ORTHO SHOE: what changed
What changed
ORTHO SHOE
NACE 15.200, Manufacture of leather and related products
filed annual accounts (NBB)
Net result for the year
€37,937
2024 · €41,564-€3,627
Equity
€298,111
2024 · €265,508+€32,604
Cash
€61,836
2024 · €69,337-€7,501
Balance sheet total
€352,621
2024 · €317,663+€34,959
Largest movements
Assets
- Current investments +€50,000
up €50,000 (+33.3%), from €150,000 to €200,000
- Cash -€7,501
down €7,501 (-10.8%), from €69,337 to €61,836
mainly Current investments (-€50,000) and Investment in fixed assets (net) (-€10,679)
- Receivables within one year -€3,613
down €3,613 (-8.6%), from €41,892 to €38,279
of which Other amounts receivable: -€3,702
Equity and liabilities
- Reserves +€32,604
up €32,604 (+13.2%), from €246,908 to €279,511
- Other debts +€6,059
up €6,059 (+29.7%), from €20,406 to €26,465
Income statement
- Depreciation +€2,064
up €2,064 (+18.6%), from €11,066 to €13,130
- Financial income -€1,598
down €1,598 (-47.5%), from €3,361 to €1,763
- Taxes -€1,173
down €1,173 (-8.5%), from €13,814 to €12,641
- Staff costs +€1,038
up €1,038 (+4.8%), from €21,510 to €22,547
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€41,564
Gross operating margin
+€32
Staff costs
-€1,038
Depreciation
-€2,064
Other operating charges
-€243
Financial income
-€1,598
Financial charges
+€110
Taxes
+€1,173
Result 2025
€37,937
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€61,177
Investment
-€60,679
Financing
-€8,000
Cash 2024
€69,337
From operations (derived)
+€61,177
Net result for the year
+€37,937
Depreciation
+€13,130
Stocks and contracts
-€377
Receivables within one year
+€3,613
Deferred charges and accrued income
+€1,853
Trade debts
-€1,811
Tax, wage and social debts
+€683
Other debts
+€6,059
Accrued charges and deferred income
+€91
Investment (derived)
-€60,679
Investment in fixed assets (net)
-€10,679
Current investments
-€50,000
Financing
-€8,000
Debts after one year
-€2,667
Contributions, distributions and other
-€5,333
Cash 2025
€61,836
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €317,663 | €352,621 | +€34,959 | +11.0% |
| Fixed assets | 21/28 | €48,685 | €46,234 | -€2,451 | -5.0% |
| Intangible fixed assets | 21 | €1,125 | €750 | -€375 | -33.3% |
| Tangible fixed assets | 22/27 | €47,560 | €45,484 | -€2,076 | -4.4% |
| Land and buildings | 22 | €15,369 | €25,126 | +€9,757 | +63.5% |
| Plant, machinery and equipment | 23 | €7,599 | €6,211 | -€1,388 | -18.3% |
| Furniture and vehicles | 24 | €24,592 | €14,147 | -€10,445 | -42.5% |
| Current assets | 29/58 | €268,978 | €306,387 | +€37,409 | +13.9% |
| Stocks and contracts in progress | 3 | €2,631 | €3,008 | +€377 | +14.3% |
| Stocks | 30/36 | €2,631 | €3,008 | +€377 | +14.3% |
| Amounts receivable within one year | 40/41 | €41,892 | €38,279 | -€3,613 | -8.6% |
| Trade receivables | 40 | €38,091 | €38,180 | +€88 | +0.2% |
| Other amounts receivable | 41 | €3,801 | €99 | -€3,702 | -97.4% |
| Current investments | 50/53 | €150,000 | €200,000 | +€50,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €69,337 | €61,836 | -€7,501 | -10.8% |
| Deferred charges and accrued income | 490/1 | €5,117 | €3,264 | -€1,853 | -36.2% |
| Total equity and liabilities | 10/49 | €317,663 | €352,621 | +€34,959 | +11.0% |
| Equity | 10/15 | €265,508 | €298,111 | +€32,604 | +12.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €246,908 | €279,511 | +€32,604 | +13.2% |
| Distributable reserves | 133 | €246,908 | €279,511 | +€32,604 | +13.2% |
| Amounts payable | 17/49 | €52,155 | €54,510 | +€2,355 | +4.5% |
| Amounts payable after more than one year | 17 | €3,334 | €667 | -€2,667 | -80.0% |
| Financial debts | 170/4 | €3,334 | €667 | -€2,667 | -80.0% |
| Amounts payable within one year | 42/48 | €47,631 | €52,561 | +€4,930 | +10.4% |
| Current portion of amounts payable after more than one year | 42 | €2,667 | €2,667 | = | 0.0% |
| Trade debts | 44 | €13,180 | €11,368 | -€1,811 | -13.7% |
| Suppliers | 440/4 | €13,180 | €11,368 | -€1,811 | -13.7% |
| Taxes, remuneration and social security | 45 | €11,379 | €12,062 | +€683 | +6.0% |
| Taxes | 450/3 | €7,424 | €7,408 | -€16 | -0.2% |
| Remuneration and social security | 454/9 | €3,954 | €4,654 | +€699 | +17.7% |
| Other amounts payable | 47/48 | €20,406 | €26,465 | +€6,059 | +29.7% |
| Accrued charges and deferred income | 492/3 | €1,190 | €1,282 | +€91 | +7.7% |
| Non-recurring operating income | 76A | €905 | - | -€905 | |
| Remuneration, social security and pensions | 62 | €21,510 | €22,547 | +€1,038 | +4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,066 | €13,130 | +€2,064 | +18.6% |
| Other operating charges | 640/8 | €2,118 | €2,361 | +€243 | +11.5% |
| Gross operating margin | 9900 | €88,488 | €88,520 | +€32 | 0.0% |
| Operating profit (loss) | 9901 | €53,794 | €50,482 | -€3,313 | -6.2% |
| Financial income | 75/76B | €3,361 | €1,763 | -€1,598 | -47.5% |
| Recurring financial income | 75 | €3,361 | €1,763 | -€1,598 | -47.5% |
| Financial charges | 65/66B | €1,777 | €1,667 | -€110 | -6.2% |
| Recurring financial charges | 65 | €1,777 | €1,667 | -€110 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €55,378 | €50,578 | -€4,800 | -8.7% |
| Income taxes | 67/77 | €13,814 | €12,641 | -€1,173 | -8.5% |
| Profit (loss) for the period | 9904 | €41,564 | €37,937 | -€3,627 | -8.7% |
| Profit (loss) for the period to be appropriated | 9905 | €41,564 | €37,937 | -€3,627 | -8.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.