ORSHOF: 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.
ORSHOF
Largest movements
- Cash +€75,064
up €75,064 (+49.0%), from €153,268 to €228,332
mainly Depreciation (+€69,499) and Tax, wage and social debts (+€65,524)
- Tangible fixed assets +€49,586
up €49,586 (+10.1%), from €489,804 to €539,390
of which Other tangible fixed assets: +€42,784
- Stocks and contracts +€19,536
up €19,536 (+22.4%), from €87,154 to €106,690
- Receivables within one year -€15,699
down €15,699 (-15.3%), from €102,615 to €86,917
of which Other amounts receivable: -€17,367
- Tax, wage and social debts +€65,524
up €65,524 (+167%), from €39,217 to €104,742
of which Taxes: +€49,467
- Trade debts +€30,163
up €30,163 (+777%), from €3,882 to €34,046
- Other debts +€25,671
up €25,671 (+16.4%), from €156,446 to €182,116
- Reserves +€15,598
up €15,598 (+8.7%), from €180,128 to €195,725
of which Distributable reserves: +€15,598
- Gross operating margin +€34,476
up €34,476 (+4.0%), from €868,795 to €903,271
- Staff costs -€33,902
down €33,902 (-4.1%), from €822,496 to €788,595
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 | €833,001 | €969,924 | +€136,923 | +16.4% |
| Fixed assets | 21/28 | €489,804 | €539,390 | +€49,586 | +10.1% |
| Tangible fixed assets | 22/27 | €489,804 | €539,390 | +€49,586 | +10.1% |
| Plant, machinery and equipment | 23 | €129,021 | €144,221 | +€15,200 | +11.8% |
| Furniture and vehicles | 24 | €23,118 | €14,720 | -€8,398 | -36.3% |
| Other tangible fixed assets | 26 | €337,665 | €380,449 | +€42,784 | +12.7% |
| Current assets | 29/58 | €343,197 | €430,534 | +€87,337 | +25.4% |
| Stocks and contracts in progress | 3 | €87,154 | €106,690 | +€19,536 | +22.4% |
| Stocks | 30/36 | €87,154 | €106,690 | +€19,536 | +22.4% |
| Amounts receivable within one year | 40/41 | €102,615 | €86,917 | -€15,699 | -15.3% |
| Trade receivables | 40 | €68,095 | €69,764 | +€1,669 | +2.5% |
| Other amounts receivable | 41 | €34,520 | €17,153 | -€17,367 | -50.3% |
| Cash at bank and in hand | 54/58 | €153,268 | €228,332 | +€75,064 | +49.0% |
| Deferred charges and accrued income | 490/1 | €159 | €8,595 | +€8,436 | +5,300% |
| Total equity and liabilities | 10/49 | €833,001 | €969,924 | +€136,923 | +16.4% |
| Equity | 10/15 | €198,720 | €214,317 | +€15,598 | +7.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €180,128 | €195,725 | +€15,598 | +8.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €178,269 | €193,866 | +€15,598 | +8.7% |
| Amounts payable | 17/49 | €634,281 | €755,607 | +€121,326 | +19.1% |
| Amounts payable after more than one year | 17 | €350,000 | €350,000 | = | 0.0% |
| Financial debts | 170/4 | €350,000 | €350,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €222,665 | €343,991 | +€121,326 | +54.5% |
| Financial debts | 43 | €23,120 | €23,087 | -€33 | -0.1% |
| Credit institutions | 430/8 | €23,120 | €23,087 | -€33 | -0.1% |
| Trade debts | 44 | €3,882 | €34,046 | +€30,163 | +777% |
| Suppliers | 440/4 | €3,882 | €34,046 | +€30,163 | +777% |
| Taxes, remuneration and social security | 45 | €39,217 | €104,742 | +€65,524 | +167% |
| Taxes | 450/3 | - | €49,467 | +€49,467 | |
| Remuneration and social security | 454/9 | €39,217 | €55,275 | +€16,058 | +40.9% |
| Other amounts payable | 47/48 | €156,446 | €182,116 | +€25,671 | +16.4% |
| Accrued charges and deferred income | 492/3 | €61,616 | €61,616 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €822,496 | €788,595 | -€33,902 | -4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,260 | €69,499 | +€5,238 | +8.2% |
| Other operating charges | 640/8 | €2,669 | €2,936 | +€267 | +10.0% |
| Non-recurring operating charges | 66A | - | €489 | +€489 | |
| Gross operating margin | 9900 | €868,795 | €903,271 | +€34,476 | +4.0% |
| Operating profit (loss) | 9901 | -€20,630 | €41,753 | +€62,383 | |
| Financial charges | 65/66B | €26,119 | €25,979 | -€140 | -0.5% |
| Recurring financial charges | 65 | €26,066 | €25,979 | -€87 | -0.3% |
| Non-recurring financial charges | 66B | €53 | - | -€53 | |
| Profit (loss) for the period before taxes | 9903 | -€46,749 | €15,774 | +€62,523 | |
| Income taxes | 67/77 | €266 | €176 | -€90 | -33.8% |
| Profit (loss) for the period | 9904 | -€47,015 | €15,598 | +€62,613 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,015 | €15,598 | +€62,613 |
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.