ORSI Services: 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
ORSI Services
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€87,739
2024 · -€8,137-€79,602
Equity
€13.6m
2024 · €8.2m+€5.4m
Cash
€598,155
2024 · €690,319-€92,163
Balance sheet total
€19.2m
2024 · €15.4m+€3.8m
Largest movements
Assets
- Tangible fixed assets +€2.7m
up €2.7m (+19.9%), from €13.4m to €16.1m
of which Land and buildings: +€2.3m
- Receivables within one year +€1.1m
up €1.1m (+190%), from €564,250 to €1.6m
of which Other amounts receivable: +€1.3m
Equity and liabilities
- Contributions +€4.5m
up €4.5m (+178%), from €2.5m to €7.1m
- Debts after one year -€1.6m
down €1.6m (-34.2%), from €4.7m to €3.1m
- Investment grants +€904,013
up €904,013 (+17.2%), from €5.2m to €6.1m
- Current portion of long-term debt -€276,090
down €276,090 (-35.7%), from €773,170 to €497,080
Income statement
- Staff costs +€379,209
up €379,209 (+20.8%), from €1.8m to €2.2m
- Gross operating margin +€352,108
up €352,108 (+11.4%), from €3.1m to €3.4m
- Depreciation +€162,815
up €162,815 (+10.0%), from €1.6m to €1.8m
- Financial charges -€44,634
down €44,634 (-25.8%), from €173,038 to €128,404
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
-€8,137
Gross operating margin
+€352,108
Staff costs
-€379,209
Depreciation
-€162,815
Other operating charges
+€33,877
Financial income
+€32,120
Financial charges
+€44,634
Taxes
-€318
Result 2025
-€87,739
raises the resultlowers the result
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
+€902,771
Investment
-€4.6m
Financing
+€3.6m
Cash 2024
€690,319
From operations (derived)
+€902,771
Net result for the year
-€87,739
Depreciation
+€1.8m
Stocks and contracts
+€140,051
Receivables within one year
-€1.1m
Deferred charges and accrued income
-€112,055
Trade debts
+€91,048
Tax, wage and social debts
+€57,586
Other debts
+€102,609
Accrued charges and deferred income
-€614
Investment (derived)
-€4.6m
Investment in fixed assets (net)
-€4.6m
Financing
+€3.6m
Debts after one year
-€1.6m
Current portion of long-term debt
-€276,090
Short-term financial debts
+€50,000
Contributions, distributions and other
+€5.4m
Cash 2025
€598,155
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,424,116 | €19,204,202 | +€3.8m | +24.5% |
| Fixed assets | 21/28 | €13,453,221 | €16,280,212 | +€2.8m | +21.0% |
| Intangible fixed assets | 21 | €50,256 | €193,970 | +€143,714 | +286% |
| Tangible fixed assets | 22/27 | €13,400,040 | €16,070,917 | +€2.7m | +19.9% |
| Land and buildings | 22 | €7,916,173 | €10,199,671 | +€2.3m | +28.8% |
| Plant, machinery and equipment | 23 | €5,178,786 | €5,564,881 | +€386,095 | +7.5% |
| Furniture and vehicles | 24 | €277,678 | €278,962 | +€1,284 | +0.5% |
| Other tangible fixed assets | 26 | €27,404 | €27,404 | = | 0.0% |
| Financial fixed assets | 28 | €2,925 | €15,325 | +€12,400 | +424% |
| Current assets | 29/58 | €1,970,895 | €2,923,990 | +€953,095 | +48.4% |
| Stocks and contracts in progress | 3 | €500,866 | €360,815 | -€140,051 | -28.0% |
| Stocks | 30/36 | €500,866 | €360,815 | -€140,051 | -28.0% |
| Amounts receivable within one year | 40/41 | €564,250 | €1,637,504 | +€1.1m | +190% |
| Trade receivables | 40 | €373,530 | €118,724 | -€254,806 | -68.2% |
| Other amounts receivable | 41 | €190,720 | €1,518,779 | +€1.3m | +696% |
| Cash at bank and in hand | 54/58 | €690,319 | €598,155 | -€92,163 | -13.4% |
| Deferred charges and accrued income | 490/1 | €215,461 | €327,516 | +€112,055 | +52.0% |
| Total equity and liabilities | 10/49 | €15,424,116 | €19,204,202 | +€3.8m | +24.5% |
| Equity | 10/15 | €8,216,243 | €13,575,517 | +€5.4m | +65.2% |
| Contributions | 10/11 | €2,549,997 | €7,092,997 | +€4.5m | +178% |
| Reserves | 13 | €421,361 | €333,622 | -€87,739 | -20.8% |
| Distributable reserves | 133 | €421,361 | €333,622 | -€87,739 | -20.8% |
| Investment grants | 15 | €5,244,885 | €6,148,898 | +€904,013 | +17.2% |
| Amounts payable | 17/49 | €7,207,874 | €5,628,685 | -€1.6m | -21.9% |
| Amounts payable after more than one year | 17 | €4,686,718 | €3,082,990 | -€1.6m | -34.2% |
| Financial debts | 170/4 | €4,686,718 | €3,082,990 | -€1.6m | -34.2% |
| Amounts payable within one year | 42/48 | €2,514,967 | €2,540,120 | +€25,154 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €773,170 | €497,080 | -€276,090 | -35.7% |
| Financial debts | 43 | €450,000 | €500,000 | +€50,000 | +11.1% |
| Credit institutions | 430/8 | €450,000 | €500,000 | +€50,000 | +11.1% |
| Trade debts | 44 | €1,010,645 | €1,101,693 | +€91,048 | +9.0% |
| Suppliers | 440/4 | €1,010,645 | €1,101,693 | +€91,048 | +9.0% |
| Taxes, remuneration and social security | 45 | €245,244 | €302,830 | +€57,586 | +23.5% |
| Taxes | 450/3 | €54,410 | €94,390 | +€39,980 | +73.5% |
| Remuneration and social security | 454/9 | €190,835 | €208,441 | +€17,606 | +9.2% |
| Other amounts payable | 47/48 | €35,907 | €138,516 | +€102,609 | +286% |
| Accrued charges and deferred income | 492/3 | €6,189 | €5,575 | -€614 | -9.9% |
| Remuneration, social security and pensions | 62 | €1,825,084 | €2,204,293 | +€379,209 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,622,325 | €1,785,139 | +€162,815 | +10.0% |
| Other operating charges | 640/8 | €114,160 | €80,283 | -€33,877 | -29.7% |
| Gross operating margin | 9900 | €3,092,209 | €3,444,317 | +€352,108 | +11.4% |
| Operating profit (loss) | 9901 | -€469,360 | -€625,398 | -€156,039 | -33.2% |
| Financial income | 75/76B | €634,965 | €667,085 | +€32,120 | +5.1% |
| Recurring financial income | 75 | €634,965 | €667,085 | +€32,120 | +5.1% |
| Financial charges | 65/66B | €173,038 | €128,404 | -€44,634 | -25.8% |
| Recurring financial charges | 65 | €173,038 | €128,404 | -€44,634 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | -€7,432 | -€86,717 | -€79,285 | -1,067% |
| Income taxes | 67/77 | €705 | €1,023 | +€318 | +45.1% |
| Profit (loss) for the period | 9904 | -€8,137 | -€87,739 | -€79,602 | -978% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,137 | -€87,739 | -€79,602 | -978% |
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 15 October 2026 via checked.be.