ORSI Academy
ActiveSummary
ORSI Academy has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.51M and a net result of €785k. Equity remains stable across the filed fiscal years (±0.8% per year). Its solvency ranks better than 69% of 191 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▲+30
Solvency100▲+15
Growth52▲+30
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €23k at 30 days acceptable
Liquidity ample (current ratio 2.98 against 1.54 in 2024; short-term debt: 25.2% and cash: 55.4% of total assets), and 25.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
74.6%
Return on assets
38.8%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 72
Relative position
BE, all sectors
reference
Scientific research and development (NACE 72)
about 30% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.51M
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
75 d early
2023
7 d early
2022
12 d early
2021
31 d late
2020
31 d late
2019
60 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€237k▼ 36.5%
2024 · €373k
2018: €946khighest in 8 years
2019: €317k▼ -66.5% vs 2018
2020: €261k▼ -17.4% vs 2019
2021: €190k▼ -27.2% vs 2020lowest in 8 years
2022: €557k▲ +192% vs 2021
2023: €487k▼ -12.5% vs 2022
2024: €373k▼ -23.4% vs 2023
2025: €237k▼ -36.5% vs 2024
2018 → 2025
EBIT margin
-60.0%▼ 17.7pp
2024 · -42.3%
2018: 6.7%
2019: 2.7%▼ -60.0% vs 2018
2020: 4.4%▲ +61.3% vs 2019
2021: 19.3%▲ +343% vs 2020highest in 8 years
2022: -2.2%▼ -111% vs 2021
2023: -18.0%▼ -734% vs 2022
2024: -42.3%▼ -135% vs 2023
2025: -60.0%▼ -41.7% vs 2024lowest in 8 years
2018 → 2025
Net result
€785k
2024 · €-139k
2018: €107k
2019: €45k▼ -58.0% vs 2018
2020: €37k▼ -17.3% vs 2019
2021: €61k▲ +63.5% vs 2020
2022: €11k▼ -81.5% vs 2021
2023: €-64k▼ -673% vs 2022
2024: €-139k▼ -117% vs 2023lowest in 8 years
2025: €785k▲ +664% vs 2024highest in 8 years
2018 → 2025
Working capital
€1.01M▲ 347%
2024 · €226k
2018: €190k
2019: €59k▼ -68.7% vs 2018lowest in 8 years
2020: €135k▲ +127% vs 2019
2021: €224k▲ +65.7% vs 2020
2022: €271k▲ +21.3% vs 2021
2023: €373k▲ +37.5% vs 2022
2024: €226k▼ -39.4% vs 2023
2025: €1.01M▲ +347% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€190k-€557k▲ 192%€487k▼ 12.5%€373k▼ 23.4%€237k▼ 36.5%
2021: €190klowest in 5 years
2022: €557k▲ +192% vs 2021highest in 5 years
2023: €487k▼ -12.5% vs 2022
2024: €373k▼ -23.4% vs 2023
2025: €237k▼ -36.5% vs 2024
Equity€1.01M-€1.00M▼ 1.4%€911k▼ 8.9%€747k▼ 18.0%€1.51M▲ 102%
2021: €1.01M
2022: €1.00M▼ -1.4% vs 2021
2023: €911k▼ -8.9% vs 2022
2024: €747k▼ -18.0% vs 2023lowest in 5 years
2025: €1.51M▲ +102% vs 2024highest in 5 years
Operating result€37k-€-12k€-88k▼ 630%€-158k▼ 80.2%€-142k▲ 10.0%
2021: €37khighest in 5 years
2022: €-12k▼ -133% vs 2021
2023: €-88k▼ -630% vs 2022
2024: €-158k▼ -80.2% vs 2023lowest in 5 years
2025: €-142k▲ +10.0% vs 2024
Net result€61k-€11k▼ 81.5%€-64k€-139k▼ 117%€785k
2021: €61k
2022: €11k▼ -81.5% vs 2021
2023: €-64k▼ -673% vs 2022
2024: €-139k▼ -117% vs 2023lowest in 5 years
2025: €785k▲ +664% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €142k in 2025 against €158k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.02M
Fixed assets
€500k ▼ 17.9%
Current assets
€1.52M ▲ 136%
Equity and liabilities €2.02M
Equity
€1.51M ▲ 102%
Debt
€514k ▲ 1.7%
Debt's share of the balance-sheet total falls from 40.4% to 25.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€-84k▲
2024 · €-99k
Cash flow
€843k▲
2024 · €-80k
Current ratio
2.98▲
2024 · 1.54
Debt to equity
0.34▼
2024 · 0.68
ROE
52.1%▲
2024 · -18.6%
ROA
38.8%▲
2024 · -11.1%
Interest coverage
-259.08▼
2024 · -253.16
Debt ≤ 1 year
€510k▲
2024 · €418k
Income taxes
€3k▼
2024 · €6k
Staff costs
€4k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 41 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.25M€2.02M▲
Fixed assets21/28€609k€500k▼
Tangible fixed assets22/27€487k€429k▼
Land and buildings22€192k€163k▼
Furniture and vehicles24€5k€3k▼
Other tangible fixed assets26€290k€263k▼
Financial fixed assets28€122k€70k▼
Current assets29/58€644k€1.52M▲
Amounts receivable within one year40/41€512k€394k▼
Trade receivables40€424k€313k▼
Other amounts receivable41€88k€82k▼
Cash at bank and in hand54/58€123k€1.12M▲
Deferred charges and accrued income490/1€9k€8k▼
Equity and liabilities
Total equity and liabilities10/49€1.25M€2.02M▲
Equity10/15€747k€1.51M▲
Profit (loss) carried forward14€585k€1.37M▲
Investment grants15€162k€137k▼
Amounts payable17/49€506k€514k▲
Amounts payable within one year42/48€418k€510k▲
Trade debts44€359k€433k▲
Suppliers440/4€359k€433k▲
Advances received on contracts in progress46€51k€51k=
Accrued charges and deferred income492/3€88k€4k▼
Income statement
Code20242025
Turnover70€373k€237k▼
Goods, raw materials, services and sundry goods60/61€528k€376k▼
Remuneration, social security and pensions62-€4k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€59k€58k▼
Other operating charges640/8€9k€6k▼
Gross operating margin9900€-90k€-74k▲
Operating profit (loss)9901€-158k€-142k▲
Financial income75/76B€25k€931k▲
Recurring financial income75€25k€25k▲
Non-recurring financial income76B-€906k
Financial charges65/66B€390€325▼
Recurring financial charges65€390€325▼
Profit (loss) for the period before taxes9903€-133k€788k▲
Income taxes67/77€6k€3k▼
Profit (loss) for the period9904€-139k€785k▲
Profit (loss) for the period to be appropriated9905€-139k€785k▲
Appropriation of the result
Profit (loss) to be appropriated9906€585k€1.37M▲
Profit (loss) brought forward from the previous period14P€724k€585k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €190k | €557k | €487k | €373k | €237k | ▼ 36.5% |
| Goods, raw materials, services and sundry goods60/61 | €90k | €508k | €561k | €528k | €376k | ▼ 28.8% |
| Remuneration, social security and pensions62 | - | - | - | - | €4k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €63k | €61k | €61k | €59k | €58k | ▼ 2.0% |
| Other operating charges640/8 | €724 | €100 | €5k | €9k | €6k | ▼ 30.7% |
| Gross operating margin9900 | €101k | €50k | €-21k | €-90k | €-74k | ▲ 17.6% |
| Operating profit (loss)9901 | €37k | €-12k | €-88k | €-158k | €-142k | ▲ 10.0% |
| Financial income75/76B | €25k | €25k | €25k | €25k | €931k | ▲ 3,630% |
| Recurring financial income75 | €25k | €25k | €25k | €25k | €25k | ▲ 0.2% |
| Non-recurring financial income76B | - | - | - | - | €906k | - |
| Financial charges65/66B | €210 | €790 | €502 | €390 | €325 | ▼ 16.7% |
| Recurring financial charges65 | €210 | €790 | €502 | €390 | €325 | ▼ 16.7% |
| Profit (loss) for the period before taxes9903 | €62k | €12k | €-63k | €-133k | €788k | ▲ 691% |
| Income taxes67/77 | €1k | €1k | €1k | €6k | €3k | ▼ 45.7% |
| Profit (loss) for the period9904 | €61k | €11k | €-64k | €-139k | €785k | ▲ 664% |
| Profit (loss) for the period to be appropriated9905 | €61k | €11k | €-64k | €-139k | €785k | ▲ 664% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.14M | €1.35M | €1.19M | €1.25M | €2.02M | ▲ 61.4% |
| Fixed assets21/28 | €790k | €729k | €668k | €609k | €500k | ▼ 17.9% |
| Intangible fixed assets21 | - | - | €0 | - | - | - |
| Tangible fixed assets22/27 | €669k | €607k | €546k | €487k | €429k | ▼ 11.9% |
| Land and buildings22 | €281k | €251k | €222k | €192k | €163k | ▼ 15.3% |
| Plant, machinery and equipment23 | €4k | €2k | €558 | - | - | - |
| Furniture and vehicles24 | €13k | €10k | €7k | €5k | €3k | ▼ 30.2% |
| Other tangible fixed assets26 | €371k | €344k | €317k | €290k | €263k | ▼ 9.3% |
| Financial fixed assets28 | €122k | €122k | €122k | €122k | €70k | ▼ 42.2% |
| Current assets29/58 | €348k | €626k | €518k | €644k | €1.52M | ▲ 136% |
| Amounts receivable within one year40/41 | €327k | €557k | €313k | €512k | €394k | ▼ 23.0% |
| Trade receivables40 | €326k | €556k | €226k | €424k | €313k | ▼ 26.3% |
| Other amounts receivable41 | €984 | €984 | €87k | €88k | €82k | ▼ 7.3% |
| Cash at bank and in hand54/58 | €16k | €61k | €198k | €123k | €1.12M | ▲ 811% |
| Deferred charges and accrued income490/1 | €5k | €8k | €8k | €9k | €8k | ▼ 6.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.14M | €1.35M | €1.19M | €1.25M | €2.02M | ▲ 61.4% |
| Equity10/15 | €1.01M | €1.00M | €911k | €747k | €1.51M | ▲ 102% |
| Profit (loss) carried forward14 | €777k | €788k | €724k | €585k | €1.37M | ▲ 134% |
| Investment grants15 | €237k | €212k | €187k | €162k | €137k | ▼ 15.4% |
| Amounts payable17/49 | €124k | €355k | €275k | €506k | €514k | ▲ 1.7% |
| Amounts payable within one year42/48 | €124k | €355k | €145k | €418k | €510k | ▲ 22.2% |
| Trade debts44 | €11k | €247k | €96k | €359k | €433k | ▲ 20.7% |
| Suppliers440/4 | €11k | €247k | €96k | €359k | €433k | ▲ 20.7% |
| Advances received on contracts in progress46 | €54k | €52k | €49k | €51k | €51k | = |
| Taxes, remuneration and social security45 | €14k | €11k | - | - | - | - |
| Taxes450/3 | €14k | €11k | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €130k | €88k | €4k | ▼ 95.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61k | €11k | €-64k | €-139k | €785k | ▲ 664% |
| + Depreciation and write-downs630 | €63k | €61k | €61k | €59k | €58k | ▼ 2.0% |
| Operating cash flow (approximation) | €124k | €73k | €-3k | €-80k | €843k | ▲ 1,155% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €51k | - |
| Change in cash | - | €45k | €136k | €-75k | €996k | ▲ 1,436% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
State Gazette act
Reappointments: De Greve Patrick, Dejonghe Willem and 12 othersPermanent representatives: Hoebeke, Herijgers Paul and 2 others22 facts ▸
State Gazette act
Reappointments: De Greve Patrick, Dejonghe Willem and 12 others
Permanent representatives: Hoebeke, Herijgers Paul and 2 others22 facts ▸
- General meeting, 17/04/2025
- Board meeting, 17/04/2025
- Director reappointment, De Greve Patrick (director)
- Director reappointment, Dejonghe Willem (director)
- Director reappointment, Foubert Luc (director)
- Director reappointment, Gasthuys Frank (director)
- Director reappointment, Vander Sloten Jozef (director)
- Director reappointment, Veramme Luc (director)
- Director reappointment, Tillekaerts Claire (director)
- Director reappointment, Martens Ann (director)
- Director reappointment, Universiteit Gent (director)
- Permanent representative, Hoebeke
- +10 further facts in this act
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €785k
Net result €785k after 2 loss-making years.
31-12
Financial
Equity above €1MEq €1.51M ▲102%
Equity rises from €747k to €1.51M.
17-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €-139k
Net result drops to €-139k, the lowest in the series; recovery starts the following year.
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity doublescurrent ratio 3.57
Current ratio from 1.77 to 3.57; short-term debt falls from €355k to €145k.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Equity above €1MEq €1.01M ▲3.6%
4 profitable years in a row build equity to €1.01M.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
Show earlier events
2020
29-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 60 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 12 acts read
About the unread acts
Of the 12 Belgian State Gazette acts we know for this company, 1 has been read. The other 11 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
under verification, last change in 2025
This board is reconstructed from a single act (26099149). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Algemene Heelkunde AZORG
CurrentDirector · since 17-04-2025 · Private limited company · perm. rep.: Staelens Frank
Dejonghe Willem
CurrentDirector · since 17-04-2025
Foubert Luc
CurrentDirector · since 17-04-2025
GASTHUYS Frank
CurrentDirector · since 17-04-2025
Geert Vandenbroucke
CurrentDirector · since 17-04-2025
Katholieke Universiteit te Leuven
CurrentDirector · since 17-04-2025 · Andere rechtsvorm · perm. rep.: Herijgers Paul
7 other directors
Luc Veramme
CurrentDirector · since 17-04-2025
Martens Ann
CurrentDirector · since 17-04-2025
Mottrie Alexandre
CurrentDirector · since 17-04-2025
Patrick De Greve
CurrentDirector · since 17-04-2025
Tillekaerts Claire
CurrentDirector · since 17-04-2025
Universiteit Gent
CurrentDirector · since 17-04-2025 · Andere rechtsvorm · perm. rep.: Hoebeke
Vander Sloten Jozef
CurrentDirector · since 17-04-2025
17-04-2025
Algemene Heelkunde AZORG: Mandate renewed as Director
17-04-2025
Dejonghe Willem: Mandate renewed as Director
17-04-2025
Foubert Luc: Mandate renewed as Director
17-04-2025
GASTHUYS Frank: Mandate renewed as Director
17-04-2025
Geert Vandenbroucke: Mandate renewed as Director
Not every act has been read: a resignation may be missing here
11 of this company's 12 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Merelbeke-Melle
Ground area
3,975 m²
Building footprint
301 m²
Volume, LiDAR
2,050 m³
Parcel 44040D0667/00H000, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44040D0667/00H000 | Flanders | 3,975 m² | 1 · 301 m² | 10.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
15 connected companiesThis company
Company
Director
Shareholding
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
via Geert Vandenbroucke · Non-statutory director
→
via Luc Veramme · Director
→
via Geert Vandenbroucke · Director
→
via GASTHUYS Frank · Director
→
Show 11 more companies with a shared director
via Patrick De Greve · Director
→
via Patrick De Greve · Director
→
via GASTHUYS Frank · Director
former→
via Luc Veramme · Director
former→
via Patrick De Greve
former→
via Geert Vandenbroucke · Director
former→
via Patrick De Greve · Permanent representative
former→
via Patrick De Greve · Director
former→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Public money · subsidies and aid
European research
1 projectProgrammes
Horizon 2020
Projects
AuTonomous intraLuminAl Surgery
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Identification & contact
Identification
Legal formNon-profit association
Founded10-09-2010
Fiscal year end31-12
Activities, NACEBEL 2025
72109Other research and development on natural sciences
85592Vocational training
Scores and ratios are computed by Checked and are not a credit decision.