ORTHODAX: 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.
ORTHODAX
Largest movements
- Current investments +€167,999
up €167,999 (+89.8%), from €187,000 to €354,999
- Tangible fixed assets +€33,527
up €33,527 (+902%), from €3,718 to €37,245
of which Furniture and vehicles: +€28,411
- Cash -€23,642
down €23,642 (-31.6%), from €74,852 to €51,210
mainly Current investments (-€167,999) and Investment in fixed assets (net) (-€46,163)
- Receivables within one year -€16,673
down €16,673 (-9.8%), from €170,734 to €154,061
of which Other amounts receivable: -€29,576
- Reserves +€100,000
up €100,000 (+50.0%), from €200,000 to €300,000
- Profit (loss) carried forward +€76,775
up €76,775 (+46.1%), from €166,560 to €243,335
- Tax, wage and social debts -€14,773
down €14,773 (-27.1%), from €54,503 to €39,730
- Gross operating margin +€60,776
up €60,776 (+25.7%), from €236,637 to €297,414
- Taxes +€12,039
up €12,039 (+22.1%), from €54,536 to €66,576
- Depreciation +€10,717
up €10,717 (+559%), from €1,918 to €12,635
- Financial income +€6,245
up €6,245 (+241%), from €2,589 to €8,834
- Financial charges +€3,501
up €3,501 (+7.8%), from €44,949 to €48,450
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 | €436,895 | €598,300 | +€161,405 | +36.9% |
| Fixed assets | 21/28 | €3,718 | €37,245 | +€33,527 | +902% |
| Tangible fixed assets | 22/27 | €3,718 | €37,245 | +€33,527 | +902% |
| Furniture and vehicles | 24 | €3,718 | €32,129 | +€28,411 | +764% |
| Other tangible fixed assets | 26 | - | €5,116 | +€5,116 | |
| Current assets | 29/58 | €433,178 | €561,055 | +€127,877 | +29.5% |
| Amounts receivable within one year | 40/41 | €170,734 | €154,061 | -€16,673 | -9.8% |
| Trade receivables | 40 | €92,846 | €105,749 | +€12,903 | +13.9% |
| Other amounts receivable | 41 | €77,888 | €48,312 | -€29,576 | -38.0% |
| Current investments | 50/53 | €187,000 | €354,999 | +€167,999 | +89.8% |
| Cash at bank and in hand | 54/58 | €74,852 | €51,210 | -€23,642 | -31.6% |
| Deferred charges and accrued income | 490/1 | €592 | €785 | +€193 | +32.6% |
| Total equity and liabilities | 10/49 | €436,895 | €598,300 | +€161,405 | +36.9% |
| Equity | 10/15 | €381,560 | €558,335 | +€176,775 | +46.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Distributable reserves | 133 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Profit (loss) carried forward | 14 | €166,560 | €243,335 | +€76,775 | +46.1% |
| Amounts payable | 17/49 | €55,335 | €39,965 | -€15,370 | -27.8% |
| Amounts payable within one year | 42/48 | €55,135 | €39,965 | -€15,170 | -27.5% |
| Trade debts | 44 | €632 | €235 | -€397 | -62.9% |
| Suppliers | 440/4 | €632 | €235 | -€397 | -62.9% |
| Taxes, remuneration and social security | 45 | €54,503 | €39,730 | -€14,773 | -27.1% |
| Taxes | 450/3 | €54,503 | €39,730 | -€14,773 | -27.1% |
| Accrued charges and deferred income | 492/3 | €200 | - | -€200 | |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,918 | €12,635 | +€10,717 | +559% |
| Other operating charges | 640/8 | €405 | €616 | +€211 | +52.2% |
| Non-recurring operating charges | 66A | - | €1,196 | +€1,196 | |
| Gross operating margin | 9900 | €236,637 | €297,414 | +€60,776 | +25.7% |
| Operating profit (loss) | 9901 | €234,314 | €282,967 | +€48,652 | +20.8% |
| Financial income | 75/76B | €2,589 | €8,834 | +€6,245 | +241% |
| Recurring financial income | 75 | €2,589 | €8,834 | +€6,245 | +241% |
| Financial charges | 65/66B | €44,949 | €48,450 | +€3,501 | +7.8% |
| Recurring financial charges | 65 | €44,949 | €48,450 | +€3,501 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | €191,954 | €243,351 | +€51,397 | +26.8% |
| Income taxes | 67/77 | €54,536 | €66,576 | +€12,039 | +22.1% |
| Profit (loss) for the period | 9904 | €137,418 | €176,775 | +€39,357 | +28.6% |
| Profit (loss) for the period to be appropriated | 9905 | €137,418 | €176,775 | +€39,357 | +28.6% |
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 19 October 2026 via checked.be.