ORTHELEX: 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.
ORTHELEX
Largest movements
- Cash -€31,237
down €31,237 (-19.2%), from €162,790 to €131,553
mainly Other debts (-€60,242) and Contributions, distributions and other (-€19,000)
- Tangible fixed assets -€7,384
down €7,384 (-22.5%), from €32,803 to €25,419
of which Other tangible fixed assets: -€6,273
- Receivables within one year +€2,406
up €2,406 (+42.1%), from €5,708 to €8,113
- Other debts -€60,242
no longer reported in 2025 (was €60,242)
- Reserves +€27,130
up €27,130 (+20.0%), from €135,560 to €162,690
of which Distributable reserves: +€27,130
- Gross operating margin -€33,954
down €33,954 (-28.6%), from €118,551 to €84,597
- Taxes -€10,425
down €10,425 (-31.1%), from €33,472 to €23,047
- Depreciation -€3,793
down €3,793 (-29.6%), from €12,826 to €9,033
- Other operating charges +€3,280
up €3,280 (+380.3%), from €862 to €4,142
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 | €211,571 | €177,328 | -€34,243 | -16.2% |
| Fixed assets | 21/28 | €41,476 | €34,093 | -€7,384 | -17.8% |
| Tangible fixed assets | 22/27 | €32,803 | €25,419 | -€7,384 | -22.5% |
| Furniture and vehicles | 24 | €4,812 | €3,701 | -€1,111 | -23.1% |
| Other tangible fixed assets | 26 | €27,991 | €21,718 | -€6,273 | -22.4% |
| Financial fixed assets | 28 | €8,673 | €8,673 | = | 0.0% |
| Current assets | 29/58 | €170,094 | €143,235 | -€26,859 | -15.8% |
| Amounts receivable within one year | 40/41 | €5,708 | €8,113 | +€2,406 | +42.1% |
| Other amounts receivable | 41 | €5,708 | €8,113 | +€2,406 | +42.1% |
| Cash at bank and in hand | 54/58 | €162,790 | €131,553 | -€31,237 | -19.2% |
| Deferred charges and accrued income | 490/1 | €1,596 | €3,569 | +€1,972 | +123.5% |
| Total equity and liabilities | 10/49 | €211,571 | €177,328 | -€34,243 | -16.2% |
| Equity | 10/15 | €135,870 | €163,090 | +€27,220 | +20.0% |
| Contributions | 10/11 | €200 | €200 | = | 0.0% |
| Reserves | 13 | €135,560 | €162,690 | +€27,130 | +20.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €133,700 | €160,830 | +€27,130 | +20.3% |
| Profit (loss) carried forward | 14 | €110 | €200 | +€90 | +82.2% |
| Amounts payable | 17/49 | €75,701 | €14,237 | -€61,463 | -81.2% |
| Amounts payable within one year | 42/48 | €75,701 | €14,237 | -€61,463 | -81.2% |
| Trade debts | 44 | €4,260 | €4,872 | +€613 | +14.4% |
| Suppliers | 440/4 | €4,260 | €4,872 | +€613 | +14.4% |
| Taxes, remuneration and social security | 45 | €11,199 | €9,365 | -€1,834 | -16.4% |
| Taxes | 450/3 | €8,540 | €9,365 | +€825 | +9.7% |
| Remuneration and social security | 454/9 | €2,659 | - | -€2,659 | |
| Other amounts payable | 47/48 | €60,242 | - | -€60,242 | |
| Remuneration, social security and pensions | 62 | €1,307 | €1,614 | +€307 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,826 | €9,033 | -€3,793 | -29.6% |
| Other operating charges | 640/8 | €862 | €4,142 | +€3,280 | +380.3% |
| Gross operating margin | 9900 | €118,551 | €84,597 | -€33,954 | -28.6% |
| Operating profit (loss) | 9901 | €103,556 | €69,808 | -€33,747 | -32.6% |
| Financial income | 75/76B | €30 | - | -€30 | |
| Recurring financial income | 75 | €30 | - | -€30 | |
| Financial charges | 65/66B | €710 | €541 | -€169 | -23.8% |
| Recurring financial charges | 65 | €710 | €541 | -€169 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €102,876 | €69,267 | -€33,608 | -32.7% |
| Income taxes | 67/77 | €33,472 | €23,047 | -€10,425 | -31.1% |
| Profit (loss) for the period | 9904 | €69,403 | €46,220 | -€23,183 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €69,403 | €46,220 | -€23,183 | -33.4% |
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 3 October 2026 via checked.be.