ORSO: what changed
Two fiscal 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.
ORSO
Largest movements
- Cash +€100,072
up €100,072 (+55.8%), from €179,493 to €279,565
mainly Net result for the year (+€97,589) and Tax, wage and social debts (+€27,829)
- Receivables within one year +€8,109
up €8,109 (+15.6%), from €52,040 to €60,149
of which Trade receivables: +€7,960
- Tangible fixed assets +€3,662
up €3,662 (+56.5%), from €6,486 to €10,148
of which Plant, machinery and equipment: +€2,975
- Reserves +€97,589
up €97,589 (+57.2%), from €170,572 to €268,162
- Tax, wage and social debts +€27,829
up €27,829 (+58.0%), from €47,992 to €75,821
of which Taxes: +€31,004
- Trade debts -€12,076
down €12,076 (-75.0%), from €16,102 to €4,027
- Gross operating margin -€18,067
down €18,067 (-11.8%), from €152,988 to €134,921
- Taxes -€3,954
down €3,954 (-11.0%), from €36,018 to €32,064
- Financial charges +€1,534
up €1,534 (+366.2%), from €419 to €1,953
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 | €239,339 | €354,534 | +€115,195 | +48.1% |
| Fixed assets | 21/28 | €6,486 | €10,148 | +€3,662 | +56.5% |
| Tangible fixed assets | 22/27 | €6,486 | €10,148 | +€3,662 | +56.5% |
| Land and buildings | 22 | €4,703 | €3,647 | -€1,056 | -22.5% |
| Plant, machinery and equipment | 23 | €1,783 | €4,758 | +€2,975 | +166.8% |
| Furniture and vehicles | 24 | - | €1,742 | +€1,742 | |
| Current assets | 29/58 | €232,853 | €344,386 | +€111,533 | +47.9% |
| Amounts receivable within one year | 40/41 | €52,040 | €60,149 | +€8,109 | +15.6% |
| Trade receivables | 40 | €52,040 | €60,000 | +€7,960 | +15.3% |
| Other amounts receivable | 41 | - | €149 | +€149 | |
| Cash at bank and in hand | 54/58 | €179,493 | €279,565 | +€100,072 | +55.8% |
| Deferred charges and accrued income | 490/1 | €1,320 | €4,672 | +€3,352 | +253.9% |
| Total equity and liabilities | 10/49 | €239,339 | €354,534 | +€115,195 | +48.1% |
| Equity | 10/15 | €170,672 | €268,262 | +€97,589 | +57.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €170,572 | €268,162 | +€97,589 | +57.2% |
| Distributable reserves | 133 | €170,572 | €268,162 | +€97,589 | +57.2% |
| Amounts payable | 17/49 | €68,667 | €86,272 | +€17,605 | +25.6% |
| Amounts payable within one year | 42/48 | €68,444 | €85,904 | +€17,460 | +25.5% |
| Trade debts | 44 | €16,102 | €4,027 | -€12,076 | -75.0% |
| Suppliers | 440/4 | €16,102 | €4,027 | -€12,076 | -75.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €47,992 | €75,821 | +€27,829 | +58.0% |
| Taxes | 450/3 | €44,817 | €75,821 | +€31,004 | +69.2% |
| Remuneration and social security | 454/9 | €3,175 | €0 | -€3,175 | -100.0% |
| Other amounts payable | 47/48 | €4,350 | €6,056 | +€1,706 | +39.2% |
| Accrued charges and deferred income | 492/3 | €223 | €368 | +€145 | +65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,033 | €2,510 | +€1,477 | +143.1% |
| Other operating charges | 640/8 | €928 | €982 | +€54 | +5.8% |
| Non-recurring operating charges | 66A | - | €1,918 | +€1,918 | |
| Gross operating margin | 9900 | €152,988 | €134,921 | -€18,067 | -11.8% |
| Operating profit (loss) | 9901 | €151,027 | €129,511 | -€21,516 | -14.2% |
| Financial income | 75/76B | €2,691 | €2,095 | -€596 | -22.2% |
| Recurring financial income | 75 | €2,691 | €2,095 | -€596 | -22.2% |
| Financial charges | 65/66B | €419 | €1,953 | +€1,534 | +366.2% |
| Recurring financial charges | 65 | €419 | €1,953 | +€1,534 | +366.2% |
| Profit (loss) for the period before taxes | 9903 | €153,300 | €129,653 | -€23,646 | -15.4% |
| Income taxes | 67/77 | €36,018 | €32,064 | -€3,954 | -11.0% |
| Profit (loss) for the period | 9904 | €117,282 | €97,589 | -€19,693 | -16.8% |
| Profit (loss) for the period to be appropriated | 9905 | €117,282 | €97,589 | -€19,693 | -16.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.