ORTHOPATH: 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.
What changed
ORTHOPATH
NACE 86.220, Specialist medical practice
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€202,527
2024 · €243,851-€41,324
Equity
€2.5m
2024 · €2.3m+€202,527
Cash
€531,402
2024 · €509,570+€21,832
Balance sheet total
€2.5m
2024 · €2.3m+€200,358
Largest movements
Assets
- Current investments +€193,338
up €193,338 (+11.7%), from €1.7m to €1.8m
Equity and liabilities
- Reserves +€202,527
up €202,527 (+9.0%), from €2.3m to €2.5m
Income statement
- Gross operating margin -€106,307
down €106,307 (-28.1%), from €378,063 to €271,756
- Taxes -€29,886
down €29,886 (-25.4%), from €117,680 to €87,793
- Financial income +€26,038
up €26,038 (+338.0%), from €7,704 to €33,741
- Depreciation -€9,167
down €9,167 (-44.0%), from €20,832 to €11,665
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.
Result 2024
€243,851
Gross operating margin
-€106,307
Depreciation
+€9,167
Other operating charges
+€562
Financial income
+€26,038
Financial charges
-€670
Taxes
+€29,886
Result 2025
€202,527
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.
From operations
+€219,379
Investment
-€197,547
Financing
€0
Cash 2024
€509,570
From operations (derived)
+€219,379
Net result for the year
+€202,527
Depreciation
+€11,665
Receivables within one year
+€3,199
Deferred charges and accrued income
+€4,156
Trade debts
+€266
Tax, wage and social debts
-€2,434
Investment (derived)
-€197,547
Investment in fixed assets (net)
-€4,209
Current investments
-€193,338
Cash 2025
€531,402
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,309,596 | €2,509,954 | +€200,358 | +8.7% |
| Fixed assets | 21/28 | €63,251 | €55,795 | -€7,456 | -11.8% |
| Tangible fixed assets | 22/27 | €28,635 | €21,179 | -€7,456 | -26.0% |
| Plant, machinery and equipment | 23 | €355 | €1,940 | +€1,585 | +447.2% |
| Furniture and vehicles | 24 | €28,281 | €17,410 | -€10,870 | -38.4% |
| Other tangible fixed assets | 26 | - | €1,829 | +€1,829 | |
| Financial fixed assets | 28 | €34,616 | €34,616 | = | 0.0% |
| Current assets | 29/58 | €2,246,345 | €2,454,159 | +€207,814 | +9.3% |
| Amounts receivable within one year | 40/41 | €66,177 | €62,978 | -€3,199 | -4.8% |
| Trade receivables | 40 | €63,460 | €36,405 | -€27,054 | -42.6% |
| Other amounts receivable | 41 | €2,718 | €26,573 | +€23,855 | +877.8% |
| Current investments | 50/53 | €1,653,174 | €1,846,511 | +€193,338 | +11.7% |
| Cash at bank and in hand | 54/58 | €509,570 | €531,402 | +€21,832 | +4.3% |
| Deferred charges and accrued income | 490/1 | €17,424 | €13,268 | -€4,156 | -23.9% |
| Total equity and liabilities | 10/49 | €2,309,596 | €2,509,954 | +€200,358 | +8.7% |
| Equity | 10/15 | €2,268,916 | €2,471,443 | +€202,527 | +8.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €2,250,366 | €2,452,893 | +€202,527 | +9.0% |
| Distributable reserves | 133 | €2,250,366 | €2,452,893 | +€202,527 | +9.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €40,680 | €38,511 | -€2,169 | -5.3% |
| Amounts payable within one year | 42/48 | €40,162 | €37,993 | -€2,169 | -5.4% |
| Trade debts | 44 | - | €266 | +€266 | |
| Suppliers | 440/4 | - | €266 | +€266 | |
| Taxes, remuneration and social security | 45 | €40,162 | €37,728 | -€2,434 | -6.1% |
| Taxes | 450/3 | €40,162 | €28,898 | -€11,264 | -28.0% |
| Remuneration and social security | 454/9 | - | €8,830 | +€8,830 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €518 | €518 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,832 | €11,665 | -€9,167 | -44.0% |
| Other operating charges | 640/8 | €2,427 | €1,866 | -€562 | -23.1% |
| Gross operating margin | 9900 | €378,063 | €271,756 | -€106,307 | -28.1% |
| Operating profit (loss) | 9901 | €354,804 | €258,225 | -€96,579 | -27.2% |
| Financial income | 75/76B | €7,704 | €33,741 | +€26,038 | +338.0% |
| Recurring financial income | 75 | €7,704 | €33,741 | +€26,038 | +338.0% |
| Financial charges | 65/66B | €977 | €1,646 | +€670 | +68.5% |
| Recurring financial charges | 65 | €977 | €1,646 | +€670 | +68.5% |
| Profit (loss) for the period before taxes | 9903 | €361,531 | €290,320 | -€71,211 | -19.7% |
| Income taxes | 67/77 | €117,680 | €87,793 | -€29,886 | -25.4% |
| Profit (loss) for the period | 9904 | €243,851 | €202,527 | -€41,324 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €243,851 | €202,527 | -€41,324 | -16.9% |
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.