NOFRA: 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.
NOFRA
Largest movements
- Cash +€100,653
up €100,653 (+88.9%), from €113,250 to €213,904
mainly Net result for the year (+€35,626) and Trade debts (+€35,613)
- Stocks and contracts -€18,485
down €18,485 (-23.2%), from €79,677 to €61,192
- Receivables within one year -€5,453
down €5,453 (-21.1%), from €25,826 to €20,373
of which Trade receivables: -€4,495
- Tangible fixed assets -€5,098
down €5,098 (-33.0%), from €15,445 to €10,346
of which Plant, machinery and equipment: -€3,100
- Reserves +€35,626
up €35,626 (+27.6%), from €128,954 to €164,580
of which Distributable reserves: +€35,626
- Trade debts +€35,613
up €35,613 (+61.8%), from €57,666 to €93,279
- Gross operating margin +€9,983
up €9,983 (+20.0%), from €49,939 to €59,922
- Taxes +€3,201
up €3,201 (+23.4%), from €13,682 to €16,883
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 | €237,010 | €310,931 | +€73,921 | +31.2% |
| Fixed assets | 21/28 | €15,445 | €10,346 | -€5,098 | -33.0% |
| Tangible fixed assets | 22/27 | €15,445 | €10,346 | -€5,098 | -33.0% |
| Land and buildings | 22 | €6,145 | €4,146 | -€1,998 | -32.5% |
| Plant, machinery and equipment | 23 | €9,300 | €6,200 | -€3,100 | -33.3% |
| Current assets | 29/58 | €221,565 | €300,584 | +€79,019 | +35.7% |
| Stocks and contracts in progress | 3 | €79,677 | €61,192 | -€18,485 | -23.2% |
| Stocks | 30/36 | €79,677 | €61,192 | -€18,485 | -23.2% |
| Amounts receivable within one year | 40/41 | €25,826 | €20,373 | -€5,453 | -21.1% |
| Trade receivables | 40 | €23,591 | €19,096 | -€4,495 | -19.1% |
| Other amounts receivable | 41 | €2,235 | €1,277 | -€958 | -42.9% |
| Cash at bank and in hand | 54/58 | €113,250 | €213,904 | +€100,653 | +88.9% |
| Deferred charges and accrued income | 490/1 | €2,812 | €5,116 | +€2,303 | +81.9% |
| Total equity and liabilities | 10/49 | €237,010 | €310,931 | +€73,921 | +31.2% |
| Equity | 10/15 | €153,743 | €189,370 | +€35,626 | +23.2% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €128,954 | €164,580 | +€35,626 | +27.6% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Distributable reserves | 133 | €126,475 | €162,101 | +€35,626 | +28.2% |
| Amounts payable | 17/49 | €83,266 | €121,561 | +€38,295 | +46.0% |
| Amounts payable within one year | 42/48 | €83,266 | €121,561 | +€38,295 | +46.0% |
| Trade debts | 44 | €57,666 | €93,279 | +€35,613 | +61.8% |
| Suppliers | 440/4 | €57,666 | €93,279 | +€35,613 | +61.8% |
| Taxes, remuneration and social security | 45 | €0 | €1,897 | +€1,897 | |
| Taxes | 450/3 | €0 | €1,897 | +€1,897 | |
| Other amounts payable | 47/48 | €25,600 | €26,385 | +€785 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,990 | €5,098 | +€108 | +2.2% |
| Other operating charges | 640/8 | €2,583 | €2,283 | -€300 | -11.6% |
| Gross operating margin | 9900 | €49,939 | €59,922 | +€9,983 | +20.0% |
| Operating profit (loss) | 9901 | €42,366 | €52,541 | +€10,174 | +24.0% |
| Financial income | 75/76B | €7 | €9 | +€1 | +18.4% |
| Recurring financial income | 75 | €7 | €9 | +€1 | +18.4% |
| Financial charges | 65/66B | €44 | €40 | -€3 | -7.1% |
| Recurring financial charges | 65 | €44 | €40 | -€3 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €42,330 | €52,509 | +€10,179 | +24.0% |
| Income taxes | 67/77 | €13,682 | €16,883 | +€3,201 | +23.4% |
| Profit (loss) for the period | 9904 | €28,649 | €35,626 | +€6,978 | +24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,649 | €35,626 | +€6,978 | +24.4% |
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 3 October 2026 via checked.be.