ORSA FUND: 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.
What changed
ORSA FUND
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.4m
2024 · -€489,362+€3.9m
Equity
€17.3m
2024 · €15.1m+€2.2m
Cash
€3.4m
2024 · €2.4m+€978,933
Balance sheet total
€58.1m
2024 · €53.1m+€5.0m
Largest movements
Assets
- Financial fixed assets +€3.0m
up €3.0m (+13.3%), from €22.8m to €25.8m
- Cash +€978,933
up €978,933 (+40.9%), from €2.4m to €3.4m
mainly Net result for the year (+€3.4m) and Debts after one year (+€1.6m)
- Receivables within one year +€629,230
up €629,230 (+45.6%), from €1.4m to €2.0m
of which Trade receivables: +€652,051
Equity and liabilities
- Profit (loss) carried forward +€2.1m
up €2.1m, from -€962,409 to €1.1m
- Debts after one year +€1.6m
up €1.6m (+4.4%), from €37.4m to €39.0m
of which Other amounts payable: +€1.6m
- Other debts +€1.2m
new in 2025: €1.2m
Income statement
- Gross operating margin +€3.1m
up €3.1m (+152%), from €2.0m to €5.1m
- Financial income +€678,768
up €678,768 (+49.1%), from €1.4m to €2.1m
of which Financial income: +€1.0m
- Write-downs -€249,343
down €249,343 (-67.9%), from €367,183 to €117,841
- Turnover +€220,890
up €220,890 (+9.4%), from €2.3m to €2.6m
- Staff costs -€137,638
down €137,638 (-7.3%), from €1.9m to €1.8m
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.
Result 2024
-€489,362
Gross operating margin
+€3.1m
Staff costs
+€137,638
Depreciation
-€11,228
Write-downs
+€249,343
Other operating charges
-€58,754
Other operating items
-€140,698
Financial income
+€678,768
Financial charges
+€26,225
Taxes
-€58,904
Result 2025
€3.4m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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.
From operations
+€4.0m
Investment
-€3.4m
Financing
+€383,317
Cash 2024
€2.4m
From operations (derived)
+€4.0m
Net result for the year
+€3.4m
Depreciation
+€223,815
Receivables after one year
-€150,000
Receivables within one year
-€629,230
Deferred charges and accrued income
-€21,143
Trade debts
+€16,354
Tax, wage and social debts
-€87,548
Other debts
+€1.2m
Accrued charges and deferred income
+€7,701
Investment (derived)
-€3.4m
Investment in fixed assets (net)
-€3.2m
Current investments
-€255,283
Financing
+€383,317
Debts after one year
+€1.6m
Contributions, distributions and other
-€1.2m
Cash 2025
€3.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €53,129,227 | €58,117,673 | +€5.0m | +9.4% |
| Fixed assets | 21/28 | €26,406,708 | €29,360,565 | +€3.0m | +11.2% |
| Tangible fixed assets | 22/27 | €3,640,513 | €3,574,535 | -€65,978 | -1.8% |
| Land and buildings | 22 | €3,401,272 | €3,278,318 | -€122,953 | -3.6% |
| Furniture and vehicles | 24 | €77,473 | €122,271 | +€44,797 | +57.8% |
| Assets under construction and advance payments | 27 | €161,768 | €173,946 | +€12,178 | +7.5% |
| Financial fixed assets | 28 | €22,766,195 | €25,786,029 | +€3.0m | +13.3% |
| Current assets | 29/58 | €26,722,519 | €28,757,109 | +€2.0m | +7.6% |
| Amounts receivable after more than one year | 29 | €353,000 | €503,000 | +€150,000 | +42.5% |
| Other amounts receivable | 291 | €353,000 | €503,000 | +€150,000 | +42.5% |
| Amounts receivable within one year | 40/41 | €1,381,279 | €2,010,509 | +€629,230 | +45.6% |
| Trade receivables | 40 | €296,542 | €948,594 | +€652,051 | +220% |
| Other amounts receivable | 41 | €1,084,737 | €1,061,915 | -€22,821 | -2.1% |
| Current investments | 50/53 | €22,525,887 | €22,781,170 | +€255,283 | +1.1% |
| Cash at bank and in hand | 54/58 | €2,395,159 | €3,374,093 | +€978,933 | +40.9% |
| Deferred charges and accrued income | 490/1 | €67,193 | €88,337 | +€21,143 | +31.5% |
| Total equity and liabilities | 10/49 | €53,129,227 | €58,117,673 | +€5.0m | +9.4% |
| Equity | 10/15 | €15,132,273 | €17,305,427 | +€2.2m | +14.4% |
| Contributions | 10/11 | €14,000,000 | €14,000,000 | = | 0.0% |
| Capital | 10 | €14,000,000 | €14,000,000 | = | 0.0% |
| Issued capital | 100 | €14,000,000 | €14,000,000 | = | 0.0% |
| Reserves | 13 | €2,094,682 | €2,188,541 | +€93,859 | +4.5% |
| Non-distributable reserves | 130/1 | €2,047,238 | €2,141,098 | +€93,859 | +4.6% |
| Legal reserve | 130 | €1,400,000 | €1,400,000 | = | 0.0% |
| Other | 1319 | €647,238 | €741,098 | +€93,859 | +14.5% |
| Distributable reserves | 133 | €47,444 | €47,444 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€962,409 | €1,116,886 | +€2.1m | |
| Amounts payable | 17/49 | €37,996,954 | €40,812,246 | +€2.8m | +7.4% |
| Amounts payable after more than one year | 17 | €37,388,336 | €39,019,387 | +€1.6m | +4.4% |
| Financial debts | 170/4 | €9,527,251 | €9,589,280 | +€62,029 | +0.7% |
| Other amounts payable | 178/9 | €27,861,085 | €29,430,106 | +€1.6m | +5.6% |
| Amounts payable within one year | 42/48 | €606,511 | €1,783,051 | +€1.2m | +194% |
| Trade debts | 44 | €43,947 | €60,301 | +€16,354 | +37.2% |
| Suppliers | 440/4 | €43,947 | €60,301 | +€16,354 | +37.2% |
| Taxes, remuneration and social security | 45 | €562,564 | €475,016 | -€87,548 | -15.6% |
| Taxes | 450/3 | €1,701 | €64,728 | +€63,027 | +3,705% |
| Remuneration and social security | 454/9 | €560,863 | €410,288 | -€150,575 | -26.8% |
| Other amounts payable | 47/48 | - | €1,247,734 | +€1.2m | |
| Accrued charges and deferred income | 492/3 | €2,107 | €9,808 | +€7,701 | +366% |
| Turnover | 70 | €2,348,429 | €2,569,319 | +€220,890 | +9.4% |
| Non-recurring operating income | 76A | €422,048 | €3,293,788 | +€2.9m | +680% |
| Goods, raw materials, services and sundry goods | 60/61 | €757,871 | €753,597 | -€4,274 | -0.6% |
| Remuneration, social security and pensions | 62 | €1,894,874 | €1,757,236 | -€137,638 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,587 | €223,815 | +€11,228 | +5.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €367,183 | €117,841 | -€249,343 | -67.9% |
| Other operating charges | 640/8 | €137,556 | €196,310 | +€58,754 | +42.7% |
| Non-recurring operating charges | 66A | - | €140,698 | +€140,698 | |
| Gross operating margin | 9900 | €2,029,056 | €5,116,916 | +€3.1m | +152% |
| Operating profit (loss) | 9901 | -€583,145 | €2,681,016 | +€3.3m | |
| Financial income | 75/76B | €1,382,354 | €2,061,123 | +€678,768 | +49.1% |
| Recurring financial income | 75 | €891,555 | €1,937,524 | +€1.0m | +117% |
| Non-recurring financial income | 76B | €490,799 | €123,599 | -€367,200 | -74.8% |
| Financial charges | 65/66B | €1,284,410 | €1,258,186 | -€26,225 | -2.0% |
| Recurring financial charges | 65 | €166,850 | €572,126 | +€405,275 | +243% |
| Non-recurring financial charges | 66B | €1,117,560 | €686,060 | -€431,500 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | -€485,201 | €3,483,953 | +€4.0m | |
| Income taxes | 67/77 | €4,161 | €63,065 | +€58,904 | +1,416% |
| Profit (loss) for the period | 9904 | -€489,362 | €3,420,889 | +€3.9m | |
| Profit (loss) for the period to be appropriated | 9905 | -€489,362 | €3,420,889 | +€3.9m |
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 20 October 2026 via checked.be.