ORTHODEL: 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.
ORTHODEL
Largest movements
- Receivables within one year -€28,461
down €28,461 (-38.7%), from €73,582 to €45,121
of which Other amounts receivable: -€14,561
- Tangible fixed assets -€13,955
down €13,955 (-42.2%), from €33,107 to €19,152
of which Plant, machinery and equipment: -€12,398
- Cash -€10,244
down €10,244 (-3.5%), from €296,427 to €286,184
mainly Contributions, distributions and other (-€300,664) and Debts after one year (-€10,520)
- Deferred charges and accrued income -€5,985
down €5,985 (-46.8%), from €12,791 to €6,806
- Reserves -€220,102
down €220,102 (-54.0%), from €407,756 to €187,654
- Other debts +€185,642
up €185,642 (+154%), from €120,794 to €306,436
- Debts after one year -€10,520
down €10,520 (-85.6%), from €12,292 to €1,772
- Current portion of long-term debt -€8,357
down €8,357 (-44.3%), from €18,877 to €10,520
- Gross operating margin -€55,596
down €55,596 (-26.5%), from €209,656 to €154,060
- Taxes -€11,310
down €11,310 (-35.1%), from €32,190 to €20,880
- Depreciation -€8,845
down €8,845 (-38.8%), from €22,800 to €13,955
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 | €583,405 | €527,025 | -€56,380 | -9.7% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €33,282 | €19,327 | -€13,955 | -41.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €33,107 | €19,152 | -€13,955 | -42.2% |
| Plant, machinery and equipment | 23 | €25,182 | €12,784 | -€12,398 | -49.2% |
| Furniture and vehicles | 24 | €7,925 | €6,368 | -€1,557 | -19.6% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €550,123 | €507,698 | -€42,425 | -7.7% |
| Stocks and contracts in progress | 3 | €17,322 | €19,587 | +€2,265 | +13.1% |
| Stocks | 30/36 | €17,322 | €19,587 | +€2,265 | +13.1% |
| Amounts receivable within one year | 40/41 | €73,582 | €45,121 | -€28,461 | -38.7% |
| Trade receivables | 40 | €30,178 | €16,278 | -€13,900 | -46.1% |
| Other amounts receivable | 41 | €43,404 | €28,843 | -€14,561 | -33.5% |
| Current investments | 50/53 | €150,000 | €150,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €296,427 | €286,184 | -€10,244 | -3.5% |
| Deferred charges and accrued income | 490/1 | €12,791 | €6,806 | -€5,985 | -46.8% |
| Total equity and liabilities | 10/49 | €583,405 | €527,025 | -€56,380 | -9.7% |
| Equity | 10/15 | €411,756 | €191,654 | -€220,102 | -53.5% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €407,756 | €187,654 | -€220,102 | -54.0% |
| Distributable reserves | 133 | €407,756 | €187,654 | -€220,102 | -54.0% |
| Amounts payable | 17/49 | €171,649 | €335,371 | +€163,722 | +95.4% |
| Amounts payable after more than one year | 17 | €12,292 | €1,772 | -€10,520 | -85.6% |
| Financial debts | 170/4 | €12,292 | €1,772 | -€10,520 | -85.6% |
| Amounts payable within one year | 42/48 | €159,335 | €333,573 | +€174,238 | +109% |
| Current portion of amounts payable after more than one year | 42 | €18,877 | €10,520 | -€8,357 | -44.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €8,035 | €5,742 | -€2,294 | -28.5% |
| Suppliers | 440/4 | €8,035 | €5,742 | -€2,294 | -28.5% |
| Taxes, remuneration and social security | 45 | €11,628 | €10,875 | -€753 | -6.5% |
| Taxes | 450/3 | €6,577 | €6,300 | -€277 | -4.2% |
| Remuneration and social security | 454/9 | €5,052 | €4,575 | -€476 | -9.4% |
| Other amounts payable | 47/48 | €120,794 | €306,436 | +€185,642 | +154% |
| Accrued charges and deferred income | 492/3 | €21 | €26 | +€4 | +19.8% |
| Remuneration, social security and pensions | 62 | €38,379 | €38,040 | -€339 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,800 | €13,955 | -€8,845 | -38.8% |
| Other operating charges | 640/8 | €914 | €1,202 | +€288 | +31.5% |
| Gross operating margin | 9900 | €209,656 | €154,060 | -€55,596 | -26.5% |
| Operating profit (loss) | 9901 | €147,564 | €100,863 | -€46,700 | -31.6% |
| Financial income | 75/76B | €2,356 | €4,021 | +€1,665 | +70.7% |
| Recurring financial income | 75 | €2,356 | €4,021 | +€1,665 | +70.7% |
| Financial charges | 65/66B | €3,849 | €3,443 | -€406 | -10.5% |
| Recurring financial charges | 65 | €3,849 | €3,443 | -€406 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €146,071 | €101,442 | -€44,630 | -30.6% |
| Income taxes | 67/77 | €32,190 | €20,880 | -€11,310 | -35.1% |
| Profit (loss) for the period | 9904 | €113,881 | €80,562 | -€33,319 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €113,881 | €80,562 | -€33,319 | -29.3% |
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 15 October 2026 via checked.be.