54,859 | -€12,064 | -18.0% |
| Operating profit (loss) | 9901 | €62,638 | €51,053 | -€11,585 | -18.5% |
| Financial income | 75/76B | €7,333 | €2,494 | -€4,839 | -66.0% |
| Recurring financial income | 75 | €7,333 | €2,494 | -€4,839 | -66.0% |
| Financial charges | 65/66B | €28 | €29 | +€1 | +5.2% |
| Recurring financial charges | 65 | €28 | €29 | +€1 | +5.2% |
| Profit (loss) for the period before taxes | 9903 | €69,943 | €53,517 | -€16,426 | -23.5% |
| Income taxes | 67/77 | €17,514 | €13,379 | -€4,135 | -23.6% |
| Profit (loss) for the period | 9904 | €52,429 | €40,138 | -€12,291 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,429 | €40,138 | -€12,291 | -23.4% |
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.