ORTHEX: 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.
ORTHEX
Largest movements
- Cash +€32,850
up €32,850 (+50.6%), from €64,863 to €97,713
mainly Net result for the year (+€28,474) and Receivables within one year (+€11,376)
- Receivables within one year -€11,376
down €11,376 (-25.8%), from €44,134 to €32,758
of which Trade receivables: -€20,825
- Tangible fixed assets -€6,660
down €6,660 (-25.2%), from €26,447 to €19,787
of which Furniture and vehicles: -€6,660
- Reserves +€28,474
up €28,474 (+26.2%), from €108,554 to €137,028
- Trade debts -€13,786
down €13,786 (-96.8%), from €14,236 to €450
- Tax, wage and social debts +€1,571
up €1,571 (+26.8%), from €5,854 to €7,425
- Gross operating margin +€29,243
up €29,243 (+119.9%), from €24,384 to €53,627
- Taxes +€8,649
up €8,649 (+128.6%), from €6,725 to €15,375
- Financial income -€2,124
down €2,124 (-100.0%), from €2,124 to €0
- Other operating charges +€703
up €703 (+78.4%), from €896 to €1,599
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 | €135,708 | €151,966 | +€16,259 | +12.0% |
| Fixed assets | 21/28 | €26,499 | €19,839 | -€6,660 | -25.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €26,447 | €19,787 | -€6,660 | -25.2% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €26,447 | €19,787 | -€6,660 | -25.2% |
| Financial fixed assets | 28 | €52 | €52 | = | 0.0% |
| Current assets | 29/58 | €109,208 | €132,127 | +€22,919 | +21.0% |
| Amounts receivable within one year | 40/41 | €44,134 | €32,758 | -€11,376 | -25.8% |
| Trade receivables | 40 | €31,672 | €10,847 | -€20,825 | -65.8% |
| Other amounts receivable | 41 | €12,462 | €21,911 | +€9,449 | +75.8% |
| Cash at bank and in hand | 54/58 | €64,863 | €97,713 | +€32,850 | +50.6% |
| Deferred charges and accrued income | 490/1 | €211 | €1,656 | +€1,445 | +685.5% |
| Total equity and liabilities | 10/49 | €135,708 | €151,966 | +€16,259 | +12.0% |
| Equity | 10/15 | €115,554 | €144,028 | +€28,474 | +24.6% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €108,554 | €137,028 | +€28,474 | +26.2% |
| Distributable reserves | 133 | €108,554 | €137,028 | +€28,474 | +26.2% |
| Amounts payable | 17/49 | €20,153 | €7,938 | -€12,215 | -60.6% |
| Amounts payable within one year | 42/48 | €20,090 | €7,875 | -€12,215 | -60.8% |
| Trade debts | 44 | €14,236 | €450 | -€13,786 | -96.8% |
| Suppliers | 440/4 | €14,236 | €450 | -€13,786 | -96.8% |
| Taxes, remuneration and social security | 45 | €5,854 | €7,425 | +€1,571 | +26.8% |
| Taxes | 450/3 | €5,854 | €7,425 | +€1,571 | +26.8% |
| Accrued charges and deferred income | 492/3 | €64 | €64 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,184 | €7,982 | -€202 | -2.5% |
| Other operating charges | 640/8 | €896 | €1,599 | +€703 | +78.4% |
| Gross operating margin | 9900 | €24,384 | €53,627 | +€29,243 | +119.9% |
| Operating profit (loss) | 9901 | €15,304 | €44,046 | +€28,742 | +187.8% |
| Financial income | 75/76B | €2,124 | €0 | -€2,124 | -100.0% |
| Recurring financial income | 75 | €2,124 | €0 | -€2,124 | -100.0% |
| Financial charges | 65/66B | €206 | €197 | -€8 | -4.0% |
| Recurring financial charges | 65 | €206 | €197 | -€8 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | €17,222 | €43,849 | +€26,626 | +154.6% |
| Income taxes | 67/77 | €6,725 | €15,375 | +€8,649 | +128.6% |
| Profit (loss) for the period | 9904 | €10,497 | €28,474 | +€17,977 | +171.3% |
| Profit (loss) for the period to be appropriated | 9905 | €10,497 | €28,474 | +€17,977 | +171.3% |
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 30 September 2026 via checked.be.