ORTHOMAS: 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.
ORTHOMAS
Largest movements
- Current investments +€96,000
up €96,000 (+131.5%), from €73,000 to €169,000
- Tangible fixed assets +€20,514
up €20,514 (+24.2%), from €84,695 to €105,209
of which Furniture and vehicles: +€21,394
- Cash -€17,816
down €17,816 (-12.5%), from €142,021 to €124,205
mainly Current investments (-€96,000) and Investment in fixed assets (net) (-€44,209)
- Receivables within one year +€8,156
up €8,156 (+29.5%), from €27,694 to €35,850
of which Other amounts receivable: +€8,221
- Reserves +€98,421
up €98,421 (+17.8%), from €551,724 to €650,145
of which Distributable reserves: +€98,421
- Current portion of long-term debt +€14,500
new in 2025: €14,500
- Gross operating margin +€8,839
up €8,839 (+4.5%), from €196,393 to €205,231
- Taxes +€3,864
up €3,864 (+7.7%), from €50,351 to €54,215
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 | €622,783 | €729,636 | +€106,854 | +17.2% |
| Fixed assets | 21/28 | €85,067 | €105,581 | +€20,514 | +24.1% |
| Tangible fixed assets | 22/27 | €84,695 | €105,209 | +€20,514 | +24.2% |
| Land and buildings | 22 | €4,254 | €5,975 | +€1,722 | +40.5% |
| Plant, machinery and equipment | 23 | €7,884 | €5,282 | -€2,601 | -33.0% |
| Furniture and vehicles | 24 | €72,558 | €93,952 | +€21,394 | +29.5% |
| Financial fixed assets | 28 | €372 | €372 | = | 0.0% |
| Current assets | 29/58 | €537,715 | €624,055 | +€86,340 | +16.1% |
| Amounts receivable after more than one year | 29 | €295,000 | €295,000 | = | 0.0% |
| Other amounts receivable | 291 | €295,000 | €295,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €27,694 | €35,850 | +€8,156 | +29.5% |
| Trade receivables | 40 | €220 | €155 | -€65 | -29.5% |
| Other amounts receivable | 41 | €27,474 | €35,695 | +€8,221 | +29.9% |
| Current investments | 50/53 | €73,000 | €169,000 | +€96,000 | +131.5% |
| Cash at bank and in hand | 54/58 | €142,021 | €124,205 | -€17,816 | -12.5% |
| Total equity and liabilities | 10/49 | €622,783 | €729,636 | +€106,854 | +17.2% |
| Equity | 10/15 | €586,172 | €684,593 | +€98,421 | +16.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €551,724 | €650,145 | +€98,421 | +17.8% |
| Non-distributable reserves | 130/1 | €19,859 | €19,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,859 | €19,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €38,247 | €38,247 | = | 0.0% |
| Distributable reserves | 133 | €493,618 | €592,039 | +€98,421 | +19.9% |
| Profit (loss) carried forward | 14 | €15,848 | €15,848 | = | 0.0% |
| Amounts payable | 17/49 | €36,611 | €45,044 | +€8,433 | +23.0% |
| Amounts payable within one year | 42/48 | €25,851 | €37,485 | +€11,634 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | - | €14,500 | +€14,500 | |
| Trade debts | 44 | - | €440 | +€440 | |
| Suppliers | 440/4 | - | €440 | +€440 | |
| Taxes, remuneration and social security | 45 | €17,851 | €18,545 | +€694 | +3.9% |
| Taxes | 450/3 | €17,851 | €18,545 | +€694 | +3.9% |
| Other amounts payable | 47/48 | €8,000 | €4,000 | -€4,000 | -50.0% |
| Accrued charges and deferred income | 492/3 | €10,760 | €7,559 | -€3,201 | -29.7% |
| Non-recurring operating income | 76A | €7,260 | - | -€7,260 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,277 | €23,695 | +€1,418 | +6.4% |
| Other operating charges | 640/8 | €288 | €465 | +€177 | +61.5% |
| Gross operating margin | 9900 | €196,393 | €205,231 | +€8,839 | +4.5% |
| Operating profit (loss) | 9901 | €173,828 | €181,071 | +€7,243 | +4.2% |
| Financial income | 75/76B | €5,775 | €6,488 | +€713 | +12.3% |
| Recurring financial income | 75 | €5,775 | €6,488 | +€713 | +12.3% |
| Financial charges | 65/66B | €1,202 | €922 | -€280 | -23.3% |
| Recurring financial charges | 65 | €1,202 | €922 | -€280 | -23.3% |
| Profit (loss) for the period before taxes | 9903 | €178,401 | €186,636 | +€8,236 | +4.6% |
| Income taxes | 67/77 | €50,351 | €54,215 | +€3,864 | +7.7% |
| Profit (loss) for the period | 9904 | €128,049 | €132,421 | +€4,372 | +3.4% |
| Profit (loss) for the period to be appropriated | 9905 | €128,049 | €132,421 | +€4,372 | +3.4% |
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 4 October 2026 via checked.be.