ORTHOVALO: 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.
ORTHOVALO
Largest movements
- Cash +€56,846
up €56,846 (+131%), from €43,232 to €100,078
mainly Trade debts (+€26,401) and Receivables within one year (+€19,070)
- Receivables within one year -€19,070
down €19,070 (-12.1%), from €157,845 to €138,775
of which Trade receivables: -€20,746
- Stocks and contracts -€7,724
down €7,724 (-22.7%), from €33,986 to €26,262
- Tangible fixed assets -€5,361
down €5,361 (-13.2%), from €40,576 to €35,215
of which Furniture and vehicles: -€8,358
- Trade debts +€26,401
up €26,401 (+122%), from €21,687 to €48,088
- Reserves +€14,812
up €14,812 (+18.0%), from €82,497 to €97,309
of which Distributable reserves: +€14,812
- Debts after one year -€11,482
down €11,482 (-11.2%), from €102,239 to €90,756
- Staff costs +€34,983
up €34,983 (+24.0%), from €145,724 to €180,707
- Gross operating margin +€3,741
up €3,741 (+1.7%), from €218,299 to €222,040
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 | €276,166 | €303,805 | +€27,639 | +10.0% |
| Fixed assets | 21/28 | €40,576 | €35,215 | -€5,361 | -13.2% |
| Tangible fixed assets | 22/27 | €40,576 | €35,215 | -€5,361 | -13.2% |
| Plant, machinery and equipment | 23 | €12,638 | €15,635 | +€2,998 | +23.7% |
| Furniture and vehicles | 24 | €27,938 | €19,580 | -€8,358 | -29.9% |
| Current assets | 29/58 | €235,590 | €268,589 | +€32,999 | +14.0% |
| Stocks and contracts in progress | 3 | €33,986 | €26,262 | -€7,724 | -22.7% |
| Stocks | 30/36 | €33,986 | €26,262 | -€7,724 | -22.7% |
| Amounts receivable within one year | 40/41 | €157,845 | €138,775 | -€19,070 | -12.1% |
| Trade receivables | 40 | €157,843 | €137,097 | -€20,746 | -13.1% |
| Other amounts receivable | 41 | €2 | €1,678 | +€1,677 | +99,795% |
| Cash at bank and in hand | 54/58 | €43,232 | €100,078 | +€56,846 | +131% |
| Deferred charges and accrued income | 490/1 | €527 | €3,474 | +€2,947 | +559% |
| Total equity and liabilities | 10/49 | €276,166 | €303,805 | +€27,639 | +10.0% |
| Equity | 10/15 | €101,097 | €115,909 | +€14,812 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82,497 | €97,309 | +€14,812 | +18.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €80,637 | €95,449 | +€14,812 | +18.4% |
| Amounts payable | 17/49 | €175,069 | €187,895 | +€12,826 | +7.3% |
| Amounts payable after more than one year | 17 | €102,239 | €90,756 | -€11,482 | -11.2% |
| Financial debts | 170/4 | €102,239 | €90,756 | -€11,482 | -11.2% |
| Amounts payable within one year | 42/48 | €72,830 | €97,139 | +€24,309 | +33.4% |
| Current portion of amounts payable after more than one year | 42 | €11,240 | €11,482 | +€243 | +2.2% |
| Trade debts | 44 | €21,687 | €48,088 | +€26,401 | +122% |
| Suppliers | 440/4 | €21,687 | €48,088 | +€26,401 | +122% |
| Taxes, remuneration and social security | 45 | €30,397 | €29,656 | -€741 | -2.4% |
| Taxes | 450/3 | €13,552 | €9,077 | -€4,475 | -33.0% |
| Remuneration and social security | 454/9 | €16,845 | €20,579 | +€3,734 | +22.2% |
| Other amounts payable | 47/48 | €9,507 | €7,913 | -€1,593 | -16.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €145,724 | €180,707 | +€34,983 | +24.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,847 | €15,902 | -€945 | -5.6% |
| Other operating charges | 640/8 | €407 | €226 | -€181 | -44.5% |
| Gross operating margin | 9900 | €218,299 | €222,040 | +€3,741 | +1.7% |
| Operating profit (loss) | 9901 | €55,321 | €25,205 | -€30,116 | -54.4% |
| Financial income | 75/76B | €2,042 | €2,084 | +€41 | +2.0% |
| Recurring financial income | 75 | €2,042 | €2,084 | +€41 | +2.0% |
| Financial charges | 65/66B | €2,703 | €3,903 | +€1,200 | +44.4% |
| Recurring financial charges | 65 | €2,703 | €3,903 | +€1,200 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €54,660 | €23,385 | -€31,275 | -57.2% |
| Income taxes | 67/77 | €10,560 | €8,573 | -€1,987 | -18.8% |
| Profit (loss) for the period | 9904 | €44,101 | €14,812 | -€29,288 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €44,101 | €14,812 | -€29,288 | -66.4% |
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 26 October 2026 via checked.be.