ORTHO-STEMA: 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.
ORTHO-STEMA
Largest movements
- Receivables within one year +€29,513
up €29,513 (+31.1%), from €94,921 to €124,434
of which Trade receivables: +€27,273
- Cash +€15,917
up €15,917 (+42.9%), from €37,063 to €52,980
mainly Net result for the year (+€27,627) and Trade debts (+€15,410)
- Tangible fixed assets -€11,687
down €11,687 (-23.1%), from €50,693 to €39,006
of which Furniture and vehicles: -€12,590
- Stocks and contracts -€3,558
down €3,558 (-16.0%), from €22,305 to €18,747
- Reserves +€17,101
up €17,101 (+17.3%), from €98,841 to €115,942
- Trade debts +€15,410
up €15,410 (+322.0%), from €4,785 to €20,195
- Debts after one year -€9,437
down €9,437 (-27.2%), from €34,670 to €25,233
- Tax, wage and social debts +€6,756
up €6,756 (+21.7%), from €31,185 to €37,941
of which Taxes: +€5,975
- Gross operating margin +€18,447
up €18,447 (+52.2%), from €35,313 to €53,760
- Depreciation +€4,924
up €4,924 (+72.8%), from €6,763 to €11,687
- Taxes +€3,818
up €3,818 (+44.8%), from €8,516 to €12,334
- Financial charges +€545
up €545 (+51.1%), from €1,066 to €1,611
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 | €205,247 | €235,432 | +€30,185 | +14.7% |
| Fixed assets | 21/28 | €50,958 | €39,271 | -€11,687 | -22.9% |
| Tangible fixed assets | 22/27 | €50,693 | €39,006 | -€11,687 | -23.1% |
| Furniture and vehicles | 24 | €50,323 | €37,733 | -€12,590 | -25.0% |
| Other tangible fixed assets | 26 | €370 | €1,273 | +€903 | +244.1% |
| Financial fixed assets | 28 | €265 | €265 | = | 0.0% |
| Current assets | 29/58 | €154,289 | €196,161 | +€41,872 | +27.1% |
| Stocks and contracts in progress | 3 | €22,305 | €18,747 | -€3,558 | -16.0% |
| Stocks | 30/36 | €22,305 | €18,747 | -€3,558 | -16.0% |
| Amounts receivable within one year | 40/41 | €94,921 | €124,434 | +€29,513 | +31.1% |
| Trade receivables | 40 | €88,982 | €116,255 | +€27,273 | +30.7% |
| Other amounts receivable | 41 | €5,939 | €8,179 | +€2,240 | +37.7% |
| Cash at bank and in hand | 54/58 | €37,063 | €52,980 | +€15,917 | +42.9% |
| Total equity and liabilities | 10/49 | €205,247 | €235,432 | +€30,185 | +14.7% |
| Equity | 10/15 | €125,525 | €142,626 | +€17,101 | +13.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €98,841 | €115,942 | +€17,101 | +17.3% |
| Distributable reserves | 133 | €98,841 | €115,942 | +€17,101 | +17.3% |
| Profit (loss) carried forward | 14 | €20,484 | €20,484 | = | 0.0% |
| Amounts payable | 17/49 | €79,722 | €92,806 | +€13,084 | +16.4% |
| Amounts payable after more than one year | 17 | €34,670 | €25,233 | -€9,437 | -27.2% |
| Financial debts | 170/4 | €34,670 | €25,233 | -€9,437 | -27.2% |
| Amounts payable within one year | 42/48 | €45,052 | €67,573 | +€22,521 | +50.0% |
| Current portion of amounts payable after more than one year | 42 | €9,082 | €9,437 | +€355 | +3.9% |
| Trade debts | 44 | €4,785 | €20,195 | +€15,410 | +322.0% |
| Suppliers | 440/4 | €4,785 | €20,195 | +€15,410 | +322.0% |
| Taxes, remuneration and social security | 45 | €31,185 | €37,941 | +€6,756 | +21.7% |
| Taxes | 450/3 | €16,366 | €22,341 | +€5,975 | +36.5% |
| Remuneration and social security | 454/9 | €14,819 | €15,600 | +€781 | +5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,763 | €11,687 | +€4,924 | +72.8% |
| Other operating charges | 640/8 | €844 | €501 | -€343 | -40.6% |
| Gross operating margin | 9900 | €35,313 | €53,760 | +€18,447 | +52.2% |
| Operating profit (loss) | 9901 | €27,706 | €41,572 | +€13,866 | +50.0% |
| Financial charges | 65/66B | €1,066 | €1,611 | +€545 | +51.1% |
| Recurring financial charges | 65 | €1,066 | €1,611 | +€545 | +51.1% |
| Profit (loss) for the period before taxes | 9903 | €26,640 | €39,961 | +€13,321 | +50.0% |
| Income taxes | 67/77 | €8,516 | €12,334 | +€3,818 | +44.8% |
| Profit (loss) for the period | 9904 | €18,124 | €27,627 | +€9,503 | +52.4% |
| Profit (loss) for the period to be appropriated | 9905 | €18,124 | €27,627 | +€9,503 | +52.4% |
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 8 October 2026 via checked.be.