ORTELS: 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.
What changed
ORTELS
NACE 82.990, Other business support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€126,548
2024 · €128,861-€2,312
Equity
€720,756
2024 · €594,207+€126,548
Cash
€12,633
2024 · €7,211+€5,423
Balance sheet total
€2.9m
2024 · €2.9m-€59,741
Largest movements
Assets
- Tangible fixed assets -€76,129
down €76,129 (-2.8%), from €2.7m to €2.7m
of which Land and buildings: -€76,129
Equity and liabilities
- Profit (loss) carried forward +€126,548
up €126,548 (+7.6%), from -€1.7m to -€1.5m
- Debts after one year -€120,401
down €120,401 (-9.1%), from €1.3m to €1.2m
- Other debts -€78,727
down €78,727 (-9.4%), from €836,834 to €758,107
Income statement
- Gross operating margin -€8,253
down €8,253 (-3.0%), from €277,535 to €269,282
- Financial charges -€5,165
down €5,165 (-8.1%), from €63,487 to €58,323
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
€128,861
Gross operating margin
-€8,253
Other operating charges
+€736
Financial income
+€16
Financial charges
+€5,165
Taxes
+€25
Result 2025
€126,548
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.
From operations
+€132,425
Investment
-€10,109
Financing
-€116,893
Cash 2024
€7,211
From operations (derived)
+€132,425
Net result for the year
+€126,548
Depreciation
+€76,129
Deferred charges and accrued income
-€856
Trade debts
+€175
Tax, wage and social debts
+€9,155
Other debts
-€78,727
Investment (derived)
-€10,109
Current investments
-€10,109
Financing
-€116,893
Debts after one year
-€120,401
Current portion of long-term debt
+€5,112
Short-term financial debts
-€1,604
Cash 2025
€12,633
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,948,871 | €2,889,130 | -€59,741 | -2.0% |
| Fixed assets | 21/28 | €2,732,150 | €2,656,021 | -€76,129 | -2.8% |
| Tangible fixed assets | 22/27 | €2,732,150 | €2,656,021 | -€76,129 | -2.8% |
| Land and buildings | 22 | €2,730,602 | €2,654,473 | -€76,129 | -2.8% |
| Other tangible fixed assets | 26 | €1,548 | €1,548 | = | 0.0% |
| Current assets | 29/58 | €216,722 | €233,109 | +€16,388 | +7.6% |
| Stocks and contracts in progress | 3 | €197,559 | €197,559 | = | 0.0% |
| Stocks | 30/36 | €197,559 | €197,559 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Current investments | 50/53 | €7,188 | €17,297 | +€10,109 | +140.6% |
| Cash at bank and in hand | 54/58 | €7,211 | €12,633 | +€5,423 | +75.2% |
| Deferred charges and accrued income | 490/1 | €4,764 | €5,620 | +€856 | +18.0% |
| Total equity and liabilities | 10/49 | €2,948,871 | €2,889,130 | -€59,741 | -2.0% |
| Equity | 10/15 | €594,207 | €720,756 | +€126,548 | +21.3% |
| Contributions | 10/11 | €2,250,000 | €2,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,655,793 | -€1,529,244 | +€126,548 | +7.6% |
| Amounts payable | 17/49 | €2,354,664 | €2,168,374 | -€186,290 | -7.9% |
| Amounts payable after more than one year | 17 | €1,319,223 | €1,198,823 | -€120,401 | -9.1% |
| Financial debts | 170/4 | €1,319,223 | €1,198,823 | -€120,401 | -9.1% |
| Amounts payable within one year | 42/48 | €1,035,441 | €969,552 | -€65,889 | -6.4% |
| Current portion of amounts payable after more than one year | 42 | €115,289 | €120,401 | +€5,112 | +4.4% |
| Financial debts | 43 | €1,604 | €0 | -€1,604 | -100.0% |
| Credit institutions | 430/8 | €1,604 | €0 | -€1,604 | -100.0% |
| Trade debts | 44 | €66,383 | €66,558 | +€175 | +0.3% |
| Suppliers | 440/4 | €66,383 | €66,558 | +€175 | +0.3% |
| Taxes, remuneration and social security | 45 | €15,331 | €24,486 | +€9,155 | +59.7% |
| Taxes | 450/3 | €15,331 | €22,286 | +€6,955 | +45.4% |
| Remuneration and social security | 454/9 | - | €2,200 | +€2,200 | |
| Other amounts payable | 47/48 | €836,834 | €758,107 | -€78,727 | -9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,129 | €76,129 | = | 0.0% |
| Other operating charges | 640/8 | €9,003 | €8,267 | -€736 | -8.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €277,535 | €269,282 | -€8,253 | -3.0% |
| Operating profit (loss) | 9901 | €192,403 | €184,886 | -€7,517 | -3.9% |
| Financial income | 75/76B | €195 | €210 | +€16 | +8.1% |
| Recurring financial income | 75 | €195 | €210 | +€16 | +8.1% |
| Financial charges | 65/66B | €63,487 | €58,323 | -€5,165 | -8.1% |
| Recurring financial charges | 65 | €63,487 | €58,323 | -€5,165 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €129,110 | €126,773 | -€2,337 | -1.8% |
| Income taxes | 67/77 | €250 | €225 | -€25 | -9.9% |
| Profit (loss) for the period | 9904 | €128,861 | €126,548 | -€2,312 | -1.8% |
| Profit (loss) for the period to be appropriated | 9905 | €128,861 | €126,548 | -€2,312 | -1.8% |
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 5 October 2026 via checked.be.