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 -€100,000
no longer reported in 2025 (was €100,000)
- Cash +€74,632
up €74,632 (+37.3%), from €199,970 to €274,602
mainly Current investments (+€100,000) and Net result for the year (+€83,070)
- Tangible fixed assets -€12,556
down €12,556 (-8.2%), from €153,910 to €141,354
of which Plant, machinery and equipment: -€9,596
- Receivables within one year -€6,055
down €6,055 (-18.2%), from €33,255 to €27,200
- Reserves -€85,000
down €85,000 (-24.6%), from €345,000 to €260,000
- Other debts +€35,370
up €35,370 (+26.9%), from €131,452 to €166,822
- Trade debts +€5,917
up €5,917 (+63.7%), from €9,285 to €15,202
- Gross operating margin +€35,621
up €35,621 (+19.3%), from €184,634 to €220,255
- Taxes +€10,112
up €10,112 (+45.4%), from €22,286 to €32,398
- Staff costs +€5,749
up €5,749 (+9.2%), from €62,497 to €68,246
- Financial income +€2,924
up €2,924 (+107.1%), from €2,730 to €5,655
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 | €530,190 | €490,475 | -€39,715 | -7.5% |
| Fixed assets | 21/28 | €154,070 | €141,514 | -€12,556 | -8.1% |
| Tangible fixed assets | 22/27 | €153,910 | €141,354 | -€12,556 | -8.2% |
| Land and buildings | 22 | €12,093 | €9,275 | -€2,818 | -23.3% |
| Plant, machinery and equipment | 23 | €141,387 | €131,791 | -€9,596 | -6.8% |
| Furniture and vehicles | 24 | €430 | €288 | -€142 | -32.9% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €376,120 | €348,961 | -€27,159 | -7.2% |
| Stocks and contracts in progress | 3 | €42,511 | €46,673 | +€4,162 | +9.8% |
| Stocks | 30/36 | €42,511 | €46,673 | +€4,162 | +9.8% |
| Amounts receivable within one year | 40/41 | €33,255 | €27,200 | -€6,055 | -18.2% |
| Other amounts receivable | 41 | €33,255 | €27,200 | -€6,055 | -18.2% |
| Current investments | 50/53 | €100,000 | - | -€100,000 | |
| Cash at bank and in hand | 54/58 | €199,970 | €274,602 | +€74,632 | +37.3% |
| Deferred charges and accrued income | 490/1 | €384 | €486 | +€102 | +26.6% |
| Total equity and liabilities | 10/49 | €530,190 | €490,475 | -€39,715 | -7.5% |
| Equity | 10/15 | €361,750 | €279,819 | -€81,930 | -22.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €345,000 | €260,000 | -€85,000 | -24.6% |
| Distributable reserves | 133 | €345,000 | €260,000 | -€85,000 | -24.6% |
| Profit (loss) carried forward | 14 | -€3,250 | -€181 | +€3,070 | +94.4% |
| Amounts payable | 17/49 | €168,441 | €210,656 | +€42,215 | +25.1% |
| Amounts payable within one year | 42/48 | €168,441 | €210,656 | +€42,215 | +25.1% |
| Current portion of amounts payable after more than one year | 42 | €13,578 | €13,481 | -€97 | -0.7% |
| Trade debts | 44 | €9,285 | €15,202 | +€5,917 | +63.7% |
| Suppliers | 440/4 | €9,285 | €15,202 | +€5,917 | +63.7% |
| Advances received on contracts in progress | 46 | €1,951 | €1,930 | -€21 | -1.1% |
| Taxes, remuneration and social security | 45 | €12,176 | €13,222 | +€1,046 | +8.6% |
| Taxes | 450/3 | €4,473 | €4,499 | +€26 | +0.6% |
| Remuneration and social security | 454/9 | €7,702 | €8,723 | +€1,020 | +13.2% |
| Other amounts payable | 47/48 | €131,452 | €166,822 | +€35,370 | +26.9% |
| Remuneration, social security and pensions | 62 | €62,497 | €68,246 | +€5,749 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,454 | €38,350 | +€1,895 | +5.2% |
| Other operating charges | 640/8 | €1,252 | €1,209 | -€43 | -3.4% |
| Gross operating margin | 9900 | €184,634 | €220,255 | +€35,621 | +19.3% |
| Operating profit (loss) | 9901 | €84,431 | €112,451 | +€28,020 | +33.2% |
| Financial income | 75/76B | €2,730 | €5,655 | +€2,924 | +107.1% |
| Recurring financial income | 75 | €2,730 | €5,655 | +€2,924 | +107.1% |
| Financial charges | 65/66B | €2,879 | €2,638 | -€241 | -8.4% |
| Recurring financial charges | 65 | €2,879 | €2,638 | -€241 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €84,282 | €115,467 | +€31,186 | +37.0% |
| Income taxes | 67/77 | €22,286 | €32,398 | +€10,112 | +45.4% |
| Profit (loss) for the period | 9904 | €61,995 | €83,070 | +€21,074 | +34.0% |
| Profit (loss) for the period to be appropriated | 9905 | €61,995 | €83,070 | +€21,074 | +34.0% |
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 2 October 2026 via checked.be.