ORTO-SEN: 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.
ORTO-SEN
Largest movements
- Current investments +€100,000
up €100,000 (+9.1%), from €1.1m to €1.2m
- Receivables within one year +€83,710
up €83,710 (+60.2%), from €139,099 to €222,809
- Tangible fixed assets -€38,598
down €38,598 (-6.7%), from €574,446 to €535,847
of which Land and buildings: -€37,320
- Cash -€32,423
down €32,423 (-27.4%), from €118,271 to €85,848
mainly Current investments (-€100,000) and Receivables within one year (-€83,710)
- Reserves +€166,700
up €166,700 (+22.5%), from €742,134 to €908,834
of which Distributable reserves: +€166,700
- Debts after one year -€48,211
down €48,211 (-8.3%), from €578,535 to €530,324
- Financial income +€41,665
up €41,665 (+6,270%), from €664 to €42,329
- Gross operating margin +€27,204
up €27,204 (+11.4%), from €237,926 to €265,130
- Taxes +€15,552
up €15,552 (+26.9%), from €57,823 to €73,375
- Financial charges +€3,473
up €3,473 (+24.1%), from €14,406 to €17,878
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 | €1,944,635 | €2,062,400 | +€117,765 | +6.1% |
| Fixed assets | 21/28 | €582,936 | €544,338 | -€38,598 | -6.6% |
| Tangible fixed assets | 22/27 | €574,446 | €535,847 | -€38,598 | -6.7% |
| Land and buildings | 22 | €545,910 | €508,591 | -€37,320 | -6.8% |
| Plant, machinery and equipment | 23 | €11,170 | €14,697 | +€3,527 | +31.6% |
| Furniture and vehicles | 24 | €17,365 | €12,560 | -€4,805 | -27.7% |
| Financial fixed assets | 28 | €8,491 | €8,491 | = | 0.0% |
| Current assets | 29/58 | €1,361,699 | €1,518,062 | +€156,363 | +11.5% |
| Amounts receivable within one year | 40/41 | €139,099 | €222,809 | +€83,710 | +60.2% |
| Other amounts receivable | 41 | €139,099 | €222,809 | +€83,710 | +60.2% |
| Current investments | 50/53 | €1,100,000 | €1,200,000 | +€100,000 | +9.1% |
| Cash at bank and in hand | 54/58 | €118,271 | €85,848 | -€32,423 | -27.4% |
| Deferred charges and accrued income | 490/1 | €4,328 | €9,405 | +€5,077 | +117% |
| Total equity and liabilities | 10/49 | €1,944,635 | €2,062,400 | +€117,765 | +6.1% |
| Equity | 10/15 | €1,162,618 | €1,329,328 | +€166,710 | +14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €742,134 | €908,834 | +€166,700 | +22.5% |
| Tax-exempt reserves | 132 | €22,550 | €22,550 | = | 0.0% |
| Distributable reserves | 133 | €719,584 | €886,284 | +€166,700 | +23.2% |
| Profit (loss) carried forward | 14 | €401,883 | €401,893 | +€10 | 0.0% |
| Amounts payable | 17/49 | €782,017 | €733,072 | -€48,945 | -6.3% |
| Amounts payable after more than one year | 17 | €578,535 | €530,324 | -€48,211 | -8.3% |
| Financial debts | 170/4 | €578,535 | €530,324 | -€48,211 | -8.3% |
| Amounts payable within one year | 42/48 | €203,482 | €202,749 | -€733 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €48,211 | €48,211 | = | 0.0% |
| Trade debts | 44 | €8,036 | €13,555 | +€5,519 | +68.7% |
| Suppliers | 440/4 | €8,036 | €13,555 | +€5,519 | +68.7% |
| Taxes, remuneration and social security | 45 | €30,847 | €23,218 | -€7,629 | -24.7% |
| Taxes | 450/3 | €30,847 | €23,218 | -€7,629 | -24.7% |
| Other amounts payable | 47/48 | €116,388 | €117,765 | +€1,376 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,062 | €45,234 | -€1,828 | -3.9% |
| Other operating charges | 640/8 | €4,127 | €4,262 | +€136 | +3.3% |
| Gross operating margin | 9900 | €237,926 | €265,130 | +€27,204 | +11.4% |
| Operating profit (loss) | 9901 | €186,738 | €215,634 | +€28,896 | +15.5% |
| Financial income | 75/76B | €664 | €42,329 | +€41,665 | +6,270% |
| Recurring financial income | 75 | €664 | €42,329 | +€41,665 | +6,270% |
| Financial charges | 65/66B | €14,406 | €17,878 | +€3,473 | +24.1% |
| Recurring financial charges | 65 | €14,406 | €17,878 | +€3,473 | +24.1% |
| Profit (loss) for the period before taxes | 9903 | €172,997 | €240,085 | +€67,088 | +38.8% |
| Income taxes | 67/77 | €57,823 | €73,375 | +€15,552 | +26.9% |
| Profit (loss) for the period | 9904 | €115,174 | €166,710 | +€51,536 | +44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €115,174 | €166,710 | +€51,536 | +44.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.