ORTEGAL: 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.
ORTEGAL
Largest movements
- Cash +€88,430
up €88,430 (+174%), from €50,892 to €139,322
mainly Net result for the year (+€201,956) and Other debts (+€201,956)
- Receivables within one year -€58,030
down €58,030 (-43.7%), from €132,735 to €74,704
of which Trade receivables: -€58,576
- Other debts +€201,956
up €201,956, from €0 to €201,956
- Reserves -€117,578
down €117,578 (-100%), from €117,578 to €0
- Contributions -€47,800
down €47,800 (-90.5%), from €52,800 to €5,000
- Trade debts -€7,983
down €7,983 (-88.6%), from €9,005 to €1,022
- Gross operating margin +€110,798
up €110,798 (+68.1%), from €162,680 to €273,478
- Taxes +€27,844
up €27,844 (+79.0%), from €35,265 to €63,109
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 | €193,408 | €222,715 | +€29,306 | +15.2% |
| Fixed assets | 21/28 | €6,350 | €5,305 | -€1,046 | -16.5% |
| Intangible fixed assets | 21 | €32 | €0 | -€32 | -100% |
| Tangible fixed assets | 22/27 | €2,508 | €1,495 | -€1,014 | -40.4% |
| Furniture and vehicles | 24 | €2,508 | €1,495 | -€1,014 | -40.4% |
| Financial fixed assets | 28 | €3,810 | €3,810 | = | 0.0% |
| Current assets | 29/58 | €187,058 | €217,410 | +€30,352 | +16.2% |
| Amounts receivable within one year | 40/41 | €132,735 | €74,704 | -€58,030 | -43.7% |
| Trade receivables | 40 | €119,079 | €60,503 | -€58,576 | -49.2% |
| Other amounts receivable | 41 | €13,655 | €14,201 | +€546 | +4.0% |
| Cash at bank and in hand | 54/58 | €50,892 | €139,322 | +€88,430 | +174% |
| Deferred charges and accrued income | 490/1 | €3,432 | €3,384 | -€48 | -1.4% |
| Total equity and liabilities | 10/49 | €193,408 | €222,715 | +€29,306 | +15.2% |
| Equity | 10/15 | €170,378 | €5,000 | -€165,378 | -97.1% |
| Contributions | 10/11 | €52,800 | €5,000 | -€47,800 | -90.5% |
| Reserves | 13 | €117,578 | €0 | -€117,578 | -100% |
| Distributable reserves | 133 | €117,578 | €0 | -€117,578 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,030 | €217,715 | +€194,684 | +845% |
| Amounts payable within one year | 42/48 | €23,030 | €217,715 | +€194,684 | +845% |
| Financial debts | 43 | - | €323 | +€323 | |
| Other loans | 439 | - | €323 | +€323 | |
| Trade debts | 44 | €9,005 | €1,022 | -€7,983 | -88.6% |
| Suppliers | 440/4 | €9,005 | €1,022 | -€7,983 | -88.6% |
| Taxes, remuneration and social security | 45 | €14,025 | €14,413 | +€388 | +2.8% |
| Taxes | 450/3 | €14,025 | €14,413 | +€388 | +2.8% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €201,956 | +€201,956 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,380 | €1,046 | -€334 | -24.2% |
| Other operating charges | 640/8 | €1,206 | €1,359 | +€153 | +12.6% |
| Gross operating margin | 9900 | €162,680 | €273,478 | +€110,798 | +68.1% |
| Operating profit (loss) | 9901 | €160,094 | €271,073 | +€110,980 | +69.3% |
| Financial income | 75/76B | €527 | €172 | -€356 | -67.5% |
| Recurring financial income | 75 | €527 | €172 | -€356 | -67.5% |
| Financial charges | 65/66B | €7,778 | €6,180 | -€1,598 | -20.5% |
| Recurring financial charges | 65 | €7,778 | €6,180 | -€1,598 | -20.5% |
| Profit (loss) for the period before taxes | 9903 | €152,843 | €265,065 | +€112,222 | +73.4% |
| Income taxes | 67/77 | €35,265 | €63,109 | +€27,844 | +79.0% |
| Profit (loss) for the period | 9904 | €117,578 | €201,956 | +€84,378 | +71.8% |
| Profit (loss) for the period to be appropriated | 9905 | €117,578 | €201,956 | +€84,378 | +71.8% |
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 17 October 2026 via checked.be.