Orthodef: 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.
Orthodef
Largest movements
- Current investments +€130,000
up €130,000 (+130.0%), from €100,000 to €230,000
- Receivables within one year +€32,898
up €32,898 (+31.7%), from €103,628 to €136,526
of which Trade receivables: +€34,413
- Cash -€25,524
down €25,524 (-20.3%), from €125,708 to €100,184
mainly Current investments (-€130,000) and Receivables within one year (-€32,898)
- Reserves +€122,912
up €122,912 (+39.4%), from €312,208 to €435,120
of which Distributable reserves: +€122,912
- Tax, wage and social debts +€13,025
up €13,025 (+115.1%), from €11,315 to €24,341
- Gross operating margin +€59,102
up €59,102 (+48.0%), from €123,054 to €182,156
- Taxes +€19,205
up €19,205 (+54.9%), from €34,997 to €54,202
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 | €342,191 | €479,330 | +€137,139 | +40.1% |
| Fixed assets | 21/28 | €8,568 | €10,923 | +€2,355 | +27.5% |
| Tangible fixed assets | 22/27 | €8,568 | €10,923 | +€2,355 | +27.5% |
| Furniture and vehicles | 24 | €8,568 | €10,923 | +€2,355 | +27.5% |
| Current assets | 29/58 | €333,623 | €468,407 | +€134,784 | +40.4% |
| Amounts receivable within one year | 40/41 | €103,628 | €136,526 | +€32,898 | +31.7% |
| Trade receivables | 40 | €91,479 | €125,892 | +€34,413 | +37.6% |
| Other amounts receivable | 41 | €12,148 | €10,633 | -€1,515 | -12.5% |
| Current investments | 50/53 | €100,000 | €230,000 | +€130,000 | +130.0% |
| Cash at bank and in hand | 54/58 | €125,708 | €100,184 | -€25,524 | -20.3% |
| Deferred charges and accrued income | 490/1 | €4,287 | €1,698 | -€2,590 | -60.4% |
| Total equity and liabilities | 10/49 | €342,191 | €479,330 | +€137,139 | +40.1% |
| Equity | 10/15 | €330,808 | €453,720 | +€122,912 | +37.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €312,208 | €435,120 | +€122,912 | +39.4% |
| Non-distributable reserves | 130/1 | €1,800 | €1,800 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,800 | €1,800 | = | 0.0% |
| Distributable reserves | 133 | €310,408 | €433,320 | +€122,912 | +39.6% |
| Amounts payable | 17/49 | €11,383 | €25,610 | +€14,228 | +125.0% |
| Amounts payable within one year | 42/48 | €11,383 | €25,610 | +€14,228 | +125.0% |
| Trade debts | 44 | €67 | €1,270 | +€1,203 | +1793.1% |
| Suppliers | 440/4 | €67 | €1,270 | +€1,203 | +1793.1% |
| Taxes, remuneration and social security | 45 | €11,315 | €24,341 | +€13,025 | +115.1% |
| Taxes | 450/3 | €11,315 | €24,341 | +€13,025 | +115.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,047 | €3,928 | +€881 | +28.9% |
| Other operating charges | 640/8 | €757 | €619 | -€137 | -18.1% |
| Gross operating margin | 9900 | €123,054 | €182,156 | +€59,102 | +48.0% |
| Operating profit (loss) | 9901 | €119,250 | €177,608 | +€58,358 | +48.9% |
| Financial charges | 65/66B | €510 | €495 | -€15 | -3.0% |
| Recurring financial charges | 65 | €510 | €495 | -€15 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €118,740 | €177,113 | +€58,373 | +49.2% |
| Income taxes | 67/77 | €34,997 | €54,202 | +€19,205 | +54.9% |
| Profit (loss) for the period | 9904 | €83,743 | €122,912 | +€39,169 | +46.8% |
| Profit (loss) for the period to be appropriated | 9905 | €83,743 | €122,912 | +€39,169 | +46.8% |
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 3 October 2026 via checked.be.