ORSA MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets -€329,085
down €329,085 (-38.6%), from €851,451 to €522,366
- Receivables within one year -€298,508
down €298,508 (-66.6%), from €448,393 to €149,886
of which Other amounts receivable: -€269,595
- Cash +€214,051
up €214,051 (+134%), from €159,454 to €373,506
mainly Investment in fixed assets (net) (+€327,943) and Receivables within one year (+€298,508)
- Tangible fixed assets -€26,982
down €26,982 (-23.5%), from €115,045 to €88,064
of which Furniture and vehicles: -€14,991
- Contributions -€300,000
down €300,000 (-71.3%), from €421,000 to €121,000
- Profit (loss) carried forward +€292,124
up €292,124 (+102%), from €285,136 to €577,260
- Debts after one year -€268,416
down €268,416 (-46.3%), from €579,600 to €311,184
- Accrued charges and deferred income -€124,936
no longer reported in 2025 (was €124,936)
- Tax, wage and social debts -€42,148
down €42,148 (-95.8%), from €44,000 to €1,852
- Financial income +€455,773
up €455,773 (+274%), from €166,539 to €622,312
- Write-downs +€222,179
new in 2025: €222,179
- Depreciation -€109,287
down €109,287 (-79.5%), from €137,411 to €28,124
- Taxes -€66,538
down €66,538 (-98.6%), from €67,509 to €970
- Gross operating margin -€48,135
down €48,135 (-746%), from -€6,451 to -€54,587
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,587,528 | €1,134,834 | -€452,694 | -28.5% |
| Fixed assets | 21/28 | €966,497 | €610,430 | -€356,067 | -36.8% |
| Tangible fixed assets | 22/27 | €115,045 | €88,064 | -€26,982 | -23.5% |
| Land and buildings | 22 | €19,500 | €17,610 | -€1,890 | -9.7% |
| Plant, machinery and equipment | 23 | €1,633 | €480 | -€1,153 | -70.6% |
| Furniture and vehicles | 24 | €29,217 | €14,227 | -€14,991 | -51.3% |
| Other tangible fixed assets | 26 | €64,695 | €55,747 | -€8,948 | -13.8% |
| Financial fixed assets | 28 | €851,451 | €522,366 | -€329,085 | -38.6% |
| Current assets | 29/58 | €621,032 | €524,405 | -€96,627 | -15.6% |
| Amounts receivable within one year | 40/41 | €448,393 | €149,886 | -€298,508 | -66.6% |
| Trade receivables | 40 | €44,817 | €15,905 | -€28,912 | -64.5% |
| Other amounts receivable | 41 | €403,576 | €133,981 | -€269,595 | -66.8% |
| Current investments | 50/53 | €13,184 | - | -€13,184 | |
| Cash at bank and in hand | 54/58 | €159,454 | €373,506 | +€214,051 | +134% |
| Deferred charges and accrued income | 490/1 | - | €1,013 | +€1,013 | |
| Total equity and liabilities | 10/49 | €1,587,528 | €1,134,834 | -€452,694 | -28.5% |
| Equity | 10/15 | €748,236 | €740,360 | -€7,876 | -1.1% |
| Contributions | 10/11 | €421,000 | €121,000 | -€300,000 | -71.3% |
| Reserves | 13 | €42,100 | €42,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €42,100 | €42,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €42,100 | €42,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €285,136 | €577,260 | +€292,124 | +102% |
| Amounts payable | 17/49 | €839,292 | €394,474 | -€444,818 | -53.0% |
| Amounts payable after more than one year | 17 | €579,600 | €311,184 | -€268,416 | -46.3% |
| Financial debts | 170/4 | €579,600 | €311,184 | -€268,416 | -46.3% |
| Amounts payable within one year | 42/48 | €134,756 | €83,290 | -€51,466 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €38,393 | €24,341 | -€14,052 | -36.6% |
| Trade debts | 44 | €1,042 | €19,249 | +€18,207 | +1,747% |
| Suppliers | 440/4 | €1,042 | €19,249 | +€18,207 | +1,747% |
| Taxes, remuneration and social security | 45 | €44,000 | €1,852 | -€42,148 | -95.8% |
| Taxes | 450/3 | €44,000 | €1,852 | -€42,148 | -95.8% |
| Other amounts payable | 47/48 | €51,321 | €37,848 | -€13,473 | -26.3% |
| Accrued charges and deferred income | 492/3 | €124,936 | - | -€124,936 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €137,411 | €28,124 | -€109,287 | -79.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €222,179 | +€222,179 | |
| Other operating charges | 640/8 | €3,007 | €12,942 | +€9,935 | +330% |
| Gross operating margin | 9900 | -€6,451 | -€54,587 | -€48,135 | -746% |
| Operating profit (loss) | 9901 | -€146,868 | -€317,832 | -€170,963 | -116% |
| Financial income | 75/76B | €166,539 | €622,312 | +€455,773 | +274% |
| Recurring financial income | 75 | €166,539 | €622,312 | +€455,773 | +274% |
| Financial charges | 65/66B | €53,172 | €11,386 | -€41,786 | -78.6% |
| Recurring financial charges | 65 | €53,172 | €11,386 | -€41,786 | -78.6% |
| Profit (loss) for the period before taxes | 9903 | -€33,502 | €293,094 | +€326,596 | |
| Transfer from deferred taxes | 780 | €35,166 | - | -€35,166 | |
| Income taxes | 67/77 | €67,509 | €970 | -€66,538 | -98.6% |
| Profit (loss) for the period | 9904 | -€65,844 | €292,124 | +€357,968 | |
| Transfer from tax-exempt reserves | 789 | €132,650 | - | -€132,650 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,806 | €292,124 | +€225,318 | +337% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.