ORWAL: 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.
ORWAL
Largest movements
- Current investments -€304,013
down €304,013 (-75.2%), from €404,013 to €100,000
- Receivables within one year -€95,918
down €95,918 (-80.1%), from €119,810 to €23,892
of which Other amounts receivable: -€100,940
- Cash +€87,601
up €87,601 (+368.6%), from €23,763 to €111,363
mainly Current investments (+€304,013) and Other debts (+€112,446)
- Tangible fixed assets -€42,703
down €42,703 (-37.1%), from €115,201 to €72,499
- Trade debts -€279,861
down €279,861 (-60.9%), from €459,613 to €179,752
- Other debts +€112,446
up €112,446 (+586.9%), from €19,160 to €131,606
- Profit (loss) carried forward -€77,591
down €77,591 (-71.2%), from €108,984 to €31,393
- Current portion of long-term debt -€74,193
down €74,193 (-72.9%), from €101,798 to €27,605
- Debts after one year -€27,605
down €27,605 (-50.2%), from €54,949 to €27,344
- Gross operating margin -€85,882
down €85,882 (-10.1%), from €849,025 to €763,142
- Financial income +€12,364
up €12,364 (+1816.8%), from €681 to €13,044
- Taxes -€9,243
down €9,243 (-17.2%), from €53,699 to €44,455
- Staff costs -€8,500
down €8,500 (-1.3%), from €631,860 to €623,361
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 | €839,511 | €482,776 | -€356,735 | -42.5% |
| Fixed assets | 21/28 | €115,201 | €72,499 | -€42,703 | -37.1% |
| Tangible fixed assets | 22/27 | €115,201 | €72,499 | -€42,703 | -37.1% |
| Furniture and vehicles | 24 | €115,201 | €72,499 | -€42,703 | -37.1% |
| Current assets | 29/58 | €724,310 | €410,278 | -€314,032 | -43.4% |
| Amounts receivable within one year | 40/41 | €119,810 | €23,892 | -€95,918 | -80.1% |
| Trade receivables | 40 | €3,706 | €8,727 | +€5,021 | +135.5% |
| Other amounts receivable | 41 | €116,104 | €15,165 | -€100,940 | -86.9% |
| Current investments | 50/53 | €404,013 | €100,000 | -€304,013 | -75.2% |
| Cash at bank and in hand | 54/58 | €23,763 | €111,363 | +€87,601 | +368.6% |
| Deferred charges and accrued income | 490/1 | €176,724 | €175,023 | -€1,701 | -1.0% |
| Total equity and liabilities | 10/49 | €839,511 | €482,776 | -€356,735 | -42.5% |
| Equity | 10/15 | €129,444 | €51,853 | -€77,591 | -59.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €108,984 | €31,393 | -€77,591 | -71.2% |
| Amounts payable | 17/49 | €710,067 | €430,923 | -€279,144 | -39.3% |
| Amounts payable after more than one year | 17 | €54,949 | €27,344 | -€27,605 | -50.2% |
| Financial debts | 170/4 | €54,949 | €27,344 | -€27,605 | -50.2% |
| Amounts payable within one year | 42/48 | €653,670 | €403,579 | -€250,092 | -38.3% |
| Current portion of amounts payable after more than one year | 42 | €101,798 | €27,605 | -€74,193 | -72.9% |
| Trade debts | 44 | €459,613 | €179,752 | -€279,861 | -60.9% |
| Suppliers | 440/4 | €459,613 | €179,752 | -€279,861 | -60.9% |
| Taxes, remuneration and social security | 45 | €73,099 | €64,616 | -€8,483 | -11.6% |
| Remuneration and social security | 454/9 | €73,099 | €64,616 | -€8,483 | -11.6% |
| Other amounts payable | 47/48 | €19,160 | €131,606 | +€112,446 | +586.9% |
| Accrued charges and deferred income | 492/3 | €1,448 | - | -€1,448 | |
| Remuneration, social security and pensions | 62 | €631,860 | €623,361 | -€8,500 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,705 | €39,954 | +€3,250 | +8.9% |
| Other operating charges | 640/8 | €8,363 | €6,094 | -€2,269 | -27.1% |
| Gross operating margin | 9900 | €849,025 | €763,142 | -€85,882 | -10.1% |
| Operating profit (loss) | 9901 | €172,096 | €93,733 | -€78,363 | -45.5% |
| Financial income | 75/76B | €681 | €13,044 | +€12,364 | +1816.8% |
| Recurring financial income | 75 | €681 | €13,044 | +€12,364 | +1816.8% |
| Financial charges | 65/66B | €14,943 | €11,019 | -€3,924 | -26.3% |
| Recurring financial charges | 65 | €14,943 | €11,019 | -€3,924 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €157,833 | €95,758 | -€62,076 | -39.3% |
| Income taxes | 67/77 | €53,699 | €44,455 | -€9,243 | -17.2% |
| Profit (loss) for the period | 9904 | €104,135 | €51,303 | -€52,832 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €104,135 | €51,303 | -€52,832 | -50.7% |
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 29 September 2026 via checked.be.