NØRMAN: 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.
NØRMAN
Largest movements
- Cash +€171,664
up €171,664 (+77.7%), from €220,831 to €392,495
mainly Net result for the year (+€176,122) and Trade debts (+€94,426)
- Tangible fixed assets +€78,205
up €78,205 (+55.9%), from €139,794 to €218,000
of which Furniture and vehicles: +€66,926
- Receivables within one year +€68,611
up €68,611 (+28.0%), from €245,177 to €313,788
of which Trade receivables: +€74,114
- Stocks and contracts +€44,193
up €44,193 (+35.4%), from €124,789 to €168,982
of which Contracts in progress: +€46,881
- Reserves +€176,122
up €176,122 (+130%), from €135,573 to €311,695
- Trade debts +€94,426
up €94,426 (+105%), from €90,223 to €184,649
- Tax, wage and social debts +€67,634
up €67,634 (+63.4%), from €106,699 to €174,332
of which Taxes: +€63,868
- Current portion of long-term debt +€13,960
up €13,960 (+68.5%), from €20,379 to €34,339
- Debts after one year +€12,579
up €12,579 (+21.4%), from €58,778 to €71,358
- Staff costs +€142,652
up €142,652 (+52.7%), from €270,703 to €413,356
- Gross operating margin +€124,299
up €124,299 (+21.5%), from €577,754 to €702,053
- Taxes +€18,129
up €18,129 (+51.1%), from €35,459 to €53,589
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 | €770,156 | €1,129,943 | +€359,787 | +46.7% |
| Fixed assets | 21/28 | €174,933 | €242,870 | +€67,936 | +38.8% |
| Intangible fixed assets | 21 | €35,139 | €24,870 | -€10,269 | -29.2% |
| Tangible fixed assets | 22/27 | €139,794 | €218,000 | +€78,205 | +55.9% |
| Plant, machinery and equipment | 23 | €32,953 | €44,232 | +€11,279 | +34.2% |
| Furniture and vehicles | 24 | €106,841 | €173,767 | +€66,926 | +62.6% |
| Current assets | 29/58 | €595,223 | €887,074 | +€291,851 | +49.0% |
| Stocks and contracts in progress | 3 | €124,789 | €168,982 | +€44,193 | +35.4% |
| Stocks | 30/36 | €13,624 | €10,936 | -€2,688 | -19.7% |
| Contracts in progress | 37 | €111,165 | €158,046 | +€46,881 | +42.2% |
| Amounts receivable within one year | 40/41 | €245,177 | €313,788 | +€68,611 | +28.0% |
| Trade receivables | 40 | €239,674 | €313,788 | +€74,114 | +30.9% |
| Other amounts receivable | 41 | €5,503 | €0 | -€5,503 | -100% |
| Cash at bank and in hand | 54/58 | €220,831 | €392,495 | +€171,664 | +77.7% |
| Deferred charges and accrued income | 490/1 | €4,426 | €11,809 | +€7,383 | +167% |
| Total equity and liabilities | 10/49 | €770,156 | €1,129,943 | +€359,787 | +46.7% |
| Equity | 10/15 | €441,076 | €617,198 | +€176,122 | +39.9% |
| Contributions | 10/11 | €305,503 | €305,503 | = | 0.0% |
| Reserves | 13 | €135,573 | €311,695 | +€176,122 | +130% |
| Distributable reserves | 133 | €135,573 | €311,695 | +€176,122 | +130% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €329,080 | €512,746 | +€183,665 | +55.8% |
| Amounts payable after more than one year | 17 | €58,778 | €71,358 | +€12,579 | +21.4% |
| Financial debts | 170/4 | €58,778 | €71,358 | +€12,579 | +21.4% |
| Amounts payable within one year | 42/48 | €270,302 | €441,388 | +€171,086 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €20,379 | €34,339 | +€13,960 | +68.5% |
| Trade debts | 44 | €90,223 | €184,649 | +€94,426 | +105% |
| Suppliers | 440/4 | €90,223 | €184,649 | +€94,426 | +105% |
| Advances received on contracts in progress | 46 | €53,002 | €48,068 | -€4,934 | -9.3% |
| Taxes, remuneration and social security | 45 | €106,699 | €174,332 | +€67,634 | +63.4% |
| Taxes | 450/3 | €59,821 | €123,690 | +€63,868 | +107% |
| Remuneration and social security | 454/9 | €46,877 | €50,643 | +€3,766 | +8.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €270,703 | €413,356 | +€142,652 | +52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,414 | €53,564 | +€6,149 | +13.0% |
| Other operating charges | 640/8 | €1,237 | €2,039 | +€802 | +64.9% |
| Gross operating margin | 9900 | €577,754 | €702,053 | +€124,299 | +21.5% |
| Operating profit (loss) | 9901 | €258,399 | €233,094 | -€25,305 | -9.8% |
| Financial income | 75/76B | €140 | €46 | -€94 | -67.1% |
| Recurring financial income | 75 | €140 | €46 | -€94 | -67.1% |
| Financial charges | 65/66B | €3,313 | €3,429 | +€117 | +3.5% |
| Recurring financial charges | 65 | €3,313 | €3,429 | +€117 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €255,226 | €229,710 | -€25,516 | -10.0% |
| Income taxes | 67/77 | €35,459 | €53,589 | +€18,129 | +51.1% |
| Profit (loss) for the period | 9904 | €219,767 | €176,122 | -€43,645 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €219,767 | €176,122 | -€43,645 | -19.9% |
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 30 October 2026 via checked.be.