ORZEL: 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.
ORZEL
Largest movements
- Receivables within one year -€29,097
down €29,097 (-49.9%), from €58,361 to €29,264
of which Trade receivables: -€33,147
- Cash -€12,087
down €12,087 (-49.8%), from €24,292 to €12,205
mainly Trade debts (-€18,055) and Tax, wage and social debts (-€14,552)
- Tangible fixed assets -€4,023
down €4,023 (-40.3%), from €9,977 to €5,954
of which Land and buildings: -€3,240
- Stocks and contracts +€2,993
up €2,993 (+10.7%), from €27,974 to €30,967
- Deferred charges and accrued income -€1,632
down €1,632 (-99.0%), from €1,648 to €16
- Trade debts -€18,055
down €18,055 (-27.3%), from €66,068 to €48,013
- Tax, wage and social debts -€14,552
down €14,552 (-86.1%), from €16,902 to €2,350
of which Taxes: -€14,349
- Profit (loss) carried forward -€13,270
down €13,270 (-11.4%), from -€116,203 to -€129,473
- Debts after one year +€2,033
up €2,033 (+3.0%), from €67,015 to €69,048
- Gross operating margin -€16,511
down €16,511, from €13,432 to -€3,079
- Depreciation -€1,522
down €1,522 (-21.8%), from €6,970 to €5,448
- Taxes -€373
no longer reported in 2025 (was €373)
- Other operating charges +€184
up €184 (+17.6%), from €1,049 to €1,233
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 | €122,251 | €78,406 | -€43,845 | -35.9% |
| Fixed assets | 21/28 | €9,977 | €5,954 | -€4,023 | -40.3% |
| Tangible fixed assets | 22/27 | €9,977 | €5,954 | -€4,023 | -40.3% |
| Land and buildings | 22 | €8,799 | €5,559 | -€3,240 | -36.8% |
| Plant, machinery and equipment | 23 | €277 | €119 | -€158 | -57.0% |
| Furniture and vehicles | 24 | €901 | €276 | -€625 | -69.4% |
| Current assets | 29/58 | €112,274 | €72,452 | -€39,822 | -35.5% |
| Stocks and contracts in progress | 3 | €27,974 | €30,967 | +€2,993 | +10.7% |
| Stocks | 30/36 | €27,974 | €30,967 | +€2,993 | +10.7% |
| Amounts receivable within one year | 40/41 | €58,361 | €29,264 | -€29,097 | -49.9% |
| Trade receivables | 40 | €58,361 | €25,214 | -€33,147 | -56.8% |
| Other amounts receivable | 41 | - | €4,050 | +€4,050 | |
| Cash at bank and in hand | 54/58 | €24,292 | €12,205 | -€12,087 | -49.8% |
| Deferred charges and accrued income | 490/1 | €1,648 | €16 | -€1,632 | -99.0% |
| Total equity and liabilities | 10/49 | €122,251 | €78,406 | -€43,845 | -35.9% |
| Equity | 10/15 | -€27,734 | -€41,005 | -€13,271 | -47.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €26,468 | €26,468 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,550 | €16,550 | = | 0.0% |
| Distributable reserves | 133 | €3,718 | €3,718 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | -€116,203 | -€129,473 | -€13,270 | -11.4% |
| Amounts payable | 17/49 | €149,985 | €119,411 | -€30,574 | -20.4% |
| Amounts payable after more than one year | 17 | €67,015 | €69,048 | +€2,033 | +3.0% |
| Financial debts | 170/4 | €67,015 | €69,048 | +€2,033 | +3.0% |
| Amounts payable within one year | 42/48 | €82,970 | €50,363 | -€32,607 | -39.3% |
| Trade debts | 44 | €66,068 | €48,013 | -€18,055 | -27.3% |
| Suppliers | 440/4 | €66,068 | €48,013 | -€18,055 | -27.3% |
| Taxes, remuneration and social security | 45 | €16,902 | €2,350 | -€14,552 | -86.1% |
| Taxes | 450/3 | €16,699 | €2,350 | -€14,349 | -85.9% |
| Remuneration and social security | 454/9 | €203 | - | -€203 | |
| Non-recurring operating income | 76A | €15,100 | - | -€15,100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,970 | €5,448 | -€1,522 | -21.8% |
| Other operating charges | 640/8 | €1,049 | €1,233 | +€184 | +17.6% |
| Gross operating margin | 9900 | €13,432 | -€3,079 | -€16,511 | |
| Operating profit (loss) | 9901 | €5,413 | -€9,760 | -€15,173 | |
| Financial income | 75/76B | €143 | €147 | +€4 | +2.9% |
| Recurring financial income | 75 | €143 | €147 | +€4 | +2.9% |
| Financial charges | 65/66B | €2,267 | €2,357 | +€90 | +4.0% |
| Recurring financial charges | 65 | €971 | €2,357 | +€1,386 | +142.8% |
| Non-recurring financial charges | 66B | €1,296 | - | -€1,296 | |
| Profit (loss) for the period before taxes | 9903 | €3,289 | -€11,970 | -€15,259 | |
| Income taxes | 67/77 | €373 | - | -€373 | |
| Profit (loss) for the period | 9904 | €2,916 | -€11,970 | -€14,886 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,916 | -€11,970 | -€14,886 |
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 4 October 2026 via checked.be.