Orthelo: 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.
Orthelo
Largest movements
- Cash +€59,677
up €59,677 (+40.3%), from €148,047 to €207,724
mainly Net result for the year (+€218,773) and Other debts (+€209,119)
- Receivables within one year +€16,361
up €16,361 (+271%), from €6,044 to €22,405
of which Trade receivables: +€13,532
- Deferred charges and accrued income -€4,770
down €4,770 (-55.2%), from €8,639 to €3,869
- Tangible fixed assets -€3,406
down €3,406 (-35.9%), from €9,476 to €6,071
of which Furniture and vehicles: -€3,055
- Other debts +€209,119
up €209,119 (+2,166%), from €9,654 to €218,773
- Profit (loss) carried forward -€152,158
no longer reported in 2025 (was €152,158)
- Debts after one year +€8,924
new in 2025: €8,924
- Gross operating margin +€91,325
up €91,325 (+45.9%), from €198,906 to €290,231
- Taxes +€22,674
up €22,674 (+51.0%), from €44,498 to €67,171
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 | €172,470 | €240,069 | +€67,599 | +39.2% |
| Formation expenses | 20 | €263 | - | -€263 | |
| Fixed assets | 21/28 | €9,476 | €6,071 | -€3,406 | -35.9% |
| Tangible fixed assets | 22/27 | €9,476 | €6,071 | -€3,406 | -35.9% |
| Plant, machinery and equipment | 23 | €351 | - | -€351 | |
| Furniture and vehicles | 24 | €9,126 | €6,071 | -€3,055 | -33.5% |
| Current assets | 29/58 | €162,730 | €233,998 | +€71,268 | +43.8% |
| Amounts receivable within one year | 40/41 | €6,044 | €22,405 | +€16,361 | +271% |
| Trade receivables | 40 | €542 | €14,074 | +€13,532 | +2,498% |
| Other amounts receivable | 41 | €5,502 | €8,331 | +€2,829 | +51.4% |
| Cash at bank and in hand | 54/58 | €148,047 | €207,724 | +€59,677 | +40.3% |
| Deferred charges and accrued income | 490/1 | €8,639 | €3,869 | -€4,770 | -55.2% |
| Total equity and liabilities | 10/49 | €172,470 | €240,069 | +€67,599 | +39.2% |
| Equity | 10/15 | €157,158 | €5,000 | -€152,158 | -96.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €152,158 | - | -€152,158 | |
| Amounts payable | 17/49 | €15,312 | €235,069 | +€219,757 | +1,435% |
| Amounts payable after more than one year | 17 | - | €8,924 | +€8,924 | |
| Other amounts payable | 178/9 | - | €8,924 | +€8,924 | |
| Amounts payable within one year | 42/48 | €15,312 | €226,145 | +€210,833 | +1,377% |
| Trade debts | 44 | €258 | €1,192 | +€934 | +362% |
| Suppliers | 440/4 | €258 | €1,192 | +€934 | +362% |
| Taxes, remuneration and social security | 45 | €5,400 | €6,180 | +€780 | +14.4% |
| Taxes | 450/3 | €5,400 | €6,180 | +€780 | +14.4% |
| Other amounts payable | 47/48 | €9,654 | €218,773 | +€209,119 | +2,166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,036 | €3,669 | +€1,633 | +80.2% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €198,906 | €290,231 | +€91,325 | +45.9% |
| Operating profit (loss) | 9901 | €196,482 | €286,163 | +€89,680 | +45.6% |
| Financial charges | 65/66B | €212 | €218 | +€6 | +3.1% |
| Recurring financial charges | 65 | €212 | €218 | +€6 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €196,271 | €285,945 | +€89,674 | +45.7% |
| Income taxes | 67/77 | €44,498 | €67,171 | +€22,674 | +51.0% |
| Profit (loss) for the period | 9904 | €151,773 | €218,773 | +€67,000 | +44.1% |
| Profit (loss) for the period to be appropriated | 9905 | €151,773 | €218,773 | +€67,000 | +44.1% |
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 18 October 2026 via checked.be.