ORSO PROJECTS: 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.
ORSO PROJECTS
Largest movements
- Cash +€903,191
up €903,191 (+17,601%), from €5,131 to €908,323
mainly Current portion of long-term debt (+€265,000) and Stocks and contracts (+€258,238)
- Stocks and contracts -€258,238
down €258,238 (-45.1%), from €572,070 to €313,832
- Current investments -€165,000
no longer reported in 2025 (was €165,000)
- Receivables within one year +€20,978
up €20,978 (+144%), from €14,582 to €35,559
of which Other amounts receivable: +€21,500
- Current portion of long-term debt +€265,000
new in 2025: €265,000
- Profit (loss) carried forward +€198,450
up €198,450, from -€65,210 to €133,240
- Tax, wage and social debts +€44,724
up €44,724 (+29,816%), from €150 to €44,874
- Debts after one year -€30,045
down €30,045 (-11.3%), from €265,000 to €234,955
- Trade debts +€21,534
up €21,534 (+132%), from €16,334 to €37,868
- Gross operating margin +€344,718
up €344,718, from -€49,041 to €295,677
- Taxes +€43,327
up €43,327 (+8,949%), from €484 to €43,812
- Financial charges +€32,891
up €32,891 (+220%), from €14,960 to €47,851
- Other operating charges +€4,009
up €4,009 (+261%), from €1,535 to €5,544
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 | €768,019 | €1,274,717 | +€506,698 | +66.0% |
| Formation expenses | 20 | €2,487 | €1,875 | -€612 | -24.6% |
| Fixed assets | 21/28 | €5,941 | €9,903 | +€3,962 | +66.7% |
| Intangible fixed assets | 21 | €5,941 | €4,707 | -€1,234 | -20.8% |
| Tangible fixed assets | 22/27 | - | €5,196 | +€5,196 | |
| Plant, machinery and equipment | 23 | - | €2,265 | +€2,265 | |
| Furniture and vehicles | 24 | - | €2,932 | +€2,932 | |
| Current assets | 29/58 | €759,591 | €1,262,939 | +€503,348 | +66.3% |
| Stocks and contracts in progress | 3 | €572,070 | €313,832 | -€258,238 | -45.1% |
| Stocks | 30/36 | €572,070 | €313,832 | -€258,238 | -45.1% |
| Amounts receivable within one year | 40/41 | €14,582 | €35,559 | +€20,978 | +144% |
| Trade receivables | 40 | €14,582 | €14,059 | -€522 | -3.6% |
| Other amounts receivable | 41 | - | €21,500 | +€21,500 | |
| Current investments | 50/53 | €165,000 | - | -€165,000 | |
| Cash at bank and in hand | 54/58 | €5,131 | €908,323 | +€903,191 | +17,601% |
| Deferred charges and accrued income | 490/1 | €2,808 | €5,225 | +€2,417 | +86.1% |
| Total equity and liabilities | 10/49 | €768,019 | €1,274,717 | +€506,698 | +66.0% |
| Equity | 10/15 | €209,790 | €408,240 | +€198,450 | +94.6% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,210 | €133,240 | +€198,450 | |
| Amounts payable | 17/49 | €558,229 | €866,478 | +€308,249 | +55.2% |
| Amounts payable after more than one year | 17 | €265,000 | €234,955 | -€30,045 | -11.3% |
| Financial debts | 170/4 | €265,000 | €234,955 | -€30,045 | -11.3% |
| Amounts payable within one year | 42/48 | €278,283 | €610,202 | +€331,919 | +119% |
| Current portion of amounts payable after more than one year | 42 | - | €265,000 | +€265,000 | |
| Trade debts | 44 | €16,334 | €37,868 | +€21,534 | +132% |
| Suppliers | 440/4 | €16,334 | €37,868 | +€21,534 | +132% |
| Taxes, remuneration and social security | 45 | €150 | €44,874 | +€44,724 | +29,816% |
| Taxes | 450/3 | €150 | €44,874 | +€44,724 | +29,816% |
| Other amounts payable | 47/48 | €261,799 | €262,460 | +€662 | +0.3% |
| Accrued charges and deferred income | 492/3 | €14,946 | €21,321 | +€6,375 | +42.7% |
| Non-recurring operating income | 76A | - | €31,928 | +€31,928 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €804 | €2,443 | +€1,639 | +204% |
| Other operating charges | 640/8 | €1,535 | €5,544 | +€4,009 | +261% |
| Gross operating margin | 9900 | -€49,041 | €295,677 | +€344,718 | |
| Operating profit (loss) | 9901 | -€51,380 | €287,691 | +€339,070 | |
| Financial income | 75/76B | €1,614 | €2,421 | +€807 | +50.0% |
| Recurring financial income | 75 | €1,614 | €2,421 | +€807 | +50.0% |
| Financial charges | 65/66B | €14,960 | €47,851 | +€32,891 | +220% |
| Recurring financial charges | 65 | €14,960 | €47,851 | +€32,891 | +220% |
| Profit (loss) for the period before taxes | 9903 | -€64,726 | €242,261 | +€306,987 | |
| Income taxes | 67/77 | €484 | €43,812 | +€43,327 | +8,949% |
| Profit (loss) for the period | 9904 | -€65,210 | €198,450 | +€263,659 | |
| Profit (loss) for the period to be appropriated | 9905 | -€65,210 | €198,450 | +€263,659 |
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 16 October 2026 via checked.be.