ORTALGO: 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.
ORTALGO
Largest movements
- Cash +€106,224
up €106,224 (+265.9%), from €39,954 to €146,179
mainly Net result for the year (+€125,129) and Depreciation (+€121,043)
- Tangible fixed assets -€102,196
down €102,196 (-9.6%), from €1.1m to €962,729
of which Land and buildings: -€83,851
- Receivables within one year -€48,338
down €48,338 (-51.2%), from €94,457 to €46,119
of which Other amounts receivable: -€47,102
- Other debts +€106,687
new in 2025: €106,687
- Reserves -€81,911
down €81,911 (-18.5%), from €442,485 to €360,574
of which Distributable reserves: -€81,911
- Debts after one year -€77,983
down €77,983 (-16.6%), from €469,176 to €391,193
- Tax, wage and social debts +€31,726
new in 2025: €31,726
of which Taxes: +€30,193
- Short-term financial debts -€20,420
down €20,420 (-39.8%), from €51,333 to €30,912
- Gross operating margin +€129,166
up €129,166 (+67.3%), from €191,810 to €320,976
- Taxes +€41,208
up €41,208 (+206.0%), from €20,005 to €61,213
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 | €1,291,894 | €1,247,663 | -€44,230 | -3.4% |
| Fixed assets | 21/28 | €1,152,926 | €1,050,729 | -€102,196 | -8.9% |
| Tangible fixed assets | 22/27 | €1,064,926 | €962,729 | -€102,196 | -9.6% |
| Land and buildings | 22 | €915,997 | €832,147 | -€83,851 | -9.2% |
| Plant, machinery and equipment | 23 | €28,109 | €23,223 | -€4,886 | -17.4% |
| Furniture and vehicles | 24 | €3,713 | €1,181 | -€2,532 | -68.2% |
| Leasing and similar rights | 25 | €11,497 | €569 | -€10,928 | -95.1% |
| Other tangible fixed assets | 26 | €105,610 | €105,610 | = | 0.0% |
| Financial fixed assets | 28 | €88,000 | €88,000 | = | 0.0% |
| Current assets | 29/58 | €138,968 | €196,934 | +€57,966 | +41.7% |
| Amounts receivable within one year | 40/41 | €94,457 | €46,119 | -€48,338 | -51.2% |
| Trade receivables | 40 | €1,236 | €0 | -€1,236 | -100.0% |
| Other amounts receivable | 41 | €93,221 | €46,119 | -€47,102 | -50.5% |
| Cash at bank and in hand | 54/58 | €39,954 | €146,179 | +€106,224 | +265.9% |
| Deferred charges and accrued income | 490/1 | €4,556 | €4,636 | +€80 | +1.8% |
| Total equity and liabilities | 10/49 | €1,291,894 | €1,247,663 | -€44,230 | -3.4% |
| Equity | 10/15 | €626,598 | €544,687 | -€81,911 | -13.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €442,485 | €360,574 | -€81,911 | -18.5% |
| Tax-exempt reserves | 132 | €75 | €75 | = | 0.0% |
| Distributable reserves | 133 | €442,410 | €360,499 | -€81,911 | -18.5% |
| Profit (loss) carried forward | 14 | €165,513 | €165,513 | = | 0.0% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Environmental obligations | 163 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €625,296 | €662,977 | +€37,681 | +6.0% |
| Amounts payable after more than one year | 17 | €469,176 | €391,193 | -€77,983 | -16.6% |
| Financial debts | 170/4 | €469,176 | €391,193 | -€77,983 | -16.6% |
| Amounts payable within one year | 42/48 | €156,120 | €271,784 | +€115,664 | +74.1% |
| Current portion of amounts payable after more than one year | 42 | €103,219 | €94,143 | -€9,077 | -8.8% |
| Financial debts | 43 | €51,333 | €30,912 | -€20,420 | -39.8% |
| Credit institutions | 430/8 | €51,333 | €30,912 | -€20,420 | -39.8% |
| Trade debts | 44 | €1,568 | €8,316 | +€6,748 | +430.4% |
| Suppliers | 440/4 | €1,568 | €8,316 | +€6,748 | +430.4% |
| Taxes, remuneration and social security | 45 | - | €31,726 | +€31,726 | |
| Taxes | 450/3 | - | €30,193 | +€30,193 | |
| Remuneration and social security | 454/9 | - | €1,533 | +€1,533 | |
| Other amounts payable | 47/48 | - | €106,687 | +€106,687 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €117,959 | €121,043 | +€3,084 | +2.6% |
| Other operating charges | 640/8 | €6,133 | €5,306 | -€827 | -13.5% |
| Gross operating margin | 9900 | €191,810 | €320,976 | +€129,166 | +67.3% |
| Operating profit (loss) | 9901 | €67,719 | €194,627 | +€126,908 | +187.4% |
| Financial income | 75/76B | €3,960 | €4,105 | +€144 | +3.6% |
| Recurring financial income | 75 | €3,960 | €4,105 | +€144 | +3.6% |
| Financial charges | 65/66B | €15,352 | €12,389 | -€2,962 | -19.3% |
| Recurring financial charges | 65 | €15,352 | €12,389 | -€2,962 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €56,327 | €186,342 | +€130,015 | +230.8% |
| Income taxes | 67/77 | €20,005 | €61,213 | +€41,208 | +206.0% |
| Profit (loss) for the period | 9904 | €36,322 | €125,129 | +€88,807 | +244.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,322 | €125,129 | +€88,807 | +244.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.