ORSA IMMO: 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 IMMO
Largest movements
- Financial fixed assets +€409,581
up €409,581 (+175.0%), from €234,000 to €643,581
- Current investments -€320,000
down €320,000 (-15.2%), from €2.1m to €1.8m
- Cash -€97,630
down €97,630 (-66.0%), from €147,969 to €50,339
mainly Investment in fixed assets (net) (-€409,581) and Receivables after one year (-€19,500)
- Receivables within one year -€38,592
down €38,592 (-21.9%), from €175,843 to €137,251
of which Other amounts receivable: -€37,013
No liability line moved by more than 1% of the balance sheet total.
- Purchases and services -€99,555
down €99,555 (-55.7%), from €178,838 to €79,283
- Gross operating margin +€87,745
up €87,745 (+52.5%), from -€167,028 to -€79,283
- Financial income -€41,912
down €41,912 (-38.4%), from €109,082 to €67,170
- Other operating charges -€10,824
down €10,824 (-82.1%), from €13,190 to €2,366
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 | €3,121,732 | €3,088,231 | -€33,502 | -1.1% |
| Fixed assets | 21/28 | €234,000 | €643,581 | +€409,581 | +175.0% |
| Financial fixed assets | 28 | €234,000 | €643,581 | +€409,581 | +175.0% |
| Current assets | 29/58 | €2,887,732 | €2,444,650 | -€443,083 | -15.3% |
| Amounts receivable after more than one year | 29 | €456,308 | €475,808 | +€19,500 | +4.3% |
| Other amounts receivable | 291 | €456,308 | €475,808 | +€19,500 | +4.3% |
| Amounts receivable within one year | 40/41 | €175,843 | €137,251 | -€38,592 | -21.9% |
| Trade receivables | 40 | €68,646 | €67,066 | -€1,579 | -2.3% |
| Other amounts receivable | 41 | €107,198 | €70,185 | -€37,013 | -34.5% |
| Current investments | 50/53 | €2,100,000 | €1,780,000 | -€320,000 | -15.2% |
| Cash at bank and in hand | 54/58 | €147,969 | €50,339 | -€97,630 | -66.0% |
| Deferred charges and accrued income | 490/1 | €7,612 | €1,252 | -€6,361 | -83.6% |
| Total equity and liabilities | 10/49 | €3,121,732 | €3,088,231 | -€33,502 | -1.1% |
| Equity | 10/15 | €3,102,859 | €3,087,405 | -€15,454 | -0.5% |
| Contributions | 10/11 | €3,718,403 | €3,718,403 | = | 0.0% |
| Capital | 10 | €3,718,403 | €3,718,403 | = | 0.0% |
| Issued capital | 100 | €3,718,403 | €3,718,403 | = | 0.0% |
| Reserves | 13 | €103,568 | €103,568 | = | 0.0% |
| Non-distributable reserves | 130/1 | €103,568 | €103,568 | = | 0.0% |
| Legal reserve | 130 | €103,568 | €103,568 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€719,111 | -€734,566 | -€15,454 | -2.1% |
| Amounts payable | 17/49 | €18,873 | €826 | -€18,047 | -95.6% |
| Amounts payable within one year | 42/48 | €4,174 | €730 | -€3,445 | -82.5% |
| Trade debts | 44 | €4,174 | €730 | -€3,445 | -82.5% |
| Suppliers | 440/4 | €4,174 | €730 | -€3,445 | -82.5% |
| Accrued charges and deferred income | 492/3 | €14,699 | €97 | -€14,602 | -99.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €178,838 | €79,283 | -€99,555 | -55.7% |
| Other operating charges | 640/8 | €13,190 | €2,366 | -€10,824 | -82.1% |
| Gross operating margin | 9900 | -€167,028 | -€79,283 | +€87,745 | +52.5% |
| Operating profit (loss) | 9901 | -€180,217 | -€81,649 | +€98,568 | +54.7% |
| Financial income | 75/76B | €109,082 | €67,170 | -€41,912 | -38.4% |
| Recurring financial income | 75 | €109,082 | €67,170 | -€41,912 | -38.4% |
| Financial charges | 65/66B | €1,198 | €975 | -€223 | -18.6% |
| Recurring financial charges | 65 | €1,198 | €975 | -€223 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | -€72,333 | -€15,454 | +€56,879 | +78.6% |
| Profit (loss) for the period | 9904 | -€72,333 | -€15,454 | +€56,879 | +78.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,333 | -€15,454 | +€56,879 | +78.6% |
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.