ORTHOVAL: 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.
ORTHOVAL
Largest movements
- Cash -€172,630
down €172,630 (-38.3%), from €450,804 to €278,174
mainly Contributions, distributions and other (-€207,893) and Deferred charges and accrued income (-€67,138)
- Deferred charges and accrued income +€67,138
up €67,138 (+413.9%), from €16,221 to €83,359
- Intangible fixed assets -€51,250
down €51,250 (-50.0%), from €102,500 to €51,250
- Tangible fixed assets -€14,595
down €14,595 (-23.8%), from €61,402 to €46,807
- Reserves -€103,633
no longer reported in 2025 (was €103,633)
- Other debts -€44,726
down €44,726 (-10.1%), from €443,110 to €398,384
- Debts after one year -€15,067
down €15,067 (-31.4%), from €47,995 to €32,928
- Gross operating margin +€29,057
up €29,057 (+16.5%), from €176,032 to €205,089
- Taxes +€7,496
up €7,496 (+33.3%), from €22,504 to €30,000
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 | €632,483 | €467,229 | -€165,254 | -26.1% |
| Fixed assets | 21/28 | €163,902 | €98,057 | -€65,845 | -40.2% |
| Intangible fixed assets | 21 | €102,500 | €51,250 | -€51,250 | -50.0% |
| Tangible fixed assets | 22/27 | €61,402 | €46,807 | -€14,595 | -23.8% |
| Furniture and vehicles | 24 | €61,402 | €46,807 | -€14,595 | -23.8% |
| Current assets | 29/58 | €468,580 | €369,172 | -€99,408 | -21.2% |
| Amounts receivable within one year | 40/41 | €1,555 | €7,639 | +€6,084 | +391.3% |
| Trade receivables | 40 | - | €2,639 | +€2,639 | |
| Other amounts receivable | 41 | €1,555 | €5,000 | +€3,445 | +221.6% |
| Cash at bank and in hand | 54/58 | €450,804 | €278,174 | -€172,630 | -38.3% |
| Deferred charges and accrued income | 490/1 | €16,221 | €83,359 | +€67,138 | +413.9% |
| Total equity and liabilities | 10/49 | €632,483 | €467,229 | -€165,254 | -26.1% |
| Equity | 10/15 | €122,233 | €18,600 | -€103,633 | -84.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €103,633 | - | -€103,633 | |
| Distributable reserves | 133 | €103,633 | - | -€103,633 | |
| Amounts payable | 17/49 | €510,250 | €448,629 | -€61,621 | -12.1% |
| Amounts payable after more than one year | 17 | €47,995 | €32,928 | -€15,067 | -31.4% |
| Financial debts | 170/4 | €47,995 | €32,928 | -€15,067 | -31.4% |
| Amounts payable within one year | 42/48 | €462,254 | €415,701 | -€46,553 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €14,608 | €15,067 | +€460 | +3.1% |
| Trade debts | 44 | €2,287 | - | -€2,287 | |
| Suppliers | 440/4 | €2,287 | - | -€2,287 | |
| Taxes, remuneration and social security | 45 | €2,250 | €2,250 | = | 0.0% |
| Taxes | 450/3 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €443,110 | €398,384 | -€44,726 | -10.1% |
| Non-recurring operating income | 76A | €10,098 | - | -€10,098 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,623 | €66,719 | -€904 | -1.3% |
| Other operating charges | 640/8 | €3,377 | €2,201 | -€1,175 | -34.8% |
| Gross operating margin | 9900 | €176,032 | €205,089 | +€29,057 | +16.5% |
| Operating profit (loss) | 9901 | €105,032 | €136,169 | +€31,137 | +29.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,419 | €1,908 | -€511 | -21.1% |
| Recurring financial charges | 65 | €2,419 | €1,908 | -€511 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | €102,613 | €134,260 | +€31,647 | +30.8% |
| Income taxes | 67/77 | €22,504 | €30,000 | +€7,496 | +33.3% |
| Profit (loss) for the period | 9904 | €80,109 | €104,260 | +€24,152 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €80,109 | €104,260 | +€24,152 | +30.1% |
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 6 October 2026 via checked.be.