ORSELLI: 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.
ORSELLI
Largest movements
- Tangible fixed assets -€42,455
down €42,455 (-22.8%), from €185,818 to €143,362
of which Other tangible fixed assets: -€40,948
- Receivables within one year +€14,197
up €14,197 (+2,661%), from €533 to €14,730
of which Trade receivables: +€7,800
- Stocks and contracts +€10,212
up €10,212 (+4.9%), from €206,571 to €216,783
- Reserves -€19,623
down €19,623 (-12.4%), from €158,737 to €139,114
- Debts after one year -€10,458
down €10,458 (-16.7%), from €62,616 to €52,159
- Other debts +€8,612
up €8,612 (+6.2%), from €138,589 to €147,201
- Tax, wage and social debts +€7,570
up €7,570 (+38.3%), from €19,751 to €27,321
of which Remuneration and social security: +€5,241
- Advances received +€6,721
up €6,721 (+64.7%), from €10,385 to €17,106
- Staff costs +€20,150
up €20,150 (+24.3%), from €82,984 to €103,134
- Gross operating margin -€9,719
down €9,719 (-7.5%), from €129,148 to €119,429
- Taxes -€4,482
no longer reported in 2026 (was €4,482)
- Depreciation -€2,061
down €2,061 (-4.6%), from €44,517 to €42,455
- Financial income +€1,991
up €1,991 (+9.6%), from €20,746 to €22,737
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €450,810 | €437,571 | -€13,240 | -2.9% |
| Fixed assets | 21/28 | €185,818 | €143,362 | -€42,455 | -22.8% |
| Tangible fixed assets | 22/27 | €185,818 | €143,362 | -€42,455 | -22.8% |
| Furniture and vehicles | 24 | €2,170 | €663 | -€1,507 | -69.5% |
| Other tangible fixed assets | 26 | €183,647 | €142,700 | -€40,948 | -22.3% |
| Current assets | 29/58 | €264,993 | €294,208 | +€29,216 | +11.0% |
| Stocks and contracts in progress | 3 | €206,571 | €216,783 | +€10,212 | +4.9% |
| Stocks | 30/36 | €206,571 | €216,783 | +€10,212 | +4.9% |
| Amounts receivable within one year | 40/41 | €533 | €14,730 | +€14,197 | +2,661% |
| Trade receivables | 40 | - | €7,800 | +€7,800 | |
| Other amounts receivable | 41 | €533 | €6,930 | +€6,397 | +1,199% |
| Cash at bank and in hand | 54/58 | €54,062 | €55,907 | +€1,845 | +3.4% |
| Deferred charges and accrued income | 490/1 | €3,826 | €6,788 | +€2,962 | +77.4% |
| Total equity and liabilities | 10/49 | €450,810 | €437,571 | -€13,240 | -2.9% |
| Equity | 10/15 | €177,337 | €157,714 | -€19,623 | -11.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,737 | €139,114 | -€19,623 | -12.4% |
| Distributable reserves | 133 | €158,737 | €139,114 | -€19,623 | -12.4% |
| Amounts payable | 17/49 | €273,473 | €279,857 | +€6,384 | +2.3% |
| Amounts payable after more than one year | 17 | €62,616 | €52,159 | -€10,458 | -16.7% |
| Financial debts | 170/4 | €62,616 | €52,159 | -€10,458 | -16.7% |
| Amounts payable within one year | 42/48 | €196,412 | €216,744 | +€20,332 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €10,346 | €10,458 | +€112 | +1.1% |
| Trade debts | 44 | €17,342 | €14,658 | -€2,683 | -15.5% |
| Suppliers | 440/4 | €17,342 | €14,658 | -€2,683 | -15.5% |
| Advances received on contracts in progress | 46 | €10,385 | €17,106 | +€6,721 | +64.7% |
| Taxes, remuneration and social security | 45 | €19,751 | €27,321 | +€7,570 | +38.3% |
| Taxes | 450/3 | €12,681 | €15,010 | +€2,329 | +18.4% |
| Remuneration and social security | 454/9 | €7,070 | €12,311 | +€5,241 | +74.1% |
| Other amounts payable | 47/48 | €138,589 | €147,201 | +€8,612 | +6.2% |
| Accrued charges and deferred income | 492/3 | €14,445 | €10,954 | -€3,491 | -24.2% |
| Remuneration, social security and pensions | 62 | €82,984 | €103,134 | +€20,150 | +24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,517 | €42,455 | -€2,061 | -4.6% |
| Other operating charges | 640/8 | €1,254 | €1,498 | +€244 | +19.5% |
| Gross operating margin | 9900 | €129,148 | €119,429 | -€9,719 | -7.5% |
| Operating profit (loss) | 9901 | €394 | -€27,658 | -€28,052 | |
| Financial income | 75/76B | €20,746 | €22,737 | +€1,991 | +9.6% |
| Recurring financial income | 75 | €20,746 | €22,737 | +€1,991 | +9.6% |
| Financial charges | 65/66B | €16,189 | €14,702 | -€1,487 | -9.2% |
| Recurring financial charges | 65 | €16,189 | €14,702 | -€1,487 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €4,951 | -€19,623 | -€24,574 | |
| Income taxes | 67/77 | €4,482 | - | -€4,482 | |
| Profit (loss) for the period | 9904 | €469 | -€19,623 | -€20,092 | |
| Profit (loss) for the period to be appropriated | 9905 | €469 | -€19,623 | -€20,092 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.